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Gulf on Edge as UAE Oil Hub Blaze Fuels Iran–US Tensions

  Smoke rises in the Fujairah oil industry zone, caused by debris after interception of a drone by air defences. A surge in regional tensions has followed a major fire at a UAE oil hub, sparked by debris from intercepted drones, as Iran vows retaliation for a recent U.S. strike on its Kharg Island oil facilities. The incident has intensified fears of broader conflict across the Gulf, with Iran warning that parts of the UAE could be considered legitimate targets.  A significant fire erupted at a major oil hub in Fujairah, United Arab Emirates, after debris from intercepted drones fell onto the facility, disrupting operations and sending plumes of smoke across the region. The blaze occurred amid escalating hostilities following a U.S. strike on Iran’s Kharg Island—Tehran’s primary oil export terminal. Iran responded with sharp warnings, declaring that U.S. “hideouts” within the UAE could be targeted as legitimate military sites. The threat came as Iran continued missile and d...
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Fed Rate Cut Looms as Job Market Cools Down


The U.S. stock market ended lower on Wednesday, as investors weighed the implications of a slowing job market for the Federal Reserve’s monetary policy. The S&P 500 index fell 0.3%, while the Dow Jones Industrial Average and the Nasdaq Composite dropped 0.4% and 0.2%, respectively.

The decline came after the release of fresh employment data that showed job openings in October fell to the lowest level since early 2021, indicating that the labor market was easing amid the pandemic. The number of hires also decreased, while the quits rate, a measure of workers’ confidence, remained unchanged at a record high.

The data reinforced the expectations that the Fed could start cutting interest rates as soon as March 2023, as inflation pressures ease and economic growth moderates. The Fed has signaled that it will end its bond-buying program by March and begin raising rates sometime next year, depending on the economic conditions.

Some analysts said that the lower stock prices reflected the uncertainty about the timing and pace of the Fed’s policy tightening, as well as the impact of the new coronavirus variant Omicron on the global economy. Others said that the market was due for a correction after reaching record highs in November.

Among the sectors, energy shares were the worst performers, as oil prices fell on the prospects of lower demand and higher supply. Megacaps such as Apple, Microsoft, Amazon, and Google also dragged the market lower, as investors rotated out of the high-growth stocks into more defensive sectors.

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