Global stock markets were mixed on Friday, ending an otherwise strong first half of the year on a low note amid tepid economic data and the fallout from the chaotic first US presidential debate.
The showdown between President Joe Biden and his predecessor, convicted felon Donald Trump, has had a notable influence on investor sentiment, which would be key going forward in the world's biggest economy.
Financial markets judge that Mr Trump was the victor and investors are “already busy” re-evaluating their portfolios to align with economic policies that another Trump administration might pursue, said Nigel Green, chief executive of Dubai-based financial advisory firm deVere Group.
“Investors anticipate that a Trump presidency would bring about lower corporate taxes. This would enhance corporate profitability, leading to increased stock valuations and greater investor returns,” he said.
“Trump’s previous term was marked by significant deregulation efforts, which are expected to continue. This would reduce compliance costs for businesses, allowing for greater innovation and expansion.”
Also, while tougher trade relations with China might introduce short-term volatility, it is hoped by many traders that it will lead to stronger domestic industries and a more resilient US economy, Mr Green added.
“Anticipated fiscal policies could drive bond yields higher, providing attractive opportunities for fixed-income investors.”
Higher-for-longer interest rates, meanwhile, have dented the prospects of a significant gain in oil prices. High interest rates weigh on economic growth, lowering crude demand.
The Federal Reserve on June 12 downgraded its rate-cut expectations for 2024, projecting it would lower US interest rates once this year in a clear sign that its plans to ease its restrictive monetary policy stance have been delayed.
Previous market expectations had called for three rate cuts in 2024.
The Fed left its target range unchanged at 5.25 per cent to 5.50 per cent. Updated projections from the Fed's June 11 to 12 meeting showed policymakers expect US rates will be lowered to 5.1 per cent this year.
Still, markets have rallied in the hope that the US central bank will finally pull back from its historic streak of interest rate hikes.
“The S&P 500 and Nasdaq eked out small gains as Fed rate cut hopes rose, with some investors expecting up to two rate cuts from now to the end of the year,” said Swissquote Bank senior analyst Ipek Ozkardeskaya, who also noted that the debated “favoured” Mr Trump.
On Wall Street, a sell-off dragged the benchmark S&P 500 0.4 per cent lower at the close, ending a three-week winning streak. The Dow Jones Industrial Average and tech-heavy Nasdaq Composite settled 0.7 per cent lower.
Still, the S&P 500 and Nasdaq were hovering near their all-time record highs.
Technology stocks, which have largely powered the stock market's run in 2024, were among the biggest losers, with Facebook parent Meta Platforms plunging 3 per cent, Apple declining 1.6 per cent and Microsoft, the world's most valuable company, shedding 1.3 per cent.
In Europe, London's FTSE 100 finished 0.2 per cent lower. Britain will be holding its general election on July 4, the results of which will determine the future direction of its stock market and overall economy.
Politics is also a major sticking point for Paris's CAC 40, which retreated 0.7 per cent on Friday and came before France's first round of legislative polls on Sunday. The CAC 40 has fallen 6.5 per cent since June 9, when President Emmanuel Macron dissolved the lower house of parliament.
The government of Mr Macron – widely seen to face defeat – wants to cut public spending by €20 billion ($21.4 billion) in 2024 and by at least the same amount next year, potentially putting it at odds with the EU.
Germany's DAX inched up 0.1 per cent.
Earlier in Asia, Tokyo's Nikkei 225 rose 0.6 per cent and the Shanghai Composite added 0.7 per cent, while Hong Kong's Hang Seng Index ended flat.
In commodities, oil prices pulled back gains, amid hopes the US Fed will soon begin interest rate cuts that will help to stimulate the world's biggest economy and boost demand for crude.
Brent was virtually flat, settling 0.02 higher at $86.41 a barrel, while West Texas Intermediate shed 0.24 per cent to close at $81.54.
Gold, meanwhile, rose 0.12 per cent to close at $2,339.60 an ounce, notching a third consecutive quarterly gain, boosted by the US inflation report that raised hopes of an interest rate cut.
Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
PRIMERA LIGA FIXTURES
All times UAE ( 4 GMT)
Saturday
Atletico Madrid v Sevilla (3pm)
Alaves v Real Madrid (6.15pm)
Malaga v Athletic Bilbao (8.30pm)
Girona v Barcelona (10.45pm)
Sunday
Espanyol v Deportivo la Coruna (2pm)
Getafe v Villarreal (6.15pm)
Eibar v Celta Vigo (8.30pm)
Las Palmas v Leganes (8.30pm)
Real Sociedad v Valencia (10.45pm)
Monday
Real Betis v Levante (11.pm)
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The biog
Name: Marie Byrne
Nationality: Irish
Favourite film: The Shawshank Redemption
Book: Seagull by Jonathan Livingston
Life lesson: A person is not old until regret takes the place of their dreams
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UAE currency: the story behind the money in your pockets
More from Neighbourhood Watch:
TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
Squads
Pakistan: Sarfaraz Ahmed (c), Babar Azam (vc), Abid Ali, Asif Ali, Fakhar Zaman, Haris Sohail, Mohammad Hasnain, Iftikhar Ahmed, Imad Wasim, Mohammad Amir, Mohammad Nawaz, Mohammad Rizwan, Shadab Khan, Usman Shinwari, Wahab Riaz
Sri Lanka: Lahiru Thirimanne (c), Danushka Gunathilaka, Sadeera Samarawickrama, Avishka Fernando, Oshada Fernando, Shehan Jayasuriya, Dasun Shanaka, Minod Bhanuka, Angelo Perera, Wanindu Hasaranga, Lakshan Sandakan, Nuwan Pradeep, Isuru Udana, Kasun Rajitha, Lahiru Kumara
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
The specs: 2018 Alfa Romeo Stelvio
Price, base: Dh198,300
Engine: 2.0L in-line four-cylinder
Transmission: Eight-speed automatic
Power: 280hp @ 5,250rpm
Torque: 400Nm @ 2,250rpm
Fuel economy, combined: 7L / 100km
Russia's Muslim Heartlands
Dominic Rubin, Oxford
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Plan to boost public schools
A major shake-up of government-run schools was rolled out across the country in 2017. Known as the Emirati School Model, it placed more emphasis on maths and science while also adding practical skills to the curriculum.
It was accompanied by the promise of a Dh5 billion investment, over six years, to pay for state-of-the-art infrastructure improvements.
Aspects of the school model will be extended to international private schools, the education minister has previously suggested.
Recent developments have also included the introduction of moral education - which public and private schools both must teach - along with reform of the exams system and tougher teacher licensing requirements.
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
FROM%20THE%20ASHES
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MATCH INFO
Manchester United v Manchester City, Wednesday, 11pm (UAE)
Match is on BeIN Sports
MATCH INFO
Real Madrid 3 (Kroos 4', Ramos 30', Marcelo 37')
Eibar 1 (Bigas 60')
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
ALL THE RESULTS
Bantamweight
Siyovush Gulmomdov (TJK) bt Rey Nacionales (PHI) by decision.
Lightweight
Alexandru Chitoran (ROU) bt Hussein Fakhir Abed (SYR) by submission.
Catch 74kg
Omar Hussein (JOR) bt Tohir Zhuraev (TJK) by decision.
Strawweight (Female)
Seo Ye-dam (KOR) bt Weronika Zygmunt (POL) by decision.
Featherweight
Kaan Ofli (TUR) bt Walid Laidi (ALG) by TKO.
Lightweight
Abdulla Al Bousheiri (KUW) bt Leandro Martins (BRA) by TKO.
Welterweight
Ahmad Labban (LEB) bt Sofiane Benchohra (ALG) by TKO.
Bantamweight
Jaures Dea (CAM) v Nawras Abzakh (JOR) no contest.
Lightweight
Mohammed Yahya (UAE) bt Glen Ranillo (PHI) by TKO round 1.
Lightweight
Alan Omer (GER) bt Aidan Aguilera (AUS) by TKO round 1.
Welterweight
Mounir Lazzez (TUN) bt Sasha Palatkinov (HKG) by TKO round 1.
Featherweight title bout
Romando Dy (PHI) v Lee Do-gyeom (KOR) by KO round 1.
