The floods on Friday also destroyed about 2,000 houses, and damaged thousands more homes and businesses
world4 hours ago
World stocks closed out a notably profitable year, with Wall Street recording its best annual performances since 2013, boosted by hopes for a US-China trade deal.
New York rallied into the close, turning positive for the day and leaving the broad-based S&P 500 and tech-heavy Nasdaq up 29 per cent and 35 per cent respectively for 2019, the best showings in six years.
Key European markets showed increases of 25 per cent or more for the year, partly thanks to late surges on receding recession fears and easing China-US trade war tensions.
Brexit-hit London, however, trailed its peers with a 12 per cent annual rise, less than half the percentage increase managed by Paris, Frankfurt and Milan.
Earlier on Tuesday as US markets were about to open, President Donald Trump tweeted that a partial trade deal with China would be signed in Washington on January 15, ending some of the uncertainty about efforts to cement the deal announced earlier this month.
Quincy Krosby of Prudential Financial told AFP the US-China detente could help decide the direction of the global economy next year.
"Much of the enthusiasm in the market is based on the idea that global growth is going to begin to accelerate, albeit slowly," she said. "The question will be, do we actually see positive growth, especially in China?"
Demand in China is crucial to chances for renewed growth in global trade, while the China trade agreement could see US corporations begin investing again after a year when corporate capital spending stagnated worryingly, according to Krosby.
"While market volumes are predictably light, investors continue to strike a year-end cautionary tone as December optimism is gradually giving way to 2020's uncertainty," Stephen Innes, chief Asia market strategist at AxiTrader, said in a client note.
Asian investors were also watching for significant policy announcements early in the New Year.
In a New Year's speech on Wednesday, North Korean leader Kim Jong Un struck a decisively militaristic tone, warning of a new strategic weapon and "shocking" action.
Analysts said all eyes were on nuclear-armed Pyongyang's threat of a "new way" after its end-of-year deadline for sanctions relief from the United States.
An address by China's President Xi Jinping will be followed closely by the markets as well.
- AFP
The floods on Friday also destroyed about 2,000 houses, and damaged thousands more homes and businesses
world4 hours ago
They waited nearly two decades before the club was able to break the trophy drought
football4 hours ago
For the last three months, Marwa Harb's journey through intensive treatments has shown positive results
uae4 hours ago
Stunning win over American Tommy Paul sets up Italian Open title clash against against Alexander Zverev
sports5 hours ago
For most, these marketing calls are nothing but annoying distractions — for some, however, it's a job
uae5 hours ago
Pep Guardiola's all-conquering Blues go into the final day of the season on Sunday with a two-point cushion over the Gunners thanks to an eight-game winning streak
sports5 hours ago
The event connected students with global university representatives, parents, and guidance counsellors
kt network5 hours ago
Flagship carriers Emirates and Etihad have issued a statement as some flights in Munich were either cancelled or diverted
aviation5 hours ago