Stock markets around the world went through a sell-off on Monday as fears over the spread of new coronavirus variants hit markets.
In the US, the S&P500 index fell 1.6 per cent, while the Dow Jones Industrial Average sunk 2.1 per cent, or 725 points. The Nasdaq Composite declined 1.1 per cent.
The Cboe Volatility Index, or VIX, increased over 21 per cent on Monday after steady decreases to pre-pandemic numbers as some economies have reopened.
European markets also closed lower, with the EuroStoxx 50 down 2.66 per cent, France's CAC 40 index down 2.54 per cent. In Asia, the Hang Seng index closed 1.84 per cent lower, and Japan's Nikkei 225 index was down 1.25 per cent.
The sell-off is "all about the Delta variant, and investors are using this as a perfect excuse to push the markets lower", said Naeem Aslam, chief markets analyst at broker Avatrade.
In the UK, where many coronavirus restrictions were lifted on its so-called "Freedom Day", the FTSE 100 index fell 2.34 per cent. The pound also fell sharply against the dollar to $1.3673.
Far from giving investors confidence, the removal of social distancing curbs meant it evaporated as sharply rising infection rates caused disruption to operations, said Susannah Streeter, senior investment and markets analyst at stockbroker Hargreaves Lansdown.
"From retail to manufacturing and hospitality, the warnings are coming thick and fast that mandatory isolation is leading to reduced business operating hours, a drag on sales and a reduction of output," Ms Streeter said.
Oil markets also fell sharply following the Opec+ agreement on Sunday, which is set to increase supply by an extra 400,000 barrels per day.
Brent, the benchmark for two-thirds of the world's oil, dropped below $70 and was trading 6.06 per cent lower at $69.13. US gauge West Texas Intermediate fell 6.73 per cent to $66.98.
Cryptocurrencies also suffered a decline, with Bitcoin down 2.35 per cent at $30.725.44 and Ether trading 3.94 per cent lower at $1,823.37.
Analysts from Bank of Singapore said earlier on Monday that a sell-off in equity markets "cannot be ruled out" given the bull run that markets have experienced on the back of a rapid vaccine roll-out in developed markets and continuing fiscal and monetary stimulus.
The S&P 500 index is up almost 30 per cent over the past 12 months, and the Eurostoxx 50 is up nearly 17 per cent.
"We have not seen a meaningful correction in more than a year, which could set the market up for the risk of a sharp correction should the economic data ahead be less rosy than expected or if there is an unanticipated external shock," the note said.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Mubadala World Tennis Championship 2018 schedule
Thursday December 27
Men's quarter-finals
Kevin Anderson v Hyeon Chung 4pm
Dominic Thiem v Karen Khachanov 6pm
Women's exhibition
Serena Williams v Venus Williams 8pm
Friday December 28
5th place play-off 3pm
Men's semi-finals
Rafael Nadal v Anderson/Chung 5pm
Novak Djokovic v Thiem/Khachanov 7pm
Saturday December 29
3rd place play-off 5pm
Men's final 7pm
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.
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
MATCH INFO
Euro 2020 qualifier
Croatia v Hungary, Thursday, 10.45pm, UAE
TV: Match on BeIN Sports
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May 2017
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October 2021
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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
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August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
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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
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
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Creator: Mike White
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Europe wide
Some of French groups are threatening Friday to continue their journey to Brussels, the capital of Belgium and the European Union, and to meet up with drivers from other countries on Monday.
Belgian authorities joined French police in banning the threatened blockade. A similar lorry cavalcade was planned for Friday in Vienna but cancelled after authorities prohibited it.
Results
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
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Final: June 1, Madrid
Brief scoreline
Switzerland 0
England 0
Result: England win 6-5 on penalties
Man of the Match: Trent Alexander-Arnold (England)
The specs: 2018 Maxus T60
Price, base / as tested: Dh48,000
Engine: 2.4-litre four-cylinder
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Read more about the coronavirus
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Under 12 – Minerva Academy
Under 14 – Unam Pumas
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