The CEO of Lombard Odier Bank Middle East, Radwan Al-Maghrawi, expected that the US Federal Reserve will raise interest rates by 25 basis points today, and another 25 basis points at the next March meeting, before heading to reduce them by the same value by the end of the year, subject to controlling inflation.
Al-Maghrawi said that the coming months will witness a correction in the stock markets, and we may witness slight declines, following the gains of last January, explaining: “We expect that the stock markets will witness a period of stagnation in the first half of 2023, and in the second half it will witness a recovery and a positive movement.”
“We are optimistic regarding China’s measures, as Chinese stocks are expected to achieve more gains despite their rise of regarding 15% in January. We focus on the industrial and financial companies sector and technology stocks, supported by the easing of restrictions on them.”
With regard to the US dollar, the CEO of “Lombard Odier” said that in 2023 it will witness a decline once morest the major currencies, supported by the improvement in conditions in Europe.
