The U.S. Commerce Department announced Friday that the second estimate of real GDP decreased at an annual rate of 0.7 percent in the first quarter of
2015. It had estimated last month that the economy expanded 0.2 percent in the
first quarter.
Traders are closely watching the progress of the Greek debt situation. European official said Thursday that the two sides still had some way to go
before any agreement could be concluded.
In late New York trading, the euro gained to 1.0980 dollars from 1.0957 dollars of the previous session, and the British pound decreased to 1.5290
dollars from 1.5322 dollars. The Australian dollar went down to 0.7655 dollars
from 0.7656 dollars.
The dollar bought 124.06 Japanese yen, higher than 123.89 yen of the previous session. The dollar moved down to 0.9401 Swiss francs from 0.9426 Swiss francs,
and it moved up to 1.2445 Canadian dollars from 1.2423 Canadian dollars.
DUBAI jordan 6 wheat golden harvest , June 22 (Xinhua) -- Real estate in the United Arab Emirates (UAE) is likely to lead to a moderate 10 to 20 percent correction in
Dubai residential real estate prices, acording to the rating agency Standard and
Poor's (S&P) in a study released Monday.
The UAE real estate market, after years of thriving during the rebound following the Great Recession, increasingly shows signs of exhaustion. "After
reaching a peak in 2014, the property market in the UAE is set to soften in 2015
and early 2016 jordan 6 golden harvest ," said the S&P report.
Dubai housing prices fell slightly in the first quarter of 2015 - with apartments down 2 percent and villas down 1 percent - compared with the final
three months of last year, according to property consultants JLL and CBRE.
The main driver behind the decline is the slump in oil prices and the steady flow of new units entering the market as according to REIDIN, 20,170 additional
units are expected to be delivered in 2015 in Dubai.
"Given the role of this commodity in the region, domestic economic growth in the UAE is likely to stagnate markedly in 2015 and 2016 Clearance Air Jordan 6 Retro Low Chrome Black White ," said S&P credit analyst Franck Delage.
Oil prices plummeted to half price from June 2014 to February this year, triggering the Washington-based International Monetary Fund to slash its growth
forecast for the UAE's economy - a member of OPEC and a major oil supplier - to
3.2 percent for 2015, down from its earlier projection of 3.5 percent.
Delage added that "While we expect somewhat of a correction in the residential real estate market after three years of sharp price appreciation -
it should be nothing close to what led to the Dubai crisis in 2009, though."
Back in December 2009, Abu Dhabi Cheap Air Jordan 6 Retro Spizike Red Black , the oil-rich capital of the UAE, rushed to bail out Dubai's state-owned holding Dubai World and its
developer Nakheel with a 10 billion dollar loan, following a slump of up to 80
percent in real estate prices and a dried-out credit market.
Despite an expected correction of up to 20 percent in some districts of Dubai, S&P expert Delage said that currently real estate companies are
better equipped to deal with the current slowdown and should be able to absorb
it with limited ratings impact.
"The diverse economy, positive demographics Air Jordan 6 Retro Iron Purple Black Clearance , and protective measures from local regulators should help prevent a crisis similar to that of
2009," said the S&P credit analyst. Oil contributes 29 percent to the UAE's
gross domestic product, compared to 50 percent in Kuwait.
In addition, a stronger capital structure and a good revenue mix should allow issuers to withstand headwinds over the next 12 to 24 months, Delage pointed
out.
Abu Dhabi Air Jordan 6 VI Retro Lakers Black White Online , on the other hand, is experiencing a shortage of quality housing, which is why rent prices will
continue to climb, albeit at a much slower pace than the 11 percent of 2014, he
said.
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