Asian stocks diverged as the Chinese market rallied, while Japanese equities slumped on their first trading day of the year as investors caught up with a slew of negative news ranging from Apple’s sales outlook cut to weak economic data.
Stocks across Asia started on a weaker tone on Friday, following declines in New York on Thursday. The S&P 500 slid 2.5 per cent in its steepest sell-off since Christmas Eve as Apple tumbled after citing an unforeseen slowdown in China.
S&P 500 is an American stock market index based on the market capitalisations of 500 large companies having common stock listed on the New York Stock Exchange.
However, concern over China-US trade tensions eased little bit as vice ministers from the two countries prepare to hold talks starting Monday. The Shanghai Composite Index climbed 1.8 per cent. News that the US House passed a spending-bill package in an effort to end a partial government shutdown also helped sentiment, sending S&P 500 Index futures little higher.
Japanese yen, seen as a haven trade, slipped further. While stocks pared losses in Japan, they were still well in the red as traders returned from an extended New Year’s break.
“I wouldn’t be surprised if we get better communication on trade,” said Stefan Hofer, chief investment strategist at LGT Bank. Still, “we have beginning-of-the-year jitters, low levels of liquidity and exaggerated swings, which feed people’s worst fears - which I simply can’t sign up to at the moment.”
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In Japan, Apple suppliers Sharp and Kyocera slumped as they caught up with declines in global peers after the iPhone maker trimmed its sales outlook. Technology shares dropped the most among MSCI Asia Pacific Index’s industry groups, while energy and utility companies climbed.
But optimism for a resolution to the US government shutdown and over trade talks eases two of the major overhangs that have dogged markets. The year kicked off with renewed anxiety over global growth following poor data from China and Europe.
Elsewhere, oil built on this week’s gains, heading for its biggest weekly gain since September. Traders weighed signs that Organisation of the Petroleum Exporting Countries (OPEC) is following through on production cuts against hints of an economic slowdown.
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The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
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Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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FIGHT CARD
Bantamweight Hamza Bougamza (MAR) v Jalal Al Daaja (JOR)
Catchweight 67kg Mohamed El Mesbahi (MAR) v Fouad Mesdari (ALG)
Lighweight Abdullah Mohammed Ali (UAE) v Abdelhak Amhidra (MAR)
Catchweight 73kg Mostafa Ibrahim Radi (PAL) v Yazid Chouchane (ALG)
Middleweight Yousri Belgaroui (TUN) v Badreddine Diani (MAR)
Catchweight 78kg Rashed Dawood (UAE) v Adnan Bushashy (ALG)
Middleweight Sallaheddine Dekhissi (MAR) v Abdel Emam (EGY)
Catchweight 65kg Rachid Hazoume (MAR) v Yanis Ghemmouri (ALG)
Lighweight Mohammed Yahya (UAE) v Azouz Anwar (EGY)
Catchweight 79kg Omar Hussein (PAL) v Souhil Tahiri (ALG)
Middleweight Tarek Suleiman (SYR) v Laid Zerhouni (ALG)
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
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Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
