Did you know…
In 2021, The Middle East’s exports made up a value of nearly $1.3T.
UAE ranked highest at $296B, with Saudi coming in at #2.
Whilst fossil fuels lead the exports, precious stones and metals seem to be a close second.
See pic below for more.
The sharemarket rebounded on Tuesday, with energy and miners leading gains thanks to a recovery in commodity prices as investors await key US inflation data for clues on the peak in interest rates.
The benchmark S&P/ASX 200 Index ended the session up 58.4 points, or 0.8 per cent, to 7007.2. The All Ordinaries climbed 0.9 per cent. Utilities and communications were the only two sectors to underperform.
Investors shrugged off a bearish Westpac-Melbourne Institute consumer sentiment survey, which showed the mood dropped sharply in November after last week’s rate interest increase. Separately, a NAB business survey showed conditions in October remained strong but confidence about the future declined.
Shares in mining giant Rio Tinto jumped 2 per cent to $122.49, BHP Group rose 1.4 per cent to $46.02 and Fortescue Metals shot up 2.7 per cent to $24.34 as iron ore futures extended gains overnight on optimism about China’s troubled property sector.
Beach Energy leapt 6 per cent to $1.58, Woodside climbed 2.6 per cent to $32.62 and Santos advanced 2.5 per cent to $7.28 on rising oil prices. On Monday, the Organisation of the Petroleum Exporting Countries (OPEC) forecast global oil demand to increase by 2.5 million barrel per day this year.
The major banks advanced, except National Australia Bank, which fell 3.2 per cent to $27.97 as it traded ex-dividend. Shares in Commonwealth Bank gained 1 per cent to $102.278 after its home loan book slumped $4.5 billion last quarter amid a profit margin squeeze.
“Commonwealth Bank is unlikely to let the loan book shrink materially or for a prolonged period,” said Morningstar bank analyst Nathan Zaia. “But a focus on increasing share of Australian home loan revenue versus market share is a sensible way to approach the current level of pricing competition.”