Goldman Sachs CEO David Solomon isn’t so sure the global economy is headed for a soft landing, saying that while “the world is set up for a soft landing” there’s a “higher level uncertainty” thanks to inflation and geopolitical risks. “The market is way weighted to a very soft landing. [But] when you look at the pattern of facts the last three or four years, it’s hard for me to see it’s going to be that simple,” the Financial Times quotes him as having said.

Asian markets are mixed but were trending mostly lower in early trading this morning. Futures once again point to a soft open for stocks in New York, London, Frankfurt and Toronto later today.

ADX

9,287

+0.3% (YTD: -3.0%)

DFM

4,272

+1.2% (YTD: +5.2%)

Nasdaq Dubai UAE20

3,764

+1.0% (YTD: -2.0%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

5.2% o/n

5.2% 1 yr

TASI

12,601

+0.6% (YTD: +5.3%)

EGX30

29,205

+0.9% (YTD: +17.3%)

S&P 500

5,078

+0.2% (YTD: +6.5%)

FTSE 100

7,683

0.0% (YTD: -0.7%)

Euro Stoxx 50

4,886

+0.4% (YTD: +8.1%)

Brent crude

USD 83.28

+0.9%

Natural gas (Nymex)

USD 1.62

-2.7%

Gold

USD 2,044.10

+0.3%

BTC

USD 56,905.97

+4.2% (YTD: +34.1%)

THE CLOSING BELL-

The ADX rose 0.3% yesterday on turnover of AED 1.2 bn. The index is down 3.0% YTD.

In the green: ESG Emirates Stallions Group (+9.7%), Gulf Cement Co. (+5.5%) and Americana Restaurants International (+3.6%).

In the red: Gulf Medical Projects Company (-10.0%), Response Plus Holding (-9.8%) and Sharjah Islamic Bank (-6.0%).

Over on the DFM, the index closed up 1.2% on turnover of AED 707.3 mn, while Nasdaq Dubai closed up 1.0%.

CORPORATE ACTIONS-

Drake & Scull eyes relisting on DFM: Construction company Drake & ScullInternational is planning to issue a mandatory convertible sukuk, as well as conduct a capital increase, with an eye to resume trading on the DFM, the company said in a disclosure (pdf). The company plans to arrange a General Assembly “as soon as possible” to get the necessary approvals.

Background: The construction company was suspended from trading in November 2018 on the back of excessive financial losses and reporting violations. The company’s proposed restructuring plan got the green light from Dubai’s Court of Appeal last November, giving it 12 months to complete a financial turnaround.

Takaful Emarat to undergo capital restructuring: Ins. company Takaful Emarat is planning to issue 125 mn new shares, at a nominal value of AED 1 apiece, to raise the company’s share capital to AED 150 mn, up from AED 25.6 mn, according to a DFM filing (pdf). Prior to the capital raise, the firm intends to reduce its capital by 88.3% by canceling some 125 mn shares to offset the AED 132 mn accumulated loss the company had incurred as of 31 December 2023.

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