Global equities languished close to two-week lows on Thursday while the dollar traded near a four-month high against the euro, as investors worried that Europe's Covid-19 response was falling behind that in the United States.
European markets were under pressure, with the STOXX index of 600 European shares down 0.8 per cent and Britain's FTSE index down 1.1 per cent. The mood was not helped by data showing the biggest rise since January 9 in new confirmed coronavirus cases in Germany. The number of people with Covid-19 in French intensive care, meanwhile, set a high for 2021.
Extended lockdowns and worries about the pace of vaccinations across Europe hobbled the euro, which was down 0.1 per cent against the dollar, at $1.1807.
The dollar index had hit its highest since November 2020 overnight, at 92.697, breaking its 200-day moving average.
"The dollar is absolutely critical," said James Athey, investment director at Aberdeen Standard Investments.
"While the 'reflation trade' has been largely driven by US fiscal stimulus and thus growth and inflation expectations, it has also been driven by rising input prices coming from higher commodity prices.
"If the dollar starts rallying, that becomes a problem. It means commodity weakness and emerging-market weakness and it starts to provide a disinflationary countervailing narrative."
MSCI's gauge of world stocks was 0.2 per cent lower, down for a second day and at its lowest level in more than two weeks.
Its broadest index of Asia-Pacific shares outside Japan fell 0.2 per cent, bringing it closer to wiping out all the gains it has posted so far this year.
Weighing on sentiment was a sell-off in Chinese technology shares amid concern they will be delisted from US exchanges and worries about a semiconductor shortage.
In Hong Kong, companies with US listings led declines. JD.com lost 3.57 per cent and Alibaba fell 3.91 per cent.
China's blue-chip CSI300 index edged 0.05 per cent lower to its lowest close since December 11, weighed down by jitters about policy tightening and rising tensions between China and western countries over human rights allegations in Xinjiang.
The US securities regulator is introducing measures that would kick foreign companies off stock exchanges if they do not comply with US auditing standards, and require them to disclose any government affiliations – measures widely expected to hit Chinese companies.
As well as concerns about extended economic lockdowns in Europe, disruptions to the distribution of Covid-19 vaccinations and potential US tax hikes also dimmed investor sentiment.
"Rising interest rates, uncertainty of tax policy, concern over inflation all remain top-of-mind for investors. However, none of these themes speak to rising appetite for risk," said Peter Kenny of Kenny's Commentary and Strategic Board Solutions in Denver.
US crude fell 2.9 per cent to $59.41 per barrel, and Brent fell 2.7 per cent to $62.67 a barrel, giving back some gains made the previous day after one of the world's largest container ships ran aground in the Suez Canal, blocking the vital shipping lane.
Benchmark 10-year US Treasury yields eased to 1.6015 per cent. Investors have focused on the 10-year Treasury yield, pondering whether there is room for long-term interest rates to run, said David Kelly, chief global strategist at JPMorgan Asset Management.
"We know that the economy is primed to begin to really accelerate in the second quarter," Mr Kelly said. "But we haven't seen that acceleration yet, so that's what we're waiting for."
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How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
FIXTURES
All times UAE ( 4 GMT)
Saturday
Fiorentina v Torino (8pm)
Hellas Verona v Roma (10.45pm)
Sunday
Parma v Napoli (2.30pm)
Genoa v Crotone (5pm)
Sassuolo v Cagliari (8pm)
Juventus v Sampdoria (10.45pm)
Monday
AC Milan v Bologna (10.45om)
Playing September 30
Benevento v Inter Milan (8pm)
Udinese v Spezia (8pm)
Lazio v Atalanta (10.45pm)
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Top tips
Create and maintain a strong bond between yourself and your child, through sensitivity, responsiveness, touch, talk and play. “The bond you have with your kids is the blueprint for the relationships they will have later on in life,” says Dr Sarah Rasmi, a psychologist.
Set a good example. Practise what you preach, so if you want to raise kind children, they need to see you being kind and hear you explaining to them what kindness is. So, “narrate your behaviour”.
Praise the positive rather than focusing on the negative. Catch them when they’re being good and acknowledge it.
Show empathy towards your child’s needs as well as your own. Take care of yourself so that you can be calm, loving and respectful, rather than angry and frustrated.
Be open to communication, goal-setting and problem-solving, says Dr Thoraiya Kanafani. “It is important to recognise that there is a fine line between positive parenting and becoming parents who overanalyse their children and provide more emotional context than what is in the child’s emotional development to understand.”
Zayed Sustainability Prize
SPECS
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White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Results
5pm: Warsan Lake – Maiden (PA) Dh80,000 (Turf) 2,200m; Winner: Dhaw Al Reef, Sam Hitchcott (jockey), Abdallah Al Hammadi (trainer)
5.30pm: Al Quadra Lake – Maiden (PA) Dh80,000 (T) 1,600m; Winner: Mrouwah Al Gharbia, Sando Paiva, Abubakar Daud
6pm: Hatta Lake – Handicap (PA) Dh80,000 (T) 1,600m; Winner: AF Yatroq, George Buckell, Ernst Oertel
6.30pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,600m; Winner: Ashton Tourettes, Adries de Vries, Ibrahim Aseel
7pm: Abu Dhabi Championship – Listed (PA) Dh180,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami
7.30pm: Zakher Lake – Rated Conditions (TB) Dh80,000 (T) 1,400m; Winner: Alfareeq, Dane O’Neill, Musabah Al Muhairi.
Read more about the coronavirus
Killing of Qassem Suleimani
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
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
The specs
Engine: 3.0-litre 6-cyl turbo
Power: 374hp at 5,500-6,500rpm
Torque: 500Nm from 1,900-5,000rpm
Transmission: 8-speed auto
Fuel consumption: 8.5L/100km
Price: from Dh285,000
On sale: from January 2022
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Sukuk explained
Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.
