THE MOST IMPORTANT NEWS OF THE LAST WEEK 10.03.2023
In Dubai, the demand for real estate has risen
The first two months of 2023 have been kind to real estate in Dubai and it has risen to record levels. In February, there were 8,515 transactions within the city's property market, an increase of a whopping 43.9% on the previous year. In a city where 90% are foreigners, it is currently a problem to book a lift or a table in a restaurant, and the city is suffering from steep and often extreme rent increases. Rents have increased by 60% year-on-year.
News in Facebook
Meta Platforms is interested in the possibility of introducing a separate decentralized network for sharing text updates. Meta has confirmed this speculation and disclosed that this will be an opportunity for creators and public figures to share updates about their interests. The essence of a decentralized platform is voluntary governance through administrators connecting their networks through what is called an app federation. Facebook and Twitter operate on a centralized approach.
Downgrade for Caterpillar
The company reported a 27% per-share increase in 2022, and analysts expect growth to slow to 16% this year and 4% in 2024. [1] It could expect steady growth in 2025, according to forecasts. Caterpillar's stock rating was downgraded to Sell from Neutral with a target price of $225 per share. [2] The company can see that backlog growth has slowed. The end market dynamics are leveling off in parts of the construction and oil and gas industries. The risk/reward ratio is tilted to the downside.
Caterpillar's stock performance over the past 5 years. (Source: Investing) *
Fewer new jobs
Job creation has slowed in the last month. Despite the Fed's relentless efforts to slow the economy and reduce inflation, growth is still stronger than expected. In the US, the Department of Labor reported that the number of non-farm payrolls increased by 311,000 over the month. The unemployment rate rose to 3.6%, which was above the expected 3.4%. The number of jobs was higher than expected, but February's growth represented a slowdown from a strong January. Stocks were mixed following the release of the data.
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