June 3 – Daily Brief of World Finance & GCC News

WORLD FINANCE NEWS BRIEF

Wall Street strategists say dollar could be set for ‘dramatic’ falls

Strategists at banks including Goldman Sachs and JPMorgan have turned bearish on the US dollar.

On Tuesday the trade-weighted dollar slipped to its weakest level since mid-March, continuing a five-day streak of losses.

Goldman, JPMorgan, Deutsche Bank and Citigroup have argued in recent days that the currency’s long rally could be finally over.

“If the global economy really is bottoming out and rebounding again, and US interest rates are at zero and potential growth is lower than emerging markets, we could see the dollar enter into a bear market that could last for five to 10 years,” Mr Tse said.

Wall Street Sends Wine, Masks to Clients With Steakhouses Closed

Wall Street investment funds won’t let a pandemic and riots stop them from wooing clients

“Asset managers are asking, ‘Do we need to be face-to-face as much as we were before?’ And the answer is probably no,” she said

The firm also sets up wine-and-cheese tastings for wealthy clients, featuring a remote sommelier.

JPMorgan Asset Management has flooded its calendar with more than 170 virtual events since mid-March,

Fund firms already were facing greater scrutiny over how they wine and dine customers.

“We are playing a ton of golf with our clients these days since it allows us to socially distance from our clients while also spending time with them.”

GCC News Brief

Asia’s Richest Man Nears Deal With Top Mideast Sovereign Funds

Abu Dhabi’s Mubadala Investment Co. is nearing a deal to invest about $1 billion into Jio Platforms Ltd. and an announcement could come as soon as this week.

The negotiations could still be delayed or fall apart. 

GIP and Brookfield Close in on $15bn Abu Dhabi Gas Pipeline Deal

Under the deal, the investors would take a 49 per cent share worth more than $15bn including debt,

Adnoc has sold stakes worth billions of dollars in energy infrastructure in recent years as Abu Dhabi seeks to privatise assets to diversify funding streams and attract foreign capital to the emirate’s energy company.

GIP and Brookfield are investing as part of a consortium that is in talks with lenders about financing the acquisition, with negotiations for an $8bn loan “almost complete”.

KKR and BlackRock agreed in 2019 to invest $4bn in Abu Dhabi’s oil pipelines as the Gulf producer opened itself up to institutional capital.

About the author

Financial advisor to UHNWI, private entities, family offices, and companies. Certified Anti-Corruption Manager from The American Anti-Corruption Institute

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