The United Arab Emirates concluded trade worth 304.3 billion Emirati dirhams in the first half with countries with which it has implemented a comprehensive economic partnership agreement, according to an Aug. 15 release.
Exports to these markets totaled 66.1 billion dirhams. Since the program's debut in September 2021, the UAE has signed 38 comprehensive economic partnership deals, with Canada and Ukraine agreeing to join the UAE's network of trading partners in July 2026.
Retail sales fell by 0.6% in July and were down 0.3% excluding a 1.8% drop in auto sales, both below expectations for small gains.A 0.9% decline in gasoline station sales, a 2.2% drop in nonstore retail sales due to the earlier timing of Amazon Prime Days in June, and a 0.5% drop in electronics were partially offset by a 1.9% gain in clothing sales, a 0.5% increase in food services and drinking place sales and a 0.3% increase in building material sales.Control group retail sales, which exclude motor vehicles and parts, gas, building materials, and food services, fell by 0.5% after a 0.3% gain in June. Sales were down 0.4% after a 0.4% gain when the non-parts auto measure is substituted into the calculation.The preliminary Michigan Sentiment index fell to 51.0 in August from 55.2 in July, well below expectations, with sentiment down across various demographics, but particularly among older and lower-income consumers who are more impacted by higher inflation.According to Michigan, consumers' assessment of current conditions and the near-term outlook both declined while inflation expectations for the one-horizon increased slightly.Business inventories held steady in June after a 0.4% increase in May. Business sales fell by 1.1% after a 2.1% gain, due largely to a 3% drop in wholesale sales.The initial Q3 GDPnow estimate from the St. Louis Fed is for a 2.42% gain.The Q3 GDP nowcast estimate from the Atlanta Fed is for a 4.3% gain, revised down from a 5.8% increase in the previous estimate and the New York Fed's estimate was revised down to a 2.14% gain from 2.24%.
The US dollar weakened against its Canadian counterpart Friday afternoon, as US retail sales unexpected posted a 0.6% drop in July, compared with a revised gain of 0.2% in June, the US Census Bureau reported earlier today.The decline lowers expectations the Federal Reserve would raise interest rates.The US dollar edged down 0.4% lower to C$1.3878 on last look.West Texas Intermediate September futures rose 1.0% to $82.29 per barrel, while Brent crude futures for October delivery rose 1.2% to $88.32 per barrel.Comex gold for December delivery edged up 0.3% to $4,435 per ounce.