Global stock markets rose on Friday, with the Dow Jones Industrial Average hitting a record, as a surprisingly strong US jobs report eased worries about the health of the world's biggest economy.
Job growth in the US beat expectations last month, with more than 250,000 jobs created in September, following an upwardly revised 72,000 advance over the previous two months, data released by the Bureau of Labour Statistics on Friday showed. The unemployment rate fell to 4.1 per cent.
Combined with data earlier this week showing demand for workers is still healthy while layoffs remain low, the payrolls report is likely to alleviate concerns that the labour market is cooling too quickly.
The apparent resilience in the job market is expected to further reduce the likelihood of the Federal Reserve slashing interest rates before the end of the year and could also play a role in the November 5 election, where the main concern for US voters is the economy.
However, despite the robust labour figures, the report is unlikely to “materially alter” the Federal Open Market Committee's policy outlook, said Michael Brown, a senior research strategist at online broker Pepperstone.
Fed Chairman Jerome Powell's “recent assertion that the committee is 'not in a hurry' to cut quickly, along with [Friday's] incredibly solid data slate, means that a return to a more normal cadence of 25-basis-point cuts is likely at the November meeting, and at each meeting beyond that, until the Fed funds rate returns to a neutral level next summer”, he said.
Also on Friday, the International Longshoremen’s Association, which represents 45,000 dockworkers at East and Gulf coast ports in the US, reached a deal to suspend a three-day strike until January 15, to provide time to negotiate a new contract.
That helped temper concerns that a prolonged strike could negatively affect US shipping and logistics, which would have pushed inflation up and weighed on the economy.
On Wall Street, the Dow closed 0.8 per cent to hit a new high. The benchmark S&P 500 added 0.9 per cent, hovering near its record set on Monday. The tech-heavy Nasdaq Composite rose 1.2 per cent.
For the week, the Dow inched up 0.1 per cent, the S&P 500 climbed 0.2 per cent and the Nasdaq added 0.1 per cent. Year-to-date, the indices have leapt 12.4 per cent, 20.6 per cent and 20.8 per cent, respectively.
In Europe, London's FTSE 100 closed flat, recouping gains following the US jobs report but declining for the week on concerns over rising geopolitical tensions in the Middle East.
Paris' CAC 40 added 0.9 per cent, while Frankfurt's DAX rose 0.6 per cent.
Earlier in Asia, Hong Kong's Hang Seng Index jumped 2.8 per cent at the close, finishing its best day since March 2022, as investors remained optimistic on China's sweeping stimulus measures to prop up the world's second-largest economy.
Tokyo's Nikkei 225 climbed 0.2 per cent, after a week that witnessed volatile market and yen movements after Shigeru Ishiba was elected as Japan's Prime Minister. The Shanghai Composite and other mainland China markets – which, thanks to the stimulus package, were propelled to their biggest single-day gains in 16 years on Monday – were closed for the Golden Week holiday.
In commodities, oil prices posted their biggest weekly jump since the first quarter of 2023 amid escalating geopolitical tension, with the possibility of an Israeli retaliatory strike on Iran's oil infrastructure prompting worries over supply disruption.
Brent settled 0.55 per cent higher at $78.05 a barrel, while West Texas Intermediate closed up 0.91 per cent at $74.38 a barrel. For the week, the benchmarks leapt 8.9 per cent and 9.1 per cent, respectively.
Gold, meanwhile, declined as the stronger-than-expected US jobs report whittled expectations for more aggressive Fed interest rate cuts.
The precious metal retreated 0.09 per cent to settle at $2,653.25 an ounce. Gold, considered a safe haven and hedge against inflation, surpassed the $2,600 mark in response to the Fed's 50-basis point interest rate cut on September 18.
“A milder rhythm of interest rate cuts could leave the gold market with less support and could limit its ability to record new highs and could expose the market to short-term losses,” said Bas Kooijman, chief executive of Luxembourg-based asset management firm DHF Capital.
More coverage from the Future Forum
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
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
Name: Colm McLoughlin
Country: Galway, Ireland
Job: Executive vice chairman and chief executive of Dubai Duty Free
Favourite golf course: Dubai Creek Golf and Yacht Club
Favourite part of Dubai: Palm Jumeirah
Miss Granny
Director: Joyce Bernal
Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa
3/5
(Tagalog with Eng/Ar subtitles)
UAE currency: the story behind the money in your pockets
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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
ESSENTIALS
The flights
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes.
Where to stay
Trips on the Golden Eagle Trans-Siberian cost from US$16,995 (Dh62,414) per person, based on two sharing.
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.3-litre%204cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E299hp%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E420Nm%20at%202%2C750rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E10-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E12.4L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh157%2C395%20(XLS)%3B%20Dh199%2C395%20(Limited)%3C%2Fp%3E%0A
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
500 People from Gaza enter France
115 Special programme for artists
25 Evacuation of injured and sick
The five pillars of Islam
The biog
Name: Younis Al Balooshi
Nationality: Emirati
Education: Doctorate degree in forensic medicine at the University of Bonn
Hobbies: Drawing and reading books about graphic design
Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20WallyGPT%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2014%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3ESaeid%20and%20Sami%20Hejazi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%3Cbr%3E%3Cstrong%3EInvestment%20raised%3A%20%3C%2Fstrong%3E%247.1%20million%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2020%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%20round%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2a)
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