Global stock markets ended the week mixed, with the US and Asia down and Europe up, amid investor concerns about economic uncertainties.
Consumer confidence in the US fell to a six-month low, as political wrangling over raising government spending limits has increased recession fears.
The US could default on its debts by June 15 if lawmakers fail to come to an agreement, the congressional budget office has warned.
Consumer spending, which accounts for two thirds of the US economy, was flat in March, the Commerce Department previously reported. Its reading for April is expected on May 26.
Readings from the consumer and producer prices indices, released this week, indicated that inflation is slowing down. Retail sales and industrial production data are due next week.
Jobless claims, meanwhile, soared to their highest level since October 2021 in another sign the Federal Reserve's aggressive interest rates are being felt across the economy — this time in the labour market.
Initial claims last week rose by 22,000 to a seasonally adjusted level of 264,000 in the week ending May 6 — higher than estimations by Reuters and Bloomberg economists.
Investors are also keeping an eye on potential next moves from the Federal Reserve, which last week raised interest rates for the 10th straight time.
The US central bank is getting rates near where it wants them to be to overcome its fight on inflation, Fed governor Philip Jefferson and St Louis Fed president James Bullard said on Friday.
“Stock markets were recovering to a certain extent after economic data releases showed that inflation figures were moving along estimates,” Bas Kooijman, chief executive of Luxembourg-based investment management firm DHF Capital, wrote in a note.
“The figures supported the view that the Federal Reserve could maintain its interest rates at current levels, which could help improve the appetite for risk among investors and support the stock market.”
They did not, however, give any indication on whether the Fed has reached that point, casting doubt on the Fed pausing rate hikes at its next meeting.
At the close on Wall Street, the Dow Jones Industrial Average settled 0.1 per cent lower, the S&P 500 declined 0.2 per cent and the tech-heavy Nasdaq Composite shed 0.4 per cent.
In Europe, London's FTSE 100 settled 0.3 per cent higher.
The Bank of England this week raised interest rates by a quarter of a percentage point to 4.5 per cent, taking borrowing costs to their highest level since 2008.
The increase, the 12th consecutive rise, is the central bank’s latest move in its continuing battle with double-digit inflation, which governor Andrew Bailey acknowledged was “too high”.
Frankfurt's DAX and Paris' CAC 40 both closed 0.5 per cent higher.
Earlier in Asia, the Shanghai Composite retreated 1.1 per cent over uncertainty in the Chinese economy.
Momentum is apparently slowing down in the world's second-largest economy with consumer prices rising at their slowest pace in more than two years and new bank loans decelerating.
Imports also posted a surprise decline, triggering a drop in commodity prices.
Tokyo's Nikkei 225 climbed 0.9 per cent, while Hong Kong's Hang Seng shed 0.6 per cent.
Stock markets were recovering to a certain extent after economic data releases showed that inflation figures were moving along estimates
Bas Kooijman,
chief executive of DHF Capital
In commodities, oil prices settled lower on Friday to post their fourth consecutive week of losses as fears of an economic slowdown led to concerns about weakening global crude demand.
Brent declined 1.08 per cent, or $0.81, to $74.17 a barrel, while West Texas Intermediate shed 1.17 per cent, or $0.83, to settle at $70.04 a barrel.
Gold, meanwhile, retreated $0.70 to $2,019.80, settling virtually flat.
Demand for gold, used as a hedge against inflation, rose by 18 per cent in 2022 to an 11-year high of 4,741 tonnes, driven by retail investors and central banks shoring up their bullion reserves, the World Gold Council previously reported.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
%E2%80%98FSO%20Safer%E2%80%99%20-%20a%20ticking%20bomb
%3Cp%3EThe%20%3Cem%3ESafer%3C%2Fem%3E%20has%20been%20moored%20off%20the%20Yemeni%20coast%20of%20Ras%20Issa%20since%201988.%3Cbr%3EThe%20Houthis%20have%20been%20blockading%20UN%20efforts%20to%20inspect%20and%20maintain%20the%20vessel%20since%202015%2C%20when%20the%20war%20between%20the%20group%20and%20the%20Yemen%20government%2C%20backed%20by%20the%20Saudi-led%20coalition%20began.%3Cbr%3ESince%20then%2C%20a%20handful%20of%20people%20acting%20as%20a%20%3Ca%20href%3D%22https%3A%2F%2Fwww.google.ae%2Furl%3Fsa%3Dt%26rct%3Dj%26q%3D%26esrc%3Ds%26source%3Dweb%26cd%3D%26ved%3D2ahUKEwiw2OfUuKr4AhVBuKQKHTTzB7cQFnoECB4QAQ%26url%3Dhttps%253A%252F%252Fwww.thenationalnews.com%252Fworld%252Fmena%252Fyemen-s-floating-bomb-tanker-millions-kept-safe-by-skeleton-crew-1.1104713%26usg%3DAOvVaw0t9FPiRsx7zK7aEYgc65Ad%22%20target%3D%22_self%22%3Eskeleton%20crew%3C%2Fa%3E%2C%20have%20performed%20rudimentary%20maintenance%20work%20to%20keep%20the%20%3Cem%3ESafer%3C%2Fem%3E%20intact.%3Cbr%3EThe%20%3Cem%3ESafer%3C%2Fem%3E%20is%20connected%20to%20a%20pipeline%20from%20the%20oil-rich%20city%20of%20Marib%2C%20and%20was%20once%20a%20hub%20for%20the%20storage%20and%20export%20of%20crude%20oil.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EThe%20%3Cem%3ESafer%3C%2Fem%3E%E2%80%99s%20environmental%20and%20humanitarian%20impact%20may%20extend%20well%20beyond%20Yemen%2C%20experts%20believe%2C%20into%20the%20surrounding%20waters%20of%20Saudi%20Arabia%2C%20Djibouti%20and%20Eritrea%2C%20impacting%20marine-life%20and%20vital%20infrastructure%20like%20desalination%20plans%20and%20fishing%20ports.%C2%A0%3C%2Fp%3E%0A
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
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
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
UAE currency: the story behind the money in your pockets
