Global equity markets closed on a marginally positive note despite the dwindling signs of phase one of the US-China trade deal getting concluded this year. This can be attributed to improving economic fundamentals as global manufacturing PMI rose for the fourth consecutive month.
Furthermore, November jobs report showed strong gains in jobs, rising wages, and a 50-year low in unemployment rate. Brent crude oil prices witnessed a sharp rally during the week as it rose by 3.14% on the back of OPEC+ members agreeing to extend output cuts by 500,000 bpd in early 2020.
For the regional markets, 6 out of the 8 indexes closed in green while 2 closed in red. Bahrain led the performing index regionally with gains of 1.33% followed by 1.18% in Kuwait. Egypt was the worst performing index in the region with losses of 1.64%, followed by 0.87% in Oman.
Going forward, the economic fundamentals will continue to dominate global equity markets as investors are encouraged about improvement in manufacturing PMI and strong job reports. However, negative news flow on the trade front could potentially narrow the gains in equity markets, going forward. For the regional markets, the announcement of extending oil cuts is likely to act as a catalyst for equities in the coming weeks. Furthermore, this should also be positive for the upcoming Aramco IPO, as it should be supportive of current valuations on the back of expected improvement in oil prices.
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About Allied Investment Partners PJSC
Established in 2007, Allied Investment Partners PJSC is licensed by Central Bank of the UAE and Securities and Commodities Authority, and is a leading investment firm providing various services like Asset Management, Alternative Investments, Wealth Management, Securities and Custody Services, Corporate Finance and Investment Banking Advisory.
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