Five years after the United Arab Emirates began its steepest economic slump in two decades, a rebound has left policy makers pondering ways to avert a recurrence of the overheating that turned boom into bust.
Emerging-market stocks dropped to the lowest level in a month as OTP Bank Nyrt. dragged down Hungarian shares. The Czech koruna tumbled the most on record as the central bank approved the first currency sales in 11 years.
The HSBC Purchasing Managers’ Index for the United Arab Emirates, the second-biggest Arab economy held up at the highest level in 29 months in October and almost caught up with Saudi Arabia’s measure for the first time
Political turmoil that started in Tunisia in 2011 and swept across the Arab world will cost the seven most-affected countries about $800 billion by the end of next year, according to HSBC Holdings Plc.
Egypt’s default risk soared to a record after a speech by President Mohamed Mursi failed to alleviate investor concerns ahead of planned nationwide rallies this weekend. Domestic debt yields climbed to a nine-month high.