The visit to Dubai formed part of a regional tour by Mr Bloom, which included Oman, Lebanon, Qatar and Bahrain.
Mr Bloom has been with the HSBC Group for over ten years. His analytical skills and experience means he is often quoted in the press, and appears regularly on TV. He also is an accomplished public speaker who is not afraid to express strong views and associated market strategies.
Mr Bloom viewed a continuation of recent economic strength in the US economy as being uncertain, and pointed out a further 20% depreciation in the US dollar's trade weighted index as being necessary to generate a 0.5% decrease in the US current account deficit.
He added that the Euro zone economy was likely to stay weak but envisaged a further firming up of the Euro which may mean that the European Central Bank actually cuts interest rates this year.
Mr Bloom affirmed the positive virtues of holding gold in such uncertain market conditions and pointed to the convenience of bullion securities as a useful recent market innovation.
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HSBC guru visits Dubai
- Sunday, January 18 - 2004 at 14:32
In a series of exclusive presentations for HSBC's corporate customers in Dubai, David Bloom, Director Market Strategy - Global markets, based at Group headquarters in London, outlined the Group's expectations of the global economic environment.
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Peter J. CooperSunday, January 18 - 2004 at 14:32 UAE local time (GMT+4)
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