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World Stocks Set Record High on Strong China, US Data Business 13 SATURDAY 17 APRIL 2021 New CEO Orcel calls for discipline, rigor in letter to UniCredit staff Throughout, UniCredit has been ever present as a key client, so in many respects, I feel as though I am coming home. Andrea Orcel UniCredit Chief Executive Officer Business | 14 QSE 10,899.06 +293.68 (2.77) FTSE 100 7,019.53 +36.03 (0.52%) DOW 34,201.99 +166.00 (0.49%) BRENT $66.73 (-0.21) World stocks set record high on strong China, US data REUTERS — LONDON becomes more entrenched, course for their first substantial fuelled by continued fiscal weekly gains in six. Global stocks hit a record high stimulus and ultra-loose mon- Government stimulus, a Despite the strong data, US yesterday and oil climbed after etary policy, we think this should string of strong corporate bond yields dropped, in part strong US and Chinese economic translate into continued positive earnings releases and signs driven by buying from Japan, data bolstered expectations of a UK equity market performance,” which began a new financial solid global recovery from the said Nick Peters, multi asset port- of economic recovery in year this month. The 10-year US coronavirus-induced slump. folio manager, Fidelity countries ahead in the Treasuries yield was last at 1.573 Government stimulus, a International. COVID-19 vaccination race percent. string of strong corporate US stock futures pointed to have all helped push stock “We retain a modest short earnings releases and signs of a mixed open on Wall Street, markets onto new heights in position in US rates and would economic recovery in countries with those for the S&P 500 up be inclined to add to this should ahead in the COVID-19 vacci- 0.1 percent and Nasdaq futures recent days. Driving the move yields drop towards 1.5 percent nation race have all helped push down 0.1 percent. Overnight, was Chinese data showing on the 10-year part of the yield stock markets onto new heights Asian markets had tracked a path record 18.3 percent growth in curve,” said Mark Dowding, chief A man looks at a list of the best performing stocks, seen on a display in a in recent days. “As the economic similar to Europe’s. MSCI’s investment officer at BlueBay window of the UBS headquarters in Zurich, Switzerland, on Wednesday. the first quarter. re-opening accelerates in the broadest index of Asia-Pacific Asset Management. coming months, we believe the shares outside Japan was last up In the currency market, bull market remains on a solid 0.5 percent, with Shanghai strategist at Nordea Asset stop the economy overheating. benefits, which tumbled last lower US yields were a drag on footing,” said Mark Haefele, chief shares adding 0.8 percent and Management. The strong Chinese data had week to the lowest level since the dollar overnight, and the investment officer, UBS Global Japan’s Nikkei up 0.1 percent. “As the US economy and then followed similarly upbeat March 2020. dollar index ebbed in late Wealth Management. Driving the move was European economies open up, it numbers out of the United States All of which initially helped morning trade in Europe to be MSCI’s broadest gauge of Chinese data showing record 18.3 should further help Asian overnight. Retail sales rebounded oil prices push on, hitting one- down 0.2 percent. The euro was world stocks edged higher in percent growth in the first exports. This should support 9.8 percent in March, pushing the month highs thanks to the eco- up 0.2 percent at $1.1989, having early European trade, up 0.2 quarter, though the reading Emerging Market and APAC level of sales 17.1 percent above nomic data and higher demand hit a six-week high of $1.19935 percent to a record high. Europe’s slightly undershot expectations. equities as well as China equities its pre-pandemic level to a forecasts from the International overnight. The pound was down top indexes all opened higher, led Retail sales bounced strongly last and fixed income.” Despite the record high. Energy Agency (IEA) and OPEC, flat at 1.3791. Gold bounced off by Britain’s FTSE 100, up 0.5 month. “We remain focused on punchy GDP number, gains were The brightening economic before pulling back. Brent futures session lows to trade up 0.8 percent and passing 7,000 points a China-led rebound steadily tempered by the view that prospects were underscored by were last flat at $66.94 per barrel. percent to pass its previous for the first time since February helping the Asia-Pacific region,” Beijing will act to rein in the brisk other data, including first-time US crude was down 0.1 percent seven-week high at $1,777.9 per 2020. “As the global recovery said Sebastien Galy, senior macro expansion later in the year to claims for unemployment at $63.4 per barrel, both on ounce. Building sales take over 83.8% of weekly realty activity: Ezdan Report THE PENINSULA — DOHA showed that the registered property Registration Department. and was sold at a price per square foot sales reached QR783m and were dis- Al Rayyan Municipality ranked first of QR503. Qatar’s weekly property market has tributed among 7 municipalities in terms of value through the sale of a Ezdan Real Estate Company runs witnessed a significant surge in the including Umm Salal, Al Khor, Al Dha- residential building in Al Rayyan Al more than 22,800 residential units, and volume of building sale deals which khira, Doha, Al Rayyan, Al Shamal, Al Jadded at QR421.4m. The building around 790 commercial units inside stood at QR656.3m, or 83.8 percent of Daayen, and Al Wakra, and included spans over an area of 23,484sqm and Doha and its environs, including Al the total sales volume, while land lots the sales of vacant lands, residences, was sold at QR1,667 per square foot. Wakra and Al Wukair. The company generated up to QR126.9m, or about multi-use buildings, multi-use land lots Doha also has seen the sale of a res- continues to invest in the real estate 16 percent of the total sales, according and residential buildings, according to idential compound in the Fereej Al- sector and contribute to real estate to Ezdan Real Estate report. the data gleaned from the real estate Asiri area, at a value of QR83m, development in the State of Qatar on The market activity from April 4-8 bulletin released by the Real Estate extending over an area of 15,312sqm, a large scale. Google misled consumers over data collection, says Australian watchdog REUTERS — SYDNEY information from the quoted the ACCC chairman location history setting on Rod Simms as saying that Australia’s federal court user devices between the regulator would seek a found Alphabet’s Google January 2017 and December penalty in the “many mil- misled some consumers 2018. A setting to control lions”. A Google spokesman about personal location web and application said the company was data collected through activity, when turned on, reviewing its options. Android mobile devices, also enabled Google to “The court rejected the country’s competition collect, store and use the many of the ACCC’s broad regulator said yesterday. data and was turned on by claims. We disagree with The Australian Compe- and others that big busi- default on the devices. the remaining findings and tition and Consumer Com- nesses must not mislead Users were not are currently reviewing mission (ACCC) said it is their customers,” ACCC informed that turning off our options, including a seeking declarations and Chair Rod Sims (pictured) location history but leaving possible appeal,” the penalties from Google, said in a statement. the “Web & App Activity” spokesman said. though it did not specify an The case revolves around setting on would allow The tech giant has been amount. specific Google settings Google to continue to collect embroiled in legal action in “This is an important related to its location data data, the court found. Australia in recent months victory for consumers, espe- collection, location history The court will need to as the government mulled cially anyone concerned and ‘web & app activity’. decide what it considers a and later passed a law to about their privacy online, The court found that breach and how many make Google and Facebook as the Court’s decision sends Google wrongly claimed it occurred but the Australian pay media companies for a strong message to Google could only collect Broadcasting Corp (ABC) content on their platforms. Turkey bans crypto payments citing risks REUTERS — ANKARA regulation and supervision mechanisms nor a central regulatory authority,” among other security risks. Turkey’s central bank banned the use of cryptocurrencies “Payment service providers will not be able to develop and crypto assets to purchase goods and services, citing business models in a way that crypto assets are used possible “irreparable” damage and significant transaction directly or indirectly in the provision of payment services risks in a move that cooled global bitcoin prices. and electronic money issuance,” and will not provide In legislation published in the Official Gazette yes- any services, it said. “Their use in payments may cause terday, the central bank said cryptocurrencies and other non-recoverable losses for the parties to the transac- such digital assets based on distributed ledger technology tions... and include elements that may undermine the could not be used, directly or indirectly, as an instrument confidence in methods and instruments used currently of payment. in payments,” the central bank added.
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