LONDON: European and Asian stock markets mostly rose Tuesday, with London reaching a new high early into its first session of 2017.
London’s FTSE 100 reached a historic peak at 7,205.21 points in morning deals, extending a record run seen in the final week of 2016.
The Paris CAC 40 meanwhile struck a 13-month high above 4,900 points.
“2017 has kicked off in fine style for the FTSE 100, which broke to a new record high at the open,” said Joshua Mahony, market analyst at IG trading group.
The FTSE remained in positive territory approaching midday as a survey showed UK manufacturing reaching a 30-month high in December.
The Markit/CIPS manufacturing purchasing managers’ index (PMI) climbed to 56.1 in December after easing to 53.6 in November.
It “provides further evidence that the sector’s post-referendum weakness will prove short-lived,” said Capital Economics analyst Ruth Gregory.
Since Britain’s vote in favor of Brexit, London’s FTSE 100 blue-chip index has soared thanks in large part to a weaker pound, even as the economy shrugs off the impact of the country’s impending divorce from the European Union.
Elsewhere Tuesday, most Asian markets were higher on their first trading day of the year.
Chinese stocks finished solidly higher after an independent research firm showed manufacturing activity expanded in December at its quickest pace in nearly four years, a sign of improving health for the world’s second-largest economy.
Markets in Japan were closed for the final day of an extended New Year holiday.
On currency markets, the dollar advanced and was projected to continue its climb over the longer term, on expectations of more US interest rate rises this year and Donald Trump’s inauguration as US president.
“The US dollar should remain strong in 2017. Growth and inflation in the US will be the strongest among the G3 economies (US, Japan and the EU),” Singapore’s DBS Bank said in a note.
“We expect the Fed to hike four times this year whilst the eurozone and Japan maintain their quantitative easing (stimulus) policies,” it added.
Also Tuesday, oil prices struck fresh 18-month highs as an agreement by major producers to cut output took effect.
OPEC members led by Saudi Arabia and non-OPEC producers like Russia agreed late last year to slash output to try and shore up prices weighed down by an oversupply since mid-2014.
On the corporate front, the London Stock Exchange said Tuesday it has agreed to offload the French arm of clearing house LCH to European rival Euronext as it seeks a merger with Deutsche Boerse.
LSE Group said a cash deal worth 510 million euros ($534 million) had been struck with Euronext, adding in a statement that the proposed sale “would be subject to review and approval by the European Commission in connection with the recommended merger of LSEG and Deutsche Boerse.”
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London — FTSE 100: UP 0.3 percent at 7,165.78 points
Frankfurt — DAX 30: FLAT at 11,599.50
Paris — CAC 40: UP 0.4 percent at 4,903.59
EURO STOXX 50: UP 0.1 percent at 3,313.21
Hong Kong — Hang Seng: UP 0.6 percent at 22,126 (close)
Shanghai — Composite: UP 1.0 percent at 3,135.92 (close)
Tokyo — Nikkei 225: DOWN 0.2 percent at 19,114.37 (Friday’s close)
New York — Dow: DOWN 0.3 percent at 19,762.0 (Friday’s close)
Euro/dollar: DOWN at $1.0426 from $1.0487
Dollar/yen: UP at 118.09 yen from 117.43 yen
Pound/dollar: DOWN at $1.2264 from $1.2326
Oil — West Texas Intermediate: UP $1.15 at $54.87 per barrel
Oil — Brent North Sea: UP $1.22 at $58.04 per barrel
London stock market kicks off 2017 with record high
London stock market kicks off 2017 with record high
UNCTAD, Social Development Bank launch fellowship to power Saudi entrepreneurs
RIYADH: The Social Development Bank has signed a memorandum of understanding with UN Trade and Development to launch the “Empretec Saudi Fellowship,” a new initiative aimed at equipping high-potential Saudi entrepreneurs with advanced training and tools to scale their ventures.
The agreement was signed on the sidelines of the second edition of the DeveGo 2025 forum, held on Dec. 21–22 at the King Abdulaziz International Conference Center in Riyadh. The event brought together entrepreneurs, policymakers, and representatives from regional and international organizations, alongside public and private sector leaders.
Featuring more than 150 exhibitors, 85 speakers, and 45 workshops, the forum focused on sharing local and global best practices and strengthening the Kingdom’s entrepreneurial ecosystem.
The Empretec Saudi Fellowship is part of UNCTAD’s flagship capacity-building program to promote entrepreneurship and support micro, small, and medium-sized enterprises and startups. Active in more than 40 countries, the program seeks to develop personal entrepreneurial behaviors through intensive training, access to international experts, and technical tools that help transform promising ideas into scalable, high-impact businesses.
Rebeca Grynspan, UNCTAD secretary-general, said Saudi Arabia offers fertile ground for entrepreneurial growth.
“Saudi Arabia has a wonderful platform to bring everybody up, and the entrepreneurs here are so eager. They have ideas, creativity, and energy,” she told Arab News. “If they come through our program with the Social Development Bank, which does a wonderful job, they will be more successful — because that’s what we want.”
In his opening remarks, Saudi Minister of Human Resources and Social Development Ahmed Al-Rajhi, who also chairs the SDB board, highlighted the rapid evolution of the Kingdom’s startup landscape.
“The Kingdom is witnessing a qualitative transformation in the entrepreneurship and freelance ecosystem, enabling young men and women to enter new promising sectors such as artificial intelligence, renewable energy, advanced technologies, and venture capital,” he said. “This provides broader opportunities to contribute to innovation, expansion, and global competitiveness.”
During a tour of the exhibition alongside Al-Rajhi, Grynspan met a wide range of small and medium-sized businesses and handicraft makers, praising the depth of local talent. She noted that participants spanned the full spectrum of enterprises — from early-stage ventures to more established and sophisticated companies — reflecting a rich diversity of experience.
Al-Rajhi said the Social Development Bank invests more than SR8 billion annually to support enterprises and entrepreneurs, helping raise employment in bank-financed businesses from about 12,000 in 2021 to more than 140,000 in 2025.
Beyond financing, the bank runs several non-financial programs, including the Jada 30 business communities, which have incubated more than 4,300 enterprises across 13 cities, and the Dulani Business Center, which has delivered over 67,000 consultations benefiting more than 150,000 male and female entrepreneurs.
Speaking on the broader economic outlook, Grynspan added: “This is a wonderful place to come. Now is an economy that is thriving, is a population that is hopeful. And you have these young, talented people that are only waiting for an opportunity to make it happen for everybody.”
During the forum, the bank also signed multiple cooperation agreements spanning key sectors such as finance, education, energy, healthcare, heritage, the nonprofit sector, and freelance work. The partnerships align with SDB’s strategy to build an integrated system of financial and non-financial empowerment tailored to the needs of entrepreneurs, startups, and micro-enterprises.
