Stock markets around the world ended the week mixed, but Wall Street banked on a strong finish on Friday to end higher on hopes that the Federal Reserve will take a less aggressive stance on interest rate rises.
Analysts and investors are expecting another 75-basis-point interest rate increase from the US central bank at its next meeting in November — which would be a fourth straight supersized increase — but some Fed officials are now leaning towards a toned-down approach, the Wall Street Journal reported on Friday.
Mary Daly, the president of the San Francisco Fed, said on Friday that she was concerned about the risks of high interest rates and the damage they may do to the world's biggest economy.
“I think the time is now to start talking about stepping down. The time is now to start planning for stepping down,” she said.
At the closing bell on Friday, the Dow Jones Industrial Average gained 2.5 per cent, while the S&P 500 rose 2.4 per cent. The tech-heavy Nasdaq Composite settled 2.3 per cent higher.
For the week, all indices recorded their biggest weekly percentage gains in four months, with the S&P 500 advancing 4.74 per cent, the Dow climbing 4.9 per cent and the Nasdaq increasing 5.22 per cent.
Social media company stocks, however, were pulled down by news that concerned investors, most notably Elon Musk's plan to cut three quarters of Twitter's workforce. Shares of the microblogging dropped almost 5 per cent at the close.
Snapchat owner Snap, meanwhile, plunged more than 28 per cent after it missed third-quarter revenue expectations and gave a dim forecast for the fourth quarter. Facebook parent Meta declined 1.2 per cent.
In Europe, London's FTSE 100 closed 0.4 per cent higher amid a continuing political saga that peaked on Thursday when Prime Minister Liz Truss announced her resignation, a fallout from her controversial mini-budget plan comprises unfunded tax cuts and spending promises.
The plan caused markets to panic and sunk the pound to a record low. Market watchers will be monitoring who will succeed Ms Truss — the shortest-tenured prime minister in Britain's history — from a field that includes former finance minister Rishi Sunak and her immediate predecessor, Boris Johnson.
“Normally, a prime minister's resignation means uncertainty and limited visibility; it’s not a preferred scenario for the market. But the little time Ms Truss stayed in power was so hectic that investors welcomed the news that she departs sooner rather than later,” Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, said in a note.
“Of course, what happened in the UK over the past weeks is also a warning for the new prime minister and his or her team — that there are limits that cannot be breached. Financial discipline is one of those. Britain learnt it the hard way.”
Adding to the Downing Street saga was the decision of Moody's Investors Service on Friday to downgrade the UK's credit score outlook to negative, citing “heightened unpredictability in policymaking”.
Earlier in Asia, Tokyo's Nikkei 225 closed 0.4 per cent lower after it was reported that the Japanese government and the central bank intervened to support the yen, which has dived to multiyear lows.
The Nikkei Asia reported the intervention, rumours of which have been circulating during the week. However, Tokyo nor the Bank of Japan has yet to confirm any such move.
Among other major Asian financial hubs, Hong Kong's Hang Seng Index dropped 0.4 per cent and the Shanghai Composite rose 0.1 per cent at 3,038.93.
In commodities, oil prices settled higher amid expectations of tighter crude supply, hopes of stronger demand from China and a weakening US dollar.
Brent settled up 1.12 per cent at $93.50 a barrel, while West Texas Intermediate closed 0.54 per cent higher at $85.05 a barrel.
Gold, meanwhile, rose as much as 1.8 per cent on Friday on Japan's yen move, dragging the dollar lower and increasing the appeal of the asset considered to be a safe haven by investors.
Gold for December delivery rose about 1.6 per cent to settle at $1,656.30 an ounce.
CONCRETE COWBOY
Directed by: Ricky Staub
Starring: Idris Elba, Caleb McLaughlin, Jharrel Jerome
3.5/5 stars
One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Martin Sabbagh profile
Job: CEO JCDecaux Middle East
In the role: Since January 2015
Lives: In the UAE
Background: M&A, investment banking
Studied: Corporate finance
UAE currency: the story behind the money in your pockets
A Bad Moms Christmas
Dir: John Lucas and Scott Moore
Starring: Mila Kunis, Kathryn Hahn, Kristen Bell, Susan Sarandon, Christine Baranski, Cheryl Hines
Two stars
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
UAE currency: the story behind the money in your pockets
The biog
Favourite film: Motorcycle Dairies, Monsieur Hulot’s Holiday, Kagemusha
Favourite book: One Hundred Years of Solitude
Holiday destination: Sri Lanka
First car: VW Golf
Proudest achievement: Building Robotics Labs at Khalifa University and King’s College London, Daughters
Driverless cars or drones: Driverless Cars
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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57%20Seconds
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The specs
Engine: 4-litre twin-turbo V8
Transmission: nine-speed
Power: 542bhp
Torque: 700Nm
Price: Dh848,000
On sale: now
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Tori Amos
Native Invader
Decca
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
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COMPANY%20PROFILE
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What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
