WEEKLY ECONOMIC COMMENTARY, 02 JANUARY 2012 (BY DIFC)

(By DIFC): Global Stock markets ended the year on a low note - posting their first annual loss since 2008, with emerging markets also closing lower: MSCI’s Asia Pacific Index declined almost 18% in 2011, after closing on a slightly positive note in the last week. Regional markets were hit by lower volumes and liquidity towards the end of the year, with little to cheer given the still ongoing regional turmoil. The euro hit a historic 10-year low against the yen and recorded a 15-month low against the dollar, also closing as the worst performing currency in the year 2011, while the Renminbi was the best performing currency.