Stocks extended a global slide as traders rushed to grab haven investments, such as gold, after Thursday’s deadly attack in Barcelona coupled with rising uncertainty over the US administration.
"The recent shift towards haven markets continues," said Joshua Mahony, market analyst at IG trading group.
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Read more:
Barcelona terror attack: Spain hunts driver who killed 13 after foiling second attack
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David Madden, analyst at CMC Markets UK, noted that "the combination of political uncertainty in the US and security concerns in Europe are weighing on investor sentiment".
Approaching the halfway mark in Europe, the main stock indices in London, Paris and Madrid were each down 1.0 per cent compared with Thursday's closing levels.
Gold, seen as a store of value in uncertain times, jumped to a 2.5-month high at US$1,298.08 an ounce, while the yen strengthened against the dollar and struck a near-seven week high versus the euro.
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Read more:
Barcelona terror attack: What we know
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"While the week started well, we are now seeing widespread selling for global stocks, with traders instead choosing to shift their focus towards the likes of gold and the yen," added Mr Mahony.
Still, some investors said the selloff is a temporary development. Neither the terrorist attack in Spain nor political turmoil in the US should create a trend, said Naoki Fujiwara, chief fund manager of Shinkin Asset Management in Tokyo.
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Read more:
Trump scraps business panels after far-right comments spark CEO exodus
How Trump's business councils imploded
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“Both the US and Japanese economies are doing well, and what’s most important is the direction of US monetary policy,” Mr Fujiwara said. “As long as the fundamentals are steady, the market will recover.”
Financial-market reactions to terror have proven increasingly short-lived. Past incidents, such as Madrid’s train bombings in March 2004 and London blasts in July 2005, had spurred declines in equities that were erased days or weeks later. Recoveries have been swifter in recent years.
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Read more:
South Korea president 'will prevent war at all cost'
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Following June’s weekend attack on London Bridge, the FTSE 100 Index fell just 0.3 per cent, while Sweden’s OMX Stockholm 30 Index closed 0.4 per cent higher after an attack in April.
Whether that recent history will repeat itself in the days ahead may depend as much on whether or not Trump can restore faith in the so-called Trump trade, said Michael Hewson, an analyst at CMC Markets in London.
The CBOE Volatility Index on Thursday shot up 32 per cent, nearing the high it reached last week after the “fire and fury” remarks escalated a standoff with North Korea. A gauge of euro-area stock swings on Friday climbed as much as 20 per cent. The Stoxx 600 has fallen 5.6 per cent since a peak in mid-May, weighed down by a stronger euro and geopolitical tensions between US and North Korea last week.
*Wires
COMPANY%20PROFILE
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UAE currency: the story behind the money in your pockets
Company%20Profile
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Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
COMPANY%20PROFILE
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'Lost in Space'
Creators: Matt Sazama, Burk Sharpless, Irwin Allen
Stars: Molly Parker, Toby Stephens, Maxwell Jenkins
Rating: 4/5
COMPANY%20PROFILE%20
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England v West Indies
England squad for the first Test Cook, Stoneman, Westley, Root (captain), Malan, Stokes, Bairstow, Moeen, Roland-Jones, Broad, Anderson, Woakes, Crane
Fixtures
1st Test Aug 17-21, Edgbaston
2nd Test Aug 25-29, Headingley
3rd Test Sep 7-11, Lord's
Company%20Profile
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Top tips
Create and maintain a strong bond between yourself and your child, through sensitivity, responsiveness, touch, talk and play. “The bond you have with your kids is the blueprint for the relationships they will have later on in life,” says Dr Sarah Rasmi, a psychologist.
Set a good example. Practise what you preach, so if you want to raise kind children, they need to see you being kind and hear you explaining to them what kindness is. So, “narrate your behaviour”.
Praise the positive rather than focusing on the negative. Catch them when they’re being good and acknowledge it.
Show empathy towards your child’s needs as well as your own. Take care of yourself so that you can be calm, loving and respectful, rather than angry and frustrated.
Be open to communication, goal-setting and problem-solving, says Dr Thoraiya Kanafani. “It is important to recognise that there is a fine line between positive parenting and becoming parents who overanalyse their children and provide more emotional context than what is in the child’s emotional development to understand.”
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
The biog
Name: Atheja Ali Busaibah
Date of birth: 15 November, 1951
Favourite books: Ihsan Abdel Quddous books, such as “The Sun will Never Set”
Hobbies: Reading and writing poetry
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
MATCH INFO
Uefa Champions League, last-16. first leg
Atletico Madrid v Juventus, midnight (Thursday), BeIN Sports
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar