Global stocks are set to climb for a fourth month on solid economic data and new plans from the US administration to boost spending. AFP Photo
Global stocks are set to climb for a fourth month on solid economic data and new plans from the US administration to boost spending. AFP Photo
Global stocks are set to climb for a fourth month on solid economic data and new plans from the US administration to boost spending. AFP Photo
Global stocks are set to climb for a fourth month on solid economic data and new plans from the US administration to boost spending. AFP Photo

Asian stocks and US futures rise on economic data and Joe Biden’s spending plans


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Asian stocks rose along with US equity futures after solid economic data and President Joe Biden’s federal spending plans spurred a Wall Street rally in cyclical shares. Treasury yields climbed.

Japanese shares led gains, Hong Kong pushed higher aided by JD Logistics’ debut and China fluctuated. Earlier, a rise in industrial and financial shares fuelled a modest overall increase in the S&P 500, while small-caps outperformed and the tech-heavy Nasdaq 100 slipped.

US data included a drop in jobless claims to a fresh pandemic low, while Biden is reportedly set to unveil a budget that would take federal spending to $6 trillion in the coming fiscal year.

The 10-year US Treasury yield reached 1.61 per cent amid the growth optimism and concerns of more debt supply to fund spending. The dollar inched up and the yen fell as Japan recommended extending a state of emergency designed to curb infections. China signalled the yuan’s recent appreciation is too rapid with a weaker-than-expected reference rate.

Global stocks are set to climb for the fourth month. The economic rebound from Covid-19 is a bulwark for sentiment, and comments from Federal Reserve officials have helped temper fears that inflation could spark a faster-than-expected reduction in stimulus. Treasury secretary Janet Yellen said she sees the burst in prices as temporary, though likely to last through the end of 2021.

“Stocks still look attractive here as too much money is getting pumped into the economy and that probably won’t change until the end of summer,” Edward Moya, senior market analyst with Oanda wrote.

Elsewhere, oil climbed to a more than two-year peak and the Bloomberg Commodity Spot Index rose the most in about two weeks. Bitcoin continued to trade below the $40,000 level.

Traits of Chinese zodiac animals

Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent   

Tailors and retailers miss out on back-to-school rush

Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”

A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.

“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”

Results

Women finals: 48kg - Urantsetseg Munkhbat (MGL) bt Distria Krasniqi (KOS); 52kg - Odette Guiffrida (ITA) bt Majlinda Kelmendi (KOS); 57kg - Nora Gjakova (KOS) bt Anastasiia Konkina (Rus)

Men’s finals: 60kg - Amiran Papinashvili (GEO) bt Francisco Garrigos (ESP); 66kg - Vazha Margvelashvili (Geo) bt Yerlan Serikzhanov (KAZ)

Match info

Bournemouth 1 (King 45 1')
Arsenal 2 (Lerma 30' og, Aubameyang 67')

Man of the Match: Sead Kolasinac (Arsenal)

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

Other ways to buy used products in the UAE

UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.

Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.

Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.

For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.

Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.

At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.

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Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

Voices: How A Great Singer Can Change Your Life
Nick Coleman
Jonathan Cape

The specs: 2019 Infiniti QX50

Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 268hp @ 5,600rpm
Torque: 380Nm @ 4,400rpm
Fuel economy: 6.7L / 100km (estimate)

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Where to buy

Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com

Mobile phone packages comparison
Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

UAE currency: the story behind the money in your pockets