US stocks ended higher on Friday on speculation that president-elect Donald Trump may temper his trade tariff threats.
The Dow Jones Industrial Average closed 0.4 per cent higher at 44,910.65, while the S&P 500 jumped 0.6 per cent to 6,032.38. The Nasdaq Composite rose 0.8 per cent to 19,218.17.
"With many US investors still out after being off for Thanksgiving yesterday, the key theme that has emerged in the last few days is the easing of tariff fears," AFP reported, quoting Fawad Razaqzada, market analyst at City Index and Forex.com.
Last week, Mr Trump said he will impose an extra 10 per cent tariff on goods from China and a tariff of 25 per cent on all products from Mexico and Canada, saying the additional levies will force America's neighbours to do more to stop migrants and illegal drugs flowing across US borders.
Mr Trump campaigned on pledges to introduce sweeping tariffs on allies and adversaries alike, policies, he says, will help pressure companies to restore manufacturing jobs in the US and raise revenue for the federal government.
However, tariff threats eased in recent days following a phone call between Mr Trump and Mexican President Claudia Sheinbaum, who afterwards said: "There will not be a potential tariff war."
Canadian Prime Minister Justin Trudeau also visited Donald Trump's Florida resort on Friday to meet the US president-elect, according to Reuters.
The outcome of the meeting is still not yet known but Canada is a major US trade partner, with the vast majority of its four million barrels per day of crude exports going to the US.
Chip companies notched gains, with Nvidia closing 2.2 per cent up, after a news report that President Joe Biden's administration was mulling further curbs on semiconductor equipment sales to China that were less severe than anticipated.
"While tariffs do not serve to optimism about lower interest rates, these protectionist policies are likely to ease the burden of competition for domestic US companies," Samer Hasn, senior market analyst at XS.com, said.
"This, in addition to the expected broad tax relief and reduced regulatory burdens, should provide a further boost to corporate profitability, which explains the continued gains in markets since Trump’s victory."
Global stocks also rose boosted by easing of tariff threat concerns.
In Europe, London's FTSE 100 rose 0.1 per cent, Paris' CAC 40 added 0.8 per cent, while Frankfurt's DAX was up 1 per cent when markets closed on Friday.
In Asia, Hong Kong’s Hang Seng index edged 0.3 per cent higher and Shanghai’s composite was up 0.9 per cent, with Japan’s Nikkei down 0.4 per cent.
Meanwhile, oil prices settled lower on easing Middle East tensions following a ceasefire deal between Israel and Hezbollah, with Brent down 0.46 per cent to close at $72.94 a barrel and West Texas Intermediate trading lower at $68 a barrel.
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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.
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Mohammed bin Zayed Majlis
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- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
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Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
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.
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While you're here
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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Low turnout
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
Dengue%20fever%20symptoms
Neighbourhood Watch
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
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Match statistics
Abu Dhabi Harlequins 36 Bahrain 32
Harlequins
Tries: Penalty 2, Stevenson, Teasdale, Semple
Cons: Stevenson 2
Pens: Stevenson
Bahrain
Tries: Wallace 2, Heath, Evans, Behan
Cons: Radley 2
Pen: Radley
Man of the match: Craig Nutt (Harlequins)
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Zayed Sustainability Prize
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
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Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
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Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
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- Con Coughlin: Choice of the British people will be vindicated
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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
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Read part two: how climate change drove the race for an alternative
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.
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Nick's journey in numbers
Countries so far: 85
Flights: 149
Steps: 3.78 million
Calories: 220,000
Floors climbed: 2,000
Donations: GPB37,300
Prostate checks: 5
Blisters: 15
Bumps on the head: 2
Dog bites: 1
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Simon Rushton: War vet raises £12m for health workers
