Wall Street rallied to close higher at the end of the penultimate trading week of 2024, lifted by a lower-than-expected US inflation report that allayed some investor concerns about the coming second administration of Donald Trump.
The Personal Consumption Expenditure index, which is the US Federal Reserve's preferred measurement of inflation, rose at an annual 2.4 per cent in November, official data showed on Friday, below analyst estimates of 2.5 per cent, but still above the central bank's 2 per cent goal.
Consumer spending, which makes up two-thirds of the US economy, added 0.4 per cent last month, another sign that the world's biggest economy is doing relatively well.
The Fed on Wednesday slashed its key interest rate for the third time in 2024 to stimulate economic activity as inflationary pressures subside. It has forecast two more rate cuts in 2025.
The Fed began its easing cycle with a 50-basis point cut in September as inflation slowed, after keeping rates at a 22-year high for more than a year. Last month, the regulator lowered the interest rate on reserve balances by 25 basis points.
The US entered a monetary easing cycle as the Fed aimed to prevent a recession and guide the economy to a soft landing.
Still, challenges remain, especially with Mr Trump's looming return to the White House casting clouds of uncertainty about his economic policies and tariff threats.
"The US yield curve is steepening, investors are not willing to buy longer-dated maturities on prospects of higher long-term inflation and ballooning debt," said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank.
On Wall Street, the Dow Jones Industrial Average climbed 1.2 per cent and the S&P 500 added 1.1 per cent for their best daily gains since early November. The tech-heavy Nasdaq Composite rose 1 per cent.
Still, the Dow, S&P 500 and Nasdaq fell for the week, retreating 2 per cent, 2.3 per cent and 1.8 per cent, respectively. For the year, they are up 13.7 per cent, 24.3 per cent and 30.4 per cent.
In Europe, London's FTSE 100 dropped to a one-month low before settling 0.3 per cent down for its worst showing since October on concerns over Mr Trump's threats to raise tariffs on Europe.
Paris's CAC 40 retreated 0.3 per cent and Frankfurt's DAX closed 0.4 per cent down.
Earlier in Asia, major bourses declined as investors tried to absorb the Fed's hawkish turn, in addition to Mr Trump's economic plans that include potentially higher tariffs.
Tokyo's Nikkei 225 settled 0.3 per cent lower, while Hong Kong's Hang Seng Index slipped 0.2 per cent and Shanghai Composite inched down 0.1 per cent.
In commodities, oil prices settled higher but still recorded a weekly loss due to concerns over crude demand growth next year, particularly in China.
Brent closed 0.08 per cent higher at $72.94 a barrel, while West Texas Intermediate added 0.12 per cent to $69.46. For the week, Brent and WTI slid 2 per cent and 1.9 per cent, respectively.
Gold, meanwhile, added 1.1 per cent to reach $2.623.18 an ounce, but still posted a weekly loss on the soft US inflation data.
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
The%20Roundup%20%3A%20No%20Way%20Out
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Lee%20Sang-yong%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Don%20Lee%2C%20Lee%20Jun-hyuk%2C%20Munetaka%20Aoki%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
More from Neighbourhood Watch:
Juliot Vinolia’s checklist for adopting alternate-day fasting
- Don’t do it more than once in three days
- Don’t go under 700 calories on fasting days
- Ensure there is sufficient water intake, as the body can go in dehydration mode
- Ensure there is enough roughage (fibre) in the food on fasting days as well
- Do not binge on processed or fatty foods on non-fasting days
- Complement fasting with plant-based foods, fruits, vegetables, seafood. Cut out processed meats and processed carbohydrates
- Manage your sleep
- People with existing gastric or mental health issues should avoid fasting
- Do not fast for prolonged periods without supervision by a qualified expert
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
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
SNAPSHOT
While Huawei did launch the first smartphone with a 50MP image sensor in its P40 series in 2020, Oppo in 2014 introduced the Find 7, which was capable of taking 50MP images: this was done using a combination of a 13MP sensor and software that resulted in shots seemingly taken from a 50MP camera.
Killing of Qassem Suleimani
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
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
Slow loris biog
From: Lonely Loris is a Sunda slow loris, one of nine species of the animal native to Indonesia, Malaysia, Thailand and Singapore
Status: Critically endangered, and listed as vulnerable on the International Union for Conservation of Nature red list due to growing demand in the global exotic pet trade. It is one of the most popular primate species found at Indonesian pet markets
Likes: Sleeping, which they do for up to 18 hours a day. When they are awake, they like to eat fruit, insects, small birds and reptiles and some types of vegetation
Dislikes: Sunlight. Being a nocturnal animal, the slow loris wakes around sunset and is active throughout the night
Superpowers: His dangerous elbows. The slow loris’s doe eyes may make it look cute, but it is also deadly. The only known venomous primate, it hisses and clasps its paws and can produce a venom from its elbow that can cause anaphylactic shock and even death in humans
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
