NEW YORK, USA (CNN) – The stock market closed lower on Friday, but the Dow Jones Industrial Average could not avoid a week-long series of weekly losses.
The Dow ended 9 points higher on Friday, but ended the week down about 3%.
This is the eighth consecutive weekly loss and the longest series of weekly losses since 1923, according to FactSet data reviewed by LBL Financial.
Long-term losses on Wall Street underscore the negative mood as investors are nervous about rising inflation and what the Federal Reserve should do to control prices.
According to investment group Bespoke, the S&P 500 recorded its seventh consecutive weekly loss, the longest such decline since March 2001. The S&P 500 briefly entered the bear market on Friday, down 20% from its all-time high in January.
There are a number of reasons why stocks have been inactive in recent times, such as inflation, central bank decisions, war, supply chain problems, strikes in China and the recession, ”LPL Financial’s Ryan Tetrick said in an email.
According to Tetrick, history may indicate that stocks have been over-sold, and that “if there is any good news, a major overhaul is possible.”
ABU DHABI, September 23 / WAM / ADNOC Distribution today announced the opening of three ADNOC-stamped service stations in Egypt, located in key strategic areas in Greater Cairo, offering a full range of car maintenance services to local communities.
The company plans to open six more service stations under its ADNOC brand across Egypt by the end of 2023. This comes after Total Energy Marketing Egypt LLC acquired a 50% stake in the business earlier this year.
The opening ceremony took place at the ADNOC Service Station in Tekla Floor, in the presence of dignitaries. The ceremony was attended by the Minister of Petroleum and Mineral Resources of Egypt, Engineer Tarek El Molla, and the Ambassador of the Arab Republic of the United Arab Emirates, Honorable Maryam Al Gabi. Khaled Abdel Al, Governor of Cairo, Egypt and Chief Executive Officer for the Egyptian General Petroleum Corporation, Mr.
Engineer Badr Saeed Al Lamki, CEO of ADNOC Distribution, said: “Today represents a major milestone in our international expansion journey as we launch ADNOC service stations in Egypt, reinforcing our vision to become a leading regional mobile provider. As a future-focused company, we will continue to meet the needs of our customers. We continue to take bold steps to do and look forward to bringing our innovative and digitally-enabled services to the Egyptian market and exploring more opportunities to grow our portfolio.
As part of its expansion, the company launched the unique ADNOC Oasis Stores concept, offering customers an unparalleled shopping experience, and offering food and beverages specially prepared to suit the tastes of Egyptian customers. , 100% Arabica coffee, which carries the ADNOC distribution brand.
Thomas Strauss, General Manager of Total Energies Marketing Egypt LLC, said: “We are pleased to announce this important collaboration with ADNOC Distribution, and this partnership confirms our shared vision of providing renowned products and services to our valued customers in Egypt. This partnership will complement our offerings and all our offerings. We hope to enhance our firm commitment to excellence in services as well.
The joint venture includes a diversified business portfolio in the refining and petrochemical industry, including more than 240 retail fuel stations, more than 100 retail stores, more than 250 oil change stations, car wash centers, fuel wholesale, jet fuel and lubricant operations.
The partnership succeeded in expanding its jet fuel business by securing a concession to refuel Etihad Airways’ aircraft in Cairo.
In addition, the partnership is currently developing the necessary infrastructure and logistics framework to introduce ADNOC Voyager, ADNOC’s premium lubricants that are recognized by automakers.
ADNOC Voyager Lubricants products are available to customers at ADNOC service stations in Egypt and in the local lubricants market. The newly opened ADNOC service stations in Egypt are equipped to operate 24 hours a day, 7 days a week.
Service stations located in Degla Maadi, Obour town and Suez Ring Road offer a full range of car maintenance services including car washes, lubricants and tire changes, while maintenance services are available in Degla Maadi and Obour. City service stations.
The three stations include ADNOC Oasis stores, which offer customers a range of food and beverages including fresh food and baked goods, plus specialty coffee roasted to order.
The expansion of ADNOC Distribution in Egypt is an important new step within the framework of implementing ADNOC Distribution’s strategy for international growth and expansion.
In line with its smart growth strategy, the company opened its first station outside the UAE in Saudi Arabia in 2018.
In addition, ADNOC Voyager lubricants help expand ADNOC’s distribution presence internationally by exporting to 32 countries worldwide (as of June 30, 2023).
London – The central banks of the world’s biggest economies have announced they will keep interest rates at levels necessary to control inflation, even as global policy tightening reaches an unprecedented two-year high.
“Higher for longer” is now the official position of the US Federal Reserve, the European Central Bank and the Bank of England, and is echoed by monetary policymakers from Oslo to Taipei.
For central bankers who were first criticized for being slow to detect rising inflation after the coronavirus pandemic and later warned not to overdo their response, the prize of returning the global economy to stable prices without recession is now in sight.
Their aim is to keep financial markets from backing away from early rate cuts and watch out for new risks such as higher oil prices, hoping to help governments prepare budgets that don’t lead to hyperinflation.
Last Thursday, Bank of England Governor Andrew Bailey said after policymakers decided to keep the key interest rate at 5.25 percent, “we need to keep interest rates high enough for long enough to get the job done.”
Pierre Funche: Monetary policy is now at the right level
A day earlier, US Federal Reserve policymakers had a similar message. They kept benchmark interest rates at 5.25 and 5.5 percent, but insisted they would continue the inflation war until 2026.
In Europe, central bank chief Christine Lagarde was adamant last week that a further hike in the 20-nation euro zone could not be ruled out.
The central banks of Norway and Sweden hinted they may raise rates again on Thursday, and the Swiss central bank kept the possibility of raising interest rates further despite inflation at a comfortable 1.6 percent.
In Asia, Taiwan’s central bank signaled the continuation of its hawkish policy while the Turkish central bank confirmed its hawkish shift. The South African Reserve Bank kept its key interest rate steady, but policymakers pointed to continued risks to inflation expectations.
Important are the Bank of Japan and China’s central bank, which kept interest rates extremely low on Friday.
“Monetary policy is now at the right level,” Belgian central bank chief Pierre Funche said Thursday, an early voice urging tougher measures to tackle inflation from the end of 2021.
“At some point, we fell behind and I think there’s some catching up to do,” Funch, a member of the European Central Bank’s governing body, told the Reuters Global Markets Forum. But it’s over. “We caught it.”
Despite the gradual slowdown, inflation in most major economies is still above the two percent target level, which central bankers consider healthy.
Last August, the consumer price index in the United States reached 3.7 percent, but inflation in the euro zone remained high despite falling compared to last year, which reached 5.2 percent.
Still, investors remain skeptical, with central banks skeptical about the strength of the world’s second-largest economy and geopolitical concerns over the Ukrainian war and US-China rivalry.
“By this time next year, we expect 21 of the world’s 30 major central banks to cut interest rates,” Capital Economics said in a report titled “A Turning Point for Global Monetary Policy.”
The potential development rattled markets on Thursday as global stocks fell and the dollar rose, with Treasuries rising to levels last seen before the Great Financial Crisis. The pound sterling and Swiss franc fell.
◙ 21 of the world’s 30 major central banks will cut interest rates by 2024
However, the prospect of global interest rates often nearing peak would be a big relief for emerging economies struggling with heavy debt service burdens.
As the U.S. and Europe are expected to one day avoid outright recession, the alluring vision of a “soft landing” for the global economy is returning to the horizon, thanks mainly to unusually buoyant labor markets.
Policymakers admit they still don’t agree on an explanation. Some point to companies keen to avoid a repeat of the skills shortages they experienced when the global economy took off in 2021 after lockdowns aimed at curbing the pandemic and “labour hoarding”.
This unsolved mystery means that opinions are divided about what constitutes real power in the global economy.
Bank of Japan Governor Kazuo Uede cautioned against declaring victory yet. “We have seen growing hopes for a soft landing for the US. But there is still uncertainty as to whether this is actually happening,” he said.
Some experts, therefore, detect a tone of uncertainty in the US Federal Reserve’s stance on the possibility of raising interest rates again this year.
The intensity of a historic strike by auto workers in the U.S. has entered its eighth day after two major groups were called to join the action, amid fears it could disrupt production, disrupt supply chains and hurt Americans. Economic development.
On Friday, Sean Fine, president of the United Auto Workers union, called on parts distribution centers of General Motors and Stellandis to stop work until Friday afternoon at 38 distribution centers in 20 US states.
Last week, the United Auto Workers union began an unprecedented simultaneous strike at an assembly plant for General Motors, Ford and Stellar, but analysts expect an expansion of the strikes to include factories that make more profitable trucks like Ford’s F-150 and Chevrolet Silverado. GM and Ram from Stellandis.
Fine explained that the three factories that have been on strike since September 15, when collective agreements expire without agreement on new contracts, will continue their operations.
About 12,700 workers went on strike at factories in Missouri, Michigan and Ohio that produce the Ford Bronco, Jeep Wrangler, Chevrolet Colorado and other popular models.
The union leader warned that more of the 146,000 union members working at the three companies in Detroit will join if new contracts are not reached before 1600 GMT on Friday.
The union’s president announced an extension of the strike at General Motors and Stellandis teams, citing a lack of progress in negotiations that had made “real progress” with Ford. He confirmed that a “breach” had been made, but that “serious problems” remained.
The union is demanding a 40 percent pay rise over four years, which is equivalent to what the leaders of these groups have received in the past four years. All three companies proposed a 20 percent wage hike over four-and-a-half years.
The union called on US President Joe Biden, who has supported the strikers on several occasions, to join the action.
Biden advocated “fair sharing of record profits.” On Wednesday he said he was “proud” that his administration was described as “the most pro-union administration in American history.”
The union is also demanding scrapping of the tiered pay structure, which it says has created a huge gap between new and old employees.
Standard & Poor’s said the strikes, which began on Sept. 15 and will continue for several weeks, could reduce U.S. third-quarter gross domestic product by 0.39 percent and cause “disruptions” to global auto supply chains.
Earlier, all three companies confirmed that they were preparing contingency plans to face further strike action in the US.
