US markets closed sharply lower on Thursday on weaker than expected jobs data. Richard Drew / AP Photo
US markets closed sharply lower on Thursday on weaker than expected jobs data. Richard Drew / AP Photo

Asian markets down after US jobs disappoint, oil plunges



Asian markets mostly headed into the weekend on a negative note Friday following a sell-off on Wall Street, US jobs data coming in below par and a dive in oil prices fuelling losses across the energy sector.

In early European trade London fell 0.1 per cent, while Frankfurt and Paris were both flat.

Increasing expectations that central banks are about to start winding down their easy money policies are also weighing on buying sentiment and dragging on the dollar.

With traders already nervous over North Korea's latest missile provocation, analysts said there is little desire to buy risky assets such as stocks.

US markets closed sharply lower after payrolls firm ADP said private-sector employers added far fewer jobs last month than had been forecast.

The reading fanned concerns about the government's official figures later Friday as experts suggest another two hikes in US interest rates this year are no longer certain, stifling the greenback.

"Unless US economic data starts to improve again, the short-term outlook for the US dollar is rather negative," said AxiTrader market analyst Milan Cutkovic.

"Rate expectations have declined. The market is expecting only one more rate hike this year. More importantly, the Fed is no longer the only hawkish central bank amongst the developed economies."

While the US is showing some signs of softening, the global outlook is improving, which has emboldened central banks to begin scaling back the accommodative measures put in place during the financial crisis.

The Bank of England, Bank of Canada and European Central Bank are among those looking at tightening policies, bringing an end to the divergence that has supported the dollar for years.

The dollar edged up against the pound and euro Friday but held recent losses.

But it rallied against the yen after the Bank of Japan went on a bond-buying spree to lower yields on its benchmark 10-year notes, which had followed global rates higher Thursday, while there is also little expectation officials there will tighten policy any time soon.

On equity markets Tokyo's Nikkei ended 0.3 per cent lower, while Hong Kong slipped 0.3 per cent in the afternoon.

Sydney dived one per cent, Seoul 0.3 per cent lower and Singapore retreated 0.1 per cent. Wellington, Taipei and Jakarta were also in the red. But Shanghai ended the day 0.2 per cent higher.

Energy firms suffered hefty selling as oil prices tanked more than one per cent, following a pick-up in US production while profit-taking kicked in after a surge of around 10 per cent in the eight days up to the start of the week.

Market-watchers expect the crude market to continue seeing volatility as traders keep prices within a tight range above $40 and below $50 a barrel.

Eyes are now turning to the G20 summit in Germany, which is expected to be testy for Donald Trump owing to the North Korea crisis and following his outbursts over global trade, climate change and NATO.

*AFP

Pox that threatens the Middle East's native species

Camelpox

Caused by a virus related to the one that causes human smallpox, camelpox typically causes fever, swelling of lymph nodes and skin lesions in camels aged over three, but the animal usually recovers after a month or so. Younger animals may develop a more acute form that causes internal lesions and diarrhoea, and is often fatal, especially when secondary infections result. It is found across the Middle East as well as in parts of Asia, Africa, Russia and India.

Falconpox

Falconpox can cause a variety of types of lesions, which can affect, for example, the eyelids, feet and the areas above and below the beak. It is a problem among captive falcons and is one of many types of avian pox or avipox diseases that together affect dozens of bird species across the world. Among the other forms are pigeonpox, turkeypox, starlingpox and canarypox. Avipox viruses are spread by mosquitoes and direct bird-to-bird contact.

Houbarapox

Houbarapox is, like falconpox, one of the many forms of avipox diseases. It exists in various forms, with a type that causes skin lesions being least likely to result in death. Other forms cause more severe lesions, including internal lesions, and are more likely to kill the bird, often because secondary infections develop. This summer the CVRL reported an outbreak of pox in houbaras after rains in spring led to an increase in mosquito numbers.

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The Penguin

Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz

Creator: Lauren LeFranc

Rating: 4/5

How green is the expo nursery?

Some 400,000 shrubs and 13,000 trees in the on-site nursery

An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo

Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery

Approximately 340 species of shrubs and trees selected for diverse landscape

The nursery team works exclusively with organic fertilisers and pesticides

All shrubs and trees supplied by Dubai Municipality

Most sourced from farms, nurseries across the country

Plants and trees are re-potted when they arrive at nursery to give them room to grow

Some mature trees are in open areas or planted within the expo site

Green waste is recycled as compost

Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs

Construction workforce peaked at 40,000 workers

About 65,000 people have signed up to volunteer

Main themes of expo is  ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.

Expo 2020 Dubai to open in October 2020 and run for six months

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Cultural fiesta

What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421,  Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day. 

Results

6.30pm: Baniyas (PA) Group 2 Dh195,000 1,400m | Winner: ES Ajeeb, Sam Hitchcock (jockey), Ibrahim Aseel (trainer)

7.05pm: Maiden (TB) Dh165,000 1,400m | Winner: Al Shamkhah, Royston Ffrench, Sandeep Jadhav

7.40pm: Handicap (TB) Dh190,000 1,200m | Winner: Lavaspin, Richard Mullen, Satish Seemar

8.15pm: Maiden (TB) Dh165,000 1,200m | Winner: Kawasir, Dane O’Neill, Musabah Al Muhairi

8.50pm: Rated Conditions (TB) Dh240,000 1,600m | Winner: Cosmo Charlie, Pat Dobbs, Doug Watson

9.20pm: Handicap (TB) Dh165,000 1,400m | Winner: Bochart, Richard Mullen, Satish Seemar

10pm: Handicap (TB) Dh175,000 2,000m | Winner: Quartier Francais, Fernando Jara, Ali Rashid Al Raihe