US stocks clawed back some of this week’s losses as a tech rally buoyed risk sentiment and comments by Federal Reserve officials dialed back fears of overly aggressive policy moves.
The S&P 500 Index rose for the first time in four days, with all 11 sectors gaining. While the broad benchmark remained down on the week, the biggest one-day gain in the tech-heavy Nasdaq 100 since November pushed it into the green for the period.
Google parent Alphabet gained after revealing a plan to cut 12,000 jobs. Netflix surged after reporting stronger-than-expected subscriber numbers.
Benchmarks climbed to session highs on Friday after Fed governor Christopher Waller said the policy looks pretty close to be sufficiently restrictive and he backed moderation in the size of rate increases.
Earlier, Philadelphia Fed president Patrick Harker repeated his view for more incremental steps in rate hikes, while Kansas City Fed chief Esther George said the economy can avoid a sharp downturn.
Equity markets rallied despite a push higher in Treasury yields, suggesting that the 60/40 portfolio model could be making a comeback.
Earlier this week, higher rates and hawkish comments from Fed and European Central Bank officials weighed on risk sentiment.
“It’s notable that yields are up today, yet Nasdaq is outperforming,” said Jonathan Krinsky, chief market technician for BTIG.
“While this could be perceived as a short-term positive, if we are shifting to a ‘bad news is bad’ narrative where lower rates coincide with lower stocks, then it would make sense to see the inverse.”
Earnings have also been in focus. Of the 55 S&P 500 companies that have reported results so far, about two-thirds have beaten analysts’ estimates, compared with the 80 per cent positive surprise seen over the past several quarters.
“Fears of a recession seemed to be overriding a sort of optimism from some companies which have reported better-than-expected results,” said Fiona Cincotta, senior financial markets analyst at City Index.
“There is this understanding that earnings are probably going to be weaker, but I think a lot of that’s being priced in.”
Oil rallied to the highest since mid-November, capping off its second straight week of gains on optimism over increased demand from China.
West Texas Intermediate rose to settle above $81 a barrel, posting a 1.8 per cent weekly gain.
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
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Emirates exiles
Will Wilson is not the first player to have attained high-class representative honours after first learning to play rugby on the playing fields of UAE.
Jonny Macdonald
Abu Dhabi-born and raised, the current Jebel Ali Dragons assistant coach was selected to play for Scotland at the Hong Kong Sevens in 2011.
Jordan Onojaife
Having started rugby by chance when the Jumeirah College team were short of players, he later won the World Under 20 Championship with England.
Devante Onojaife
Followed older brother Jordan into England age-group rugby, as well as the pro game at Northampton Saints, but recently switched allegiance to Scotland.
if you go
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Result
Crystal Palace 0 Manchester City 2
Man City: Jesus (39), David Silva (41)
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Mohammed bin Zayed Majlis
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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