9.36 AM Wednesday, 29 November 2023
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29 November 2023

Optimism prevails on financial markets as China unwinds Covid curbs


Abu Dhabi's and Dubai's main share indexes gained 0.032% and 0.64% respectively Tuesday, with top lender Emirates NBD and Commercial Bank of Dubai driving the latter, while Ras Al Khaimah Cement and AlDar Properties were among the best performers in the capital's market.

Regionally, optimism prevailed as China indicated it would relax COVID-19 regulations further, boosting hopes of a demand revival in the world's second-largest economy.

Globally, the S&P 500 and tech-heavy Nasdaq fell, led by declines in some megacap growth stocks and Tesla, with China unwinding pandemic curbs stemming losses on the indexes.

The fluctuations add to the fact that 2022 has been a year to forget for equity investors. After three consecutive years of positive returns, the benchmark U.S. stock market index is set to record the worst annual performance since 2008.