Global stocks closed higher on Friday, ending a tumultuous August and marking the fourth consecutive month of gains, after US economic data raised expectations that the Federal Reserve will cut interest rates modestly in September.
On Wall Street, the S&P 500 rose 1 per cent to finish August with a gain of 2.3 per cent, while the Dow Jones Industrial Average rose 0.6 per cent to set an all-time high and the Nasdaq Composite climbed 1.1 per cent.
"The US economy rebounded in Q2 but the rebound didn’t increase price pressures. In plain English, the data tasted exactly how investors love it – with the additional sweet topping – for the Fed rate cut expectations – that it has slowed in the Q3 but slowed from a higher mark," Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said.
The market closed on a high note after US inflation rose 0.2 per cent in July, according to data by the Commerce Department released on Friday. Consumer spending, which accounts for more than two-thirds of US economic activity, rose 0.5 per cent last month, the report showed.
The Fed has held its benchmark rate steady since July 2023. The Fed may begin cutting interest rates for the first time in four years at its meeting on September 17 and September 18.
In Asia, Tokyo's Nikkei fell 1.16 per cent for the month after rising 0.74 per cent on Friday.
Hong Kong's Hang Seng index rose 1.14 per cent on Friday, while the Shanghai Composite gained 0.68 per cent.
In Europe, London's FTSE 100 bucked the trend as it eased 0.04 per cent, while the Paris CAC 40 slipped 0.13 per cent.
Oil prices fell on Friday at the market close. Brent crude settled 1.43 per cent lower at $78.80 a barrel, marking a drop of 0.3 per cent for the week and 2.4 per cent in August.
US West Texas Intermediate crude also settled down 3.11 per cent to $73.55, a decline of 1.7 per cent in the week and a 3.6 per cent decrease for the month.
Gold prices weakened on Friday but recorded a 2.8 per cent monthly gain for August. Spot gold lost 0.71 per cent to $2,503.4 an ounce, while US gold futures settled 1.3 per cent lower at $2,527.6
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- Edinburgh, Scotland
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
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Transmission: 10-speed auto
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
UAE currency: the story behind the money in your pockets
Jumanji: The Next Level
Director: Jake Kasdan
Stars: Dwayne Johnson, Kevin Hart, Karen Gillan, Jack Black, Nick Jonas
Two out of five stars
Day 5, Abu Dhabi Test: At a glance
Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.
Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.
The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.
The biog
Age: 59
From: Giza Governorate, Egypt
Family: A daughter, two sons and wife
Favourite tree: Ghaf
Runner up favourite tree: Frankincense
Favourite place on Sir Bani Yas Island: “I love all of Sir Bani Yas. Every spot of Sir Bani Yas, I love it.”
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
What can victims do?
Always use only regulated platforms
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Warn others to prevent further harm
Courtesy: Crystal Intelligence
LA LIGA FIXTURES
Friday Celta Vigo v Villarreal (midnight kick-off UAE)
Saturday Sevilla v Real Sociedad (4pm), Atletico Madrid v Athletic Bilbao (7.15pm), Granada v Barcelona (9.30pm), Osasuna v Real Madrid (midnight)
Sunday Levante v Eibar (4pm), Cadiz v Alaves (7.15pm), Elche v Getafe (9.30pm), Real Valladolid v Valencia (midnight)
Monday Huesca v Real Betis (midnight)
UAE currency: the story behind the money in your pockets
