Qatar raises the curtain on the World Cup 2022!!
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GCC Market News: World Cup 2022 rolling in Qatar
Qatar amazes the world with an extraordinary opening ceremony!?
On Sunday evening, Qatar was at the center of the global attention, as it launched the 22nd Fifa tournament. From Al-Bayt Stadium, the 2022 World Cup competitions began, with a glamorous? artistic performance that dazzled the world, in the presence of a large number of political and artistic figures, headed by the Emir of Qatar, Tamim bin Hamad Al Thani, and sports figures, led by the President of the International Federation of Football Associations (FIFA), Gianni Infantino.
The ceremony began with a recitation of verses from the Holy Qur’an, then a show was presented by the international superstar Morgan Freeman. This was followed by a speech by the President of the State of Qatar, who welcomed the attendees, saying: “From Qatar, from the Arab countries, I welcome everyone to the World Cup, which we worked on to make it one of the most successful tournaments.”
KSA sets a huge plan for renewable resources!
On Friday, Saudi Arabia announced the launch of 13 renewable energy projects worth $9 billion, aiming to reach net zero carbon emissions by 2060.
However, there won’t be a complete dispense of oil in the Kingdom of Saudi Arabia in the foreseeable and medium term, because the largest oil-consuming countries in the world today still have a percentage of renewable energy in their daily consumption that does not exceed 11 percent.
Source: Skynews
World Market News: Bull market on a break after a run-up in previous four weeks
Stock market updates
Benchmark indices closed a volatile week that ended November 18 moderately lower amid a lack of domestic triggers. The Dow was relatively constant for the week, while the S&P 500 lowered 0.7%, and the Nasdaq lost 1.6%.?
It was a busy week for yields, as the U.S. Treasury yields fell early in the week, reaching their lowest level in over a month, but then rebounded amid the Fed indicating a tougher stance on monetary policy. The yield curve fell deeper, with the 10-year note yielding 3.8% while the two-year note yielded 4.5%, marking the deepest inversion in over 40 years.
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Source: WSJ
The dollar is mounting strongly and oil is sinking
The US dollar rose strongly against major currencies while the Chinese yuan fell as sentiment deteriorated due to the rise in coronavirus infections and the tightening of restrictions in some cities in the world's second largest economy.
Significantly, the dollar index rose 0.5% last week, posting its biggest weekly gain in a month, as investors flocked to the safe-haven currency.
On the contrary, oil prices hovered near a two-month low on Monday as supply concerns eased, while worries about fuel demand in China and rising interest rates overshadowed prices.
Weird Financial Facts: Paper money is not made of paper?!!
Although bills are known as “paper” money, yet they aren’t made of paper. However, each banknote is made up of 75 percent cotton and 25 percent linen.
Source: Yahoo Finance
Things to look out for: Eyes on the FOMC meeting minutes!
For the coming holiday-shortened week in the U.S., markets will be closing for the Thanksgiving holiday; and will also close early on Friday.?
Not to mention that the Federal Reserve will release, on Wednesday, meeting minutes from the FOMC's latest policy meeting, conducted earlier this month.
?Source: Marketpulse