Mideast Stocks: Gulf markets rebound on US-Japan trade deal, strong earnings
Trump said on Tuesday that the U.S. and Japan had struck a trade deal that includes a 15% tariff on U.S. imports from Japan. It followed an agreement with the Philippines by which the U.S. will collect a 19% tariff rate on imports from there.
While the increasing imposition of tariffs around the world poses risks to global economic growth and oil demand, the recent U.S.-Japan deal helped ease investor concerns and supported oil prices.
Saudi Arabia's benchmark index gained 0.5%, supported by energy stocks benefiting from stabilised oil prices. Oil behemoth Saudi Aramco advanced 0.7%.
Elsewhere, Arab National Bank rose more than 2% after posting strong second-quarter results.
The Abu Dhabi index jumped 0.9%, driven by robust earnings. First Abu Dhabi Bank, the UAE's largest lender, surged over 4% after beating second-quarter profit estimates on strong revenue growth, while Bank of Sharjah soared nearly 8%.
Among other gainers, Space42 advanced around 2% after securing a $695.5 million facility to fund next-generation UAE satellites.
Dubai's main share index added 0.3%, on course to snap a three-day losing streak, with nearly all sectors in positive territory as upbeat earnings lifted sentiment across the United Arab Emirates.
Index heavyweight Salik climbed 1.5%.
Qatar stock index edged up 0.2%, continuing to hover near a two-and-a-half-year high.
(Reporting by Amna Mariyam and Ateeq Shariff in Bengaluru, editing by Ed Osmond)
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