{"id":93045,"date":"2024-06-13T00:00:00","date_gmt":"2024-06-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/us-inflation-slips-in-may-boosting-hopes-of-more-rate-cuts-this-year-despite-policymakers-signaling-one-rate-cut\/"},"modified":"2024-06-13T00:00:00","modified_gmt":"2024-06-13T00:00:00","slug":"us-inflation-slips-in-may-boosting-hopes-of-more-rate-cuts-this-year-despite-policymakers-signaling-one-rate-cut","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/us-inflation-slips-in-may-boosting-hopes-of-more-rate-cuts-this-year-despite-policymakers-signaling-one-rate-cut\/","title":{"rendered":"US inflation slips in May, boosting hopes of more rate cuts this year despite policymakers signaling one rate cut"},"content":{"rendered":"

A handful of stories are competing for attention on planet finance<\/strong>, including US inflation figures \u2014 and the Fed\u2019s decision to hold rates steady \u2014 and EY\u2019s UK boss\u2019 resignation. Closer to home, Saudi Arabia could be mulling changes to its tax regime to attract foreign investors to its local debt markets.<\/p>\n

#1- US consumer prices remained unchanged in May<\/strong>, driven by lower gasoline prices offsetting higher costs for rental housing, according to the US Labor Department<\/a>. This is down from a 0.3% increase in April. <\/p>\n

The positive inflation reading boosted hopes for two rate cuts this year,<\/strong> one in September and another in December, despite policymakers indicating just a single rate cut in December in the Fed\u2019s dot plot, Reuters<\/a> reports. On the bright side, 2025 is expected to see four rate cuts \u2014 amounting to a 100 bps cut. <\/p>\n

The US Federal Reserve kept its benchmark federal funds rate steady<\/strong> at a 5.25% to 5.5% range at yesterday\u2019s meeting. <\/p>\n

#2- CLOSER TO HOME- <\/strong>Is KSA mulling easing taxes to lure foreign investments in local <\/strong>debt?<\/strong> The Saudi Capital Market Authority (CMA) is considering eliminating a 5% withholding tax on interest payments for debt instruments, it said in a report (pdf)<\/a> outlining a strategy to develop the Kingdom\u2019s debt capital market. The potential tax change is one of several proposals on the table to help attract foreign investors to local corporate bonds. <\/p>\n

The pitch:<\/strong> The withholding is \u201cunattractive and discouraging for foreign institutional investors,\u201d the CMA said in its report. The regulator will also look into easing requirements for debt offerings to encourage local issuances and work on facilitating trading, settlement and clearing of foreign-currency denominated debt instruments by local companies. <\/p>\n

The rationale:<\/strong> The Saudi debt capital market is still nascent, particularly when compared to the equity market, which \u201chas been a point of strength\u201d in Saudi \u201cthanks in part to a thriving environment for initial public offerings,\u201d Bloomberg<\/a> notes. Our friend EFG Hermes Head of Research Ahmed Shams El Din also told EnterpriseAM Saudi earlier this year<\/a> that the \u201cdark horse in Saudi Arabia is debt capital markets,\u201d which are still lagging behind most emerging markets. A lacking debt capital market will make \u201cthe hype\u201d on equity capital markets \u201cnot sustainable,\u201d he told us.<\/p>\n

ALSO- EY\u2019s UK\u2019s head Hywel Ball handed in his resignation, <\/strong>setting off a leadership race while the Big Four firm navigates a market downturn, the Financial Times<\/a> reports, citing an email it has seen. Ball \u2014 who has helmed EY UK since 2020 and was handed a second tenure extension in January<\/a> \u2014 wrote in the email that it was time to \u201chand the baton\u201d to new leadership, with the internal selection process slated to be kicked off in 2H 2024, EY said in a statement. <\/p>\n

MARKETS THIS MORNING- <\/p>\n

Asian markets are rallying<\/strong> on news of the Fed keeping interest rates unchanged and gains in EV stocks in Hong Kong. Wall Street futures also rose, indicating a continued strong streak for US benchmarks this week. <\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

8,930<\/p>\n<\/td>\n

\n

-0.8% (YTD: -6.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

D<\/strong>F<\/strong>M<\/strong><\/p>\n<\/td>\n

\n

3,979<\/p>\n<\/td>\n

\n

-0.7% (YTD: -2.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Nasdaq Dubai UAE20<\/strong><\/p>\n<\/td>\n

\n

3366<\/p>\n<\/td>\n

\n

-0.43% (YTD: -12.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD : AED<\/strong> CBUAE<\/strong><\/p>\n<\/td>\n

\n

Buy 3.67<\/p>\n<\/td>\n

\n

Sell 3.67<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EIBOR<\/strong><\/p>\n<\/td>\n

\n

5.1% o\/n<\/p>\n<\/td>\n

\n

5.3% 1 yr<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

TASI<\/strong><\/p>\n<\/td>\n

\n

11,652<\/p>\n<\/td>\n

\n

-1.1% (YTD: -2.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

26,133<\/p>\n<\/td>\n

\n

+0.2% (YTD: +5.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,421<\/p>\n<\/td>\n

\n

+0.9% (YTD: +13.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,215<\/p>\n<\/td>\n

\n

+0.8% (YTD: +6.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

5,034<\/p>\n<\/td>\n

\n

+1.4% (YTD: +11.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 82.48<\/p>\n<\/td>\n

\n

+ 0.7%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 3.05<\/p>\n<\/td>\n

\n

- 2.7%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,354.8<\/p>\n<\/td>\n

\n

+ 1.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 68,208.00<\/p>\n<\/td>\n

\n

+1.5% (YTD: +61.1%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The DFM fell 0.7% yesterday<\/strong> on turnover of AED 275. mn. The index is down 2.0% YTD.<\/p>\n

In the green: <\/strong>Agility The Public Warehousing Company (+3.7%), Watania International Holding (+2.8%) and Orascom Construction (+1.8%).<\/p>\n

In the red: <\/strong>Al Salam Sudan (-4.8%), Dubai Islamic Insurance and Reinsurance Co. (-3.9%) and Air Arabia (-3.5%). <\/p>\n

Over on the ADX<\/strong>, the index closed down 0.8% on turnover of AED 485.4 mn. Meanwhile Nasdaq Dubai closed down 0.43%.<\/p>\n

CORPORATE ACTIONS-<\/p>\n

Naeem Holding for Investment approved the purchase of 7 mn treasury shares<\/strong>, amounting to 2% of the company's total shares, on the condition that the transaction is completed within one month from today, according to a DFM disclosure (pdf)<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: Is Saudi Arabia mulling changes to its capital markets tax regime?<\/p>\n","protected":false},"author":1,"featured_media":93046,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1553],"tags":[285,331,50,118,1379],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-93045","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-inflation","tag-interest-rates","tag-planet-finance","tag-saudi-arabia","tag-tax","wpautop","entry"],"acf":{"mongo_id":"2a18d187-7472-4c3b-a1de-538b2e6492f2","order":"14","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/2010.jpg","photo_position":"above","homepage_title":"","full_issue_title":"US 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