Nation has always enjoyed the advantages of geography and political stability
business3 days ago
European and Asian stock markets mostly dropped Friday, hit by concerns for the US tech sector after poorly-received earnings.
Traders were expecting losses at the Wall Street open after Apple, Amazon and Google owner Alphabet indicated following Thursday's close that high interest rates and sky-high inflation were weighing on consumer demand.
Investors will also be watching on Friday the US monthly jobs data for clues on the future pace of Federal Reserve rate hikes and the likelihood of the world's biggest economy entering recession this year.
The dollar was down against its main rivals Friday, the end of a week in which the European Central Bank and Bank of England lifted interest rates by more than the Fed.
Markets were pricing in also fresh geopolitical concerns after China said it was working to verify claims that Beijing flew a spy balloon over the United States, warning against "hype" over the issue.
"Futures are pointing towards weakness on Wall Street later, reversing the gains it made before the after-hours shockers from Apple, Amazon and Alphabet," noted AJ Bell investment director Russ Mould.
On the upside, the Nasdaq piled on more than three percent Thursday thanks to forecast-beating results from Facebook parent Meta.
Mould said investors were looking for a Goldilocks set of (US employment) figures which are neither so weak they raise the sceptre of a severe recession nor so robust they suggest the jobs market is still running too hot" and therefore risking more aggressive rate hikes.
In Asia, shares in Indian conglomerate Adani fell further.
Beleaguered Indian tycoon Gautam Adani on Friday denied that his rise to become Asia's richest man -- a title he has lost in a phenomenal stock rout this week -- was thanks to Prime Minister Narendra Modi.
Combined market capitalisation in Adani's listed units has collapsed by about $120 billion -- or half their previous value -- since US short-seller Hindenburg Research, which makes money by betting on shares falling, released an explosive report last week.
It accused Adani of accounting fraud and artificially boosting its share prices, calling it a "brazen stock manipulation and accounting fraud scheme" and "the largest con in corporate history".
Critics say Adani's close relationship with Modi, who is also from Gujarat state, has helped him win business and avoid proper oversight.
Adani on Friday called the allegations "baseless".
Elsewhere, crude prices extended Thursday's losses on concerns about the economic outlook and demand, with US stockpiles rising last week more than expected.
"Oil's in a bit of a limbo as the market awaits tangible signs of China's oil demand recovery," Vandana Hari, of Vanda Insights, said.
The Kremlin on Friday warned of a "further imbalance" to global energy markets ahead of an EU embargo on Russian oil products due to come into force this weekend.
An EU-wide ban on Russia oil products -- such as diesel, gasoline and jet fuel -- is set to come into effect on Sunday alongside a G7 price cap on these products.
It will expand upon an EU embargo on seaborne deliveries of Russian crude oil that was introduced in December last year.
Nation has always enjoyed the advantages of geography and political stability
business3 days ago
Travel Tricks explores collaboration for MICE opportunities
business3 days ago
6G will further elevate capabilities of robots, AI, autonomous transport and remote surgery/diagnostics among others
business4 days ago
Net profit (after tax) up 32% per cent y-o-y to Dh1.45 billion
business4 days ago
UAE business activity and business confidence remained strong
business4 days ago
Telco’s AGM to approve cash dividends of 40 fils per share for H2 of 2023
business5 days ago
Total income reached to Dh5.607 billion compared to Dh4.431 billion, a solid expansion of 26.5 per cent YoY
business5 days ago
Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah, presented the awards to the winners in various categories
business5 days ago