Nothing New                                                           29 December 2023

The real estate and properties transactions valued at US$ 3.81 billion in total during the week ending 29 December 2023. The sum of transactions was 216 plots, sold for US$ 1.19 billion, and 2,126 apartments and villas, selling for US$ 1.47 billion. The top three transactions were all for plots of land, the first in Zaabeel Second for US$ 662 million, the second in Al Thanyah Fifth for US$ 124 million and in Wadi Al Safa 4 for US$ 58 million. Madinat Hind 4 recorded the most transactions, with thirty-four sales, worth US$ 14 million, followed by thirty-two sales, in Palm Jabal Ali for US$ 250 million, and twenty-five sales, in Al Hebiah Fifth, valued at US$ 32 million. The top three transfers for apartments and villas were in Business Bay for US$ 97 million, followed by one in Al Barsha First for US$ 41 million and the third in Madinat Dubai Almelaheyah for US$ 36 million. The mortgaged properties for the week reached US$ 864 million, with the highest being for land in Zaabeel Second, mortgaged for US$ 163 million; two hundred and three properties were granted between first-degree relatives, worth US$ 545 million.

In many locations, the end of 2023 has seen Dubai property prices at all-time highs. Looking to next year, it seems inevitable that prices – both rents and sales – will continue to head north, albeit as a slower pace, but probably still at double-digit levels. The recent trend of higher rents pushing more people into actually purchasing their own property will continue into the new year. However, the inflated cost of living expenses, along with historically high mortgage rates, will see many either downsizing or moving further out of the metropolis to get the same size residence at a cheaper level. It is just a fact of life that when property prices go too high, people have not too many alternatives but to downsize. 2024 will see even more launches, particularly at the lower end of the market. Prices in locations such as Arjan, Dubai South, JVC, Reem and Townsquare offer bigger homes, at lower prices, than found in central and prime areas.

Another feature that has become more prevalent since the pandemic is the rise in upgrading, and even extending, of existing homes; this has two consequences – an increase in the property value and also a bigger built-up area to live in. However, there are reports that costs in this sector have more than doubled since the pandemic and in several cases quality levels have fallen.

Data indicates that that more first-time buyers, (both newcomers to the emirate as well as current residents), moving from rent to entering the Dubai property market), and this can only be a positive sign for local realty. In some cases, and despite mortgage rates, hovering around the 6% level, it is more economical buying rather than renting. Many of these entrants are looking at properties, (both smaller townhouses and apartments up to the US$ 817k level), which account for over 70% of the Dubai market total.

Over the past four years, the average number of new units added to Dubai’s property portfolio every year has been around 42k. At the beginning of every year, the “experts” come out and predict that up to 70k units will be added in the new year. One fact to remember is that by the end of 2024, Dubai’s population will have grown by some 150k and basing that the average unit will house 4.3 persons, that will account for almost 35k new units required. So even if 50k new units hit the market in 2024, there will still be a problem with demand outstripping supply. It will only be in 2025 before any sort of equilibrium returns to the market when most of the 2022 launches become reality. During the pandemic there were very few, if any, launches and most will take up to three years from planning to handover.

Abu Dhabi National Hotels and Emaar Hospitality Group have agreed to transition the management of five of Emaar’s Dubai hotels – Address Boulevard, Address Dubai Mall, Address Dubai Marina, Vida Downtown and Manzil Downtown – effective 01 January 2024. All five properties will be directly managed by ADNH on a franchise model under other luxury international hotel brands. Three luxury hotels in Dubai, including The Address Dubai Marina and two in Downtown Dubai, will be rebranded after Abu Dhabi National Hotels (ADNH) joined forces with hospitality company Marriott, with rebranding of three hotel being JW Marriott Hotel Marina (from The Address Dubai Marina), Hotel Boulevard, Autograph Collection (from Vida Downtown Dubai Hotel) and The Heritage Hotel, Autograph Collection (previously Manzil Downtown Dubai Hotel).

Last Sunday, Sheikh Hamdan bin Mohammed bin Rashid, granted a US$ 41 million bonus for government employees. The award by Dubai’s Crown Prince was approved under the guidance of HH Sheikh Mohammed bin Rashid, with it intended for those civilian employees who had met certain standards that have been set by the authority; it is meant to motivate employees to keep excelling and to provide a better life for Dubai government employees.

It is reported that the country generates at least 15% extra rainfall because of its cloud-seeding strategy, with it yielding an additional 168-838 million cu mt of rainfall each year. The UAE Research Programme for Rain Enhancement Science, which oversees the cloud seeding operations, notes that the usable water volume within the range of 84-419 million cu mt, equating to the overall approximately 6.7 billion cu mt of rainfall received annually in the country. On average, there are some nine hundred hours of cloud seeding every year, with operations amounting to approximately US$ 8k for every flight hour.

The Federal Tax Authority has issued a new guide providing a comprehensive and simplified explanation and instructions for the tax system that came into effect on 01 June 2023; it will outline the criteria to determine whether individuals are subject to the Corporate Tax Law. It also clarifies that an individual must register for corporate tax purposes and obtain a Tax Registration Number if total turnover exceeds US$ 272k (AED 1 million) within a calendar year of 2024. Non-residents are also subject to corporate tax in cases where they have a permanent establishment in the UAE, with a total turnover of the permanent establishment exceeding US$ 272k.

This week, and after four months of negotiations, the UAE finalised the terms of a Comprehensive Economic Partnership Agreement with Mauritius, marking the UAE’s first with an African nation. The UAE has a fifty-year trade history with the African island nation and this CEPA, when implemented, will pave the way for increased trade and investment flows and bilateral private-sector collaboration. In H1, non-oil bilateral trade between the two countries, stood at over US$ 63 million, with opportunities strongest in the chemicals, metals and petroleum products sectors. To date, the UAE has signed several such trade deals – in the ME, SE Asia, Eastern Europe and Latin America – with the CEPA programme, targeting US$ 1.09 trillion in total trade value by 2031 and doubling the size of the wider economy by 2030; this deal is also expected to drive FDI into fintech, healthcare and tourism sectors. Last year, the Mauritian economy grew at 8.5% – its fastest rate in thirty-five years.

The UAE has also finalised a CEPA with the Republic of Congo, (also known as Congo-Brazzaville), with a mandate similar to previous agreements. The deal builds on growing bilateral co-operation between the two countries, which, in H1, saw non-oil trade increase by 134%, on an annual basis, to US$ 2.1 billion between the Emirates and the Republic of the Congo. The deal also followed the signing of three strategic agreements between the nations early this year on double taxation avoidance, investment promotion and protection, and air transport. After its ratification, the deal aims to reduce or eliminate tariffs, remove other trade barriers, bolster market entry, refine customs processes and establish frameworks for investment and collaboration.

The latest IMF Arab Economic Competitiveness Index ranks the UAE as the most economically competitive nation in the Arab world and confirms the country’s sustained progress in crucial sectors, including its strong federal economy, a rapidly increasing attractive investment hub and growing popularity as a social environment. It topped in various sections, including;

• government financial sector index, ranking first in the deficit/surplus to GDP ratio and second in the tax burden index
• Investment environment and attractiveness, topping the economic freedom index
• Institutional and good governance sectors, achieving an advanced ranking in both administrative corruption and government efficiencies
• Infrastructure sector index, leading in mobile phone subscriptions and the percentage of the population with access to electricity, while ranking second in the share of air transport and shipping to total global transport and shipping

The report indicated that the Arab nations are striving to develop service sectors, facilitate business environments and enhance infrastructure to address challenges that hinder their competitiveness.

The DFM opened the week on Monday 25 December 2023, 47 points (1.1%) higher the previous week, gained a further 47 points (1.2%) to close the trading week on 4,063, by Friday 29 December 2023. Emaar Properties, US$ 0.09 higher the previous fortnight, gained US$ 0.06, closing on US$ 2.16 by the end of the week. DEWA, Emirates NBD, DIB and DFM started the previous week on US$ 0.67, US$ 4.62, US$ 1.55, and US$ 0.38 and closed on US$ 0.67, US$ 4.70, US$ 1.56 and US$ 0.38. On 29 December, trading was at 138 million shares, with a value of US$ 58 million, compared to 65 million shares, with a value of US$ 32 million, on 22 December 2023.

The bourse had opened the year on 3,438 and, having closed on 29 December at 4063, was 625 points (18.2%) higher, YTD. Emaar started the year with a 01 January 2023 opening figure of US$ 1.60, to close the year at US$ 2.16. Four other bellwether stocks, DEWA, Emirates NBD, DIB and DFM started the year on US$ 0.59, US$ 3.54, US$ 1.55 and US$ 0.41 and closed YTD at US$ 0.67, US$ 4.70, US$ 1.56 and US$ 0.38.   On 29 December, trading was at 138 million shares, with a value of US$ 58 million, compared to 66 million shares, with a value of US$ 18 million, on 31 December 2022.

By Friday, 29 December 2023, Brent, US$ 3.77 higher (18.7%) the previous fortnight, shed US$ 1.94 (2.5%) to close on US$ 77.23. Gold, US$ 27 (1.3%) higher the previous week, gained US$ 9 (0.4%) to trade at US$ 2,074 by 29 December 2023.

Brent started the year on US$ 85.91 and shed US$ 8.68 (8.7%), to close 29 December 2023 on US$ 77.23. Meanwhile, the yellow metal opened 2023 trading at US$ 1,830 and gained US$ 244 (13.3%) to close on US$ 2,074.  

In Q3, Sukuk issuances were at US$ 51.7 billion, almost the same as in the previous quarter but 12.3% lower on an annual basis. In the first nine months of the year, issuances, at US$ 154.6 billion, were 24.7% lower on the year. The main drivers behind the declining returns were rising oil prices and the traditional summer lull in trading. By the end of Q3, the global Sukuk market had reached US$ 823.4 billion, with 90% of the total derived from five countries – Malaysia, Saudi Arabia, Indonesia, UAE and Türkiye, with 40%, 28%, 13%, 6% and 3%. 75% of the total was issued in local currency, with outstanding Sukuk, rated by Fitch, exceeding more than US$ 150 billion – 12.2% higher on the year.

Because of falling lithium prices, shares in Australia’s Core Lithium crashed by more than 20% after the company announced it was reviewing its operations near Darwin because of “the deterioration in lithium market conditions”. The company officially opened its Finniss lithium mine near Darwin in 2022 and is now considering halting production, whilst it has suspended early works on its proposed second mine, BP33. The miner, with the only lithium mine in the Northern Territory, noted that the price of spodumene concentrate (high-purity lithium ore) had fallen 80% this year, “including by more than 40% since the end of October”. It indicated that it is to consider a range of options, including “possible temporary curtailment of mining operations” and “reductions in exploration and other discretionary expenditures”. In November 2022, shares in Core Lithium reached a peak of US$ 1.14, which are now trading at US$ 0.18.

Following a transport ministry investigation, and after admitting that it had falsified safety tests, Daihatsu has closed all four of its plants – in Osaka, Oita, Shiga and Kyoto – until the end of January. The Toyota-owned carmaker confirmed that it had been manipulating safety tests on sixty-four makes for three decades, twenty-four of which are being sold under the Toyota badge. Consequently, it has stopped shipments of all its vehicles in a move that could put 9k jobs in jeopardy. Established 1907, Daihatsu sells around 1.1 million cars per year, which make up around 11% of Toyota’s ten million vehicle sales per year, and it seems test results were falsified because of pressure to keep production rolling.

Twitter, now known as X Corp, has lost a court case, resulting in it violating contracts by failing to pay millions of dollars in bonuses that the social media company had promised its employees. Its former senior director of compensation, Mark Schobinger, sued Twitter in June, claiming breach of contract, and alleging that Twitter had promised employees 50% of their 2022 target bonuses but never made those payments. Twitter had argued that the company made only an oral promise that was not a contract, and that Texas law should govern the case. The judge ruled that California law governed the case and that “Twitter’s contrary arguments all fail”. X has been hit with numerous lawsuits by former employees and executives since Musk bought the company and culled more than half of its workforce.

With Biden’s White House refusing to overturn a ban on sales and imports of the Series 9 and Ultra 2 watches, Apple have retorted by indicating that it will appeal against the US International Trade Commission decision after sales of its newest smart watches were halted in the US over a patent row. This follows a move by the device maker Masimo which had accused the tech giant of poaching its staff and technology, which was found to have infringed two patents owned by the medical device maker. The initial decision was made in late October, which was subject to a sixty-day review by the president – this ran out on Christmas Day. Earlier in December, Apple had taken pre-emptive action by removing the devices from its US site and from stores in the country.  However, US sales were resumed on Wednesday after the tech company filed an emergency appeal with authorities.

Stonepeak is reportedly investing US$ 570 million into the AA to acquire a 15% stake in the UK breakdown recovery service; the US-based investment company specialises in infrastructure and related deals. This would value the AA, which had US$ 2.79 billion net debt at its last year-end, at US$ 5.08 billion. The company, which went private again in 2021 after being delisted on the London Stock Exchange, has been revitalised under its chief executive, Jakob Pfaudler, with an estimated US$ 1.27 billion being added to its net value; over that period, it is now cash-generative and customer numbers once again growing – along with its rival, the RAC, it boasts over fourteen million members, and has 2.7k patrols attending an average of 9.4k breakdowns every day.

After months of negotiations, Sir Jim Ratcliffe has now agreed a deal worth about US$ 1.60 billion to acquire a 25% stake in Manchester United FC. Until recently, the billionaire industrialist faced a rival bid from Qatari banker Sheikh Jassim bin Hamad Al Thani, but he withdrew his offer, leaving the Ineos founder to negotiate with the Glazer family. In a Christmas present to United fans, he announced that he had invested US$ 300 million in the club and is set to take control of United’s football operations. It is fair to say that the American interloping family was not much loved by the majority of fans because of a perceived lack of investment, (and interest), in the club. The Manchester-born entrepreneur has been a life-long ‘Reds’ fan, and already has some footballing interests, as he owns French side Nice and Swiss club Lausanne-Sport. In May 2022, he made an unsuccessful US$ 5.40 billion offer to buy Chelsea, after owner Roman Abramovich put the London club up for sale. There is no doubt that the club, which has won the English championship twenty times, has struggled since the departure of Alex Ferguson.

If Boxing Day is any indicator, there is every chance that retail sales are on the rise, with footfall, compared to 2022, 10.0% higher in central London and up 8.8% nationally; however, when taking into account data from retail parks and shopping centres, footfall was only up 4.0%. Early online sales, as well as major retailers such M&S, Next and John Lewis not reopening their stores until 27 December, have also had a negative impact on footfall, which when compared to pre-pandemic 2019 is 14.9% lower nationally and, rather surprisingly, up 1.6% in central London. One of the main drivers for the London figures was the influx of international visitors, despite there being no VAT refund available on their purchases. Meanwhile, the cost-of-living continues to deflate domestic spending and to dampen consumer confidence.

The last week of the year saw the Australian share market surge to its highest level since April 2022, helped by a 7.0% uptick over the past month. To add to the festive spirit the Ozzie dollar climbed to its highest level in five months, mainly attributable to a weakening greenback, caused by expectations of a Q1 interest rate cuts and more of the same throughout the year. In Wednesday’s trading Rio Tinto, BHP Group and Fortescue all hit record highs of US$ 93.35, US$ 34.73 and US$ 19.90 as the ASX 200 hit 7,598 points.

In 2023, a record 500k people migrated to the ‘Lucky Country’, with this number likely to halve next year. There is no doubt that migration was one of the key drivers of economic growth this year, as it boosts consumer spending, government revenues (higher tax receipts), higher property prices etc, and was the key to the country’s GDP keeping its head above water. Demand from all the additional people was strong enough to keep Australia’s unemployment rate hovering around the 3.5% level, despite the influx of extra workers, but undoubtedly unemployment will slowly start to increase, as falling demand catches up with the labour market. If it were to climb to 4.0%, there will be an increased demand for government handouts – another drag on the exchequer which would also be hit by lower tax receipts. Consumer spending will also be hit by a double whammy of cuts in overtime and an increase in underemployment – working less hours. On top of that, new migrants need accommodation, so that will also impact on an already tight property sector with prices still on an upward curve, albeit at a reduced pace. One possible drag on prices could be the lag from the impact of higher mortgages that had been fixed for many and have now gone to market – and higher – rates.

The last week of the year saw the local share market surge to its highest level since April 2022, helped by a 7.0% December uptick. To add to the festive spirit, the Ozzie dollar climbed to its highest level in five months, mainly attributable to a weakening greenback, caused by expectations of a Q1 interest rate cuts and more of the same throughout the year. In Wednesday’s trading Rio Tinto, BHP Group and Fortescue all hit record highs of US$ 93.35, US$ 34.73 and US$ 19.90, as the ASX 200 hit 7,598 points.

At the beginning of 2023, the RBA underestimated how far interest rates would and were unpleasantly surprised when it had to raise cash rate five times during the year from a starting position of 3.1% to 4.35%; in 2022, the RBA implemented a cumulative 3.0% increase from 0.1%. Some analysts had expected another hike this month and the jury is out whether there will be another hike to come in the new year; the current 4.9% inflation rate is still above the RBA’s 2%-3% target. The forecast is for one more visit to the trough by the end of Q1, despite a Q4 0.2% rise in GDP, followed by up to three rate cuts during the remainder of the year.

The Chinese government is set to introduce regulations that will limit the amount of money and time that people can spend on video games, with the aims of limiting in-game purchases and preventing obsessive gaming behaviour. On the news, shares in major tech companies sank, wiping tens of billions of dollars off their value, with Tencent, NetEase and Dutch tech investor Prosus down 12.4%, 24.0% and 14.0%; only two years ago, a law was introduced that  online gamers under the age of 18 would only be allowed to play for an hour on Fridays, weekends and holidays. The planned curbs also reiterate a ban on “forbidden online game content that endangers national unity” and “endangers national security or harms national reputation and interests”. They must not offer rewards that entice people to excessively play and spend, including those for daily logins and topping up accounts with additional funds.

The ICAP founder, and former Conservative Party treasurer, Lord Spencer received a timely Christmas present with a US$ 266 payment from last week’s takeover of SingLife by Japan’s Sumitomo Life Insurance. It is reported that, five years ago, he had invested some US$ 76 million into the Singaporean financial services group, giving him a healthy 350%+ return. In 2021, he helped to engineer the purchase of Aviva’s Singaporean life business and is said to have played a leading role in the negotiations with Sumitomo. A big donor to Boris Johnson’s successful Tory leadership campaign, he was ennobled in 2010 and chairs the Centre for Policy Studies, Thatcherite thinktank.

UK Finance expects house prices are expected to fall in 2024, (by up to 5%), but that the cost of renting a home will continue to rise by up to 6%. However, a flat national economy, along with a less secure jobs market, and still high mortgage rates, could affect the confidence of people wanting to move or buy a first home. The consultancy also expects mortgage lending to fall, and for more people to fall into arrears, with lending for house purchases declining by up to 8% next year; in 2024, a further 1.6 million homeowners will see their current fixed-rate deal expire, the vast majority of whom could see their monthly repayments rise sharply. Nationwide sees the housing market being subdued next year and expects house prices “to likely record another small decline or remain broadly flat over the course of 2024”. Last month, the Office for Budget Responsibility, said that it expected house prices to drop by 4.7% in 2024, whilst Nationwide noted that “if the economy remains sluggish and mortgage rates moderate only gradually, as we expect, house prices are likely to record another small decline or remain broadly flat over the course of 2024.” Meanwhile, Halifax, the country’s biggest mortgage lender, has forecast a fall of between 2% and 4%, but highlighted the same reasons. It is estimated that rents for new lets, that have risen by 31%, (equating to US$ 4.3k), since 2020, are likely to keep rising, but at a slower 5% pace than has recently been the case.

Despite a multi-layer military operation, codenamed ‘Prosperity Guardian’, to keep shipping safe, Hapag-Lloyd will not resume using the Suez Canal, indicating that the Red Sea trade route is still “too dangerous” and will continue on the longer Cape of Good Hope route; it has indicated that twenty-five ships are facing diversion. The length of delays the ships face in reaching their destination vary in length from eighteen days for those heading to or from the eastern Mediterranean, up to fourteen days for those travelling to or from Northern Europe, and seven days for US east coast journeys. Yemen’s Houthi rebels, backing Hamas in the Israel-Gaza war, said they are targeting vessels which they believe are heading for Israel, with the announcement by the world’s fifth largest shipping firm, by capacity, coming after the Mediterranean Shipping Company said that one of its container ships had been attacked. However, Maersk said it will resume Red Sea operations. One immediate casualty is Egypt, desperate for foreign exchange, which will see much needed ‘Suez Canal revenue’ reduced until normality return to the area.

2024 Dubai Forecasts

• having delivered the highest level of profit (US$ 2.97 billion), and revenue (US$ 32.64 billion), last fiscal year, ending 31 March 2023, expect Emirates to deliver even more impressive figures this year – at least 20% higher
• DXB will record the number of passengers reaching ninety million, surpassing the previous 88.2 million number record, posted in 2018
• the UAE government will sign at least twelve more Comprehensive Economic Partnership Agreements this year, as part of its ongoing strategy to targeting US$ 1.09 trillion in total trade value by 2031 and doubling the size of the wider economy by 2030
• Fitch projects that adjusted Dubai debt will fall from 62% to 53% of GDP, helped by several factors including its strong resurgence post-Covid, assets sales of several GREs, increased dividends from associated companies, higher oil prices and a boost in tourism. 2024 will see this figure decline even further to 47%
• two more government-related companies listed on the DFM
• one Dubai family IPO to be listed on the DFM
• the DFM has jumped by 61.2% over the past three years, from 2,492 points to 4,016 – and 20.4% in 2023. 2024 will see double digit growth again, but only at around 11%
• UAE Fitch-rated banks posted a 20.3% 2023 hike in cumulative net profit to US$ 10.35 billion – expect a high single-digit increase in 2024
• Dubai population will grow by 150k to 3.801 million
• 45k units added to bring Dubai’s property portfolio to 875k units
• there is no doubt that property prices have skyrocketed since the pandemic and average prices will continue to move higher – in 2024, expect at lower double digit growth

2024 Global Forecasts

in 2023, the global economy slowed but missed being hit by an inflation and commodity price-driven recession. 2024 will see slower economic growth but interets rates should nudge lower and inflation will remain sticky around the 3.5% mark – and still not hitting its 2.0% target range

geoplitical tensions will not go away but just move from location to ocation, with West Africa, Taiaawn and Yemen places to watch. Wherever they occur, it will damage the health of global economies including the US and China

• Australia, India and parts of Europe will be hit by a mix of floods and record high temperatures which will impact global economic growth
• oil prices will top US$ 110 sometime during a year of volatile trading that will see production three million bpd higher
• the price of flight tickets will continue to remain high for a variety of reasons – including higher aviation fell costs, geopolitical tensions, inflation and supply chain bottleneck – but still lower than pre-pandemic levels
• despite all the talk circulating around climate control, coal will have another record production year in 2024
• high global debt will continue to hurt the poorer nations with a major famine/pandemic all but inevitable
• the so-called “Magnificent 7” – Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, Tesla – will have another good year but slightly down compared to 2023
• a major banking scandal will impact the European banking sector
• a high-profile assassination will rock the economic world
• global growth will be lower than the IMF’s latest 3.0% forecast, and, as usual, the emerging nations will bear the brunt
• Donald Trump will be the US president come the November election
• Rishi Sunak will not be the UK prime minister by year end and neither will Narendra Modi

The following table traces how certain indices have performed over the years. Gold has had a particularly good year – up 13.33% – with many expecting further rises in Q3. Brent has had its troubles, that have been well documented, but it seems that this could be its nadir for the current cycle. Iron ore had another good year, with double digit growth noted for the past two years. Coffee was 8.16% higher in the year but still some way off its 2021 high of US$ 226.75. Cotton continues its downward slide and is 28.0% lower than two years earlier. Silver remains flat and has little support in the market – there is little chance that it will rise from its moribund state in 2024. Copper is expected to move higher at a slightly quicker pace next year. The weak greenback is the main reason for the rise in both the euro and sterling, whilst the Aussie dollar remains flat and there is no surprise to see the slump in the rouble. The bourses are moving in the right direction with an impressive 20.38% return on the local DFM. H2 saw bitcoin move higher and although up 152% higher, is still down 11.4% from its 2021 year-end close.

			%age	29 Dec	31 Dec	31 Dec	31 Dec	31 Dec	31 Dec	31 Dec	31 Dec	31 Dec	31 Dec
		Unit	Rise	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Gold	US$	oz	13.33%	2074.0	1,830	1,831	1,895	1,517	1,285	1,305	1,151	1,060	1,186
Iron Ore	US$	lb	11.01%	134.7	121.3	106.7	155.7	91.53	71.3	71.28	75	47	73
Oil -Brent	US$	bl	-10.10%	77.2	85.91	77.78	51.8	66.67	53.8	66.62	56.82	36.4	57.33
Coffee	US$	lb	8.16%	188.2	174.00	226.75	128.25	129.2	101.9	126.2	133	124	161
Cotton	US$	lb	-2.70%	81.2	83.40	112.65	78.12	68.95	72.2	78.5	69	64	62
Silver	US$	oz	-0.41%	24.1	24.18	23.36	26.41	17.86	15.56	16.99	16	13.82	15.77
Copper	US$	lb	1.83%	3.9	3.82	4.46	3.52	2.8	2.64	3.3	2.48	2.14	2.88
AUD	US$		0.15%	0.682	0.681	0.726	0.77	0.702	0.7	0.78	0.72	0.73	0.81
GBP	US$		5.20%	1.273	1.21.0	1.353	1.359	1.326	1.27	1.35	1.24	1.48	1.53
Euro	US$		2.98%	1.105	1.073	1.137	1.218	1.12	1.14	1.2	1.05	1.09	1.21
Rouble	US$		-19.12%	0.011	0.014	0.013	0.014	0.016	0.014	0.017	0.016	0.014	0.017
FTSE 100			3.77%	7733.0	7,452	7,403	6,481	7,542	6,721	7,688	7,142	6,242	6,548
CSI300			-11.39%	3431.0	3,872	4,940	5,212	4,097	3,142	4,031	3,310	3,731	3,532
S&P 500			24.19%	4769.0	3,840	4,766	3,756	3,231	2,507	2,674	2,238	2,044	2,091
DFMI			20.38%	4,016	3,336	3,196	2,492	2,765	2,530	3,370	3,531	3,151	3,774
ASX 200			7.83%	7590.0	7,039	7,844	6,587	6,802	5,652	6,171	5,665	5,345	5,415
Bitcoin	US$		152.37%	42539.2	16856	48011	29,043	7,201	3,694	13,081	998	427	302

It seems that two sectors of the UK economy have gone retro. Last Friday, The Post Office saw a record high for personal cash withdrawals on a single day, with US$ 79 million being withdrawn on the day. Furthermore, with the revival of the physical music market surging, UK sales of vinyl LPs have hit their highest level since 1990, with sales up 11.7% to 5.9 million units – the sixteenth consecutive year of growth. Cassette sales also did well, topping 100k for a fourth consecutive year. Taylor Swift has three albums in the UK’s top 10 best-selling long-players this year – 1989, Speak Now and Midnights. Also in the top ten best-selling vinyl albums were new releases by Ed Sheeran, Lewis Capaldi and Lana Del Rey, along with two classic albums from the 70s – Fleetwood Mac’s Rumours and Pink Floyd’s the Dark Side of the Moon (Live At Wembley 1974). In 1992, the Office for National Statistics noted that the UK economy had shrunk by 4.3% from peak to trough and that there had been a double-dip recession after a brief recovery at the end of 1991. Thirty years later, the UK economy looks in bad shape and with Rishi Sunak and his cohorts there is Nothing New!