Most stock markets in the Gulf ended higher on Monday, extending gains as investors ramped up their bets for an imminent end to U.S. interest rate hikes.
A floating barrier of orange buoys put in the Rio Grande by the Texan government to hinder migrants crossing into the U.S. violates a water treaty and may encroach on Mexican territory, incoming Mexican Foreign Minister Alicia Barcena said on Friday.
Prime Minister Pedro Sanchez pledged to help Spaniards with rising mortgage costs, while his conservative rival, frontrunner Alberto Nunez Feijoo said he would address water shortages as they officially launched campaigns on Thursday for an election later this month.
Just when you thought it was safe to hope interest rates might soon peak, along comes more bad news. It looks likely that the El Nino weather phenomenon has returned, according to both the U.S. National Oceanographic and Atmospheric Administration and the Australian Bureau of Meteorology. Its appearance usually results in, or exacerbates, floods, heatwaves, water scarcity and wildfires, especially in the southern hemisphere. The damage these inflict on crops and infrastructure is inflationary, putting pressure on central banks to tighten monetary policy. If climate change makes such events stronger and more frequent, supply shocks will become embedded.