Wall Street posted its worst day since 2022 on Monday, after Asian stocks and European shares ended trading in the red, as the global stock rout deepened over mounting fears of a US recession and a wider war in the Middle East.
Equities gauges across Asia dropped on the first trading session of the week, after a continued slide in US stocks caused by weak employment figures released last week.
Japan’s Nikkei Index dropped 12.4 per cent as of 5.40pm UAE time. The Hang Seng Index in Hong Kong slipped 1.46 per cent while India's S&P BSE Sensex Index dropped by 2.74 per cent.
The technology-heavy markets of Taiwan and Korea also took a hit.
The Dubai Financial Market’s main equities gauge slipped 4.5 per cent while the Abu Dhabi Securities Market fell by 3.4 per cent. Saudi Arabia’s Tadawul, the biggest Arab bourse, declined by 2.1 per cent.
We are going to see a much deeper decline
Naeem Aslam,
chief financial officer, Zaye Capital Markets
The GCC markets, which remained muted last week, are reacting to the possibility of a full-blown military conflict amid troubles brewing on the global economic horizons.
The rise of tension in the Middle East is an added worry for regional investors, who are bracing for the impact if the Israel-Gaza war spills beyond borders and turns into a regional conflict.
“Conflict between Israel and Iran already spans multiple countries, including Iraq, Lebanon, Syria and Yemen … [however] a full interstate war with Iran would lack a clear and achievable goal,” said Hasnain Malik, head of emerging markets strategy at Tellimer, an investment research company in Dubai.
“The GCC, geographically in between, is loath to be dragged in, given the vulnerability of its oil and gas infrastructure to [a] missile attack.”
Iran and militant group Hezbollah in Lebanon could begin attacking Israel as early as Monday, US Secretary of State Antony Blinken told foreign ministers from the G7, Axios reported.
The report follows Mr Blinken's conference call to co-ordinate with US allies to put pressure on Iran and Hezbollah to reduce the scale of any retaliation after last week's killing of senior Hamas official Ismail Haniyeh in Tehran and Hezbollah commander Fouad Shukr in Beirut.
Dow and Nasdaq plunge as US recession fears grow
Wall Street continued its decline on Monday after weak employment data led to renewed fears that the world's largest economy is headed for a recession.
The Dow fell 1033.99 points – or 2.6 per cent – as trading closed in the US, while the Nasdaq dropped 3.43 per cent. Both indexes suffered their largest losses in nearly two years. The S&P 500 fell 3 per cent.
Wall Street's fear gauge, the CBOE Volatility Index, rose to its highest level since March 2020.
Causing the recent slide were two employment reports last week, and a Labour Department report that showed the economy added a weaker-than-expected 114,000 jobs last month, a steep decline from 179,000 in June.
Meanwhile, the unemployment rate unexpectedly rose to 4.3 per cent, its highest level since October 2021.
The latest unemployment rate crossed the “Sahm Rule” threshold, which typically indicates a coming recession if the three-month average unemployment rate increases by half a percentage point from its low point in the past 12 months.
Equities are in a “risk-off mode”, Khatija Haque, chief economist and head of research at Emirates NBD, said in a note to investors on Monday.
“US employment data for July came in worse than expected, adding to downside risks for the US economy after a raft of weaker economic data recently.”
Asked about the Sahm Rule last week, Federal Reserve chairman Jerome Powell called it a “statistical regularity”.
“It's not like an economic rule where it's telling you something must happen,” he said.
Mr Powell said some members of the policy-setting Federal Open Market Committee wanted to cut interest rates last month but a “strong majority” were in favour of keeping rates steady.
A September interest rate cut has been all but locked in by traders after the Federal Reserve left its target rate unchanged at 5.25 per cent to 5.50 per cent last week.
Investors now price in a 92.5 per cent probability the Fed will cut rates by 50 basis points when they next meet, according to the CME FedWatch tool.
By holding rates for too long, the Fed risks the possibility of accidentally steering the economy into a recession and driving up unemployment.
Mr Powell has said the Fed is well-positioned to respond to weakness in the labour market with its current interest rate level.
And speaking to CNBC on Monday, Chicago Fed president Austan Goolsbee – who is not a voting member on the FOMC this year – said the Fed would fix the economy if it crumbles.
“If the conditions collectively start coming in like that on the through line, there’s deterioration on any of those parts, we’re going to fix it,” Mr Goolsbee told CNBC's Squawk Box.
Traders are also increasing bets that the Fed will deliver an emergency rate cut before its September meeting, although that is a measure the US central bank has rarely used in recent decades.
Japan's Topix Index plunges after US recession fears
Meanwhile, demand for flights out of Lebanon has surged as foreigners seek to leave amid fears of an all-out war between Hezbollah and Israel.
Beirut's main airport was packed on Sunday night with travellers seeking last-minute tickets after the US, France, the UK and other governments urged their citizens to leave.
“The biggest question is geopolitics, what's happening with Iran. I think the markets are very, very sensitive,” said Naeem Aslam, chief financial officer at London-based Zaye Capital Markets.
“If you look at the volatility index, it rose above 27 on Friday and the Nasdaq futures are already down by about 6 per cent, indicating that we are going to see a much deeper decline.”
The MSCI Asia Pacific Index plunged as much as 3.8 per cent, after a similar drop on Friday.
Monday’s slump has brought the regional equity benchmark close to losing its gains for the year. It has dropped about 10 per cent from its peak of July 11, signalling a technical correction, according to Bloomberg data.
As bond traders started to bet on a deeper cut to interest rates by the Fed, analysts in Europe said the European Central Bank would slash rates by at least 0.5 per cent by the end of the year.
European stocks fall
Stocks in London also slumped more than 2 per cent on Monday morning, as recession fears caused a flight to haven assets in the UK and European markets.
“London markets haven’t escaped the Monday meltdown, with just a handful of companies on the FTSE 100 opening on the front foot and a smorgasbord of sectors losing ground, including miners and oil giants,” said Danni Hewson, head of financial analysis at AJ Bell.
The “torrid” opening to the London market on Monday indicates the “global waves of unease”, said Richard Hunter, head of markets at Interactive Investor.
“Half-hearted moves into defensive stocks provided brief respite … but overall the markdown was widespread,” he said.
Stocks with a particular exposure to the US such as Pershing Square and Scottish Mortgage topped the loser board with losses of more than 8 per cent and 7 per cent, respectively.
Banks also suffered, with the likes of Barclays and NatWest declining by 5 per cent in “something of a read across from the Wall Street experience”, Mr Hunter said.
In Europe, the Stoxx Europe 600 Index fell by as much as 3.2 per cent, its largest intraday decline since March 2022.
The CAC-40 in Paris is now 10 per cent off its recent highs, which is the textbook definition of a market correction.
The five pillars of Islam
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The five pillars of Islam
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Did you know?
Brunch has been around, is some form or another, for more than a century. The word was first mentioned in print in an 1895 edition of Hunter’s Weekly, after making the rounds among university students in Britain. The article, entitled Brunch: A Plea, argued the case for a later, more sociable weekend meal. “By eliminating the need to get up early on Sunday, brunch would make life brighter for Saturday night carousers. It would promote human happiness in other ways as well,” the piece read. “It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.” More than 100 years later, author Guy Beringer’s words still ring true, especially in the UAE, where brunches are often used to mark special, sociable occasions.
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
MEYDAN%20RACECARD
%3Cp%3E%3Cstrong%3E6pm%20%3C%2Fstrong%3EArabian%20Adventures%20%E2%80%93%20Maiden%20(TB)%20Dh82%2C500%20(Dirt)%201%2C200m%0D%3Cbr%3E%3Cstrong%3E6.35pm%20%3C%2Fstrong%3EEmirates%20Sky%20Cargo%20%E2%80%93%20Handicap%20(TB)%2087%2C500%20(D)%202%2C000m%0D%3Cbr%3E%3Cstrong%3E7.10pm%20%3C%2Fstrong%3EEmirates%20Holiday%20%E2%80%93%20Maiden%20(TB)%20Dh82%2C500%20(D)%201%2C400m%0D%3Cbr%3E%3Cstrong%3E7.45pm%20%3C%2Fstrong%3EEmirates%20Skywards%20%E2%80%93%20Handicap%20(TB)%20Dh87%2C500%20(D)%201%2C400m%0D%3Cbr%3E%3Cstrong%3E8.20pm%3C%2Fstrong%3E%20Emirates%20Airline%20%E2%80%93%20Handicap%20(TB)%20Dh105%2C000%20(D)%201%2C600m%0D%3Cbr%3E%3Cstrong%3E8.55pm%20%3C%2Fstrong%3EEmirates%20Airline%20%E2%80%93%20Handicap%20(TB)%20Dh105%2C000%20(D)%201%2C900m%0D%3Cbr%3E%3Cstrong%3E9.30pm%20%3C%2Fstrong%3EEmirates.com%20%E2%80%93%20Handicap%20(TB_%20Dh87%2C500%20(D)%201%2C200m%3C%2Fp%3E%0A
Killing of Qassem Suleimani
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
KILLING OF QASSEM SULEIMANI
Pakistan World Cup squad
Sarfraz Ahmed (c), Fakhar Zaman, Imam-ul-Haq, Abid Ali, Babar Azam, Haris Sohail, Shoaib Malik, Mohammad Hafeez(subject to fitness), Imad Wasim, Shadab Khan, Hasan Ali, Faheem Ashraf, Junaid Khan, Shaheen Shah Afridi, Mohammad Hasnain
Two additions for England ODIs: Mohammad Amir and Asif Ali
57%20Seconds
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Killing of Qassem Suleimani
Dubai Creek Open in numbers
- The Dubai Creek Open is the 10th tournament on this year's Mena Tour
- It is the first of five events before the season-concluding Mena Tour Championship
- This week's field comprises 120 players, 21 of which are amateurs
- 15 previous Mena Tour winners are competing at Dubai Creek Golf and Yacht Club
More coverage from the Future Forum
Mohammed bin Zayed Majlis
The years Ramadan fell in May
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
Killing of Qassem Suleimani
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
The studios taking part (so far)
- Punch
- Vogue Fitness
- Sweat
- Bodytree Studio
- The Hot House
- The Room
- Inspire Sports (Ladies Only)
- Cryo
Mohammed bin Zayed Majlis
The years Ramadan fell in May
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Zayed Sustainability Prize
More on Quran memorisation:
Killing of Qassem Suleimani
SPECS
Mini John Cooper Works Clubman and Mini John Cooper Works Countryman
Engine: two-litre 4-cylinder turbo
Transmission: nine-speed automatic
Power: 306hp
Torque: 450Nm
Price: JCW Clubman, Dh220,500; JCW Countryman, Dh225,500
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
Kanye%20West
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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
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
Ticket prices
General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
Buy tickets at: wbworldabudhabi.com/en/tickets
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Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
Oppenheimer
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Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
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The%20specs
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Race card
6.30pm: Handicap (TB) $68,000 (Dirt) 1,200m
7.05pm: Meydan Cup – Listed Handicap (TB) $88,000 (Turf) 2,810m
7.40pm: UAE 2000 Guineas – Group 3 (TB) $125,000 (D) 1,600m
8.15pm: Firebreak Stakes – Group 3 (TB) $130,000 (D) 1,600m
9.50pm: Meydan Classic – Conditions (TB) $$50,000 (T) 1,400m
9.25pm: Dubai Sprint – Listed Handicap (TB) $88,000 (T) 1,200m
Zayed Sustainability Prize
Read more about the coronavirus
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About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
BAD%20BOYS%3A%20RIDE%20OR%20DIE
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Mohammed bin Zayed Majlis
Sholto Byrnes on Myanmar politics
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
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Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
KILLING OF QASSEM SULEIMANI
Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
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More on animal trafficking
The%20Specs%20
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A Dog's Journey
Directed by: Gail Mancuso
Starring: Dennis Quaid, Josh Gad, Marg Helgenberger, Betty Gilpin, Kathryn Prescott
3 out of 5 stars
Killing of Qassem Suleimani
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
Killing of Qassem Suleimani
Ramy%3A%20Season%203%2C%20Episode%201
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WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Dual%20electric%20motors%20with%20102kW%20battery%20pack%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E570hp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20890Nm%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERange%3A%3C%2Fstrong%3E%20Up%20to%20428km%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1%2C700%2C000%3C%2Fp%3E%0A
The specs: 2019 BMW X4
Price, base / as tested: Dh276,675 / Dh346,800
Engine: 3.0-litre turbocharged in-line six-cylinder
Transmission: Eight-speed automatic
Power: 354hp @ 5,500rpm
Torque: 500Nm @ 1,550rpm
Fuel economy, combined: 9.0L / 100km
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
Married Malala
Malala Yousafzai is enjoying married life, her father said.
The 24-year-old married Pakistan cricket executive Asser Malik last year in a small ceremony in the UK.
Ziauddin Yousafzai told The National his daughter was ‘very happy’ with her husband.
