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UAE economy grew at 2.9% in 2019

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DUBAI (Reuters) – The United Arab Emirates’ economy grew at 2.9% year-on-year in 2019, up from 1.7% in 2018, a UAE central bank report said.

The country’s hydrocarbon sector grew at 7.6% in 2019, while the non-hydrocarbon sector expanded by 1.1%, the bank report said.

The central bank said the UAE economy grew 1.3% in the fourth quarter from a year earlier, slowing from a pace of 2.9% in the third quarter.

The International Monetary Fund expects the UAE economy to expand at 2.5% in 2020 as oil producers will be hit by output cuts following the decision by OPEC and non-OPEC producers in December to extend supply cuts.

The UAE central bank report also said property prices in Dubai fell by 7.0% in the fourth quarter from a year earlier, compared with an 8.2% drop in the previous quarter.

“The Dubai market continues to exhibit decline in rent due mainly to excess supply,” it said.

Property group Knight Frank said in a report earlier this month that a total of 62,500 residential units are scheduled to be completed this year in Dubai, the biggest number of new units since 2008.

For Abu Dhabi, the central bank said residential property prices fell 7.5% in the fourth quarter from a year earlier, moderating from a drop of 8.2% in the third quarter.

(Reporting by Nayera Abdallah and Saeed Azhar. Writing by Nafisa Eltahir. Editing by Jane Merriman)

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Asia shares pare losses as China economy rebounds – The Guardian

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By Wayne Cole

SYDNEY (Reuters) – Asian shares pared early losses on Monday as data confirmed China’s economy had bounced back last quarter as factory output jumped, helping partially offset recent disappointing news on U.S. consumer spending.

Chinese blue chips gained 0.8% after the economy was reported to have grown 6.5% in the fourth quarter, on a year earlier, topping forecasts of 6.1%.

Industrial production for December also beat estimates, though retail sales missed the mark.

“Despite the latest dip in retail sales, we see plenty of upside to consumption as households run down the excess savings they accumulated last year,” said Julian Evans-Pritchard, senior China economist at Capital economics.

“Meanwhile, the tailwinds from last year’s stimulus should keep industry and construction strong for a while longer.”

MSCI’s broadest index of Asia-Pacific shares outside Japan trimmed losses and were off 0.3%, having hit a string of record peaks in recent weeks. Japan’s Nikkei slipped 0.8% and away from a 30-year high.

E-Mini futures for the S&P 500 dipped 0.2%, though Wall Street will be closed on Monday for a holiday. EUROSTOXX 50 futures eased 0.2% and FTSE futures 0.1%.

The pick-up in China was a marked contrast to the U.S. and Europe, where the spread of coronavirus has scarred consumer spending, underlined by dismal U.S. retail sales reported on Friday.

Also evident are doubts about how much of U.S. President-elect Joe Biden’s stimulus package will make it through Congress given Republican opposition, and the risk of more mob violence at his inauguration on Wednesday.

“The data bring into question the durability of the recent move higher in bond yields and the rise in inflation compensation,” said analysts at ANZ in a note.

“There’s a lot of good news around vaccines and stimulus priced into equities, but optimism is being challenged by the reality of the tough few months ahead,” they warned. “The risk across Europe is that lockdowns will be extended, and U.S. cases could lift sharply as the UK COVID variant spreads.”

That will put the focus on earnings guidance from corporate results this week, which include BofA, Morgan Stanley, Goldman Sachs and Netflix.

The poor U.S. data helped Treasuries pare some of their recent steep losses and 10-year yields were trading at 1.087%, down from last week’s top of 1.187%.

The more sober mood in turn boosted the safe-haven U.S. dollar, catching a bearish market deeply short. Speculators increased their net short dollar position to the largest since May 2011 in the week ended Jan. 12.

The dollar index duly firmed to 90.816, and away from its recent 2-1/2 year trough at 89.206.

The euro had retreated to $1.2074, from its January peak at $1.2349, while the dollar held steady on the yen at 103.78 and well above the recent low at 102.57.

The Canadian dollar eased to $1.2773 per dollar after Reuters reported Biden planned to revoke the permit for the Keystone XL oil pipeline.

Biden’s pick for Treasury Secretary, Janet Yellen, is expected to rule out seeking a weaker dollar when testifying on Capital Hill on Tuesday, the Wall Street Journal reported.

Gold prices were undermined by the bounce in the dollar leaving the metal at $1,828 an ounce, compared to its January top of $1,959.

Oil prices ran into profit-taking on worries the spread of increasingly tight lockdowns globally would hurt demand. [O/R]

Brent crude futures were off 52 cents at $54.58 a barrel, while U.S. crude eased 44 cents to $51.92.

(Editing by Shri Navaratnam and Gerry Doyle)

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China's economy grows 2.3% in 2020 as recovery quickens – CNN

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The world’s second largest economy expanded 2.3% in 2020 compared to a year earlier, according to government statistics released Monday.
It’s China’s slowest annual growth rate in decades — not since 1976 has the country had a worse year, when GDP shrunk 1.6% during a time of social and economic tumult.
But during a year when a crippling pandemic plunged major world economies into recession, China has clearly come out on top. The expansion also beat expectations: The International Monetary Fund, for example, predicted that China’s economy would grow 1.9% in 2020. It’s the only major world economy the IMF expected to grow at all.
The pace of the recovery is also accelerating. China’s economy grew 6.5% in the fourth quarter compared to a year earlier, according to the government. That’s faster than the 4.9% growth recorded in the third quarter.
This is a developing story and will be updated.

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China’s Economy Grew 2.3% in 2020, Accelerating Global Rise – Yahoo Canada Finance

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The Canadian Press

Heavily fortified statehouses around US see small protests

Small groups of right-wing protesters — some of them carrying rifles — gathered outside heavily fortified statehouses around the country Sunday, outnumbered by National Guard troops and police brought in to prevent a repeat of the violence that erupted at the U.S. Capitol. As darkness fell, there were no reports of any clashes. Security was stepped up in recent days after the FBI warned of the potential for armed protests in Washington and at all 50 state capitol buildings ahead of President-elect Joe Biden’s inauguration on Wednesday. Crowds of only a dozen or two demonstrated at some boarded-up, cordoned-off statehouses, while the streets in many other capital cities remained empty. Some protesters said they were there to back President Donald Trump. Others said they had instead come to voice their support for gun rights or decry government overreach. “I don’t trust the results of the election,” said Michigan protester Martin Szelag, a 67-year-old semi-retired window salesman from Dearborn Heights. He wore a sign around his neck that read, in part, “We will support Joe Biden as our President if you can convince us he won legally. Show us the proof! Then the healing can begin.” As the day wore on with no bloodshed around the U.S., a sense of relief spread among officials, though they were not ready to let their guard down. The heavy law enforcement presence may have kept turnout down. In the past few days, some extremists had warned others against falling into what they called a law enforcement trap. Washington State Patrol spokesman Chris Loftis said he hoped the apparently peaceful day reflected some soul-searching among Americans. “I would love to say that it’s because we’ve all taken a sober look in the mirror and have decided that we are a more unified people than certain moments in time would indicate,” he said. The security measures were intended to safeguard seats of government from the type of violence that broke out at the U.S. Capitol on Jan. 6, when far-right Trump supporters galvanized by his false claims that the election had been stolen from him overran the police and bashed their way into the building while Congress was certifying the Electoral College vote. The attack left a Capitol police officer and four others dead. More than 125 people have been arrested over the insurrection. Dozens of courts, election officials and Trump’s own attorney general have all said there was no evidence of widespread fraud in the presidential race. On Sunday, some statehouses were surrounded by new security fences, their windows were boarded up, and extra officers were on patrol. Legislatures generally were not in session over the weekend. Tall fences also surrounded the U.S. Capitol. The National Mall was closed to the public, and the mayor of Washington asked people not to visit. Some 25,000 National Guard troops from around the country are expected to arrive in the city in the coming days. U.S. defence officials told The Associated Press those troops would be vetted by the FBI to ward off any threat of an insider attack on the inauguration. The roughly 20 protesters who showed up at Michigan’s Capitol, including some who were armed, were significantly outnumbered by law enforcement officers and members of the media. Tensions have been running high in the state since authorities foiled a plot to kidnap Democratic Gov. Gretchen Whitmer last year. At the Ohio Statehouse, about two dozen people, including several carrying long guns, protested outside under the watchful eyes of state troopers before dispersing as it began to snow. Kathy Sherman, who was wearing a visor with “Trump” printed on it, said she supports the president but distanced herself from the mob that breached the U.S. Capitol. “I’m here to support the right to voice a political view or opinion without fear of censorship, harassment or the threat of losing my job or being physically assaulted,” she said. Ohio Gov. Mike DeWine, a Republican, said he was pleased with the outcome but stressed that authorities “continue to have concerns for potential violence in the coming days, which is why I intend to maintain security levels at the Statehouse as we approach the presidential inauguration.” Utah’s new governor, Republican Spencer Cox, shared photos on his Twitter account showing him with what appeared to be hundreds of National Guard troops and law enforcement officers standing behind him, all wearing masks. Cox called the quiet protests a best-case scenario and said many ”agitating groups” had cancelled their plans for the day. At Oregon’s Capitol, fewer than a dozen men wearing military-style outfits, black ski masks and helmets stood nearby with semiautomatic weapons slung across their bodies. Some had upside-down American flags and signs reading such things as “Disarm the government.” At the Texas Capitol, Ben Hawk walked with about a dozen demonstrators up to the locked gates carrying a bullhorn and an AR-15 rifle hanging at the side of his camouflage pants. He condemned the insurrection at the U.S. Capitol and said he did not support Trump. “All we came down here to do today was to discuss, gather, network and hang out. And it got blown and twisted completely out of proportion,” Hawk said. At Nevada’s Capitol, where demonstrators supporting Trump have flocked most weekends in recent months, all was quiet except for a lone protester with a sign. “Trump Lost. Be Adults. Go Home,” it read. More than a third of governors had called out the National Guard to help protect their capitols and assist local law enforcement. Several governors declared states of emergency, and others closed their capitols to the public until after Biden’s inauguration. Some legislatures also cancelled sessions or pared back their work for the coming week. Even before the violence at the Capitol, some statehouses had been the target of vandals and angry protesters during the past year. Last spring, armed protesters entered the Michigan Capitol to object to coronavirus lockdowns. People angry over the death of George Floyd under a Minneapolis police officer’s knee vandalized capitols in several states, including Colorado, Ohio, Texas and Wisconsin. Last last month, crowds in Oregon forced their way into the Capitol in Salem to protest its closure to the public during a special legislative session on coronavirus measures. Amid the potential for violence in the coming days, the building’s first-floor windows were boarded up and the National Guard was brought in. “The state capitol has become a fortress,” said Oregon Senate President Peter Courtney, a Democrat. “I never thought I’d see that. It breaks my heart.” ___ Associated Press writers Farnoush Amiri in Columbus, Ohio; Gillian Flaccus in Salem, Oregon; Mike Householder and David Eggert in Lansing, Michigan; Meg Kinnard in Columbia, South Carolina; Rachel La Corte in Olympia, Washington; Sam Metz in Carson City, Nevada; Marc Scolforo in Harrisburg, Pennsylvania; and Paul Weber in Austin, Texas, contributed to this report. David A. Lieb And Adam Geller, The Associated Press

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