Global Pulse

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  • Wall St Week Ahead: Investors eager for delayed data to shed light on US economy

    Wall St Week Ahead: Investors eager for delayed data to shed light on US economy

    Financial markets are poised for a pivotal week as long-delayed economic indicators finally emerge, offering crucial insights into the health of the U.S. economy. This data release comes after a 43-day federal government shutdown created an unprecedented information vacuum, forcing investors and policymakers to navigate without key metrics.

    The upcoming week features the highly anticipated November jobs report on Tuesday, followed by the critical consumer price index (CPI) reading on Thursday. These releases represent the first comprehensive economic snapshot in months and could significantly influence market direction through year-end. The data arrives amid a delicate balance for the Federal Reserve, which recently implemented its third consecutive quarter-point rate cut while signaling potential pause in further easing.

    Market participants face conflicting signals. While the S&P 500 has achieved record highs and maintains a 16% year-to-date gain, recent volatility in technology stocks—particularly AI-focused companies like Oracle and Broadcom—has introduced uncertainty. The technology sector’s weakness following disappointing quarterly reports has tempered the AI-driven rally that previously propelled markets.

    According to Jim Baird, Chief Investment Officer at Plante Moran Financial Advisors, ‘Strong corporate earnings certainly supported markets, and anticipated Fed rate cuts provided a boost. Now attention returns to the underlying economy’s trajectory.’

    The employment data carries particular significance. Fed Chair Jerome Powell has questioned the accuracy of recent payroll numbers, suggesting actual job growth might be substantially weaker than reported. David Seif, Nomura’s chief economist for developed markets, notes the unusual circumstance: ‘We have essentially three months of both labor and inflation data coming out between the December and January Fed meetings.’

    Inflation trends remain equally crucial. With CPI running persistently above the Fed’s target, further monetary easing might encounter complications. Three Fed policymakers recently dissented from the latest rate cut decision, reflecting internal divisions about appropriate policy direction.

    Morgan Stanley economists observed, ‘We continue to expect further cuts in January and April, but if the labor market stabilizes, future cuts may not come until inflation decelerates.’

    Additional factors could influence trading dynamics. Investors may seek to lock in year-to-date profits as the holiday season approaches, potentially creating selling pressure. Reduced trading volumes during the holiday period could also amplify price movements across asset classes.

    Marvin Loh, Senior Global Macro Strategist at State Street, cautions, ‘If you get some shaky numbers or don’t get a resounding reason to add risk, it could increase market volatility due to thinner trading conditions.’

  • They were almost American – then Trump cancelled their citizenship ceremonies

    They were almost American – then Trump cancelled their citizenship ceremonies

    In a sudden policy shift following recent security incidents, the Trump administration has abruptly canceled naturalization ceremonies for immigrants from 19 countries previously subject to travel restrictions. This move has created profound uncertainty for thousands of legal permanent residents who had completed all requirements for citizenship.

    Sanam, an Iranian immigrant residing in Oregon with her American husband, exemplifies this disruption. After a decade-long immigration process involving extensive paperwork, security vetting, and testing, her December 3rd oath ceremony was canceled without explanation just 48 hours beforehand. Later learning her birthplace in Iran triggered the cancellation, she described the experience as ‘heartbreaking’ and ‘draining,’ causing her to reconsider remaining in the United States.

    The policy change emerged following the November 26th shooting incident in Washington DC, where an Afghan national attacked National Guard members. Administration officials cite national security concerns as justification for the intensified immigration measures, which include halting processing for applicants from affected countries at all stages—not just those awaiting final ceremonies.

    Mario Bruzzone of the New York Immigration Coalition criticized the measures as effectively constituting an indefinite ban, arguing the administration is exploiting recent tragedies to escalate attacks on immigrant communities. He emphasized that affected individuals like Sanam had already undergone multi-layered security and health vetting processes spanning years.

    The human impact extends beyond single cases. Jorge, a Venezuelan professional who obtained permanent residency through extraordinary ability criteria, faced similar last-minute ceremony cancellation. While supporting stricter immigration reviews generally, he expressed concern about law-abiding residents being ‘generalized’ alongside potentially problematic cases.

    With approximately 132,000 Venezuelan-born residents in New York state alone according to coalition data, the policy affects substantial immigrant populations. The cancellations have created what Sanam’s husband characterized as ‘limbo state’ existence, where lives remain ‘at the mercy of government decisions’ based on rapidly implemented policy changes.

  • FP Models presents ‘Dynasty Runway’: A celebration of Middle Eastern luxury, culture and elegance

    FP Models presents ‘Dynasty Runway’: A celebration of Middle Eastern luxury, culture and elegance

    DUBAI – FP Models transformed the Melia Palm Resort into an opulent fashion destination with its groundbreaking ‘Dynasty Runway’ event, celebrating the Middle East’s burgeoning influence as a global luxury capital. Against a breathtaking golden sunset backdrop, the December showcase brought together over 200 distinguished guests, including fashion designers, industry leaders, influencers, and media representatives for an evening of cultural sophistication and sartorial excellence.

    The production masterfully blended traditional Middle Eastern elegance with contemporary design innovation, featuring an internationally diverse lineup of fashion houses. Among the standout presentations, 1937 BeSpoke demonstrated exceptional menswear tailoring while Vietnamese couture house Hacchic Couture made a exclusive Dubai debut with dramatic structured silhouettes and intricate embellishments. The newly established AFRANCE Collection presented a modern interpretation of modest-wear, redefining contemporary elegance for women across the region.

    FP Models Founder Maryna Skyba emphasized the event’s cultural significance, stating: ‘Dynasty transcends conventional fashion shows—it represents a profound cultural statement honoring the region’s unique ability to merge opulent craftsmanship with timeless aesthetic values.’

    The evening featured additional highlights including a special performance by student models trained through FP Models’ certified academy, supported by local fashion brands ANAYA Collection, IHAB JIRYIS Couture, Evasa Couture, Calivo Couture, and Knights & Lords. Beauty excellence was ensured by official partner Alex Avien, who created flawless runway looks aligned with the Dynasty theme.

    Guests experienced elevated hospitality with premium gifts from luxury partners including AYA Universe’s immersive cosmic experiences, FYOR’s trend-setting accessories, D’AVENTRO’s French home diffusers, and DU HAMEL’s premium travel solutions. The carefully curated atmosphere blended couture artistry with musical elements, creating an unforgettable experience that positioned Dubai firmly within the global fashion landscape.

  • ‘Came straight from the airport’: How 300 UAE residents flocked to desert to spot meteors

    ‘Came straight from the airport’: How 300 UAE residents flocked to desert to spot meteors

    Under the vast expanse of the Al Qudra desert sky, more than 300 UAE residents experienced a celestial marvel on Saturday night as the Geminids meteor shower painted the darkness with thousands of shooting stars. Organized by the Dubai Astronomy Group, the event transformed the dunes into an open-air planetarium where generations gathered until 2am to witness one of nature’s most dazzling astronomical displays.

    The meteor watching brought together enthusiasts from diverse backgrounds, all united by cosmic wonder. Natalia, a Russian expat who relocated to the UAE in 2022, arrived directly from Dubai Airport with her family after flying from London. ‘My granddad was an astronomer, so the stars were always an important part of growing up,’ she shared, emphasizing her desire to pass this astronomical heritage to her children.

    For many families, the event became an educational pilgrimage. Indian-French siblings Riya and Rithi attended with their parents, who previously visited Al Qudra independently for meteor viewing. Their mother, Supriya Aggarwal, explained the philosophical dimension: ‘I want the kids to gain interest in astronomy so they realize our problems are small compared to the universe’s vastness.’ The children handled an actual million-year-old meteorite provided by DAG, valued at thousands of dirhams.

    Chinese expat Ivan, a veteran amateur astronomer with decade-long experience organizing space events in China, found the Dubai gathering particularly impressive. ‘I have never done something like this so far from the city,’ he remarked, noting how the meteors served as timeless travelers from distant cosmic realms.

    The event’s success relied heavily on dedicated volunteers like 12-year-old Safiya, who has assisted DAG for four years, and 16-year-old David, an astrophysics student specializing in telescopic equipment and astrophotography. David described the reward of watching first-time observers: ‘When I see them looking at the sky for the first time, it reminds me of my initial telescope experience.’

    Despite challenges like long queues and occasional clouds, participants captured celestial images through specialized techniques, including smartphone photography through observational telescopes requiring 30-second exposures with night mode enabled. The Geminids shower not only offered visual splendor but also reinforced humanity’s humble place in the cosmos through scientific education and intergenerational storytelling.

  • UAE banks power ahead in Q3, outpacing regional peers

    UAE banks power ahead in Q3, outpacing regional peers

    The United Arab Emirates banking industry has demonstrated exceptional financial performance during the third quarter of 2025, significantly outpacing regional competitors through a combination of strategic initiatives and favorable economic conditions. According to the latest UAE Banking Pulse report from global consulting firm Alvarez & Marsal, the sector’s remarkable growth trajectory has been fueled by expanding loan portfolios, resilient profit margins, and substantial digital transformation investments.

    Macroeconomic foundations have strengthened considerably, with the International Monetary Fund revising upward the UAE’s real GDP growth forecast to 4.8% for fiscal year 2025. This optimistic economic backdrop has facilitated substantial banking sector expansion, evidenced by a 6.5% quarter-on-quarter increase in aggregate net loans and advances alongside a 4.3% growth in deposits. The loan-to-deposit ratio climbed to 77.8%, indicating vigorous credit demand relative to funding growth.

    Despite two interest rate reductions implemented by the US Federal Reserve and the Central Bank of the UAE, financial institutions successfully maintained margin stability through disciplined asset repricing strategies. Net interest margin improved marginally to 2.45% from 2.43% in the previous quarter, while net interest income surged 5% quarter-on-quarter to AED 26.5 billion. Fee and commission income accelerated by 7.3%, highlighting effective revenue diversification across the sector.

    Operational income reached AED 41.9 billion, representing a 3% quarterly increase, though moderating from the 5% growth recorded in Q2. Net income demonstrated robust health with a 4.3% quarterly improvement to AED 23.6 billion, supported by reduced impairment charges and tax expenses. Emirates NBD emerged as a particularly strong performer, delivering 7% growth in net interest income and 6.9% expansion in fee income.

    Performance metrics showed notable improvement with return on equity climbing 25 basis points to 19.6% while return on assets remained stable at 2.1%. Capital adequacy ratios strengthened to 16.6%, providing enhanced buffers against potential market volatility.

    Credit expansion displayed broad-based strength across segments. Corporate and wholesale lending, representing 57.5% of total portfolios, expanded 7.5% quarter-on-quarter. Retail loans grew 4.4%, while government lending rebounded dramatically with 8.1% growth. Emirates NBD led sector lending with a 10.7% increase in net loans, driven by exceptional corporate banking performance.

    Funding dynamics shifted toward time deposits, which surged 9.6% quarter-on-quarter as depositors sought to lock in higher rates, even as current and savings account balances experienced slight contraction. RAKBANK achieved the highest deposit growth at 7.4%, with Dubai Islamic Bank contributing significantly through a 6.4% increase.

    Asset quality metrics showed substantial improvement as the non-performing loan ratio declined to 2.6% from 2.9% in Q2. Coverage improved to 115.2% while the cost of risk eased to 0.45%, supported by a 6.9% reduction in impairment charges. Stage 3 loans decreased 5.9% quarter-on-quarter, reflecting disciplined credit underwriting and enhanced risk management practices.

    Strategic digital initiatives accelerated across the sector. Abu Dhabi Commercial Bank announced over 150 artificial intelligence use cases targeting AED 4 billion in value creation. Dubai Islamic Bank established a partnership with HCLTech to develop Shariah-compliant technological innovations. Abu Dhabi Islamic Bank launched industry-first real-time cross-border transfers to 11 billion global endpoints, while Emirates NBD expanded its near real-time payment network to 40 countries and acquired a 60% stake in India’s RBL Bank for $3 billion.

    Regulatory developments included new financial legislation extending oversight to fintech and digital assets, reinforcing governance and compliance standards across the banking ecosystem.

    Investor sentiment reflected operational strength as UAE banking stocks gained approximately 30% over the past year, positioning the sector among global top performers. Attractive valuations persisted with banks trading at an average price-to-earnings ratio of 8.5x and price-to-book of 1.67x, supported by high-teens returns and robust capital positions.

    The outlook for 2026 remains broadly positive, with analysts anticipating continued balance sheet expansion driven by strong non-hydrocarbon growth and sustained credit demand. While margin pressure may persist amid potential further rate cuts, banks are positioned to offset compression through fee income growth, digital innovation, and cost efficiencies from AI implementation. Asset quality is expected to remain stable supported by prudent risk management and substantial provisioning. With capital buffers at healthy levels and investor confidence sustained by attractive valuations, the sector is poised to maintain its regional outperformer status, though global liquidity trends and geopolitical risks warrant ongoing monitoring.

  • ‘Everyone says it’ll never be me’ – Brown University student on surviving two mass shootings

    ‘Everyone says it’ll never be me’ – Brown University student on surviving two mass shootings

    For Mia Tretta, a 21-year-old Brown University student, the chilling alert of an active shooter on campus was a devastating echo of a past nightmare. As she studied for finals in her Rhode Island dorm, the university-wide warning triggered traumatic memories of the 2019 Saugus High School shooting in Santa Clarita, California, where she was critically wounded and her best friend was killed.

    Tretta, now advocating against gun violence, described to the BBC how the recent lockdown shattered her hard-won sense of security. Her journey to an Ivy League school on the opposite coast was a conscious effort to escape the haunting reality of gun violence. ‘Everyone always tells themselves it’ll never be me,’ she stated, a belief she herself held until she became a victim—not once, but twice.

    The physical and psychological scars from Saugus remain profound. Tretta endured over a week of hospitalization, multiple surgeries for nerve damage and a perforated eardrum, and still carries bullet fragments in her stomach. This latest incident has reignited a complex mix of fear, confusion, and anger, solidifying her view that mass shootings are a national epidemic indiscriminate of community or personal history.

    Her experience is tragically not unique among her generation, who have grown up with active shooter drills as a routine part of their education. This point was underscored by Providence Mayor Brett Smiley, who recounted a conversation with a wounded student from the Brown incident. The student expressed that high school drills had, sadly, provided crucial preparation for the real-life event—a statement the mayor found simultaneously hopeful and profoundly tragic.

    Despite the lifted lockdown, a heavy police presence lingered around campus, a stark reminder of the shattered illusion of safety. One departing student summarized the collective sentiment, calling Brown a ‘perfect bubble’ that had now been irrevocably broken. Tretta’s story, including her 2022 White House address on gun reform, stands as a powerful testament to a generation demanding that mass shootings cease being accepted as an unavoidable American reality.

  • 2 killed, 8 critically injured in shooting at US’ Ivy League Brown University

    2 killed, 8 critically injured in shooting at US’ Ivy League Brown University

    A devastating shooting incident unfolded at Brown University on Saturday, resulting in two student fatalities and eight individuals sustaining critical injuries, with one additional person wounded. The Ivy League campus in Providence, Rhode Island, remained under strict lockdown orders as law enforcement agencies launched an extensive manhunt for the unidentified assailant.

    According to official statements, the attack occurred in the Barus Holley engineering building where students were undergoing examinations. The gunman, described as a male potentially in his 30s wearing dark clothing and possibly a mask, entered the facility through unlocked exterior doors before opening fire in a classroom. Providence Deputy Police Chief Timothy O’Hara confirmed the recovery of shell casings from the scene, though specific investigative details remain undisclosed.

    Providence Mayor Brett Smiley emphasized that while no ‘specific, ongoing threat’ was believed to exist, the shelter-in-place mandate would continue to facilitate the initial phase of the investigation. The directive affected both the university campus and surrounding residential areas, with streets crowded with emergency response vehicles and heightened security measures implemented throughout the city.

    The coordinated investigation involves multiple agencies including the Federal Bureau of Investigation, Bureau of Alcohol, Tobacco, Firearms and Explosives, alongside state and local law enforcement. Search operations faced complications from weekend holiday shoppers and numerous concert attendees in the vicinity.

    Brown President Christina Paxson confirmed that all or nearly all victims were students, characterizing the event as ‘the day one hopes never happens.’ University health services reported seven of the nine wounded in critical condition as of late Saturday.

    The incident has reignited national conversations about gun violence, with statistics from the Gun Violence Archive indicating 389 mass shootings in the United States this year alone, including at least six educational institution attacks. This continues a troubling pattern from 2024, which recorded over 500 such incidents nationwide.

    Student testimonies revealed harrowing experiences of sheltering under desks for hours, while Brown sophomore Zoe Weissman—a Parkland shooting survivor—expressed both numbness and anger, noting she was ‘shocked but not surprised’ by the tragedy.

  • UAE: What would you do with Dh25 million? These residents dream of giving back

    UAE: What would you do with Dh25 million? These residents dream of giving back

    In the United Arab Emirates, where raffles are typically associated with luxury prizes and extravagant celebrations, a deeper narrative emerges among participants dreaming of substantial winnings. Contrary to expectations of lavish spending, numerous residents interviewed across Dubai and Abu Dhabi envision utilizing potential Dh25 million prizes for purposes of generosity, family reconnection, and personal peace.

    Multiple respondents demonstrated remarkable altruism in their aspirations. Shaver Ali, a Dubai sales executive with six years of raffle participation history, expressed his desire to anonymously settle strangers’ debts, including medical bills, educational expenses, and grocery tabs. “There are many people suffering silently. If I can remove that pressure for someone, that is enough,” Ali stated, emphasizing his intention to avoid personal recognition.

    The research revealed diverse perspectives on how life-changing sums might be utilized. Abhilash Kumar, an accountant at Gold Souk, dreams of experiential luxury rather than material possession—specifically residing temporarily in iconic structures like Burj Khalifa and Burj Al Arab purely for personal fulfillment. Meanwhile, Muhammad Salem, a cafeteria assistant, envisions using winnings for familial reunification, planning to sponsor visas for long-separated relatives and return permanently to his childhood village.

    Several participants highlighted the psychological value of financial security over conspicuous consumption. Sameem D, employed at a building materials firm, articulated an unconventional fantasy: purchasing a luxury vehicle solely to maintain it unused while continuing daily transportation in his existing Corolla. “It’s not about driving it. It’s about knowing I can,” he explained, capturing the sentiment of controlled possibility.

    The study uncovered strong themes of intergenerational support and memory creation. Purushottaman, 53, described ambitions for an extended road trip across India with his wife and two professionally accomplished daughters, valuing shared experiences over material acquisitions. “When you work for years, you realize memories are what stay,” he reflected.

    Notably, some participants like Asim Khan, a Pakistani driver with a decade of UAE residency, expressed intentions to fund others’ aspirations rather than their own. Khan indicated he would continue purchasing raffle tickets post-victory not from financial need but as a symbolic gesture maintaining connection to hope.

    The collective responses demonstrate that for many UAE raffle participants, substantial wealth represents not transformation of identity but liberation from burdens—both personal and communal—with emphasis on quiet generosity, familial bonds, and the often-overlooked luxury of tranquility.

  • ‘Person of interest’ detained over Brown University shooting, police say

    ‘Person of interest’ detained over Brown University shooting, police say

    PROVIDENCE, R.I. – Law enforcement authorities have apprehended a person of interest following a deadly shooting incident at Brown University that resulted in multiple casualties and triggered campus-wide lockdown procedures.

    The tragic event unfolded approximately at 4:00 PM local time (21:00 GMT) on Saturday within the Holley engineering building situated at the eastern perimeter of the university campus. According to official reports, an unidentified assailant initiated gunfire within a classroom environment, creating panic and chaos among students and faculty members.

    Providence Police Department confirmed through an official statement on Sunday that a individual has been taken into custody in direct connection with the investigation. The detention prompted authorities to lift the shelter-in-place mandate that had been imposed across the Brown University campus and adjacent residential areas following the violent episode.

    The shooting incident claimed the lives of two students and left nine others with varying degrees of injuries. Providence Mayor Brett Smiley provided detailed casualty figures, indicating that seven victims remained hospitalized in stable condition while one individual was receiving treatment in critical yet stable condition. Medical authorities discharged one patient following emergency treatment.

    University President Christina Paxson addressed media representatives during a press briefing, confirming the heartbreaking news that all casualties—both fatalities and injured persons—were enrolled students at the prestigious Ivy League institution. The identities of those affected have been temporarily withheld pending family notifications and ongoing investigative protocols.

    Law enforcement agencies previously circulated closed-circuit television footage depicting a male suspect dressed entirely in black attire departing from the crime scene. Despite comprehensive sweeps of the academic facility, investigators have not yet recovered the firearm believed to be used in the shooting.

    Police Chief Oscar Perez assured the public that authorities are not seeking additional suspects and are collaborating closely with prosecutors to assemble evidentiary materials for subsequent legal proceedings.

    Mayor Smiley expressed relief that the immediate threat had been neutralized, enabling community members to ‘breathe a little easier,’ while simultaneously acknowledging that no community should ever require preparation for such traumatic events. President Paxson emphasized the challenging recovery process awaiting the university community in the aftermath of this devastating tragedy.

  • What we know so far about the Brown University shooting

    What we know so far about the Brown University shooting

    PROVIDENCE, R.I. — A massive manhunt is underway following a deadly shooting at Brown University’s engineering complex that resulted in two student fatalities and nine injuries, sending shockwaves through the prestigious Ivy League institution and surrounding community.

    According to Providence police, the assailant—described as a male dressed entirely in black clothing—initiated gunfire approximately at 16:00 local time on Saturday within the Holley Engineering Building. The seven-story academic facility, containing 117 laboratories and multiple lecture halls, was hosting final exam review sessions when the violence erupted.

    An eyewitness account from Economics Professor Rachel Friedberg, whose teaching assistant was conducting a review, detailed the sudden chaos: “The shooter entered through the doors, uttered unclear words, and immediately began firing. Students scrambled for cover in the stadium-style seating, but several were struck during the panic.”

    The attack prompted an immediate shelter-in-place order for campus and adjacent neighborhoods, with approximately 400 local and federal law enforcement personnel deployed to locate the suspect. Authorities have released closed-circuit footage showing an individual in black attire departing the scene, though no weapon is visible. The suspect’s face remains obscured, and investigators have not recovered the firearm used in the assault.

    Providence Deputy Police Chief Tim O’Hara described the suspect as a male possibly in his 30s, potentially wearing a gray camouflage mask. One individual was briefly detained but later released after being cleared of involvement.

    Brown University President Christina Paxson confirmed all victims were students, expressing profound grief during a press briefing: “This is a day we hoped would never come to our community. The devastation we feel is immeasurable.”

    Medical officials reported varying injury severity among the nine survivors: one in critical condition, six critically but stable, and two with less severe wounds. A ninth victim sustained non-gunshot injuries from fragmentation debris.

    The incident marks the 389th mass shooting in the United States this year, as tracked by the Gun Violence Archive, which defines such events as incidents with four or more casualties excluding the perpetrator.

    President Donald Trump addressed the tragedy upon returning to the White House, calling it “a terrible thing” and urging prayers for the victims.

    As the manhunt continues, students and residents remain under shelter-in-place advisories, with many expressing intent to remain indoors until the suspect is apprehended.