Asian share markets turned mixed on Wednesday as investor nerves were strained ahead of a US inflation report that could soothe, or inflame, fears of faster rate hikes globally.
Japanese demand for yen also saw the dollar break last year's low and skid to a 15-month trough at 107.01, dragging the US currency down broadly.
That in turn pressured Japan's Nikkei which slipped 0.6 per cent to test four-month lows. Dealers said there was a lot of focus on the 200-day moving average at 21,031 as a break there would ring bearish alarm bells.
Other Asian markets were steadier, as were E-Minis for the S&P 500. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.4 per cent.
Moves were tentative with investors clearly scarred by the return of volatility.
BofA Merrill Lynch's February Fund Manager Survey found a record one-month jump in the net percentage of investors taking out protection against a sharp fall in equity markets.
Funds were rotating into cash and out of equities, reducing their stock allocation to a net 43 per cent overweight, from 55 per cent, the largest one-month decline in two years.
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Rea more:
Wall Street endures second-largest fall ever as sell-off continues
Asian stocks steady after week of turmoil
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Much now rested on what the US consumer price report showed for January, given it was the risk of accelerating inflation that triggered the global rout in the first place.
Headline consumer price inflation is forecast to slow to an annual 1.9 per cent and core inflation to 1.7 per cent, an outcome that could help calm nerves. The concern is the figures could surprise on the high side as wages did a couple of weeks ago.
"The risk seems asymmetric to me," said Greg McKenna, chief market strategist at CFD and FX provider AxiTrader.
"Even a slightly higher number could set the cat among the pigeons given the late cycle stimulus the Trump Administration is pumping into the US economy."
In currency markets, the US dollar was under fire again losing 0.28 per cent on a basket of currencies to 89.453.
The euro firmed to $1.2363 and away from last week's trough at $1.2204. It was aided by expectations German GDP data later on Wednesday would show strong growth.
Analysts said investors were becoming nervous about the prospect of swelling US budget and trade deficits given the passage of huge tax cuts and spending plans.
"The re-emergence of the twin deficit should send shivers down the dollar's spine," said Mark McCormick, North American head of FX strategy at TD Securities.
He noted the IMF had estimated that a 1 per cent rise in the budget deficit led to a 0.6 per cent increase in the US current account deficit. That suggested the twin deficit could exceed 7 per cent of GDP by the end of the decade, all of which had to be funded by offshore money.
"Those numbers do not bode well for the greenback in the medium term," concluded Mr McCormick.
The drop in the dollar gave a fillip to commodities, with copper firm after jumping 2.7 per cent overnight.
Spot gold edged up 0.4 per cent to $1,335.01 per ounce, leaving behind last week's one-month low of $1,306.81.
Oil prices steadied for now, though concerns about oversupply were never far away.
US crude futures eased 1 cent to $59.18 a barrel, while Brent futures gained 9 cents to $62.81.
Alita: Battle Angel
Director: Robert Rodriguez
Stars: Rosa Salazar, Christoph Waltz, Keean Johnson
Four stars
The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
COMPANY%20PROFILE
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Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
Overview
Cricket World Cup League Two: Nepal, Oman, United States tri-series, Tribhuvan University, Kathmandu
Fixtures
Wednesday February 5, Oman v Nepal
Thursday, February 6, Oman v United States
Saturday, February 8, United States v Nepal
Sunday, February 9, Oman v Nepal
Tuesday, February 11, Oman v United States
Wednesday, February 12, United States v Nepal
SPECS
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What is the Supreme Petroleum Council?
The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.
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.
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
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Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
GRAN%20TURISMO
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Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
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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.
