World stocks held near a record high as strong US economic data, robust corporate earnings and the Federal Reserve's commitment to continue supporting the economy fuelled investors' appetite for risk.
Asian stocks had less luck, with MSCI's ex-Japan index losing 0.6 per cent, following a softer-than-expected survey on China's manufacturing.
"China's economic recovery in January-March was strong but there are some doubts over whether you can take it at face value," said Wang Shenshen, senior strategist at Mizuho Securities.
Chinese tech giant shares listed in Hong Kong also buckled as Beijing summoned 13 internet platforms to order them to strengthen compliance with regulations, weighing on the Hang Seng index.
Mainland Chinese shares lost 0.25 per cent while Japan's Nikkei shed 0.7 per cent on position adjustments ahead of a long weekend. Both markets will be closed through Wednesday.
European stocks are expected to dip slightly, with euro Stoxx futures down 0.1 per cent and Britain's FTSE futures trading 0.2 per cent lower.
MSCI's broadest gauge of world stocks covering 50 markets, ACWI, however, was little changed and stood close to a record peak touched the previous day and up 5.1 per cent on the month.
On Wall Street, the S&P 500 also closed at an all-time high while the Nasdaq Composite hit a intraday record before paring some gains.
For both ACWI and S&P500, analysts are now expecting the earnings in the next 12 months to recover to above their pre-pandemic levels.
With just over a half of S&P500 companies reporting earnings, about 87 per cent beat market expectations, according to Refinitiv, the highest level in recent years.
Amazon was the latest to report stellar results late on Thursday, lifting its shares by 2.4 per cent in after-hours trade.
Data on Thursday showed US economic growth accelerated in the first quarter, fuelled by massive government aid to households and businesses.
New York City aims to "fully reopen" on July 1 after more than a year of closures and capacity restrictions, Mayor Bill de Blasio said, buttressing hopes for recovery in the battered service sector, an important source of employment.
That came against the backdrop of the Federal Reserve's reassurance on Wednesday that it is not time yet to begin discussing any change in its easy monetary policy.
The 10-year US Treasury yield rose to 1.690 per cent, its highest in more than two weeks, and last stood at 1.640 per cent.
"For now we are likely to see strong economic data from the US and that means we need to be wary of further rise in US bond yields, and the dollar/yen," said Toshiya Nakamura, chief manager of forex trading at Mitsubishi Trust Bank.
In the currency market, the yen was listless at 108.79 per dollar, having hit a two-week low of 109.22 as higher US bond yields helped the dollar.
The positive risk mood saw the euro extending its bull run to a two-month high of $1.2150 in the previous session and it last stood at $1.2115. With 3.3 per cent gains so far this month, it is on course for its biggest monthly rise in 9 months.
The Canadian dollar extended its gains to a three-year high of C$1.22715 per US unit, boosted by the Bank of Canada's tapering of its bond-buying programme and higher commodities including oil and lumber.
Oil prices took a breather after hitting six-week highs on strong US economic data.
Brent slipped 0.8 per cent to $68 per barrel, after having hit a high of $68.95 on Thursday while US West Texas Intermediate (WTI) eased 0.9 per cent to $64.41 per barrel.
"Strong US data is supporting the market. But on the other hand, given that oil producers have capacities to boost outputs further, there will be resistances around $65 for WTI and $70 for Brent," said Tatsufumi Okoshi, senior commodity strategist at Nomura Securities.
Killing of Qassem Suleimani
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
RESULTS
Lightweight (female)
Sara El Bakkali bt Anisha Kadka
Bantamweight
Mohammed Adil Al Debi bt Moaz Abdelgawad
Welterweight
Amir Boureslan bt Mahmoud Zanouny
Featherweight
Mohammed Al Katheeri bt Abrorbek Madaminbekov
Super featherweight
Ibrahem Bilal bt Emad Arafa
Middleweight
Ahmed Abdolaziz bt Imad Essassi
Bantamweight (female)
Ilham Bourakkadi bt Milena Martinou
Welterweight
Mohamed Mardi bt Noureddine El Agouti
Middleweight
Nabil Ouach bt Ymad Atrous
Welterweight
Nouredine Samir bt Marlon Ribeiro
Super welterweight
Brad Stanton bt Mohamed El Boukhari
MATCH INFO
Asian Champions League, last 16, first leg:
Al Jazira 3 Persepolis 2
Second leg:
Monday, Azizi Stadium, Tehran. Kick off 7pm
More coverage from the Future Forum
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.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Brief scores:
Toss: India, opted to field
Australia 158-4 (17 ov)
Maxwell 46, Lynn 37; Kuldeep 2-24
India 169-7 (17 ov)
Dhawan 76, Karthik 30; Zampa 2-22
Result: Australia won by 4 runs by D/L method
The%20Genius%20of%20Their%20Age
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
Results
5pm Maiden (PA) Dh80,000 1,400m
Winner No Riesgo Al Maury, Szczepan Mazur (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm Handicap (PA) Dh80,000 1,600m
Winner Marwa W’Rsan, Sam Hitchcott, Jaci Wickham.
6pm Handicap (PA) Dh80,000 1,600m
Winner Dahess D’Arabie, Al Moatasem Al Balushi, Helal Al Alawi.
6.30pm Handicap (PA) Dh80,000 2,200m
Winner Safin Al Reef, Connor Beasley, Abdallah Al Hammadi.
7pm Wathba Stallions Cup Handicap (PA) Dh70,000 2,200m
Winner Thulbaseera Al Jasra, Shakir Al Balushi, Ibrahim Al Hadhrami.
7.30pm Maiden (TB) Dh 80,000 2,200m
Winner Autumn Pride, Szczepan Mazur, Helal Al Alawi.
Zayed Sustainability Prize
The biog
Age: 46
Number of Children: Four
Hobby: Reading history books
Loves: Sports
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
Mohammed bin Zayed Majlis
Rebel%20Moon%20%E2%80%93%20Part%20Two%3A%20The%20Scargiver%20review%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Zack%20Snyder%3Cbr%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Sofia%20Boutella%2C%20Charlie%20Hunnam%2C%20Ed%20Skrein%2C%20Sir%20Anthony%20Hopkins%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Mohammed bin Zayed Majlis
Jetour T1 specs
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Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
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Honeymoonish
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
