Follow the latest news on the US midterm elections 2022
A sputtering US stock rally faces a double-dose of potentially market-moving events next week: US midterm elections and inflation data that could influence the Federal Reserve's monetary policy.
Wall Street's rebound on Friday dissipated some of the gloom that pervaded since the Fed on Wednesday raised interest rates, while chairman Jerome Powell said policymakers will probably take rates higher than envisioned in their bid to crush inflation.
Nevertheless, the S&P 500 finished the week with a 4.6 per cent loss, likely burning many bulls that had jumped aboard an October rally that lifted the index more than 8 per cent from its lows.
A break of the index’s October 12 closing low would mark the fifth time this year that stocks have rallied by 6 per cent or more only to reverse course and plumb fresh depths.
Meanwhile, data from BoFA Global Research showed some $62.1 billion flowing into cash in the latest week, the largest inflows since the Covid-19 crash of early 2020, underlining pessimism that has prevailed among many market participants.
“We think we are on the path for a rocky landing for the economy, and next week we will get two pretty big clues as to what it's going to look like,” said Steve Chiavraone, head of multi-asset solutions at Federated Hermes, who is holding larger-than-normal allocations in cash and commodities.
Consumer price data has driven huge market moves this year, as surging inflation forced investors to ramp up expectations for Fed rate hikes. A stronger-than-expected reading on November 10 would possibly bolster the case for the Fed to continue.
Investors are now pricing in a peak of about 5.1 per cent for the Fed funds rate next year, compared with expectations of just under 5 per cent before the most recent Fed meeting. The central bank has raised rates to 3.75 per cent this year.
“If we get lower inflation reading then you could get a relief rally based on that data,” said Emily Roland, co-chief investment strategist at John Hancock Investment Management. In that case, however, “markets will be more focused on higher probability of a recession”.
Strategists at Wells Fargo believe CPI is more likely to fall short of expectations. They see the Fed’s terminal rate falling by 12 basis points or more if CPI comes in at a monthly gain below 0.4 per cent. Analysts polled by Reuters expect a 0.5 per cent monthly rise.
“All told, disinflationary forces are gathering strength,” Sarah House, senior economist at the firm, wrote on Friday.
At the same time, analysts said a surprise win by Democrats in the November 8 midterm election, which will determine control of Congress, could fuel concerns about more fiscal spending and inflation.
Republicans have been leading in polls and betting markets and many analysts believe the probable result will be a split government, with GOP control of the House of Representatives and possibly the Senate for the second half of Democratic President Joe Biden's term.
“If the Dems were to retain full control of Congress, you're more likely to see fiscal expenditures rise and that would be highly problematic in this inflationary environment,” said Spenser Lerner, a portfolio manager at Harbor Capital.
The results of the midterm [elections] will give greater visibility and help draw investor confidence higher
Kei Sasaki,
senior portfolio advisor at Northern Trust
Options hedges on the S&P 500 imply a move of nearly 3 per cent in either direction on the day after the election, analysts at Goldman Sachs wrote this week, nearly twice the size of the average daily move the index has recorded this year.
Some investors are more hopeful regarding the period of stronger markets that past midterm elections have ushered in rather than on moves stemming from the vote itself: the S&P 500 has posted a positive return in the 12 months following all 19 midterm elections since the Second World War, according to CFRA Research.
Similar gains could be in store this time around — as long as inflation numbers are not hotter than investors expect, said Kei Sasaki, senior portfolio adviser at Northern Trust, who believes energy and financial stocks will perform well in a divided government.
“The results of the midterm will give greater visibility and help draw investor confidence higher,” he said.
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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The%20specs
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Guns N’ Roses’s last gig before Abu Dhabi was in Hong Kong on November 21. We were there – and here’s what they played, and in what order. You were warned.
- It’s So Easy
- Mr Brownstone
- Chinese Democracy
- Welcome to the Jungle
- Double Talkin’ Jive
- Better
- Estranged
- Live and Let Die (Wings cover)
- Slither (Velvet Revolver cover)
- Rocket Queen
- You Could Be Mine
- Shadow of Your Love
- Attitude (Misfits cover)
- Civil War
- Coma
- Love Theme from The Godfather (movie cover)
- Sweet Child O’ Mine
- Wichita Lineman (Jimmy Webb cover)
- Wish You Were Here (instrumental Pink Floyd cover)
- November Rain
- Black Hole Sun (Soundgarden cover)
- Knockin’ on Heaven’s Door (Bob Dylan cover)
- Nightrain
Encore:
- Patience
- Don’t Cry
- The Seeker (The Who cover)
- Paradise City
Shubh Mangal Saavdhan
Directed by: RS Prasanna
Starring: Ayushmann Khurrana, Bhumi Pednekar
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
At Eternity’s Gate
Director: Julian Schnabel
Starring: Willem Dafoe, Oscar Isaacs, Mads Mikkelsen
Three stars
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
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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.
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
Points classification after Stage 4
1. Arnaud Demare (France / FDJ) 124
2. Marcel Kittel (Germany / Quick-Step) 81
3. Michael Matthews (Australia / Sunweb) 66
4. Andre Greipel (Germany / Lotto) 63
5. Alexander Kristoff (Norway / Katusha) 43
UAE currency: the story behind the money in your pockets
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Company%20Profile
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
The Travel Diaries of Albert Einstein The Far East, Palestine, and Spain, 1922 – 1923
Editor Ze’ev Rosenkranz
Princeton
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
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.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
