market

A HISTORIC town will host a festive wonderland with real reindeers for just one day.

The UK’s largest single-day Christmas market is returning with more than 120 stalls this December.

The Beverley Festival of Christmas will return on Sunday, December 13, bringing thousands of visitors to the East Yorkshire town for one of the country’s biggest festive events.

Shoppers will be able to browse more than 120 stalls selling everything from handmade gifts and Christmas decorations to jewellery, homeware and locally produced food.

The market will spread across Beverley’s historic Saturday Market, Wednesday Market and North Bar, with independent traders offering plenty of inspiration for anyone still searching for Christmas presents.

The day will kick off with a spectacular parade at 10am, setting off from Wednesday Market and travelling along Toll Gavel towards Saturday Market.

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Santa Claus will lead the procession alongside his reindeer, with live music, comedy acts, Steampunks, majorettes and Bernese mountain dogs also expected to take part.

After the parade, Father Christmas and his reindeer will remain in Saturday Market until mid-afternoon, giving families the chance to see them up close and take photographs.

Visitors can also expect traditional Victorian fairground rides, face painting, birds of prey displays and ice sculptures throughout the day.

Brass bands, carol singers and dancers will provide a festive soundtrack as shoppers explore the town centre.

The festival will be running from 10am until 4pm and the entry is free.

The event was first established in 1995 by local shop owner John Bird, who brought Beverley’s traders together to create a special day of Christmas shopping.

It has since grown into one of East Yorkshire’s best-known festive traditions, with 2026 marking its 30th year.

IT’S easy to get into the festive spirit at a Christmas market and they’re even better on the cheap.

In one city that Brits can reach in three hours for less than £30, hotels are £15 per night, and mulled wine at festive stalls is as little as 82p.

Sibiu in Romania is the ideal city for a festive break and it was even named as the 18th most underrated destination by Time Out last year.

Not to mention it’s cheap, eurochange has compared the prices of mulled wine across 55 Christmas markets across Europe, and Sibiu came out on top.

A warm cup of infused red wine can be bought from 82p which is hugely cheaper than in the UK, where it can more than £7 a cup.

And you’ll be able to buy it soon too, as its Sibiu Christmas Market is set to open on November 13 all the way through until January 3, 2027.

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Held in the Grand Square, the Christmas Market is completely free to enter.

There’s plenty to do, from hopping on the Ferris Wheel, to visiting Santa in his workshop, ice skating, and relaxing at the Chalet where festive drinks (including mulled wine) are served.

On certain evenings, the Chalet will even turn into a party spot with a live DJ.

One visitor described is as ‘magical’ and a ‘photographer’s playground’.

Outside of the Christmas market, there’s lots to see like The Bridge of Lies which has lots of legends and myths behind it – and when lit up at night, can make for a great picture spot too.

Another must-see spot in Sibiu is Muzeul Astra, the largest open-air museum in Europe.

Talking to Sun Travel, one Wizz Air flight attendant explained why Sibiu is a must-visit destination.

Niko said: “I’ve been to Sibiu in Romania several times already.

“You have the mountains, so there’s lots of nature, the food is amazing, everything is cheap and the people are so friendly.

“And you should try Papanasi. It’s a Romanian dessert that’s like a doughnut. It tastes amazing, but not good if you’re on a diet.”

It’s not just mulled wine in Sibiu that’s affordable – the price of a local pint of beer is less than £2 on average, according to Wise.

The price of a meal can be bought for less than £5 and coffee on average is also less than £2.

Brits can fly directly from London Luton to Sibiu three times a week with Wizz Air and one-way fares start from £26.99.

On Booking.com, one-night stays during November in Sibiu can cost less than £30 per night – or £15 each.

Here are the cheapest place for mulled wine in 2026…

Here are eurochange’s cheapest places for mulled once – and the average price of a cup…

1. Sibiu, Romania – 82p
2. Brașov, Romania – £1.63
3. Craiova, Romania – £1.63
4. Sofia, Bulgaria – £1.76
5. Olomouc, Czechia – £1.77
6. Brno, Czechia – £1.77
7. Gothenburg (Christmas at Liseberg), Sweden – £1.89
8. Bucharest, Romania – £1.96
9. Plzeň, Czechia – £2.12
10. Strasbourg, France – £2.57
11. Mulhouse, France – £2.57
12. Vilnius, Lithuania – £2.57
13. Liège, Belgium – £2.57
14. Warsaw, Poland – £2.59
15. Graz, Austria – £3

This gorgeous town is tucked inside one of the country’s most beautiful regions.

One of the great pleasures of being on holiday is browsing the shops of wherever you happen to find yourself. Unearthing hidden gems or tasty local treats to take back home is one of the finest parts of any trip away.

Nestled in a stunning corner of the UK is a town boasting a market brimming with treasures that has been running for hundreds of years. The charming town of Keswick sits within the Lake District and is renowned for its breathtaking scenery – and naturally, its market.

Before the market as it exists today came into being, churchgoers would hold unofficial ones in the nearby church.

In order to regulate trading, the town was granted a Royal Market Charter in 1276 that gave it the legal right to hold a weekly Saturday market and an annual five day fair.

Today, the market continues to flourish and can be visited every Thursday and Saturday. There are roughly 60 different stalls to browse, selling everything from locally produced food and drink to vintage clothing and artisan gifts.

It’s not solely the market that makes Keswick such a wonderful destination. The town is also packed with stunning lakeside walks that burst into glorious shades of gold and orange throughout the autumn months.

As the leaves begin to turn, now is arguably the ideal time to pay Keswick a visit.

The market town sits in the northern section of the Lake District National Park, and ranks among the nation’s most stunning locations.

There’s an abundance of remarkable walks that highlight the area’s natural splendour. If you’re seeking panoramic vistas, then the Latrigg path is essential, winding up the hillside for three miles.

Upon reaching the top, you’re treated to sweeping views across Keswick and the neighbouring Derwentwater.

Another essential walk is the Castlerigg Stone Circle route which guides you along the former railway path, then up the lane towards the Castlerigg Stone Circle.

The stone circle occupies a natural plateau, and stands as one of Britain’s oldest stone circles stretching back to the Neolithic era.

Some of the 38 stones within the circle tower up to 10 feet high.

THE festive wrapping paper is on sale, the family-size box of Quality Street is stacked in shops – Christmas is officially on its way.

If you’re a true fan of the season, you’ll obviously want to head to the UK’s biggest Christmas market.

And the largest is actually in Manchester which opens at the beginning of next month.

Returning on November 6, it will run for over six weeks – so there’s plenty of time to visit whether you’re a local or not.

It’s so enormous that there are 210 stalls across 10 locations spread about the city centre.

The stalls will sell everything from festive food and drink – think hot chocolate and mulled wine – to international street food, if you’re over the yorkshire pudding wraps.

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Handmade gifts and stocking fillers can be found there too, if you’re ready to start Christmas shopping.

Albert Square will be where most of the city’s festivities will be, including its 50-metre high Ferris wheel.

There will also be a pop-up ‘pub’ for the festive season as well as a giant Santa, a vintage Helter Skelter and a huge tree installation and life-sized selfie sleigh.

If you’re on the hunt for ice skating, you’ll find it at Cathedral Gardens along with some market stalls too.

Across the city will be live entertainment, and plenty of Christmas lights.

The Manchester Christmas Parade will be held again this year on December 6.

Kids will be able to spot Snow Queens, reindeers, Nutcrackers, toy soldiers and even Santa who will be travelling onboard the Elf Express.

Visitors will find the market spread across locations including; Albert Square, Lincoln Square, King Street, St Ann’s Square, Exchange Street, New Cathedral Street, Exchange Square, Corn Exchange, Cathedral Gardens, and Market Street.

A recent study by Christmas Tree World also recently crowned Manchester Christmas Market as the UK’s best.

Factors were based on the number of Google searches, social media posts and videos, hotel prices, history, number of stalls, entry cost and closeness to public transport.

With much cheaper hotel prices than the like of New York city, the Manchester Christmas Market was also voted second best in the world.

The market will come to a close on December 22.

However, the Albert Square and Cathedral Gardens will remain open throughout the Christmas period until January 3, 2027. 

The United States stock market has hit an all-time high as excitement around artificial intelligence continues to fuel a buying frenzy on Wall Street.

The S&P 500, the benchmark stock index, closed 0.58 percent higher on Tuesday, topping the previous peak reached in mid-August.

The Nasdaq Composite, which is more heavily weighted towards tech stocks, also hit a record high, finishing up 0.45 percent.

Tech stocks were among the top performers, with each of the “Magnificent Seven” apart from Meta closing higher.

Amazon led the pack with a 1.95 percent gain, followed by Microsoft and Tesla, which rose 0.78 percent and 0.51 percent, respectively.

Apple and Alphabet both rose 0.22 percent, while Nvidia gained 0.14 percent.

Meta, which has risen more than 20 percent since the launch last month of its new AI assistant, Muse, fell 0.41 percent.

Other big movers in tech included Marvell Technology, which rose 5.81 percent, and Cisco, which gained 4.54 percent.

Technology, AI

Keith Lerner, chief investment officer and chief market strategist at Truist Advisory Services in Atlanta, Georgia, said the market rally should be seen as a “technology and AI surge”.

“Every bull market has a dominant theme, and technology and AI remain this market’s dominant theme,” Lerner told Al Jazeera.

“Technology and communication services were the only two S&P 500 sectors to rise last month, while the other nine declined.”

Wall Street has shrugged off a host of challenges facing the US economy amid hyperscalers’ multibillion-dollar investments in AI.

Despite the energy crunch caused by the US-Israeli war on Iran and a sell-off of US government bonds partly driven by ballooning government debt, the market is well on track to record its fourth consecutive year of double-digit returns.

The S&P 500 has risen 14 percent so far in 2026, while the Nasdaq Composite is up 18.78 percent.

Lerner at Truist Advisory said the market rally had the potential to continue through the end of 2026 given historical trends and expectations for strong corporate earnings.

“We do not expect a straight line higher for markets,” Lerner said.

“Still, the fourth quarter of midterm-election years has produced an average gain of 7 percent and has been positive 84 percent of the time since 1950.”

Lerner said that rising interest rates posed the biggest risk to the upward trend.

“Still, on balance, the weight of the evidence suggests this bull market still has more upside potential,” he said.

Asian stock markets fell on Wednesday, with key indexes in Japan, South Korea and Hong Kong slumping in morning trading.

The Nikkei 225 in Tokyo, Kospi in Seoul and Hang Seng Index in Hong Kong were down 0.79 percent, 1.36 percent and 0.71 percent, respectively, as of 02:30 GMT.

Oil prices, which have been elevated since the start of the war on Iran, rose on Wednesday as traders weighed the fallout of fighting between forces aligned with Yemen’s internationally recognised government and the Iran-aligned Houthis.

Brent crude futures for December delivery stood at $101.45 a barrel as of 02:30 GMT, up 0.87 percent.

Manchester City‘s spending power unquestionably changed the world football transfer market – their willingness to pay higher fees and wages meant prices rose for everybody else too.

And once the world knows that a club has a wedge of cash burning a hole in its pocket courtesy of City, it can be difficult to spend it.

Asking prices may rise, and having an influx of money is no guarantee of it being well spent.

For many of the teams to whom City paid the most during this time, the money did not work out particularly beneficially.

Let’s take a look at some of the more interesting cases.

First up, Wolfsburg. They immediately signed winger Julian Draxler for about half the fee received for Kevin de Bruyne in 2016, as well as others including veteran defender Dante.

Having lost De Bruyne, they dropped from second to eighth in the Bundesliga before narrowly avoiding relegation in the subsequent two seasons.

And things did not go particularly well for second highest-ranked club Monaco either.

The most direct players they signed following the sales of Benjamin Mendy and Bernardo Silva in the same summer to Manchester City – Terence Kongolo and Keita Balde – did not work out in the long run, and the team went from winning Ligue 1 and reaching the Champions League semi-finals to almost being relegated within two years.

The club City purchased most players from in the 2009-18 period – Arsenal (four) – did not mount a serious Premier League title challenge during that time.

Some clubs who did not receive payments from City could also argue that the spending of money from their “inflated” accounts compromised their chances.

For example, Manchester City paid very similar totals to Benfica and Porto during the era, but nothing to Sporting, the club which makes up the big three in Portugal.

Sporting did not win a title between 2009 and 2018. There are many reasons for that, but could one of them be the fact that their direct rivals received money from City that would perhaps not have been on offer had they followed football’s financial rules?

Artificial intelligence (AI) could trigger financial market shocks and the UK needs to be prepared for them, the governor of the Bank of England has warned.

Andrew Bailey said the central bank is watching the huge amounts of money being invested in AI “very carefully” and cautioned that “not everybody always wins”.

The money that has been spent on and loaned to AI firms over the last few years in the hope of large returns is causing markets to value some of them as multi-trillion dollar businesses.

Asked if he believed an AI bubble could burst, Bailey said: “You could see some correction of asset prices at some point.”

He was speaking exclusively to the BBC about what the risks and benefits of AI could be for the UK economy.

Bailey said he believed the technology has “great potential to strengthen growth in our economies”, adding that this was something the country needed.

“But it also brings with it substantial risks and so we have to be on top of both of those.”

One such risk is what happens if the big bets being made on AI don’t pay off.

AI chipmaker Nvidia is currently the world’s most valuable listed company, with a market valuation of $5.5tn (£4.14tn), thanks largely to investors who believe in the big profits AI could create.

Meanwhile, tech giants Alphabet, Meta, Microsoft, and Amazon are spending hundreds of billions of dollars on the technology.

And two of the largest AI companies in the world – Anthropic and OpenAI – are also preparing to sell shares in their firms on the US stock market in moves which many believe will lead to hundreds of billions of dollars more flowing into the industry.

“There is a large, very large, amount of investment going into this sector now, and of course that’s natural because it’s a major area of growth,” said Bailey.

“And of course you see that the asset prices of the companies that are developing it have gone up a lot and that reflects the fact that there are high expectations of what it can deliver.”

“Everybody is currently priced to be a winner,” he added, but warned that “you look back at the past, not everybody is a winner”.

“Google was not the first market leader in internet search. It was Netscape. Nobody can remember Netscape today. It doesn’t exist. So not everybody always wins.

“We are prepared for the fact that there will be, I think, some shocks come along to markets and we have to deal with that. We have to make sure the system is resilient.”

Tehran, Iran – Hossein, a 32-year-old marketing specialist based in Tehran, has been thinking of replacing his 13-year-old Iranian-made car with a newer model.

Even though he earns about four-and-a-half times the minimum wage after a recent pay rise – his salary is now close to 900 million rials (about $390 at the current exchange rate) – imported vehicles are not even remotely affordable for him.

Even finding a locally made car might be out of his budget, with an economic crisis gripping the country since the United States and Israel launched a surprise war on Iran on February 28 and later enacted a crippling siege and sanctions on the country.

“I’m losing hope of ever being able to buy a new domestic production car too, unless the country opens up and becomes a bit more normal again,” Hossein, who asked to keep his full name confidential for security reasons, told Al Jazeera.

His old manual Peugeot 206 model, an originally French-made car but now produced domestically after foreign counterparts left Iran due to sanctions, can fetch up to 10 billion rials ($4,350) if he sells it towards making a new purchase. However, his replacement options are limited.

Upgrading to a slightly improved Peugeot 207 with an automatic gearbox could cost him 28 billion rials ($12,170) now. This means that, after selling his car, he would need more than 20 months of his entire salary.

A domestic sedan Shahin model costs more than 31 billion rials ($13,480), and a crossover Reera is priced at more than 43 billion rials ($18,700).

With these options, he would need to save about 24 months and 37 months of his whole salary, respectively, and that is if prices remain stable and he does not spend a rial on anything else. But the reality of the fast-rising living costs and lagging incomes in Iran means he can barely put aside any money, let alone afford a new car.

Domestic car prices have mostly risen 40 to 80 percent since the start of the war, while some vehicles sell for more than 130 percent of their September 2025 costs.

The costs of maintaining the vehicles are also rising much faster than people’s salaries. Domestically produced tyres, motor oil, brake pads and clutch kits have at least doubled since last year, with some car parts having more than tripled in price.

Domestic vehicles have generally low safety standards, meaning that they contribute to staggering road accident deaths. At least 1,609 Iranians have been killed so far on intercity roads in the current month of Shahrivar of the solar Hijri calendar, which ends on September 22. More than 20,000 people lose their lives on the roads every year. In comparison, fewer people in the whole of the European Union, nearly five times Iran’s population, died on roads last year.

Iran’s fuel-guzzling cars also contribute to smoke-congested city streets, degrade vehicles faster and increase fuel costs, just as petrol prices have risen for users.

How did we get here?

Experts say, due to a combination of protected state-linked businesses, privileged access, economic isolation and a curtailing of imports, Iranian households have no choice but to pay exorbitant prices – compared with their salaries – to buy low-quality cars.

The damage from the war, including the extensive bombing of multiple steel giants by Israel and the US, has only added insult to injury. The naval blockade of Iran’s southern ports has prevented goods coming in from popular neighbouring markets like the United Arab Emirates.

Under such circumstances, domestic vehicle manufacturers have little incentive to improve.

End customers are also beset by government charges, currency and financing costs, margins levied by murky intermediaries – and in numerous documented cases, industry corruption.

“People are forced to buy expensive low-quality cars whose real prices should be a quarter of global prices, and this is a direct harm done to them,” Mohammad Rashidi, a member of the presiding board of Iran’s parliament, told local media on Saturday. “The traces of a mafia system are visible throughout the process.”

His claims echo those of other officials and state-linked media, who have openly described the industry as resembling an organised crime operation.

According to the latest figures released by state media, about 233,000 cars were manufactured or assembled in Iran in the first five months of 2026, compared with 366,000 the year before. Only about 25,000 vehicles were imported in that period.

Only a handful of state-linked companies or intermediaries are allowed to import vehicles, with duties plus value-added tax increasing final prices up to 200 percent.

The government and parliament have discussed lowering import tariffs this year, with no agreement announced so far.

The premiums are more visible for high-end cars, with a 2026 Toyota Land Cruiser VXR going for approximately 660 billion rials ($287,000) in Iran at the moment, while the same model is available for about $86,000 in the UAE. The same story applies to most other models, at different rates depending on the rarity of the vehicle and the availability of parts.

The price of a mid-range Chinese-designed SUV sold as Exeed VX in international markets is listed at about $32,000 in China, while it is priced at about $42,000 in the UAE. The same car, assembled from imported parts by a state-linked company in Iran under a different name, currently costs Iranian customers the equivalent of $53,000.

The bizarre situation was on full display during a three-day “international” car exhibition in Tehran last week that mostly featured Chinese-manufactured vehicles. These remain available in Iran despite the US sanctions, since Tehran exports almost all of its oil to China and barters this for goods, including cars.

Some domestic manufacturers and importers were absent, either because they had no products to offer or because they had angry customers who registered months ago to get vehicles they never received. Spare parts for some of the vehicles on display are currently either not available in the Iranian market or cost several times their price in international markets.

Even the cheapest vehicles offered at the exhibition were completely unaffordable to the average Iranian. It would take a worker on the minimum wage with standard allowances 50 years to buy an XPENG G9, a Chinese-made electric SUV priced at 120 billion rials ($52,150), on his or her salary, without spending a rial on food, housing or clothing.

Still, there were huge queues outside the exhibition centre each of the three days.

“It was sad because most people just came to take pictures with the cars they knew they could never afford,” a young man who attended the exhibition told Al Jazeera. “The doors of the cars were locked too.”