Stock markets around the world ended the first trading week of 2023 on a high note, on expectations that the US Federal Reserve will tone down its interest rate hikes this year and hopes of a continued global economic recovery.
Wall Street, in particular, pared early losses on Friday, buoyed by the latest US jobs report. It showed that America's economy added a solid 223,000 jobs in December and the unemployment rate dipped from 3.6 per cent to 3.5 per cent, which was the lowest in 53 years.
The world's biggest economy, however, is still grappling with high inflation, making it more likely that the Fed will continue with its interest rate hikes. That spectre was raised by the US central bank's minutes released this week, which appeared to indicate that authorities are unlikely to cut back on last year's historic increases.
High inflation decreases the power of consumer spending, which accounts for about two thirds of the US economy.
"Stronger-than-expected jobs data will certainly boost inflation expectations, bring the Fed hawks back to the market, send the US yields and the dollar higher, and stocks lower," Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, wrote in a note.
At the closing bell in New York on Friday, the Dow Jones Industrial Average settled 2.1 per cent higher, the S&P 500 rose 2.3 per cent and the tech-heavy Nasdaq Composite gained 2.6 per cent.
For the week, the indices added 1.5 per cent, 1.4 per cent and 1 per cent, respectively.
Last Friday, US stock markets ended 2022 on a sour note, capping their worst year since 2008, which was the height of the global financial crisis. The whirlwind year saw the Dow lose about 9 per cent, the S&P 500 giving up almost 20 per cent and the Nasdaq shedding a third.
Still, both the Dow and S&P 500 rebounded in the fourth quarter of 2022, adding more than 15 per cent and 7 per cent, respectively. The Nasdaq shed about 1 per cent during the three-month period.
In Europe, London's FTSE 100 closed 0.9 per cent higher, Frankfurt's DAX rose 1.2 per cent and Paris' CAC 40 gained 1.5 per cent.
Annual inflation in the eurozone declined to 9.2 per cent in December, a second consecutive month of decline and the first to go into single digits since September, official data showed on Friday.
Earlier in Asia, Tokyo's Nikkei 225 settled 0.6 per cent higher and the Shanghai Composite inched up 0.1 per cent.
Hong Kong's Hang Seng, however, snapped a three-day winning streak, declining 0.3 per cent at the close.
In commodities, oil prices posted losses at the end of the first trading week of 2023 as demand concerns continue to weigh on the market amid signs of a global economic slowdown.
Brent, the benchmark for two thirds of the world’s oil, closed 0.15 per cent lower at $78.57 a barrel. West Texas Intermediate, the gauge that tracks US crude, settled 0.14 per cent higher at $73.77 a barrel.
Gold for February delivery, meanwhile, climbed $29.10, or about 1.6 per cent, to settle at $1,869.70 an ounce.
The precious metal is expected to be stable in 2023 despite a number of challenges, with the interplay between inflation and central bank intervention key in determining its outlook, the World Gold Council has said.
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Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
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Schools counsellors in Abu Dhabi have put a number of provisions in place to help support pupils returning to the classroom next week.
Many children will resume in-person lessons for the first time in 10 months and parents previously raised concerns about the long-term effects of distance learning.
Schools leaders and counsellors said extra support will be offered to anyone that needs it. Additionally, heads of years will be on hand to offer advice or coping mechanisms to ease any concerns.
“Anxiety this time round has really spiralled, more so than from the first lockdown at the beginning of the pandemic,” said Priya Mitchell, counsellor at The British School Al Khubairat in Abu Dhabi.
“Some have got used to being at home don’t want to go back, while others are desperate to get back.
“We have seen an increase in depressive symptoms, especially with older pupils, and self-harm is starting younger.
“It is worrying and has taught us how important it is that we prioritise mental well-being.”
Ms Mitchell said she was liaising more with heads of year so they can support and offer advice to pupils if the demand is there.
The school will also carry out mental well-being checks so they can pick up on any behavioural patterns and put interventions in place to help pupils.
At Raha International School, the well-being team has provided parents with assessment surveys to see how they can support students at home to transition back to school.
“They have created a Well-being Resource Bank that parents have access to on information on various domains of mental health for students and families,” a team member said.
“Our pastoral team have been working with students to help ease the transition and reduce anxiety that [pupils] may experience after some have been nearly a year off campus.
"Special secondary tutorial classes have also focused on preparing students for their return; going over new guidelines, expectations and daily schedules.”
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Company name: Nybl
Date started: November 2018
Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono
Based: Dubai, UAE
Sector: Software Technology / Artificial Intelligence
Initial investment: $500,000
Funding round: Series B (raising $5m)
Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up
