Stocks in the US closed a notch below their all-time high on Wednesday, boosted by a surge in technology stocks, as improving economic data and hopes for a potential Covid-19 pandemic vaccine buoyed investor sentiment.
The S&P 500, which briefly climbed above its February 19 record close of 3,386.15 climbed 1.4 per cent. Ten of the benchmark index’s 11 industry sectors rallied with technology, health care and consumer discretionary shares leading the gains.
The Nasdaq Composite outperformed the S&P index with a 2.3 per cent rise. Apple, Microsoft, Amazon and Tesla all jumped. Treasury yields dropped after the government sold $38 billion (Dh139.46bn) in 10-year notes. Gold rallied and silver joined the bullion’s rebound.
“The buy-everything trade returned with a vengeance overnight, greenlighted by higher than expected US inflation and core Inflation,” Jeffrey Halley, a senior market analyst for Asia Pacific at Oanda, said.
The continuation of the rally was due to a "sigh of relief that the US isn't facing deflationary pressures”, he said.
Core inflation in the US rose to 1.6 per cent, a four-month high, following 1.2 per cent in June. Consumer prices also saw a more-than-expected jump, with the consumer price index rising 0.6 per cent from the prior month. It follows a 0.6 per cent gain in June, the US Labour Department figures showed on Wednesday.
Stocks markets in the US, the world's largest economy, ended their longest ever bull run in March when the S&P 500 Index and the Dow Jones Industrial Average both fell into bear market territory.
More than $20 trillion was wiped off the value of financial markets globally, but US equities have since staged an unprecedented rally. The index Wednesday capped its 50 per cent gain since the March lows as investors hoped for a breakthrough in the development of a coronavirus vaccine.
Earlier this week, the US government signed a $1.5bn deal with the American biotech company Moderna, which is working on a mRNA vaccine, to acquire 100 million doses. Russia has also given regulatory approval to the world's first Covid-19 vaccine, two months after the developer started clinical testing. Russia plans to produce 500 million units of the Sputnik V vaccine over the next year.
“If I was to describe the market performance over the past six months, the only word that comes to my mind would be ‘surreal’," said Hussein Sayed, chief market strategist at brokerage firm FXTM. "2020 cannot be compared to any other year in terms of the brutal plunge in the S&P 500 and the speed of its recovery.”
The rise in US equities also helped the Stoxx Europe 600 Index continue its rally into a fourth day. The FTSE 100 advanced 2 per cent, while the CAC40 and the DAX in France and German respectively also increased 0.9 each on Wednesday.
However, the rally slowed in Asia on Thursday, with the Nikkei 225 advancing 2.04 per cent, but the Shanghai Shenzhen CSI 300 Index and the Hong Kong Hang Seng Index dropped.
The Stoxx Europe 600 Index declined 0.4 per cent and Germany’s DAX Index dipped 0.3 per cent, during early trade on Thursday. Futures on the S&P 500 Index were also down 0.1 per cent at 1:53pm UAE time.
US weekly jobless data will be the centre of attention later on Thursday. Markets are pricing in initial jobless claims, and continuing claims to remain stuck at 1.2 million and 16 million respectively, Mr Halley of Oanda said.
“What’s more worrying is the army of 16 million jobless in the US, who are craving for the next fiscal stimulus package to pass as infection numbers continue surging," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said in a note.
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
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Killing of Qassem Suleimani
More from Neighbourhood Watch:
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
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.”
UAE%20Warriors%2045%20Results
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Company%20Profile
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The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
RACECARD
4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m
Avatar%20(2009)
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EJames%20Cameron%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ESam%20Worthington%2C%20Zoe%20Saldana%2C%20Sigourney%20Weaver%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
The biog
Name: Dr Lalia Al Helaly
Education: PhD in Sociology from Cairo
Favourite authors: Elif Shafaq and Nizar Qabbani.
Favourite music: classical Arabic music such as Um Khalthoum and Abdul Wahab,
She loves the beach and advises her clients to go for meditation.
Manchester City 4
Otamendi (52) Sterling (59) Stones (67) Brahim Diaz (81)
Real Madrid 1
Oscar (90)
Martin Sabbagh profile
Job: CEO JCDecaux Middle East
In the role: Since January 2015
Lives: In the UAE
Background: M&A, investment banking
Studied: Corporate finance
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Is it worth it? We put cheesecake frap to the test.
The verdict from the nutritionists is damning. But does a cheesecake frappuccino taste good enough to merit the indulgence?
My advice is to only go there if you have unusually sweet tooth. I like my puddings, but this was a bit much even for me. The first hit is a winner, but it's downhill, slowly, from there. Each sip is a little less satisfying than the last, and maybe it was just all that sugar, but it isn't long before the rush is replaced by a creeping remorse. And half of the thing is still left.
The caramel version is far superior to the blueberry, too. If someone put a full caramel cheesecake through a liquidiser and scooped out the contents, it would probably taste something like this. Blueberry, on the other hand, has more of an artificial taste. It's like someone has tried to invent this drink in a lab, and while early results were promising, they're still in the testing phase. It isn't terrible, but something isn't quite right either.
So if you want an experience, go for a small, and opt for the caramel. But if you want a cheesecake, it's probably more satisfying, and not quite as unhealthy, to just order the real thing.
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Series information
Pakistan v Dubai
First Test, Dubai International Stadium
Sun Oct 6 to Thu Oct 11
Second Test, Zayed Stadium, Abu Dhabi
Tue Oct 16 to Sat Oct 20
Play starts at 10am each day
Teams
Pakistan
1 Mohammed Hafeez, 2 Imam-ul-Haq, 3 Azhar Ali, 4 Asad Shafiq, 5 Haris Sohail, 6 Babar Azam, 7 Sarfraz Ahmed, 8 Bilal Asif, 9 Yasir Shah, 10, Mohammed Abbas, 11 Wahab Riaz or Mir Hamza
Australia
1 Usman Khawaja, 2 Aaron Finch, 3 Shaun Marsh, 4 Mitchell Marsh, 5 Travis Head, 6 Marnus Labuschagne, 7 Tim Paine, 8 Mitchell Starc, 9 Peter Siddle, 10 Nathan Lyon, 11 Jon Holland
