News that a vaccine being trialled by Pfizer for Covid-19 offers more than 90 per cent protection against the virus, which has claimed over 1.2 million lives since January, propelled global equities higher on Monday but bonds and gold lost appeal.
Risk appetite grew and investors pulled out of defensive assets, diverting cash into stocks closely tied to economic growth in the wake of the vaccine breakthrough that may help control the worst pandemic in a century.
The potential breakthrough in the fight against the pandemic could not have come sooner as global Covid-19 infections passed the 50 million mark on Monday. Covid-19 cases in the US alone have crossed 10 million and the country is bracing for record hospitalisations this week.
“The prospect of a vaccine jolted world markets higher,” Shady Elborno, the head of macro strategy at Emirates NBD, said.
The Pfizer news is a “major milestone”, he added, but said “questions remain around how effective the vaccine is for vulnerable groups and how long it will provide immunity”.
There were obvious winners and losers in the wake of the Pfizer announcement on Monday as oil majors and hospitality companies soared along with airline stocks on the prospects of a rebound in demand, while technology shares slumped.
Winners
The S&P 500 Index closed at a two-month high, gaining 1.17 per cent, while the Dow Jones Industrial Average jumped 2.95 per cent. The broad Russell 2000 index gained 3.7 per cent.
The Eurostoxx 50 index advanced 6.4 per cent, Germany's DAX climbed 4.9 per cent and the FTSE 100 rose 4.7 per cent.
The rally on Monday in Asia sputtered on Tuesday, however, as most markets pared gains. The Nikkei 225 was up 0.3 per cent, the Hang Seng was 1.1 per cent higher and the Shanghai index was down 0.6 per cent at 1.15pm UAE time.
"There is no doubt that we could easily see several episodes of this in the coming days and weeks," Naeem Aslam, chief market analyst at Avatrade said. "Yesterday’s stock market rally reminded us of the time when the global stock market reacted to the first potential coronavirus vaccine trial news."
Pfizer stocks climbed 7.7 per cent on Monday. Drug maker Biogen’s shares, which rose as much as 47 per cent last week on experimental Alzheimer’s disease therapy effectiveness, slumped more than 28 per cent.
Shares of Eli Lilly, whose antibody therapy was granted an emergency-use authorisation by US drug regulators for treating Covid-19, gained as much as 5.2 per cent but ended trade 0.3 per cent lower on Monday.
Shares of aircraft manufacturers climbed on hopes that a vaccine will revive travel demand that could help save the aviation industry from the worst crisis in its history. Boeing surged 13.7 per cent on Monday, while Airbus shares also climbed 18.57 per cent. Engine manufacture Rolls-Royce's shares surged more than 40 per cent.
Airline stocks also rose following the Pfizer announcement. Cash-strapped carriers that were forced to ground aircraft and cut jobs or furlough staff are hoping a global inoculation programme will boost demand for travel.
Shares of United Airlines climbed 6.93 per cent, American Airlines Group rose 1.93 per cent while Delta jumped 17 per cent. IAG, the parent company of British Airways, surged more than 25 per cent. On Tuesday, shares in airlines in the Asia-Pacific region also rallied strongly. Singapore Airlines advanced 13 per cent, Cathay Pacific jumped 12.6 per cent, Qantas climbed 8.3 per cent, while Japan Air surged more than 21 per cent.
"Realistically for the first time since the panic of February and March, market participants are starting to seriously think about a normally functioning global economy and how to position for that most-welcome return to normality," James Athey, investment director at Aberdeen Standard Investments, said.
Shares in tourism and hospitality sector companies that had taken a severe hit due to the pandemic also rebounded on Monday. Hyatt Hotels surged 19.8 per cent, Marriott International rose 13.8 per cent, InterContinental Hotels Group and Hilton Hotels rose 12 per cent each, while Walt Disney Corporation shares climbed 11.9 per cent.
Oil prices surged above $40 per barrel on Monday following news of a vaccine breakthrough. Brent crude prices jumped 7.5 per cent on Monday and rose a further 1.9 per cent to $43.19 per barrel by 1.42pm on Tuesday. WTI also continued to climb by 1.6 per cent on Tuesday to $40.94 per barrel after gaining 8.5 per cent on Monday.
ExxonMobil gained 12.6 per cent on Monday, Chevron stocks jumped 11.6 per cent, Total surged 15.1 per cent, while BP in London also advanced 15 per cent.
Losers
The technology-heavy Nasdaq Composite Index declined 1.53 per cent with companies that rallied in the wake of the pandemic losing ground. Amazon led a slide in tech heavyweights, dropping more than 5 per cent on Monday. Netflix also slumped more than 8 per cent. Both Amazon and Netflix have benefitted from global lockdowns as movement restrictions boosted demand for their services. Microsoft dropped 2.38 per cent, while Apple stocks slipped 2 per cent.
Zoom, the California-based video communications and conferencing technology firm, which helped to keep the corporate world connected during the pandemic, slumped more than 17 per cent.
"It is highly likely that work-from-home stocks may continue to face more pressure in the coming days," Mr Aslam said.
Investors shunned bonds as the investment climate turned to a risk on mode. Yields on 10-year US Treasuries traded at the highest levels since March, sending prices lower, while US junk-bond yields fell to a record low, as risk appetite on debt assets grew.
The average yield for the Bloomberg Barclays US corporate high yield index dropped to 4.56 per cent, sinking below the previous record of 4.83 per cent set in June 2014, according to Bloomberg.
Gold, a traditional haven for investors, declined on the improved vaccine outlook, with spot gold prices dropping 5 per cent to $1,854.07 per ounce. It advanced 1.16 per cent on Tuesday to $1,884.72 per ounce.
Racecard
7pm: Abu Dhabi - Conditions (PA) Dh 80,000 (Dirt) 1,600m
7.30pm: Dubai - Maiden (TB) Dh82,500 (D) 1,400m
8pm: Sharjah - Maiden (TB) Dh82,500 (D) 1,600m
8.30pm: Ajman - Handicap (TB) Dh82,500 (D) 2,200m
9pm: Umm Al Quwain - The Entisar - Listed (TB) Dh132,500 (D) 2,000m
9.30pm: Ras Al Khaimah - Rated Conditions (TB) Dh95,000 (D) 1,600m
10pm: Fujairah - Handicap (TB) Dh87,500 (D) 1,200m
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Drishyam 2
Directed by: Jeethu Joseph
Starring: Mohanlal, Meena, Ansiba, Murali Gopy
Rating: 4 stars
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
More on animal trafficking
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
A list of the animal rescue organisations in the UAE
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Specs
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The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
ANATOMY%20OF%20A%20FALL
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EJustine%20Triet%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ESandra%20Huller%2C%20Swann%20Arlaud%2C%20Milo%20Machado-Graner%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
