Aug 10
23
Dubai Government launches investor roadshow
International Market Report 23rd August 2010
Japan’s Nikkei average inched down 0.4 percent on Monday as investors waited to see if Bank of Japan Governor Masaaki Shirakawa and Prime Minister Naoto Kan hold a meeting later in the day. The Dow Jones industrial average slipped 57.59 points to 10,213.62. The Standard & Poor’s 500 Index .SPX was off 3.94 points to 1,071.69. The Nasdaq Composite Index added 0.81 points to 2,179.76.
FRANCE has cut its forecast for economic growth next year after an emergency meeting between the president and senior finance ministers. It now thinks the economy will grow by two per cent next year. The previous forecast was 2.5 per cent. This year it will be 1.4 per cent, the government said. President Nicolas Sarkozy ordered ministers to interrupt their summer holidays to discuss how France is going to cut its deficit. They met at his official retreat, Fort de Bregancon, amid fears that in the long term the country faced the possibility of having its AAA credit rating downgraded by ratings agency Moody’s. The president said that the reduction of the government deficit in 2011 was a priority. Public expenditure would be reduced, the president said. He also repeated his pledge not to increase VAT, income tax or tax on companies. But he also said 10 billion euros of tax breaks would be abolished in the autumn.
The Dubai government, which is restructuring $23.5bn (£15.1bn) in debt, will launch a roadshow for fixed-income investors in Asia starting on 26 August, a statement said. The plan follows a similar program for European investors in June, as part of the government’s strategy for “providing regular updates to both existing and prospective fixed income investors around the world.”
S&P/ASX 200: 1.900 (-0.043%)
The AUD and NZD were bearish on Friday as concerns about the US economy coupled with the prospect of an Australian ‘hung parliament’ loomed.
RBC expects the incumbent Labor party will retain government albeit with reduced lead while the Greens party would have the balance of power in the upper house.
Australia’s Reserve Banks Deputy Governor, Ric Battellino said that economic reforms over the past three decades have made Australia a ‘world beating economy’, as it has only experienced three quarters without economic growth since 1991, and annual growth has always been positive since the end of the early ’90s recession.
No Major News due for release today
