The UAE's markets fell as the euro took a hammering on world markets, dispelling any lingering optimism ahead of a decision by MSCI over whether to upgrade the Emirates to "emerging market" status.
Road to ruin or recovery?
Euro Zone The National charts Europe's struggles as it attempts to through of financial crisis. Learn more
The Dubai Financial Market General Index fell 0.5 per cent to 1385.07, while the Abu Dhabi Securities Exchange General Index fell 0.2 per cent to 2442.82.
The euro fell 1.2 per cent to $1.3048, briefly falling below $1.30 for the first time since January.
After the "damp squib" of last weekend's eurozone summit, many investors were deserting the euro, said Neil Mellor, a currency strategist at BNY Mellon.
"People were genuinely convinced that they'd be able to pull something out of the hat," he said.
MSCI's decision on whether to upgrade the UAE and Qatar to "emerging market" status is due at 2am tomorrow morning. The most recent decision in June was postponed by six months to test both exchanges' market systems.
Prior to the announcement, exchange officials had signalled pessimism over the potential gains to be had by the UAE's markets in light of a slowdown hammering global stocks.
Stocks that have risen recently on speculation that the UAE would secure an upgrade were hit hard.
"Global markets were weak yesterday and continue to be weak today," said Yong Wei Lee, a fund manager at Emirates NBD. "There's evidence of some profit taking on companies like Emaar and Drake & Scull, they've had a fairly decent run in the last week."
In the capital, Etisalat's stocks fell 0.5 per cent to Dh9.51 each, their lowest since December 2009.
Asian stock markets slid in early trading, after the US Federal Reserve said it would hold fire and provide no new stimulus to the world's biggest economy at its latest policy meeting. European stocks followed, with the Euro Stoxx 50 index falling 1.4 per cent to 2,228.01.
Oil prices slumped, with Brent crude futures falling $1.17 to $107.78 per barrel. Gold prices held steady following a recent dip, with bullion trading at $1,639.00 per troy ounce.
Safety 'top priority' for rival hyperloop company
The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.
He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.
“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.
“Only once the system has been certified and approved will it move people,” he said.
HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon.
With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.
Company%20Profile
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Opening weekend Premier League fixtures
Weekend of August 10-13
Arsenal v Manchester City
Bournemouth v Cardiff City
Fulham v Crystal Palace
Huddersfield Town v Chelsea
Liverpool v West Ham United
Manchester United v Leicester City
Newcastle United v Tottenham Hotspur
Southampton v Burnley
Watford v Brighton & Hove Albion
Wolverhampton Wanderers v Everton
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
COMPANY%20PROFILE%20
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Company%20Profile
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Army of the Dead
Director: Zack Snyder
Stars: Dave Bautista, Ella Purnell, Omari Hardwick, Ana de la Reguera
Three stars
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
the pledge
I pledge to uphold the duty of tolerance
I pledge to take a first stand against hate and injustice
I pledge to respect and accept people whose abilities, beliefs and culture are different from my own
I pledge to wish for others what I wish for myself
I pledge to live in harmony with my community
I pledge to always be open to dialogue and forgiveness
I pledge to do my part to create peace for all
I pledge to exercise benevolence and choose kindness in all my dealings with my community
I pledge to always stand up for these values: Zayed's values for tolerance and human fraternity
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Company%20profile
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
Company%20Profile
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Super%20Mario%20Bros%20Wonder
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.