US stocks fell and the dollar rose on Friday, even as Treasury yields gained, with traders anxious about inflation and what the Federal Reserve will do to combat it.
With higher rates looming, large technology stocks such as Amazon and Alphabet fell more than 2 per cent.
Major banks such as JPMorgan, Bank of America and Deutsche Bank declined more than 2 per cent, a reversal of the sector's late-summer rebound.
And an earnings miss by heavy equipment maker Deere & Co added to the risk-off mood.
The Dow Jones Industrial Average fell 0.86 per cent to 33,706.15, the S&P 500 lost 1.29 per cent to 4,228.37, and the Nasdaq Composite dropped about 2 per cent to 12,705.22.
European shares fell on Friday and posted a weekly loss as the highest-ever jump in German producer prices in July added to gloom over the economic outlook. The pan-European STOXX 600 ended 0.8 per cent lower.
The MSCI world equity index, which tracks shares in 47 countries, was down 1.3 per cent.
"When market participants start to return from their holidays and look back ... they will find central banks still far from having achieved their goals of reining in inflation," ING rates strategists said in a note to clients.
"That means a continued tussle between central bank tightening expectations and recession fears."
US central bank officials have "a lot of time still" before they need to decide how large an interest rate increase to approve at their September 20 and 21 policy meeting, Richmond Federal Reserve president Thomas Barkin said on Friday.
But more hawkish Fed official comments on Thursday helped push the dollar index up on Friday around 0.5 per cent, a one-month high. The euro was down 0.44 per cent at $1.003.
US Treasury yields also rose on Friday, mimicking European bonds' own sell-off on inflationary fears.
The US benchmark 10-year Treasury yield rose to a month high of 2.9776 per cent, just shy of the 3 per cent threshold it crossed in May for the first time since 2018 as investors worried about the US Federal Reserve's plan to tighten monetary conditions.
Next week, investors will be paying close attention to minutes from the European Central Bank's July meeting, as well as comments by Fed chair Jerome Powell when he addresses the annual global central banking conference in Jackson Hole, Wyoming, on August 26.
"Incoming data, on net, suggests the US economy retains fairly healthy momentum," Michael Gapen, a Bank of America economist, wrote in a client note. He cited improving motor vehicle assembly and retail sales data, but noted declining housing numbers.
"Incoming data was not uniformly strong ... and we note that stronger momentum will ultimately be met with additional policy rate firming," Mr Gapen added.
Oil prices steadied on Friday, but fell for the week on a stronger US dollar and fears that an economic slowdown would weaken crude demand.
US crude fell 0.4 per cent to $90.14 per barrel and Brent was at $96.04, down 0.57 per cent on the day.
Cryptocurrencies fell sharply, with sudden selling dragging Bitcoin to a three-week low. It was last at $21,332, down nearly 9 per cent on the day.
Gold was headed for its first weekly drop in a month after hitting a three-week low. Spot gold fell for a fifth straight session, down about 0.67 per cent at $1,746 per ounce, in what could be its longest losing streak since November 2021.
Recycle Reuse Repurpose
New central waste facility on site at expo Dubai South area to handle estimated 173 tonne of waste generated daily by millions of visitors
Recyclables such as plastic, paper, glass will be collected from bins on the expo site and taken to the new expo Central Waste Facility on site
Organic waste will be processed at the new onsite Central Waste Facility, treated and converted into compost to be re-used to green the expo area
Of 173 tonnes of waste daily, an estimated 39 per cent will be recyclables, 48 per cent organic waste and 13 per cent general waste.
About 147 tonnes will be recycled and converted to new products at another existing facility in Ras Al Khor
Recycling at Ras Al Khor unit:
Plastic items to be converted to plastic bags and recycled
Paper pulp moulded products such as cup carriers, egg trays, seed pots, and food packaging trays
Glass waste into bowls, lights, candle holders, serving trays and coasters
Aim is for 85 per cent of waste from the site to be diverted from landfill
Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche
“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox
“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite
“I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy
“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
