Global stock markets ended mixed on Friday, with Wall Street declining on investor worries over when the Federal Reserve would begin long-anticipated interest rate cuts at a time of high inflation.
US inflation came in higher than expected in January, underpinning expectations that it will be some time before it reaches the US central bank's long-term target.
The US consumer price index rose 0.3 per cent last month, the Labour Department reported on Tuesday, rising 3.1 per cent on an annual basis, down from 3.4 per cent in December. Core CPI – which excludes food and energy – rose 3.9 per cent annually.
Economists surveyed by FactSet estimated inflation would fall to 2.9 per cent year-on-year, with core CPI at 3.7 per cent. Had inflation fallen in line with expectations, it would have been the first time since 2021 it would have sat below 3 per cent.
That triggered alarm bells for the stock market, dashing hopes that the Fed, which had pleaded for patience, would begin cutting interest rates soon.
Other US economic data this week dampened sentiment, including retail sales that widely declined in January and a fall in US factory production, owing to harsh winter conditions.
The US producer price index, meanwhile, climbed 0.3 per cent last month, more than anticipated.
Despite the uninspiring data, Wall Street could still sustain its rally, Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, wrote in a note.
“We are coming to a point where the economic data becomes meaningless. Whatever the data prints, the US stock markets find a positive narrative to keep the rally going,” she said.
However, it is, “of course, blind optimism; investors are blinded by the brilliance of the rate cuts at the tunnel’s end”.
Wall Street fell to a rare weekly loss as a result, its second in 16 weeks.
The S&P 500 settled 0.5 per cent lower from its all-time high on Thursday, the Dow Jones Industrial Average retreated 0.4 per cent and the tech-heavy Nasdaq Composite ended 0.8 per cent lower.
For the week, the S&P 500 gave up 0.4 per cent, the Dow inched down 0.1 per cent and the Nasdaq shed 1.3 per cent. For 2024, they remain up, having added 4.9 per cent, 2.5 per cent and 5.1 per cent, respectively.
In Europe, major equities settled higher, with London's FTSE 100 surging 1.5 per cent, driven by a rebound in UK retail sales last month, a day after it was reported that Britain had entered a technical recession.
British retail sales jumped 3.4 per cent in January, a sharp turnaround from a 3.3 per cent drop in December, government data showed.
Elsewhere in Europe, Paris' CAC 40 added 0.3 per cent and Frankfurt's DAX climbed 0.4 per cent.
Earlier in Asia, In Asia, Tokyo's Nikkei settled 0.9 per cent higher to post a record after 34 years, despite Germany overtaking it as the world's third-largest economy and entering a recession towards the end of 2023.
Hong Kong's Hang Seng Index surged 2.5 per cent, while the Shanghai Composite was closed for the holidays.
In commodities, oil prices settled higher on Friday and posted a weekly gain amid hopes that the Fed will start cutting interest rates soon, which is expected to boost crude demand.
Brent reversed earlier losses to close 0.74 per cent higher at $83.47 a barrel, while West Texas Intermediate added 1.49 per cent to settle at $79.19 a barrel.
Gold, meanwhile, rallied to close higher but still posted a second weekly loss in a row, also on concerns over the Fed's interest rate cuts.
US gold futures added about 0.5 per cent to $2,024.10 per ounce. The precious metal, a hedge against inflation, lost about 0.6 per cent this week.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
UAE currency: the story behind the money in your pockets
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hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
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Killing of Qassem Suleimani
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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UAE currency: the story behind the money in your pockets
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
