Global equity markets remain in recovery mode after recent bouts of extreme volatility as investors await the release of US inflation data this week that would underpin the health of the world's largest economy.
Markets in Asia continued to rise on Monday, carrying momentum forward from the last week.
MSCI's broadest index of Asia-Pacific shares rose 0.47 per cent at 11:02am UAE time, with stocks in Hong Kong gaining and China remaining broadly unchanged. India's main stocks measure gained 0.2 per cent.
Investors are seeking clues to the direction the US Federal Reserve will take on rate cuts when it meets in September. The US consumer data release on Wednesday will help the Fed determine the course of action and will also dictate the stock market.
“Markets will be looking for this week’s release of the July inflation print for the US for any more signals on what the Fed will do when it meets in mid-September,” Edward Bell, head of market economics at Emirates NBD, said.
Stocks in the US, Asia and Europe have taken a breather after investors experienced a white-knuckle ride after disappointing job market data triggered fears of a recession in the US.
Asian markets took cues from a sharp decline in US stocks and suffered their heaviest single-day losses since 2008, with Japanese stocks plunging more than 12.4 per cent to their steepest sell-off since the 1987 Black Monday crash.
With the S&P 500 index, the Dow and the Nasdaq suffering their biggest losses in two years during the week beginning August 5, Wall Street's fear gauge, the CBOE Volatility Index, rose to its highest level since March 2020.
The gauge has now come off its early days of Covid-19 pandemic highs.
“Markets have endured substantial volatility in the last few weeks … since then conditions have eased somewhat,” Mr Bell said.
The US consumer price index on Wednesday is expected to post a rise of 0.2 per cent from June for both the headline figure and the so-called core gauge that excludes food and energy according to a Bloomberg report.
However, the modest moves may not be enough to derail the Fed from a widely anticipated interest-rate cut next month, the report added.
Over the weekend, media cited Fed Governor Michelle Bowman as saying that there are still upside risks for inflation, signalling she may not be ready to nod to a rate cut at the Fed’s September meeting.
Money markets have fully priced a rate cut in September and about 100 basis points of easing for the year, according to swaps data compiled by Bloomberg.
“An upside surprise on inflation – currently expected at 0.2 per cent month-on-month – may temper some of the market pricing for a 50-basis point cut from the Fed next month,” Mr Bell at Emirates NBD added.
Markets will be looking for this week’s release of the July inflation print for the US for any more signals on what the Fed will do when it meets in mid-September
Edward Bell,
head of market economics at Emirates NBD
Stocks in Abu Dhabi and Dubai remained muted on Monday, with Dubai Financial Market’s DFM General Index gaining 0.1 per cent during early trade.
Abu Dhabi Securities Market’s main measure also rose 0.2 per cent.
Stock futures of London’s FTSE 100 were trading 0.4 per cent higher with CAC-40 in Paris up 0.35 per cent and those of Germany’s DAX were 0.25 per cent higher.
Futures of the Dow Jones Industrial Average in the US were also up 0.13 per cent, while the Nasdaq and S&P 500 futures were up 0.5 and 0.47 per cent.
“The skies are not fully clear yet, but there are several reasons that suggest to us that some relatively calmer seas are ahead of us,” Bloomberg cited analysts at Nomura Holdings as saying in a note.
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Killing of Qassem Suleimani
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
Results:
5pm: Abu Dhabi Fillies Classic (PA) Prestige Dh 110,000 1.400m | Winner: AF Mouthirah, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Abu Dhabi Colts Classic (PA) Prestige Dh 110,000 1,400m | Winner: AF Saab, Antonio Fresu, Ernst Oertel
6pm: Maiden (PA) Dh 80,000 1,600m | Winner: Majd Al Gharbia, Saif Al Balushi, Ridha ben Attia
6.30pm: Abu Dhabi Championship (PA) Listed Dh 180,000 1,600m | Winner: RB Money To Burn, Pat Cosgrave, Eric Lemartinel
7pm: Wathba Stallions Cup (PA) Handicap Dh 70,000 2,200m | Winner: AF Kafu, Tadhg O’Shea, Ernst Oertel
7.30pm: Handicap (PA) Dh 100,000 2,400m | Winner: Brass Ring, Fabrice Veron, Ismail Mohammed
Killing of Qassem Suleimani
Results:
5pm: Handicap (PA) | Dh80,000 | 1,600 metres
Winner: Dasan Da, Saeed Al Mazrooei (jockey), Helal Al Alawi (trainer)
5.30pm: Maiden (PA) | Dh80,000 | 1,600m
Winner: AF Saabah, Tadhg O’Shea, Ernst Oertel
6pm: Handicap (PA) | Dh80,000 | 1,600m
Winner: Mukaram, Pat Cosgrave, Eric Lemartinel
6.30pm: Handicap (PA) | Dh80,000 | 2,200m
Winner: MH Tawag, Richard Mullen, Elise Jeanne
7pm: Wathba Stallions Cup Handicap (PA) | Dh70,000 | 1,400m
Winner: RB Inferno, Fabrice Veron, Ismail Mohammed
7.30pm: Handicap (TB) | Dh100,000 | 1,600m
Winner: Juthoor, Jim Crowley, Erwan Charpy
Mohammed bin Zayed Majlis
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
COMPANY%20PROFILE%20
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Mohammed bin Zayed Majlis
Killing of Qassem Suleimani
The years Ramadan fell in May
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
KILLING OF QASSEM SULEIMANI
Scoreline:
Barcelona 2
Suarez 85', Messi 86'
Atletico Madrid 0
Red card: Diego Costa 28' (Atletico)
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
SPEC%20SHEET%3A%20APPLE%20IPHONE%2014
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
More on animal trafficking
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
More from Neighbourhood Watch:
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
THE%C2%A0SPECS
%3Cp%3EEngine%3A%204-cylinder%202.5-litre%20%2F%202-litre%20turbo%0D%3Cbr%3EPower%3A%20188hp%20%2F%20248hp%0D%3Cbr%3ETorque%3A%20244Nm%20%2F%20370Nm%0D%3Cbr%3ETransmission%3A%207-speed%20auto%0D%3Cbr%3EOn%20sale%3A%20now%0D%3Cbr%3EPrice%3A%20From%20Dh110%2C000%0D%3C%2Fp%3E%0A
