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00:00And the reading was the most important today in the United Arab Emirates
00:04in the overall local result, which we saw grow by 1.6%.
00:10The expectations were to see a growth of about 2.5%,
00:16but this reading came less than expected.
00:19And notice with us this downward trend since the third quarter of last year,
00:26where we saw very large growth figures, more than 4%.
00:29And we started to see this decline in growth,
00:33but it was not expected to decline from 1.6% to 1%.
00:38Usually, negative data are positive for the stock markets
00:44and to take risks, and especially this may encourage a decrease in interest rates.
00:49But on the other hand, what we saw is an indicator of the prices of basic consumer spending.
00:54In this reading, the expectations came up 3.7%.
01:01And this means that there are factors of inflation that started again
01:06after a clear decline in the fourth quarter and the third quarter of last year.
01:11And this may be a hindrance to a decrease in interest rates.
01:14And this is also what is called today the possibility of what is called stagflation,
01:20that is, a slowdown in the growth of the economy and at the same time high inflation.
01:25But we still see the consumer spending in the United States.
01:30And of course, these figures form more than two-thirds of the American economy.
01:36It still grows at about 2.5%.
01:39Yes, it may be less than expected, but it is not a problem,
01:42especially if we do not see a decline in American jobs, which are still strong.
01:49However, the market response to these data was very negative,
01:54especially for American stocks.