Oil prices edged higher on Wednesday amid mixed US economic data and talk of a stimulus in China, the world’s second-largest economy.
Brent, the benchmark for two thirds of the world’s oil, was trading 0.83 per cent higher at $80.29 a barrel at 5.38pm UAE time while West Texas Intermediate, the gauge that tracks US crude, was up 0.66 per cent at $76.25.
On Tuesday, Brent settled 1.44 per cent higher at $79.63 a barrel while WTI was up 2.16 per cent at $75.75.
US industrial production declined 0.5 per cent in June for a second straight month but expanded by 0.7 per cent at an annual rate for the second quarter, the US Federal Reserve said on Tuesday.
Meanwhile, manufacturing output dropped by 0.3 per cent last month but rose 1.5 per cent in the second quarter, the central bank said.
US retail sales rose 0.2 per cent in June, down from an upwardly revised 0.5 per cent month-over-month growth rate in May, according to the Commerce Department.
Control group sales, an input used to estimate gross domestic product, grew by 0.6 per cent last month, up from 0.3 per cent in May, the data showed.
“The data points to resilience in consumer spending although momentum has slowed,” said Kenny Fisher, market analyst at Oanda.
Last month, the Fed hit pause on raising interest rates for the first time since it started its monetary tightening cycle in March 2022 as it assesses the impact on the economy.
It signalled that it would resume raising rates again this year, if needed. The next Fed meeting will be on July 25 and 26.
The chance of a contraction in the US over the next 12 months has come down to 20 per cent, from an earlier estimate of 25 per cent, Goldman Sachs said in its latest report.
“The main reason for our cut is that the recent data reinforced our confidence that bringing inflation down to an acceptable level will not require a recession,” the investment bank said.
Meanwhile, China, the world’s biggest crude importer, may introduce stimulus measures to revive sagging economic growth.
The country will formulate and introduce more effective policies to restore and expand consumption as soon as possible, Jin Xiandong, a National Development and Reform Commission official reportedly told the Global Times.
Efforts should also be made to increase residents' incomes through various channels, stabilise employment and expand more scenarios for consumption, Mr Jin said.
China’s GDP expanded by an annual 6.3 per cent from April to June, after growing by 4.5 per cent in the previous three months, as the country reopened after removing Covid-19 restrictions, according to the National Bureau of Statistics.
However, the pace of growth in the second quarter missed the 7.1 per cent estimate of economists polled by Bloomberg and the 7.3 per cent forecast of those surveyed by Reuters.
Quarterly, GDP growth was only 0.8 per cent between April and June, compared with the previous three months.
Inflation in the UK fell to 7.9 per cent in the year to June, down from 8.7 per cent in May, according to the Office for National Statistics.
On a monthly basis, the consumer prices index (CPI) rose by 0.1 per cent in June, compared with a rise of 0.8 per cent in the same month last year.
“Even with a softer-than-expected figure, inflation in Britain remains high and stickier than in other western economies, and that keeps odds for further [Bank of England] action sensibly more hawkish than for other major central banks,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
Higher interest rates affect economic growth, lowering crude demand.
US crude stocks, an indicator of fuel demand, fell by 797,000 barrels last week, according to the American Petroleum Institute.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
RESULTS
Welterweight
Tohir Zhuraev (TJK) beat Mostafa Radi (PAL)
(Unanimous points decision)
Catchweight 75kg
Anas Siraj Mounir (MAR) beat Leandro Martins (BRA)
(Second round knockout)
Flyweight (female)
Manon Fiorot (FRA) beat Corinne Laframboise (CAN)
(RSC in third round)
Featherweight
Bogdan Kirilenko (UZB) beat Ahmed Al Darmaki
(Disqualification)
Lightweight
Izzedine Al Derabani (JOR) beat Rey Nacionales (PHI)
(Unanimous points)
Featherweight
Yousef Al Housani (UAE) beat Mohamed Fargan (IND)
(TKO first round)
Catchweight 69kg
Jung Han-gook (KOR) beat Max Lima (BRA)
(First round submission by foot-lock)
Catchweight 71kg
Usman Nurmogamedov (RUS) beat Jerry Kvarnstrom (FIN)
(TKO round 1).
Featherweight title (5 rounds)
Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)
(TKO round 1).
Lightweight title (5 rounds)
Bruno Machado (BRA) beat Mike Santiago (USA)
(RSC round 2).
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
SPECS
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The biog
Profession: Senior sports presenter and producer
Marital status: Single
Favourite book: Al Nabi by Jibran Khalil Jibran
Favourite food: Italian and Lebanese food
Favourite football player: Cristiano Ronaldo
Languages: Arabic, French, English, Portuguese and some Spanish
Website: www.liliane-tannoury.com
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
if you go
The flights
Fly to Rome with Etihad (www.etihad.ae) or Emirates (www.emirates.com) from Dh2,480 return including taxes. The flight takes six hours. Fly from Rome to Trapani with Ryanair (www.ryanair.com) from Dh420 return including taxes. The flight takes one hour 10 minutes.
The hotels
The author recommends the following hotels for this itinerary. In Trapani, Ai Lumi (www.ailumi.it); in Marsala, Viacolvento (www.viacolventomarsala.it); and in Marsala Del Vallo, the Meliaresort Dimore Storiche (www.meliaresort.it).
Aquaman%20and%20the%20Lost%20Kingdom
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20James%20Wan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Jason%20Mamoa%2C%20Patrick%20Wilson%2C%20Amber%20Heard%2C%20Yahya%20Abdul-Mateen%20II%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
Scoreline
UAE 2-1 Saudi Arabia
UAE Mabkhout 21’, Khalil 59’
Saudi Al Abed (pen) 20’
Man of the match Ahmed Khalil (UAE)
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
DC%20League%20of%20Super-Pets
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UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
