Wall Street led a mostly positive close for global stock markets on Friday, on growing investor bets that the US Federal Reserve will soon start cutting interest rates.
Investor confidence was buoyed by data on Thursday showed inflation in the world's largest economy continued to ease in June as the headline consumer price index fell to 3 per cent year-on-year, down from 3.3 per cent a month earlier and lower than markets had been expecting.
On a monthly basis, the CPI index declined by 0.1 per cent, after it remained unchanged a month earlier. Core inflation was also lower than expected at 3.3 per cent, down from 3.4 per cent recorded for May.
This raised hopes that the Fed will cut interest rates soon, particularly in September. Lower rates are expected to boost economic growth, which would help raise fuel consumption. Easing inflation also weighed on the US dollar, making commodities more attractive for overseas buyers.
The Fed last month had downgraded its rate-cut expectations for 2024, projecting it would only lower them once this year in a clear signal that plans to ease its restrictive stance have been delayed.
US producer prices, meanwhile, rose more than expected in June, the Labour Department reported on Friday.
Taken with the softer readings in the consumer price report, economists anticipated benign readings in the personal consumption expenditures inflation in June.
While Fed chairman Jerome Powell acknowledged the slowing inflation, he told politicians that more data was needed to strengthen the case for rate cuts.
“I don’t know for the Fed, but investors definitely got to the evidence that inflation is on a right path to justify a Fed rate cut sooner rather than later … after the latest CPI [consumer price index] report printed a slower-than-expected figures both for headline and core inflation, both on a monthly and on a yearly basis,” said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank.
On Wall Street, the S&P 500, Dow Jones Industrial Average and tech-rich Nasdaq Composite all closed 0.6 per cent higher, with the first two hitting new intraday highs.
Big bank stocks, however, fell after reporting mixed results, while technology shares rebounded, with Apple and Nvidia tallying gains of 1.3 per cent and 1.47 per cent, respectively.
Runs on Wall Street came to a halt on Thursday, as the S&P and Nasdaq ended a six and seven consecutive days of record closes.
For the week, S&P 500 rose 0.9 per cent, the Dow added 1.6 per cent and the Nasdaq inched up 0.2 per cent. Year-to-date, the indices are up 17.7 per cent, 6.1 per cent and 22.6 per cent, respectively.
In Europe, London's FTSE 100 ended 0.4 per cent higher as investors were also focused on the much-awaited Fed interest rate cut.
The CAC-40 in Paris, which is hosting the 33rd Olympic Games in two weeks, surged 1.3 per cent, while Frankfurt's DAX jumped 1.2 per cent.
Earlier in Asia, Tokyo's Nikkei bucked the trend as it plunged 2.5 per cent, as a strengthening yen, coupled with talk that the Bank of Japan intervened in foreign exchange markets to boost its currency, weighed on investors and the manufacturing sector.
Hong Kong's Hang Seng index leapt 2.6 per cent, while the Shanghai Composite settled flat.
In commodities, oil prices gave up gains and settled lower on Friday amid signs of easing inflation and hopes of strong summer fuel demand in the US, and rising expectations for a Fed rate cut.
Brent shed 0.43 per cent to close at $85.03 a barrel, while West Texas Intermediate declined 0.50 per cent to $82.21 a barrel.
Gold, meanwhile, eked out a third week of gains on the growing hopes of a Fed interest rate cut. It inched up less than 0.1 per cent to $2,420.70 an ounce.
“The start of an easing cycle by central banks and their continuous demand for gold may further support the precious metal,” said Mazen Salhab, chief market strategist for the Middle East and North Africa at broker BDSwiss.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
The five pillars of Islam
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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
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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Where can I submit a sample?
Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.
Collection centres in Abu Dhabi include:
- Abu Dhabi National Exhibition Centre (ADNEC)
- Biogenix Labs in Masdar City
- Al Towayya in Al Ain
- NMC Royal Hospital in Khalifa City
- Bareen International Hospital
- NMC Specialty Hospital, Al Ain
- NMC Royal Medical Centre - Abu Dhabi
- NMC Royal Women’s Hospital.
Labour dispute
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.
- Abdullah Ishnaneh, Partner, BSA Law
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
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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BMW%20M4%20Competition
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Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
UAE currency: the story behind the money in your pockets
The Old Slave and the Mastiff
Patrick Chamoiseau
Translated from the French and Creole by Linda Coverdale
UAE currency: the story behind the money in your pockets
More from Rashmee Roshan Lall
Cases of coronavirus in the GCC as of March 15
Saudi Arabia – 103 infected, 0 dead, 1 recovered
UAE – 86 infected, 0 dead, 23 recovered
Bahrain – 210 infected, 0 dead, 44 recovered
Kuwait – 104 infected, 0 dead, 5 recovered
Qatar – 337 infected, 0 dead, 4 recovered
Oman – 19 infected, 0 dead, 9 recovered
The%20specs
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Champions parade (UAE timings)
7pm Gates open
8pm Deansgate stage showing starts
9pm Parade starts at Manchester Cathedral
9.45pm Parade ends at Peter Street
10pm City players on stage
11pm event ends
The biog
Hobbies: Writing and running
Favourite sport: beach volleyball
Favourite holiday destinations: Turkey and Puerto Rico
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The biog
Family: He is the youngest of five brothers, of whom two are dentists.
Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.
Where he works: Liberty Dental Clinic
match info
Maratha Arabians 138-2
C Lynn 91*, A Lyth 20, B Laughlin 1-15
Team Abu Dhabi 114-3
L Wright 40*, L Malinga 0-13, M McClenaghan 1-17
Maratha Arabians won by 24 runs
MATCH INFO
Asian Champions League, last 16, first leg:
Al Ain 2 Al Duhail 4
Second leg:
Tuesday, Abdullah bin Khalifa Stadium, Doha. Kick off 7.30pm
England squad
Goalkeepers: Jordan Pickford, Nick Pope, Aaron Ramsdale
Defenders: Trent Alexander-Arnold, Conor Coady, Marc Guehi, Reece James, Harry Maguire, Tyrone Mings, Luke Shaw, John Stones, Ben White
Midfielders: Jude Bellingham, Conor Gallagher, Mason Mount, Jordan Henderson, Declan Rice, James Ward-Prowse
Forwards: Tammy Abraham, Phil Foden, Jack Grealish, Harry Kane, Bukayo Saka, Emile Smith Rowe, Raheem Sterling
COMPANY%20PROFILE
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Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
Killing of Qassem Suleimani
Two-step truce
The UN-brokered ceasefire deal for Hodeidah will be implemented in two stages, with the first to be completed before the New Year begins, according to the Arab Coalition supporting the Yemeni government.
By midnight on December 31, the Houthi rebels will have to withdraw from the ports of Hodeidah, Ras Issa and Al Saqef, coalition officials told The National.
The second stage will be the complete withdrawal of all pro-government forces and rebels from Hodeidah city, to be completed by midnight on January 7.
The process is to be overseen by a Redeployment Co-ordination Committee (RCC) comprising UN monitors and representatives of the government and the rebels.
The agreement also calls the deployment of UN-supervised neutral forces in the city and the establishment of humanitarian corridors to ensure distribution of aid across the country.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
