It’s not that often you get to really relax and this weekend was one of those. I enjoyed entertaining my brother last week who came over after the England match in Berlin and enjoyed a few days in Dubai where we went to La Mar in Royal Atlantis which was lovely. The following day was more relaxed at the Arabian ranches golf club. One of the reasons he was here was to do a photo shoot with me and my team which went well, watch this space……..
Thursday, I had a lovely dinner at the Maine in Business Bay which I would highly recommend. Then for the weekend it was all about relaxing in between work. I did manage to slip in a 6.5km walk on Sunday which wasn’t a good idea in 38 degrees weather.
The hooligans are enjoying the UK and I’m missing them lots , but I am happy as I get to meet up with them this weekend and go on a weeks holiday on a cruise around Italy.
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It seems to be the controversial topic of the ages…only it has worsened since post-pandemic.
It’s the great remote work divide…also dubbed “The Great Return” and “The Great Office Return” by others.
Although in theory, remote work has essentially been in existence for decades, it has only become a hot topic of late, and become aggravated even more, with the recent headline-grabbing strides of big-name employers who dared to mandate employees to return to office-based work (affectionately known as RTO)—or risk losing their jobs.
In fact, 90% of employers are projected to return to physical office locations in 2024, according to a Resume Builder survey of 1,000 executives and other senior management decision-makers that was conducted in late 2023.
The survey’s findings also revealed, amongst other noteworthy highlights, that more than 80% of companies who already started initiating the return to office in 2023 had devices and tools in place to track if employees were utilizing the office provision. And of those who were planning to do so in 2024, an estimated 70% of respondents planned to track attendance, sparking heated debate and uproar amongst professionals worldwide.
More and more developers are focusing on the delivery of properties than launching new projects as Dubai’s real estate market shows signs of stability, a sign that the supply of property has caught up with demand. This year, 42,241 units are expected to be completed by developers, including 31,341 apartments, 9,909 villas and townhouses, and 991 commercial properties.
So far, 13,815 units have been completed, featuring 11,035 apartments, 2,562 villas and townhouses, and 218 commercial properties within 64 projects.
In 2023, as many as 35,160 properties were completed, including 28,650 apartments, 5,187 villas and townhouses, and 1,323 commercial properties across 154 projects, taking the residential stock of properties in Dubai to 719,000 units by the end of 2023, according to market reports quoting Dubai Land Department figures.
With the ongoing deliveries, Dubai’s residential stock would cross 760,000 units by the end of 2024 that will help demand-supply situation to rebalance to a comfortable level. However, the statistics by Dubai Land Department shows that the market has started to stabilise while the sale transactions in the second quarter of 2024 has started to decline. A total of 80,118 properties, valued at Dh233.1 billion were sold in Dubai in the first half of 2024, according to Dubai Land Department statistics.
A total of 43,612 land and properties valued at Dh124.6 billion were sold in Q2, 2024, which is 44.1 per cent higher compared to Q2 2023 sales figure. These include 33,704 apartments, 5,887 villas, 2,891 plots of land and 1,130 commercial units. 8,989 mortgage transactions were recorded in Q2 2024, up by 6.8 per cent compared to Q2 2023. Mortage transactions were valued at Dh44.3 billion in Q2 2024, up 34.8 per cent compared to Q2 2023.
A total of 12,152 land and property transactions took place in the second quarter of 2024, valued at Dh33.9 billion, which is 62.5 per cent lower than Q2 2023. Of these, 10,041 apartments worth Dh18.8 billion were sold in Q2, 2024, which is lower by 56.6 per cent and 999 villas worth Dh5.4 billion were sold which is lower by 75.5 per cent compared to Q2 2023 and 796 plots of land worth Dh9.2 billion were sold in Q2 2024, 58.9 per cent lower compared to Q2 2023.
While the leading developers such as Emaar Properties, Nakheel, Dubai Properties, Wasl Properties, Ithra, Damac Properties, Danube Properties Sobha, Azizi dominate the headline in delivery, and property launch, smaller developers also do their bit, but remain under the shadows of the bigger players.
One such player, Marquis Developers, has been silently launching and delivering homes, without much noise, while launching its new project, Marquis Insignia project. It has commenced the handover of 91 residential and commercial units of its Marquis Signature project in Arjan. The event was attended by Marwan Bin Ghalita, Director-General of Dubai Land Department.
As many as 95 per cent of expats in the UAE feel they’re in a better or slightly better financial situation than they were a year ago, according to a recent survey.
More than half – 55 per cent – of expats attribute improvement in their financial health to salary increases, 35 per cent to the performance of their investment portfolios, 30 per cent to property investments, and 20 per cent to their growing pension pot.
These are the top-line findings from the annual 2024 Worldwide Wealth Survey conducted by international financial advisory firm, Hoxton Capital Management, which saw responses from 2000 expats living in the UAE.
According to human capital consultancy Mercer’s study released this year, salaries are projected to increase faster than the inflation rate hike on the back of increased demand for talent and overall growth in the economy.
When asked why they had initially moved abroad, 85 per cent of respondents from the UAE cited employment and quality of life as their primary reasons, Hoxton Capital said.
“The survey highlights a positive shift in financial sentiment among our international investor audience and particularly among expats living in the UAE. The fact that 95 per cent of respondents from the UAE feel they are in a better financial position than they were a year ago, reflects their resilience and adaptability in the face of economic changes. However, the increased cost of living remains a significant concern for those globally who feel worse off financially,” said Chris Ball, managing partner at Hoxton Capital Management.
The “Trump trade” could unwind after President Joe Biden withdrew from the 2024 presidential election, throwing his weight behind Vice President Kamala Harris. Biden’s alarming debate performance and the assassination attempt against former President Donald Trump had spurred markets to price in another term for the Republican challenger. The Trump trade refers to plays on stocks that are expected to benefit if the former president returns to the White House. CNBC previously reported that Wall Street sees a Trump win as good for stocks as the Republican candidate has called for lower taxes and deregulation. Conversely, traders predicted green energy stocks would be hit by Trump’s proposed tariff hikes, which some economists said could lead to higher inflation. Asia markets were mostly lower Monday morning in the first region to resume normal trading after Biden’s announcement.
Michael Brown, senior research strategist at Australia-based broker Pepperstone, told CNBC the withdrawal was largely expected, given mounting pressure from Democrats and a “disastrous debate performance.”
Brown said he expects volatility across asset classes, given that uncertainty has been injected into the election, with the race for the White House now considerably more open. The strategist predicted that the U.S. dollar would soften as some of the Trump trade unwinds, adding that he believes the prospect of a Democratic victory has marginally increased.
He also expects stocks will fall in the near term, but noted any dips should be seen as medium-term buying opportunities, given that the Federal Reserve is still expected to cut rates, and both economic and earnings growth remain resilient. The U.S. is slated to report its personal consumption expenditures price index numbers — the Fed’s preferred inflation gauge — for the second quarter on Thursday.
David Roche, president of Quantum Strategy, said in a note early Monday that Harris is likely to be endorsed by the Democratic Party, pointing out that “changing Harris at this point would be even greater chaos and would raises a lot of issues about existing funding for the joint Biden Harris ticket.”
Roche said, however, that a Harris nomination increases the chance of a Trump victory, but lowers the odds of the Republicans winning both houses of Congress.
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US data will be the focus this week with S&P Global PMI’s on Wednesday, GDP on Thursday and Core PCE on Friday. Traders will also have their eye on next week’s Fed meeting.
The only major data point for the pound this week will be S&P Global PMI’s on Wednesday. Worth noting that recent large intra-day swings are likely to remain as we build towards central bank meetings in the UK and US next week.
A quiet week for euro-based data sees HCOB PMI’s as the focus on Wednesday.
The Fidelity Weekly Market Review
Monday 22nd July 2024
Services around the world slowly came back online after a massive IT outage on Friday. The disruption was caused by a software update provided by CrowdStrike, an American cybersecurity firm, which triggered problems in computers running Microsoft’s Windows operating system. More than 4,000 flights were grounded globally; financial services, retailers, and media companies were also affected by the outage.
America’s big banks released quarterly earnings. Net profit at JPMorgan Chase rose by 25%, year on year, to $18.1 billion. At Morgan Stanley it surged by 41%, to $3.1 billion. Goldman Sachs exceeded expectations, more than doubling its profit to $3 billion. The rally in financials countered lacklustre performance from the ‘Magnificent Seven’, as large technology stocks fell during the week.
China’s GDP grew by 4.7% in the second quarter, year on year, down from 5.3% in the first quarter. It was the slowest pace of expansion since the start of 2023, underlining weak domestic demand caused by the declining property market and job insecurity. Investment in property fell by 10.1% year on year in the first six months of 2024.
The sluggish economy has affected many industries, not least luxury-goods companies, which are reducing prices to tempt Chinese shoppers. Richemont, owner of the Cartier brand, Swatch and Hugo Boss released earnings that related various woes in China.
Federal Reserve Governor Christopher Waller said the central bank was “getting closer to the time when a cut in the policy rate is warranted” even as the “final destination” had not yet been reached. Markets are widely expecting the Federal Reserve to keep rates unchanged this month, but traders are pricing in a 98% chance of a September rate cut.
Expectations of a fall in global interest rates helped to push gold prices to an all-time high. Investors are also buying into the metal because of the prospect of a second Trump presidency, which could lead to higher tariffs and increased geopolitical tension.
The yen climbed to a six-week high following reports that the Bank of Japan had intervened to support the currency. Data suggested that the central bank bought nearly 6 trillion yen ($38 billion) last week to shore up its value after it sank to a 38-year low against the American dollar.
