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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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US Stocks Slip, Bond Yields Rise as Rate-Cut Bets Cool



US stocks slid on Wednesday as bond yields rose, as optimism for fast interest-rate cuts waned ahead of fresh jobs data and the release of Federal Reserve meeting minutes.

The Dow Jones Industrial Average (DJI) fell 0.3% while the benchmark S&P 500 (GSPC) slipped about 0.5%. The Nasdaq Composite (IXIC) dropped roughly 0.7% after a bruising session that saw tech stocks shed almost 1.6%.

Hopes that the year-end market rally would roll on into 2024 took a battering on Tuesday as stock indexes and bond prices sank in tandem for their worst start to a year in decades. Bonds are headed lower for a fourth day, pushing the 10-year Treasury yield (TNX) up near 4%.

Traders have started pulling back on bets on Fed interest-rate cuts, with 74% now pricing in a March pivot, compared with 89% a week ago, per the CME FedWatch Tool.

Minutes of the Fed’s December meeting due later could give a window into how near officials think they are to easing up on tightening, so they can nail a “soft landing” for the economy.

Eyes will also be on the JOLTS report on job openings, given the unexpected resilience of the labor market has fed into expectations of a Fed shift. Wednesday’s data will set expectations for the December US monthly jobs report coming Friday.

After a rough first day of trading, investor attention on Wednesday will turn to the labor market with the monthly update on job openings and turnover — known as the JOLTS report — set for release at 10:00 a.m. ET.

A decline in job openings throughout 2023 served as an early indicator the US labor market was slowing, and Wednesday’s data will serve as a key table-setter ahead of Friday’s December jobs report.


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