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Sunday, Dec 18, 2022 | Jamadi Al Awwal 24, 1444

01:51:52
Dhuhr 12:18




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STOCKS SINK AS CENTRAL BANKS HIKE RATES, DATA FAN RECESSION FEARS


DOWNBEAT ECONOMIC DATA OUT OF CHINA AND THE UNITED STATES FAN RECESSION FEARS

--------------------------------------------------------------------------------



--------------------------------------------------------------------------------

Traders work at their desks in front of the DAX board at the Frankfurt stock
exchange. In Europe, Frankfurt suffered losses of more than three per cent. —
Reuters
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BY AFP

Published: Thu 15 Dec 2022, 9:19 PM

Global stocks sank on Thursday as central banks hiked interest rates again and
signalled they needed to go higher to tame inflation.

Meanwhile, downbeat economic data out of China and the United States fanned
recession fears.

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Both the Bank of England and the European Central Bank mirrored the Fed's
half-point hike on Wednesday to tackle soaring inflation, with Norway and
Switzerland raising rates as well.



Sentiment was already hammered on Wednesday after the Fed suggested that it saw
US rates topping out next year at 5.1 per cent, higher than markets had
predicted.

Meanwhile the BoE, which lifted its key rate to the highest level in 14 years,
warned that labour market tightness and inflationary pressures justified "a
further forceful monetary policy response".

The ECB delivered a similar message.

ECB president Christine Lagarde warned that inflation in the 19-nation eurozone
was still "far too high" and more action needed to be taken.

The world's major central banks are seeking to dampen red-hot inflation, which
has been fuelled partly by fallout from Russia's invasion of Ukraine. "We have
more ground to cover, we have longer to go and we are in for a long game,"
Lagarde told reporters.



Share prices headed south after the rate decisions and kept falling.

Wall Street's main indices were all down more than two per cent in late morning
trading.

In Europe, Frankfurt suffered losses of more than three per cent.

"The collapse in equity valuations comes as traders face up to an impending
economic collapse where central banks seem to exacerbate rather than remedy the
situation," said Joshua Mahony, senior market analyst at online trading platform
IG.

Rising rates fan recession concerns because they push up loan repayments for
consumers and companies, denting expenditure, investment and economic activity.

Market analyst Patrick O'Hare at Briefing.com said "these (central bank) policy
moves were expected, but that still hasn't helped matters given the
understanding that higher rates will inevitably weigh on economic activity."

Economic data released on Thursday fed recession fears.

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China's retail sales plunged last month as Covid restrictions and a property
market crisis hammered the world's second-largest economy.

In the United States, retail sales slid by 0.6 per cent in November from
October, with industrial output dropping as well.

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The Fed warned on Wednesday that the world's biggest economy would grow less
than expected next year.

The ECB said Thursday the eurozone was likely in a shallow recession, as
Britain's economy is expected to continue contracting through next year.

Oil prices slid on the dimmer economic prospects.



Advertisement

"The raising of inflation forecasts and downgrading of growth forecasts with
interest rates remaining higher for longer appear to be re-rating market
expectations of the demand outlook over the course of the next few months," said
Michael Hewson at CMC Markets.



 * Business





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IMF APPROVES DEAL WITH EGYPT FOR $3 BILLION SUPPORT PACKAGE

Agreement expected to draw in additional $14 billion in financing for the
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GLOBAL COAL CONSUMPTION TO REACH ALL-TIME HIGH THIS YEAR - IEA

Heatwaves and droughts in some regions have also driven up electricity demand
and reduced hydropower

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DUBAI RECORDS DH9.2B REAL ESTATE DEALS THIS WEEK

Summary of weekly real estate transactions for the week ending 16 December 2022

Business

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US RECESSION A GROWING FEAR AS FED PLANS TO KEEP RATES HIGH

Hawkish outlook by policymakers means more pains ahead

Business

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WATCH: ETIHAD AIRWAYS TIPS FOR YOUR BAGGAGE AND YOUR JOURNEY

The airline is preparing to welcome over 1.5 million passengers at Abu Dhabi
airport this season

Business

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WORLD MARKETS DECLINE, RATTLED BY PLANS FOR MORE RATE HIKES

The latest wave of selling came after central banks in Europe raised interest
rates

Business

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US PUTS 3 DOZEN MORE CHINESE COMPANIES ON TRADE BLACKLIST

The move signals a hardening of US efforts to prevent China, especially its
military, from acquiring advanced technologies

Business

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TADWEER TRANSFERRED TO ADQ'S PORTFOLIO

Tadweer is the sole custodian of waste management for the emirate of Abu Dhabi

Business

©2022 Galadari Printing and Publishing LLC. All rights reserved.
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DH5 SHIRTS, DH20 JEANS: WINTER MARKET IN DUBAI OFFERS GREAT DEALS AND MEALS

Dh5 shirts, Dh20 jeans: Winter market in Dubai offers great deals and meals

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UAE: TICKETS TO FIFA WORLD CUP FINALS BEING SOLD FOR UP TO DH30,000

UAE: Tickets to Fifa World Cup finals being sold for up to Dh30,000

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UP TO DH500,000 FINE: UAE AUTHORITY WARNS RESIDENTS NOT TO INCITE OTHERS TO
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Up to Dh500,000 fine: UAE authority warns residents not to incite others to
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Life and Living


 * 
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Sunday, Dec 18, 2022 | Jamadi Al Awwal 24, 1444

01:51:52
Dhuhr 12:18




UAE

 * Crime
 * Legal
 * Education
 * Expo City Dubai
 * Government
 * Transport
 * Weather
 * Emergencies
 * Dubai
 * Abu Dhabi
 * Sharjah
 * Ajman
 * Ras Al Khaimah
 * Fujairah
 * Umm Al Quwain


LIFE AND LIVING

 * Visa & Immigration in UAE
 * Banking in UAE
 * Schooling in UAE
 * Housing in UAE
 * Ramadan 2022


WORLD

 * Saudi Arabia
 * Bahrain
 * Oman
 * Kuwait
 * Qatar
 * MENA
 * India
 * Pakistan
 * Philippines
 * Americas
 * Europe
 * Africa


OPINION

 * Columnists
 * Editorial


BUSINESS

 * Auto
 * Aviation
 * Corporate
 * Cryptocurrency
 * Markets
 * Economy
 * Finance
 * Energy
 * Infrastructure
 * Property
 * Start-Ups
 * Telecom
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 * Currency Exchange
 * KT-Network


SPORTS

 * Cricket
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 * F1
 * Golf
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 * Tennis


ENTERTAINMENT

 * Movies
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 * Local Events
 * Newsmakers


DUBAI WORLD CUP

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 * Big Numbers
 * Daily Updates
 * Videos


LIFESTYLE

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 * Shopping
 * StayHome
 * Wellness


TRAVEL

 * Staycations
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REVIEWS

 * Tech Reviews
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 * Book reviews
 * Restaurant Reviews


BRANDS

 * City Times
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 * Young Times
 * BRB
 * SHE
 * Metrolife
 * Buzzon
 * KT Filme
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 * BTR


SUPPLEMENTS

 * Japan
 * UAE National Day
 * Emirates Lunar Mission
 * Intake January
 * Net-Zero
 * Prominent Universities
 * Al Fardan Exchange
 * KT Engage
 * BTR
 * Metrolife


KT EVENTS

 * India Real Estate Show
 * Future Of Insurance
 * KT Desert Drive
 * Hybrid Workforce Summit
 * UniExpo International
 * New Age Finance & Accounting Summit
 * Digital Health Forum
 * DigiBank
 * FutureSec
 * Artelligence
 * UniExpo
 * DigiPay
 * Future of Smart Cities
 * Global Investment Forum

 * Coupons
 * Subscriptions
 * UAE Holidays
 * Expo 2020
 * Year of the 50th
 * Offbeat
 * Tech
 * Motoring
 * Community
 * Long Reads
 * eMagazines
 * eWKND

 * Photos
 * Podcasts
 * Videos
 * Gold/Forex
 * Prayer Timings
 * Cinema Listings
 * Weather
 * E-Paper
 * Buzzon
 * Inspired Living

 * About Us
 * Advertise With Us
 * Contact Us
 * Privacy Policy
 * Sitemap


KT APPDOWNLOAD

 * iPhone | iPad
 * Android
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World Cup 2022 Metaverse UAE World Opinion Business Sports Entertainment KT
Shows Lifestyle Gold/Forex Supplements KT Engage Prayer Timings Coupons
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