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October 14, 2015 | 16:15 Dubai
The delay in Fed rate hike will act as a catalyst for emerging markets like the UAE. However, on a yearly basis, the GCC market performance is going to remain muted, a top official of Saxo Bank has said. “The Fed not hiking is the catalyst for unlocking some of the emerging market values. A stable to lower USD will support emerging market growth through lower debt burden (US financed debt) and stable growth,” Steen Jakobsen, Chief Economist & CIO, Saxo Bank told Wealth Monitor in an email statement.
On a year-to-date basis, most of the gulf’s markets are in the red. However, asked on the outlook of the regional markets going forward, he said, “Performance will be down year-over-year but we have seen big corrections in emerging markets and it remains the only asset class where both price and value is cheap relative to the long-time average.”
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