Ending your worst streak since 1987, defeating your most hated/respected of rivals (in resounding style) and easing pressure on your boss all in one fell swoop – no I’m not talking about Liverpool’s magnificent destruction of Man U last night - but the success of the US Treasury’s stimulus packages that last week saw some record earnings being posted across the IT sector (amongst others) and a level of optimism maintaining its hold for a winning run on the markets – Obama’s team must be wishing for a continuation, with important GDP numbers (QoQ 3.2% cons) and other economic releases due before the end of the week in the US and ahead of their Thanksgiving celebrations – swiftly followed by the all important “Black Friday” where a large percentage of annual shopping turnover traditionally kicks off in the run-up to Christmas and strangely (coincidentally) where Grannies often suffer injuries as they are mowed-down by over-eager-and-over-eating female shoppers.
Our friends in Japan have shrugged aside worries over a sustained slow-down, as well as some very disappointing quality-issues with their revered Toyotas, posting very strong numbers and setting the tone for a great start to the week across Asian markets in general, sliding neatly into a decent showing across Europe (+25bps avg.) and all those Turkey-hungry investors expecting a decent open to the US (DJIA +27pts, S&P +3.6pts)
As Microsoft’s Windows 7 has gotten off to a decent start with positive reviews, Google launches a phone to tackle Apple’s, NASA works to launch a rocket that may never see the light-of-commerical-day after seeing the depths-of-space for the first (and last) time, former Bosnian-Serb leader Karadzic decides to confront his accusers in the most effective manner possible – by simply not showing up to the trial - and our favourite master-of-charm (what would we do without his endless entertainment huh?) Silvio-the-Silver-tongued-one gets knocked down by a fellow female member of parliament, informing the smooth-one that “this lady is not as your disposal”, and a horrible incident in Iraq reminds us that human life is often-all-too-easily-taken-for-granted, the world is as busy as ever out there, with both good and bad shaping daily events as man struggles to find a decent equilibrium. Woah, getting kinda deep there I know, but that’s what watching the news too much will do to you.
Dubai trades it up…
Middle East markets have been putting in some good performances, what with Oil trading above $80/brl again. As noted about two weeks ago, the region (especially the UAE) is at its busiest since the start of the year (tourists and business travellers getting some sun etc.). The latest set of property numbers seem to tally with the perception that the worst is now behind Dubai in particular, citing some key increases in the most sought-after areas (by the world’s tallest tower – nah, you don’t say) and a “stabilisation” in those not-quite-so-well-thought-out developments placing incredible pressure on prices at the worst-possible moment during the crisis with excess supply coupled with low quality (that would be Dubai Marina – sorry all of you Marina residents, apart from the odd-building here and there, it’s really not that nice). The impressive (and frustrating at the same time) thing in this region is just how quickly markets can turn on the back of a couple of announcements – long called as laggard markets to the strong rally in emerging economies, and with even the global rally holding steady, it appears international investors only dip their toe back in when the commodity rally reappears and a few well-structured quotations are published. The annoying part kicks-in when the exact reverse occurs. There needs to be more stability to the flow.
Even one of Dubai’s mainstay businesses is getting a pretty positive shot-in-the-arm with freight volumes of cargo passing through Dubai (imported and then re-exported) rising by an estimated 20% in September against the lows of January, according to the only-kind-of-trustworthy National Association of Freight Logistics (NAFL). At first glance this looks excellent – trade is rising, meaning people around the world are spending more, but as the figure relates to re-exported cargo it seems that the majority of consumption is coming from other GCC states rather than ex-pat heavy Dubai residents. Still, any talk of an improvement in Dubai’s fortunes must be welcomed as the city works it way out of the very worst, dusts itself off (a harder task than it sound when all the construction work is considered) and really starts looking like the only viable city of choice for anyone wanting to live and work around the GCC.
Small country, Big plates…
The best piece of news heard over the weekend? Well come on, that’s an easy-one this week – who could have ignored the sheer look of bliss on the faces of hundreds of chefs as they toiled away to produce enormous amounts of a “typically Lebanese” cuisine-dish – hommous - scoring an important victory over other “impostors” laying claim to the dish’s origins. Lebanese chefs set the record for the largest-ever plate, closely followed by the largest plate of Tabbouleh – mmm, but hey, what happened to our Fattoush-loving diaspora record? With numerous and notorious political differences amongst such a tiny population in such a tiny county, it could only take something so poetically “large” as the biggest-ever-plate of a dip, sorry sorry, “best dip ever” to unite all for at least a moment or two. With a country still lacking the formation of a government four months after its elections, this cooking-record-unity is one (yummy) streak certain people will be hoping doesn’t end.
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