European stocks have fallen sharply, out of fear of the looming recession, nearly wiping out their gains this week.
London's FTSE market closed down 7.16 per cent, with the biggest movers the banking sector, which is still seen as vulnerable, and oil companies because of the falling crude price.
HSBC was down 6.5 per cent, Shell lost 6.8 per cent and BP shed 7.3 per cent.
Continental European bourses fared little better - the German DAX lost 6.5 per cent while the French CAC shed 6.8 per cent.
New York's Dow Jones was four per cent down at one stage, after a slew of poor economic news today.
Retail sales fell 1.2 per cent in September to a seasonally adjusted $375.5 billion, the US commerce department said. It was the sharpest drop since August 2005 and far greater than the 0.7 per cent decline economists had expected.
"We have an all-out consumer retrenchment under way," said National City Corp chief economist Richard DeKaser in Cleveland, adding he expected the economy to shrink in coming months.
The Labor Department said the producer price index, a gauge of prices received by farms, factories and refineries, dropped 0.4 percent in September, in line with expectations, as a further fall in energy costs eased price pressures.
"The question on everyone's minds is how deep of a recession (will there be)," said Kathy Lien, director of currency research at GFT Forex in New York. "Today's (retail sales) number indicates a very strong chance of negative GDP growth for the third quarter."
*Reuters
afoxwell@thenational.ae
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
A QUIET PLACE
Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou
Director: Michael Sarnoski
Rating: 4/5
COMPANY PROFILE
Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
The biog
Name: Salvador Toriano Jr
Age: 59
From: Laguna, The Philippines
Favourite dish: Seabass or Fish and Chips
Hobbies: When he’s not in the restaurant, he still likes to cook, along with walking and meeting up with friends.
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
Kibsons Cares
Recycling
Any time you receive a Kibsons order, you can return your cardboard box to the drivers. They’ll be happy to take it off your hands and ensure it gets reused
Kind to health and planet
Solar – 25-50% of electricity saved
Water – 75% of water reused
Biofuel – Kibsons fleet to get 20% more mileage per litre with biofuel additives
Sustainable grocery shopping
No antibiotics
No added hormones
No GMO
No preservatives
MSG free
100% natural
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
Read more from Aya Iskandarani
SPECS
Nissan 370z Nismo
Engine: 3.7-litre V6
Transmission: seven-speed automatic
Power: 363hp
Torque: 560Nm
Price: Dh184,500
LA LIGA FIXTURES
Friday Valladolid v Osasuna (Kick-off midnight UAE)
Saturday Valencia v Athletic Bilbao (5pm), Getafe v Sevilla (7.15pm), Huesca v Alaves (9.30pm), Real Madrid v Atletico Madrid (midnight)
Sunday Real Sociedad v Eibar (5pm), Real Betis v Villarreal (7.15pm), Elche v Granada (9.30pm), Barcelona v Levante (midnight)
Monday Celta Vigo v Cadiz (midnight)