The dollar rose and stocks around the globe rallied for a sixth straight session on Friday to post their best week in more than two years, but a US indictment over alleged Russian meddling in the 2016 presidential election cooled gains on Wall Street.
The 37-page indictment of a Russian internet agency filed by Special Counsel Robert Mueller described a conspiracy with the aim of supporting Donald Trump and sowing discord in the US political system.
Wall Street turned south on news of the indictment but soon rebounded as the fundamental story has not changed, said Ben Phillips, chief investment officer of EventShares, referring to a strong corporate earnings outlook and robust economy.
Analysts continue to underestimate the pace of global growth, which has led more companies to meet or beat analysts’ earnings expectations than in any quarter in 20 years, according to calculations earlier this week by Credit Suisse.
Fourth-quarter results for European companies in the STOXX 600 index are expected to increase 14.6 per cent from a year ago, while the blended earnings growth estimate for the S&P 500 is 15 per cent, Reuters data show.
Since a market rout was sparked two weeks ago on fears of rising inflation and its impact on interest rates, a tug of war has ensued between investors seeking safety in bonds or betting a nine-year bull market in stocks is still alive.
Investors also are concerned about how the Federal Reserve will deal with still-low inflation without killing an economy and inflate asset bubbles, said Michael Arone, chief investment strategist at State Street Global Advisors in Boston.
“That’s a very difficult spot. The market recognises that challenge and is wondering how the Fed will address it,” he said.
But investors are getting comfortable with the idea that growth is sufficient enough to withstand the expected rate increases the Fed has projected this year as well as signs of rising inflation, Arone said.
MSCI’s index of stock markets across the globe rose 0.26 per cent to gain 4.3 per cent for the week, the best weekly performance since December 2011.
Stocks were poised for their best week in six years until news of the special counsel indictment pared some gains.
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Digitisation in emerging markets to change flow of trade
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The pan-European FTSEurofirst 300 index of leading regional shares rose 1.11 per cent to 1,491.71.
On Wall Street, the Dow Jones Industrial Average .closed up 19.01 points, or 0.08 per cent, to 25,219.38. The S&P 500 gained 1.02 points, or 0.04 per cent, to 2,732.22 and the Nasdaq Composite dropped 16.97 points, or 0.23 per cent, to 7,239.47.
Investors are trying to determine whether the market is in an overdue correction or the beginning of something worse, Mr Arone said.
“It looks like this week they’re comfortable about uncertainty and the risks that are associated with it, and stocks are moving higher based on fundamentals,” he said.
US Treasury prices rose as investors bought back bonds after a sell-off earlier in the week as investor jitters over rising inflation raised the possibility the Federal Reserve may hike interest rates at a faster pace than expected this year.
Borrowing costs across the euro area fell, though the prospect of higher inflation and a move toward tighter monetary policy from major central banks weighed on sentiment across world bond markets.
Short-dated bond yields in Germany, the euro zone’s benchmark bond issuer, have risen by about 7 basis points this week and are set for their biggest weekly rise in eight weeks.
Benchmark 10-year US Treasury notes rose 6/32 in price to push their yield down to 2.8713 per cent.
The dollar rose on the day but remained on track to post its biggest weekly loss in nine months as negative sentiment offset any support the greenback had from higher Treasury yields.
The dollar index .DXY, tracking a basket of major currencies, rose 0.58 percent, with the euro down 0.81 per cent to $1.2404. The Japanese yen weakened 0.18 per cent versus the greenback at 106.33 per dollar.
Oil prices rose, as the rebound in the global equities market and the dollar’s recent weakness supported their recovery from last week’s slide.
US West Texas Intermediate crude for March delivery rose 34 cents to settle at $61.68 a barrel. Brent settled up 51 cents at $64.84.
US April gold futures settled up $0.9, or 0.1 per cent, at $1,356.20 per ounce.
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
SPECS%3A%20Polestar%203
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SPECS
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RESULTS
5pm: Sheikh Mansour bin Zayed Al Nahyan Racing Festival Purebred Arabian Cup Conditions (PA) Dh 200,000 (Turf) 1,600m
Winner: Hameem, Adrie de Vries (jockey), Abdallah Al Hammadi (trainer)
5.30pm: Sheikha Fatima bint Mubarak Cup Conditions (PA) Dh 200,000 (T) 1,600m
Winner: Winked, Connor Beasley, Abdallah Al Hammadi
6pm: Sheikh Sultan bin Zayed Al Nahyan National Day Cup Listed (TB) Dh 380,000 (T) 1,600m
Winner: Boerhan, Ryan Curatolo, Nicholas Bachalard
6.30pm: Sheikh Sultan bin Zayed Al Nahyan National Day Group 3 (PA) Dh 500,000 (T) 1,600m
Winner: AF Alwajel, Tadhg O’Shea, Ernst Oertel
7pm: Sheikh Sultan bin Zayed Al Nahyan National Day Jewel Crown Group 1 (PA) Dh 5,000,000 (T) 2,200m
Winner: Messi, Pat Dobbs, Timo Keersmaekers
7.30pm: Sheikh Mansour bin Zayed Al Nahyan Racing Festival Handicap (PA) Dh 150,000 (T) 1,400m
Winner: Harrab, Ryan Curatolo, Jean de Roualle
8pm: Wathba Stallions Cup Handicap (PA) Dh 100,000 (T) 1,400m
Winner: AF Alareeq, Connor Beasley, Ahmed Al Mehairbi
The Ashes
Results
First Test, Brisbane: Australia won by 10 wickets
Second Test, Adelaide: Australia won by 120 runs
Third Test, Perth: Australia won by an innings and 41 runs
Fourth Test: Melbourne: Drawn
Fifth Test: Australia won by an innings and 123 runs
UAE currency: the story behind the money in your pockets
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
The specs: Aston Martin DB11 V8 vs Ferrari GTC4Lusso T
Price, base: Dh840,000; Dh120,000
Engine: 4.0L V8 twin-turbo; 3.9L V8 turbo
Transmission: Eight-speed automatic; seven-speed automatic
Power: 509hp @ 6,000rpm; 601hp @ 7,500rpm
Torque: 695Nm @ 2,000rpm; 760Nm @ 3,000rpm
Fuel economy, combined: 9.9L / 100km; 11.6L / 100km
SPECS
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The%20Specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.6-litre%204-cylinder%20petrol%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E118hp%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20149Nm%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20Six-speed%20automatic%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh61%2C500%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
Two-step truce
The UN-brokered ceasefire deal for Hodeidah will be implemented in two stages, with the first to be completed before the New Year begins, according to the Arab Coalition supporting the Yemeni government.
By midnight on December 31, the Houthi rebels will have to withdraw from the ports of Hodeidah, Ras Issa and Al Saqef, coalition officials told The National.
The second stage will be the complete withdrawal of all pro-government forces and rebels from Hodeidah city, to be completed by midnight on January 7.
The process is to be overseen by a Redeployment Co-ordination Committee (RCC) comprising UN monitors and representatives of the government and the rebels.
The agreement also calls the deployment of UN-supervised neutral forces in the city and the establishment of humanitarian corridors to ensure distribution of aid across the country.
EA%20Sports%20FC%2024
%3Cp%3EDeveloper%3A%20EA%20Vancouver%2C%20EA%20Romania%3Cbr%3EPublisher%3A%20EA%20Sports%3Cbr%3EConsoles%3A%20Nintendo%20Switch%2C%20PlayStation%204%26amp%3B5%2C%20PC%20and%20Xbox%20One%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
Company%20Profile
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MATCH DETAILS
Chelsea 4
Jorginho (4 pen, 71 pen), Azpilicueta (63), James (74)
Ajax 4
Abraham (2 og), Promes (20). Kepa (35 og), van de Beek (55)
COMPANY%20PROFILE%20
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.