Global stock markets received a shot in the arm from hopes for a coronavirus vaccine on Wednesday, with the outlook for more US financial stimulus adding to a brighter mood.
Optimism was sparked by US biotech company Moderna saying it would start the final stage of human trials for a Covid-19 vaccine at the end of the month, after a report said first-stage tests had been a success.
Pfizer and BioNTech also said that two of four possible vaccines had received "fast track" designation from US officials.
"It goes without saying that a vaccine will be the game-changer in the pandemic; the thing that will allow life to return to normal and businesses and households to thrive once again," said Craig Erlam, an analyst at the Oanda trading group.
"So it's hardly surprising that investors get a little excited when the results of these trials emerge, even those in the early stages."
European markets were as much as 2 per cent higher at the close, while US indexes won moderate gains. The S&P 500 finished up 0.9 per cent.
Also boosting optimism were signs that the US might add to its stimulus spending after reports said top Republicans were reconsidering opposition to the move.
Trillions of dollars pledged by the US and other governments and central banks around the world have been a key factor in stock markets rallying from their March lows, but one that is weighing on the US currency.
Strong US industrial output numbers released shortly before the opening of trade in New York added to the stock exchange's better mood.
Meanwhile, Apple shares rose after a European court ruled against the EU Commission, cancelling an order for the tech giant to repay Ireland €13 billion (Dh54.5bn/$14.84bn) in back taxes.
Goldman Sachs shares were up after the bank posted larger earnings than forecast, a day after JP Morgan Chase also outperformed expectations.
Oil prices rose, defying some doubts about Opec's willingness to maintain all of its recent production cuts for much longer, and finishing at their highest level in four months.
Analysts attributed part of the price rise to a sharp reduction in US inventories, but said crude was also lifted by renewed confidence in the economic outlook.
"Crude prices have risen along with other risk assets, such as stocks and copper," said Fawad Razaqzada at ThinkMarkets.
"Thus, some of their gains are entirely due to the ongoing risk-on rally.
Mr Razaqzada said that prices appeared to be "fairly balanced" at current levels.
New York - Dow: UP 0.9 per cent at 26,870.10 (close)
New York - S&P 500: UP 0.9 per cent at 3,226.56 (close)
New York - Nasdaq: UP 0.6 per cent at 10,550.49 (close)
London - FTSE 100: UP 1.8 per cent at 6,292.65 points (close)
Frankfurt - DAX 30: UP 1.8 per cent at 12,930.98 (close)
Paris - CAC 40: UP 2.0 per cent at 5,108.98 (close)
EURO STOXX 50: UP 1.7 per cent at 3,378.21 (close)
Tokyo - Nikkei 225: UP 1.6 per cent at 22,945.50 (close)
Hong Kong - Hang Seng: FLAT at 24,481.58 (close)
Shanghai Composite: DOWN 1.6 per cent at 3,361.30 (close)
West Texas Intermediate: UP 2.3 per cent at $41.20 per barrel
Brent North Sea crude: UP 2.1 per cent at $43.79 per barrel
Euro/dollar: UP at $1.1410 from $1.1400 at 2100 GMT
Dollar/yen: DOWN at 106.92 yen from 107.24
Pound/dollar: UP at $1.2589 from $1.2553
Euro/pound: DOWN at 90.62 pence from 90.81
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Empty Words
By Mario Levrero
(Coffee House Press)
UAE currency: the story behind the money in your pockets
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
THREE POSSIBLE REPLACEMENTS
Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.
Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.
Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.
More coverage from the Future Forum
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Killing of Qassem Suleimani
Ad Astra
Director: James Gray
Stars: Brad Pitt, Tommy Lee Jones
Five out of five stars
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Key 2013/14 UAE Motorsport dates
October 4: Round One of Rotax Max Challenge, Al Ain (karting)
October 1: 1 Round One of the inaugural UAE Desert Championship (rally)
November 1-3: Abu Dhabi Grand Prix (Formula One)
November 28-30: Dubai International Rally
January 9-11: 24Hrs of Dubai (Touring Cars / Endurance)
March 21: Round 11 of Rotax Max Challenge, Muscat, Oman (karting)
April 4-10: Abu Dhabi Desert Challenge (Endurance)
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
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.”
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How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
