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Good COP, Bad COP

• Despite some positive signs from both China and the US, the world’s two biggest emitters, and determined conference chairing by the UAE, expectations for COP28 are rightly low, with the onus to do better resting primarily on the financially stretched and distracted developed world.

By Alastair Newton

Oil: Lower For Longer?

• Although Opec+ will almost certainly extend existing cuts at its 26 November meeting and might agree to modest additional trimming, growth in non-Opec+ production is currently on track to see global output outpacing demand through 2024.

By Alastair Newton

UAE PMI Non-Oil Private Sector 57.7 in Oct-23

- The UAE PMI Non-Oil Private Sector experienced solid growth in October 2023, with a value of 57.7 surpassing the previous month's reading of 56.7, indicating a positive trend in the sector.
- The October 2023 PMI result was 2.09 points above the one-year average, showcasing sustained and robust growth in the non-oil private sector, reflecting its competitiveness and potential for accelerated economic development.

UAE M3 Money Supply 13.8% y-o-y in Aug-23

- UAE M3 Money Supply grew by 13.8% year-on-year in August 2023, marking the lowest growth rate since December 2022.
- The current growth rate is 2.07 percentage points below the one-year average but 5.18 percentage points above the long-run average.