Gulf markets down as S&P downgrades EU
DUBAI MOST Gulf markets kicked off their trading week on a dampened mood and recorded losses on Sunday after Standard & Poor's downgraded several euro zone countries, while Egypt extended its rally.
|Al Jassim Group to launch Hotel Missoni in Doha |
|DOHA AL JASSIM Group, one of Qatar's leading diversified business groups, has partnered with the Rezidor Hotel Group, to launch an international luxury boutique hotel, according to a company release, in Doha, on Sunday.
The unique luxury lifestyle hotel will be exclusively designed by Rosita Missoni and feature approximately 200 rooms and 70 serviced apartments. It is scheduled to welcome its first guests in late 2015..
With over 30 years experience in the property development and leasing industry, Al Jassim Group identified the hospitality sector as one capable of leveraging its existing real estate expertise to enhance economic growth in line with the potential of Qatar, a key factor in the decision to bring Hotel Missoni to Doha.
Hotel Missoni is a co-operation between the legendary Italian fashion house Missoni and Rezidor.
Hotel Missoni is a fashionable destination for travellers seeking Italian chic, style and authenticity combined with all luxury services and standards of a contemporary international hotel. Each Missoni Hotel is unique in its design, reflecting the local style and culture.
|It's earnings versus Europe for global markets |
|NEW YORK STOCK investors will return to a tug of war between signs of domestic strength and overseas concerns next week as a batch of critical earnings reports look to add credence to the idea the economy is improving, while credit rating downgrades in Europe will keep that region's difficulties in view.
Bank stocks will probably once again be a primary focus, as not only will European issues call the group's profit outlook into question, but many key names report results. Equities have recently undergone a decoupling with respect to Europe's sovereign debt crisis as signs of progress in the eurozone, along with improving US data, have pushed Wall Street higher on improved growth prospects.
Financials have been a beneficiary of that rising tide, with Bank of America up 22 percent since the start of the year.
So far this month, the S&P 500 is up 2.5 percent, while the Dow is up 1.7 percent and the Nasdaq is up 4.1 percent.
"We're going to see more volatility in the weeks ahead with tension between earnings and Europe," said Christopher Sheldon, the Boston-based director of investment strategy at BNY Mellon Wealth Management, which oversees $171 billion globally.
|Reforms can help Greece return to growth: Merkel |
BERLIN GERMAN Chancellor Angela Merkel is insisting that structural reforms can help Greece return to economic growth following a painful austerity drive.
Merkel acknowledged in an interview with Deutschlandfunk radio broadcast on Sunday that spending cuts "indeed generally lead to the economy not being able to grow so much." However, she said there are plenty of examples of countries where International Monetary Fund programmes have been implemented and "very strong phases of growth come after a certain phase of recession." Merkel said that is down to structural reforms which "never have immediate effects but need a certain time before their effects are felt and they must of course be implemented vehemently." Germany, Europe's biggest economy and the largest contributor to rescue packages for Greece and other strugglers, has led the push for austerity drives to get countries' budget deficits under control, and for painful reforms. German Foreign Minister Guido Westerwelle is to meet top officials in Greece on Sunday, carrying what his ministry calls a message of "encouragement and expectation" regarding Greece's reform efforts.
Athens has pledged to sell off state assets and try to improve its economy's competitiveness.