Global stock markets ended the week mostly up, with bourses in the US and Europe gaining as official data showed inflation has been easing.
The Price Consumption Expenditures Price Index, a key inflation measure monitored by the US Federal Reserve, showed that prices cooled last month, indicating that the central bank's interest rate increases were easing pressures.
The index rose 3.8 per cent on an annual basis in May, down from 4.3 per cent a month in April. Core PCE, which excludes food and energy, rose 4.6 per cent on an annual basis, after a 4.7 per cent increase the previous month.
The report comes as Fed policymakers consider whether to issue another pause on interest rate increases after doing so earlier this month.
The stock market was also lifted by Apple, whose valuation topped $3 trillion on Friday, cementing its standing as the world's most valuable company.
At the close of trading, the S&P 500 rose 1.4 per cent and the Dow Jones Industrial Average added 0.8 per cent.
The tech-heavy Nasdaq Composite gained 1.45 per cent, to cap its best first-half performance in 40 years with a more than 31 per cent rise through the first six months of 2023.
For the week, the S&P 500 rose 2.3 per cent, the Dow added 2 per cent and the Nasdaq increased 2.2 per cent. Year-to-date, the indices are up 15.9 per cent, 3.8 per cent and 31.7 per cent, respectively.
"The US stock market could see some volatility and could remain under some pressure with attention turning again toward monetary policy," Ralph Ratterman, asset manager at DHF Capital, wrote in a note.
"The expectations of higher interest rates as expressed by the Federal Reserve could continue to constitute a source of risks for the market over the medium term."
In Europe, London's FTSE 100 settled 0.8 per cent higher, lifted by financial stocks, but posted a quarterly loss to snap two consecutive three-month periods of growth on inflation concerns and a hawkish tone from the Bank of England.
Investors also took note of the UK's tepid economic growth, with the Office of National Statistics reporting that gross domestic product inched up 0.1 per cent in the first quarter of 2023, narrowly avoiding a recession.
Elsewhere in Europe, Frankfurt's DAX closed up 1.3 per cent and Paris's CAC 40 settled 1.2 per cent higher, with investors still focused on inflation.
"Inflation is still high, and that means that the bank still has more work to do. The [European Central Bank] certainly can't afford to be overly dovish, as inflation in their projection is still high for the coming years in comparison to their previous projections," said Naeem Aslam, chief investment officer of Zaye Capital Markets.
The US stock market could see some volatility and could remain under some pressure with attention turning again toward monetary policy
Ralph Ratterman,
asset manager at DHF Capital
"But this matters less as the bank is more likely to adjust them as the data suggests new improvements. At the same time, the fact that projections are moving upward rather than downward isn’t the best news."
Earlier in Asia, the Shanghai Composite and Hong Kong's Hang Seng Index diverged, following data that showed China's economy slowed down, sparking concerns that Beijing may implement new steps to boost activity.
Tokyo's Nikkei 225 settled 0.1 per cent lower.
In commodities, oil prices settled higher on Friday but posted quarterly losses as the big drop in US crude oil inventories outweighed investor concerns that further interest rate rises and inflation will dent oil demand.
Brent gained 0.75 per cent, or $0.56, to close at $74.90 a barrel and posted a fourth straight quarter of declines. West Texas Intermediate rose 1.12 per cent, or $0.78, to settle at $70.64 a barrel to record a second consecutive quarter of losses.
Gold, meanwhile, gained $11.50 to settle 6 per cent higher at $1,929.40 an ounce, but still posted a quarterly loss, pressured by expectations of more interest rate hikes.
Company%20Profile
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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
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Company%20Profile
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SPEC SHEET
Display: 10.4-inch IPS LCD, 400 nits, toughened glass
CPU: Unisoc T610; Mali G52 GPU
Memory: 4GB
Storage: 64GB, up to 512GB microSD
Camera: 8MP rear, 5MP front
Connectivity: Wi-Fi, Bluetooth 5.0, USB-C, 3.5mm audio
Battery: 8200mAh, up to 10 hours video
Platform: Android 11
Audio: Stereo speakers, 2 mics
Durability: IP52
Biometrics: Face unlock
Price: Dh849
Teaching in coronavirus times
Company%20Profile
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Tomb%20Raider%20I%E2%80%93III%20Remastered
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COMPANY%20PROFILE
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Black Panther
Dir: Ryan Coogler
Starring: Chadwick Boseman, Michael B Jordan, Lupita Nyong'o
Five stars
The%20specs%3A%202024%20Mercedes%20E200
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New schools in Dubai
A list of the animal rescue organisations in the UAE
57%20Seconds
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MEDIEVIL%20(1998)
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The specs: 2018 Jaguar E-Pace First Edition
Price, base / as tested: Dh186,480 / Dh252,735
Engine: 2.0-litre four-cylinder
Power: 246hp @ 5,500rpm
Torque: 365Nm @ 1,200rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.7L / 100km
Other must-tries
Tomato and walnut salad
A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.
Badrijani nigvzit
A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.
Pkhali
This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.
COMPANY%20PROFILE
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
All or Nothing
Amazon Prime
Four stars
UAE central contracts
Full time contracts
Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid
Part time contracts
Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma
The Energy Research Centre
Founded 50 years ago as a nuclear research institute, scientists at the centre believed nuclear would be the “solution for everything”.
Although they still do, they discovered in 1955 that the Netherlands had a lot of natural gas. “We still had the idea that, by 2000, it would all be nuclear,” said Harm Jeeninga, director of business and programme development at the centre.
"In the 1990s, we found out about global warming so we focused on energy savings and tackling the greenhouse gas effect.”
The energy centre’s research focuses on biomass, energy efficiency, the environment, wind and solar, as well as energy engineering and socio-economic research.
RESULTS
Men – semi-finals
57kg – Tak Chuen Suen (MAC) beat Phuong Xuan Nguyen (VIE) 29-28; Almaz Sarsembekov (KAZ) beat Zakaria Eljamari (UAE) by points 30-27.
67kg – Mohammed Mardi (UAE) beat Huong The Nguyen (VIE) by points 30-27; Narin Wonglakhon (THA) v Mojtaba Taravati Aram (IRI) by points 29-28.
60kg – Yerkanat Ospan (KAZ) beat Amir Hosein Kaviani (IRI) 30-27; Long Doan Nguyen (VIE) beat Ibrahim Bilal (UAE) 29-28
63.5kg – Abil Galiyev (KAZ) beat Truong Cao Phat (VIE) 30-27; Nouredine Samir (UAE) beat Norapat Khundam (THA) RSC round 3.
71kg – Shaker Al Tekreeti (IRQ) beat Fawzi Baltagi (LBN) 30-27; Amine El Moatassime (UAE) beat Man Kongsib (THA) 29-28
81kg – Ilyass Hbibali (UAE) beat Alexandr Tsarikov (KAZ) 29-28; Khaled Tarraf (LBN) beat Mustafa Al Tekreeti (IRQ) 30-27
86kg – Ali Takaloo (IRI) beat Mohammed Al Qahtani (KSA) RSC round 1; Emil Umayev (KAZ) beat Ahmad Bahman (UAE) TKO round
