Federal Reserve chairman Jerome Powell appears on a screen on the trading floor of the New York Stock Exchange. The US central bank on Wednesday delivered a smaller interest rate increase in its historic fight against inflation, while also indicating that more increases are to come. Reuters
Federal Reserve chairman Jerome Powell appears on a screen on the trading floor of the New York Stock Exchange. The US central bank on Wednesday delivered a smaller interest rate increase in its historic fight against inflation, while also indicating that more increases are to come. Reuters
Federal Reserve chairman Jerome Powell appears on a screen on the trading floor of the New York Stock Exchange. The US central bank on Wednesday delivered a smaller interest rate increase in its historic fight against inflation, while also indicating that more increases are to come. Reuters
Federal Reserve chairman Jerome Powell appears on a screen on the trading floor of the New York Stock Exchange. The US central bank on Wednesday delivered a smaller interest rate increase in its histo

Global markets mixed as Wall Street stumbles on surprisingly strong US jobs report


Alvin R Cabral
  • English
  • Arabic

Global stock markets ended the week on a mixed note, with Wall Street stumbling on a surprisingly strong US jobs report that raised concerns on the Federal Reserve continuing to raise interest rates.

US employers added a better-than-expected 517,000 jobs in January, far exceeding a Reuters estimation of 185,000, underlining the labour market's resilience despite aggressive actions from the Fed to tame inflation.

The unemployment rate also inched down from 3.5 per cent to 3.4 per cent, which was a new 53-year low.

The US central bank on Wednesday delivered a smaller interest rate increase in its historic fight against inflation, prompting stocks to rally. It raised interest rates by 25 basis points, while also indicating that more increases are to come.

"We had a mind-blowing number for US nonfarm payrolls; the reading was so good that many had to check the reading twice to make sure that there was nothing wrong there," said Naeem Aslam, chief market analyst at AvaTrade.

As a result, "traders are concerned that the Fed may adopt a more hawkish monetary policy given the strength of the labour market and their target of inflation reading".

At the close of trading in New York, the Dow Jones Industrial Average shed 0.4 per cent, the S&P 500 declined 1 per cent and the tech-heavy Nasdaq Composite retreated 1.6 per cent.

That marked a slowdown to the big rally Wall Street had posted at the beginning of 2022. For the week, the Dow declined 0.2 per cent, while the S&P still rose 1.6 per cent.

The Nasdaq was jolted by weak earnings reports from influential technology companies this week. Amazon was the biggest lag, falling 8.4 per cent despite beating revenue projections, while Google's parent company Alphabet declined 2.7 per cent as it missed estimates.

Apple, however, prevented more market declines, rising 2.4 per cent despite missing revenue forecasts on lower iPhone sales.

Still, the index surged 3.3 per cent in the week, its fifth straight weekly gain and the longest such streak since late 2021.

For the year, the Dow, S&P 500 and Nasdaq have gained 2.3 per cent, 7.7 per cent and 14.7 per cent, respectively.

"Investor sentiment remains cautious. The earnings season is in full swing, but it is unlikely to settle the debate between bulls and bears," Yves Bonzon, group chief investment officer at Julius Baer, wrote in a note.

In Europe, London's FTSE 100 and Paris' CAC 40 settled about 1 per cent higher at the close of trading, while Frankfurt's DAX declined 0.2 per cent.

Earlier in Asia, Tokyo's Nikkei 225 ended up 0.4 per cent. Hong Kong's Hang Seng Index and the Shanghai Composite declined 1.4 per cent and 0.7 per cent, respectively.

We had a mind-blowing number for US nonfarm payrolls; the reading was so good that many had to check the reading twice to make sure that there was nothing wrong there
Naeem Aslam,
chief market analyst at AvaTrade

The dollar gained after the US jobs report, rising from a Thursday's nine-month to hit 103.01 on Friday, its highest since January 12.

In commodities, oil prices settled lower on Friday, posting a second weekly loss and its lowest in three weeks, as a volatile session reflected investor concerns on higher interest rates.

Traders also kept an eye on the embargo on Russian petroleum products agreed upon by the EU, G7 and Australia, as well as signs that an economic recovery is underway in top crude importer China.

Brent fell $2.23, or 2.71 per cent, to $79.94 a barrel at the close of trading on Friday, while West Texas Intermediate lost $2.49 to settle 3.28 per cent lower at $73.39 a barrel.

Gold for April delivery, meanwhile, declined $54.20 to $1,876.60 an ounce.

Demand for the safe-haven precious metal rose by 18 per cent in 2022 to an 11-year high of 4,741 tonnes, driven by retail investors and central banks shoring up their bullion reserves, the World Gold Council said in its annual report released this week.

8 traditional Jamaican dishes to try at Kingston 21

  1. Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
  2. Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
  3. Mento Oxtail: flavoured oxtail stewed for five hours with herbs
  4. Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
  5. Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
  6. Jamaican beef patty: a pastry with ground beef filling
  7. Hellshire Pon di Beach: Fresh fish with pickles
  8. Out of Many: traditional sweet potato pudding
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
'O'
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Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
House-hunting

Top 10 locations for inquiries from US house hunters, according to Rightmove

  1. Edinburgh, Scotland 
  2. Westminster, London 
  3. Camden, London 
  4. Glasgow, Scotland 
  5. Islington, London 
  6. Kensington and Chelsea, London 
  7. Highlands, Scotland 
  8. Argyll and Bute, Scotland 
  9. Fife, Scotland 
  10. Tower Hamlets, London 

 

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.

Duterte Harry: Fire and Fury in the Philippines
Jonathan Miller, Scribe Publications

BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

RESULTS

Time; race; prize; distance

4pm: Maiden; (D) Dh150,000; 1,200m
Winner: General Line, Xavier Ziani (jockey), Omar Daraj (trainer)

4.35pm: Maiden (T); Dh150,000; 1,600m
Winner: Travis County, Adrie de Vries, Ismail Mohammed

5.10pm: Handicap (D); Dh175,000; 1,200m
Winner: Scrutineer, Tadhg O’Shea, Ali Rashid Al Raihe

5.45pm: Maiden (D); Dh150,000; 1,600m
Winner: Yulong Warrior, Richard Mullen, Satish Seemar

6.20pm: Maiden (D); Dh150,000; 1,600m
Winner: Ejaaby, Jim Crowley, Doug Watson

6.55pm: Handicap (D); Dh160,000; 1,600m
Winner: Storyboard, Richard Mullen, Satish Seemar

7.30pm: Handicap (D); Dh150,000; 2,200m
Winner: Grand Dauphin, Gerald Mosse, Ahmed Al Shemaili

8.05pm: Handicap (T); Dh190,000; 1,800m
Winner: Good Trip, Tadhg O’Shea, Ali Rashid Al Raihe

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

RESULTS

5pm: Maiden (PA) Dh80,000 1,400m, Winner SS Lamea, Saif Al Balushi (jockey), Ibrahim Al Hadhrami (trainer).

5.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,400m, Winner AF Makerah, Sean Kirrane, Ernst Oertel

6pm: Handicap (PA) Dh80,000 1,600m, Winner Maaly Al Reef, Brett Doyle, Abdallah Al Hammadi

6.30pm: Handicap (PA) Dh90,000 1,600m, Winner AF Momtaz, Antonio Fresu, Musabah Al Muhairi

7pm: Handicap (PA) Dh80,000 2,200m, Winner Morjanah Al Reef, Brett Doyle, Abdallah Al Hammadi

7.30pm: Handicap (TB) Dh100,000 2,200m, Winner Mudarrab, Jim Crowley, Erwan Charpy

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

UAE currency: the story behind the money in your pockets
MATCH INFO

Uefa Champions League semi-final, second leg result:

Ajax 2-3 Tottenham

Tottenham advance on away goals rule after tie ends 3-3 on aggregate

Final: June 1, Madrid

Stage result

1. Pascal Ackermann (GER) Bora-Hansgrohe, in 3:29.09

2. Caleb Ewan (AUS) Lotto-Soudal

3. Rudy Barbier (FRA) Israel Start-Up Nation

4. Dylan Groenewegen (NED) Jumbo-Visma

5. Luka Mezgec (SLO) Mitchelton-Scott

6. Alberto Dainese (ITA) Sunweb

7. Jakub Mareczko (ITA) CCC

8. Max Walscheid (GER) NTT

9. José Rojas (ESP) Movistar

10. Andrea Vendrame (ITA) Ag2r La Mondiale, all at same time

The full list of 2020 Brit Award nominees (winners in bold):

British group

Coldplay

Foals

Bring me the Horizon

D-Block Europe

Bastille

British Female

Mabel

Freya Ridings

FKA Twigs

Charli xcx

Mahalia​

British male

Harry Styles

Lewis Capaldi

Dave

Michael Kiwanuka

Stormzy​

Best new artist

Aitch

Lewis Capaldi

Dave

Mabel

Sam Fender

Best song

Ed Sheeran and Justin Bieber - I Don’t Care

Mabel - Don’t Call Me Up

Calvin Harrison and Rag’n’Bone Man - Giant

Dave - Location

Mark Ronson feat. Miley Cyrus - Nothing Breaks Like A Heart

AJ Tracey - Ladbroke Grove

Lewis Capaldi - Someone you Loved

Tom Walker - Just You and I

Sam Smith and Normani - Dancing with a Stranger

Stormzy - Vossi Bop

International female

Ariana Grande

Billie Eilish

Camila Cabello

Lana Del Rey

Lizzo

International male

Bruce Springsteen

Burna Boy

Tyler, The Creator

Dermot Kennedy

Post Malone

Best album

Stormzy - Heavy is the Head

Michael Kiwanuka - Kiwanuka

Lewis Capaldi - Divinely Uninspired to a Hellish Extent

Dave - Psychodrama

Harry Styles - Fine Line

Rising star

Celeste

Joy Crookes

beabadoobee

GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

RESULTS

Manchester United 2

Anthony Martial 30'

Scott McTominay 90 6' 

Manchester City 0

Updated: February 04, 2023, 9:35 AM