The Philippine peso headed for its biggest weekly decline in more than a month as an improving U.S. economy bolstered the case for a reduction in Federal Reserve stimulus. Five-year bond yields fell to a two-month low.
What will 2012 bring? We are in the fifth year of a financial crisis, and it would be wonderful to forecast a strong global recovery. Yet Europe is still trying to right itself, joblessness stays high in the U.S., and China’s ability to escape the malaise in the West remains an open question.
Advisers to Saudi Arabia’s king approved a long-delayed overhaul of the country’s mortgage law after the monarch pledged more than $82 billion to fund homebuilding, at a time governments across the Middle East are offering concessions to quell political unrest.
Dubai’s economy may grow 3.5 percent to 4 percent this year and 6 percent in 2012, spurred by infrastructure spending and foreign investment, according to Farouk Soussa , Citigroup Inc.’s chief Middle East economist.