Distance is no barrier for UAE’s online shoppers

| Purchases of cosmetics, other beauty care products from online sites outside the UAE went up a whopping 158% in the last 12 months |

“It’s more of the same, markets continue to be under pressure from a whole host of headwinds,” said fund manager Gam’s Investment Director of emerging market equities, Tim Love.

He pointed to the latest fall in China’s currency, the yuan, which is now down almost 9 per cent versus the dollar since April. “You are back to the highly politically charged question — is this currency manipulation or not?”

Europe’s resistance to the gloom was led by Milan, which jumped 1.5 per cent as soothing comments on Italy’s upcoming budget by Economy Minister Giovanni Tria pushed down the country’s borrowing costs in the bond markets.

Stockholm also strengthened along with the Swedish crown

The average DET [Dubai Economy Tracker Index] year to date is 55.6, only slightly lower than the same period last year (56.5). This suggests to us that Dubai’s economy is probably growing a similar rate to 2017, or a touch slower.” Khatija Haque | Head of Mena Research at Emirates NBD

after the nationalist Sweden Democrats gained less ground than expected in weekend elections.

The crown rose about 0.6 per cent against the euro to 10.43 crowns. The euro was up 0.1 per cent against the dollar at $1.1566 after falling more than half a per cent on Friday following the US jobs data.

Trump, who is challenging China, Mexico, Canada and the European Union on trade issues, has also expressed displeasure about the large US trade deficit with Japan.

The latest 14-month low for emerging-market shares came amid turbulence in Argentina, Turkey, Brazil, Russia and South Africa, where currencies have been routed recently.

Some Asian economies are vulnerable, too, Nomura analysts said, with many countries