Gulf markets mixed on weak earnings, US curbs on China
Feb 25 (Reuters) - Stock markets in the Gulf were mixed on Tuesday as corporate earnings fell short of market expectations, amid concerns about U.S. investment curbs on China.
U.S. President Donald Trump has ordered restrictions on Chinese investments in strategic areas such as chips, artificial intelligence and aerospace.
Also weighing on sentiment was Trump's indication that proposed tariffs on Mexico and Canada were still set to start next week, although investors had hoped negotiations would forestall the threat.
Saudi Arabia's benchmark stock index (.TASI), opens new tab dropped 0.2%, with ACWA Power Company (2082.SE), opens new tab retreating 3.2%.
ACWA Power reported annual profit ahead of analysts' estimates but missed on revenue.
Among other losers, Saudi Ceramic Company (2040.SE), opens new tab plunged 10%, its biggest intraday fall since October 2020, after reporting an annual loss.
Yanbu National Petrochemical Company (2290.SE), opens new tab declined 1.7% after its 2024 profit missed analysts' estimates.
Dubai's main share index (.DFMGI), opens new tab nudged 0.1% higher, helped by a 1.1% rise in blue-chip developer Emaar Properties (EMAR.DU), opens new tab, while Emirates NBD (ENBD) (ENBD.DU), opens new tab climbed 1.7%.
ENBD, Dubai's top lender, made a mandatory cash offer to buy Emirates Islamic Bank (EIB.DU), opens new tab at 11.95 dirhams ($3.25) per share.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.2%, with ADNOC Gas (ADNOCGAS.AD), opens new tab closing 1.8% higher.
The Qatari benchmark (.QSI), opens new tab dropped 0.7%, as most of its constituents were in negative territory including Qatar Navigation (QNNC.QA), opens new tab, which retreated 3.9%.
The Qatari stock market slipped as profit-taking emerged following a period of horizontal trading amid uncertainty near resistance levels, said Hani Abuagla, senior market analyst at XTB MENA.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab lost 0.9%, weighed down by a 2.6% fall in Commercial International Bank (COMI.CA), opens new tab.
The Kuwait bourse was closed for a public holiday.
($1 = 3.6725 UAE dirham)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Rhyl Journal
16 minutes ago
- Rhyl Journal
TikTok creating more than 500 new British jobs as UK users top 30 million
The Chinese-owned social media firm said its UK workforce would expand to 3,000 this year as part of its 'deep commitment' to the UK. It will also open a new 135,000sq ft office in London's Barbican, which is set to open early next year. The group already has its UK headquarters in Farringdon, London, which were opened in 2022. TikTok unveiled the plans as it said it now has more than 30 million regular users in the UK each month, which makes the market is biggest user community in Europe. Adam Presser, director of TikTok UK and global head of operations and trust and safety, said: 'Whether through direct investment in jobs and innovation, or the wider economic contribution from millions of British businesses on TikTok, we're pleased to be increasing our investment and presence here in the UK, an important hub for TikTok.' But it comes after Cabinet minister Pete Kyle signalled he was looking at measures to restrict the amount of time children spend on their phones, including through a possible 10pm curfew. Mr Kyle was asked on Sunday morning whether he would look at limiting the time children spend on social media to two hours per app after the Sunday People and Mirror reported the measure was being considered by ministers. The Online Safety Act has passed into law, and from this year will require tech platforms to follow new Ofcom-issued codes of practice to keep users safe online, particularly children. Hefty fines and site blockages are among the penalties for those caught breaking the rules, but many critics have argued the approach gives tech firms too much scope to regulate themselves. TikTok's Mr Presser said that, as well as its UK expansion plans, the group also invests 'significantly' in safety. He said: 'What underpins our continued growth is our deep commitment to safety and to creating an enjoyable and secure digital space to sustainably support creators, entrepreneurs and the wider economy, which is why we also invest significantly in safety.' TikTok first launched its UK operations in 2018 and is financially incorporated in Britain. The group was fined 530 million euro (£446 million) by the Irish data protection watchdog last month for breaching EU privacy rules around transferring user data to China. The video-sharing app was also sanctioned for not being transparent with users about where personal data was being sent and ordered the platform to comply with data protection rules within six months. TikTok said it would appeal against the decision. The social media giant, which is owned by China-based ByteDance, has been under scrutiny from regulators around the world over how it handles personal data, and is also facing a ban in the United States over its China links, which the US government has said is a national security issue.
Powys County Times
18 minutes ago
- Powys County Times
TikTok creating more than 500 new British jobs as UK users top 30 million
TikTok has unveiled plans to create more than 500 new British jobs and open a second office in London as it cheered passing the 30 million milestone for users in the UK. The Chinese-owned social media firm said its UK workforce would expand to 3,000 this year as part of its 'deep commitment' to the UK. It will also open a new 135,000sq ft office in London's Barbican, which is set to open early next year. The group already has its UK headquarters in Farringdon, London, which were opened in 2022. TikTok unveiled the plans as it said it now has more than 30 million regular users in the UK each month, which makes the market is biggest user community in Europe. Adam Presser, director of TikTok UK and global head of operations and trust and safety, said: 'Whether through direct investment in jobs and innovation, or the wider economic contribution from millions of British businesses on TikTok, we're pleased to be increasing our investment and presence here in the UK, an important hub for TikTok.' But it comes after Cabinet minister Pete Kyle signalled he was looking at measures to restrict the amount of time children spend on their phones, including through a possible 10pm curfew. Mr Kyle was asked on Sunday morning whether he would look at limiting the time children spend on social media to two hours per app after the Sunday People and Mirror reported the measure was being considered by ministers. The Online Safety Act has passed into law, and from this year will require tech platforms to follow new Ofcom-issued codes of practice to keep users safe online, particularly children. Hefty fines and site blockages are among the penalties for those caught breaking the rules, but many critics have argued the approach gives tech firms too much scope to regulate themselves. TikTok's Mr Presser said that, as well as its UK expansion plans, the group also invests 'significantly' in safety. He said: 'What underpins our continued growth is our deep commitment to safety and to creating an enjoyable and secure digital space to sustainably support creators, entrepreneurs and the wider economy, which is why we also invest significantly in safety.' TikTok first launched its UK operations in 2018 and is financially incorporated in Britain. The group was fined 530 million euro (£446 million) by the Irish data protection watchdog last month for breaching EU privacy rules around transferring user data to China. The video-sharing app was also sanctioned for not being transparent with users about where personal data was being sent and ordered the platform to comply with data protection rules within six months. TikTok said it would appeal against the decision. The social media giant, which is owned by China-based ByteDance, has been under scrutiny from regulators around the world over how it handles personal data, and is also facing a ban in the United States over its China links, which the US government has said is a national security issue.
Reuters
19 minutes ago
- Reuters
Brazil inflation estimated to have edged down in May
June 9 (Reuters) - Brazil's inflation is estimated to have edged down in May as a persistent rise in food and beverage prices took a break, a Reuters poll found. Food inflation has begun to cool due to a large supply of foodstuffs from a good crop and rising cattle farming, coupled with the commercial impact of a bird flu outbreak leading to a glut on the domestic market. Official data to be published on Tuesday will likely show inflation ran at a 0.33% monthly rate and 5.40% in the 12 months to May, according to median estimates of 19 economists polled June 4-9. This would mark a decline from April's 0.43% monthly rate and 5.53% for the 12-month reading, the fastest annual clip since February 2023. UBS analysts noted May's trajectory was driven by an energy price hike, while "(monthly) food inflation is likely to print close to zero, as it reaches its low season of May-August." "Fresh food may already show prices falling, contributing 4 basis points to the downside", the bank's economists added. Bi-weekly figures last month reflected price falls in categories like grains, fruits and vegetables as well as low increases in flour and milk. Also, chicken prices dropped around 7% since the start of the bird-flu event, Brazil's Agriculture minister said last week. Exporters redirected poultry products to domestic consumers after a slew of international bans. Still, the 12-month inflation gauge is set to come in for the 8th consecutive month above the government's target of 3% plus/minus 1.5 percentage points. Beyond food and energy trends, services have been a key factor behind Brazil's sticky inflation recently, with a resilient job market pushing up the sector's costs. However, core services inflation probably moderated to a 0.35% monthly rate in May from 0.61% in April, Barclays said in a report. This would support growing views the economy is slowing down, a process expected to become clearer in the second half of the year. The nascent deceleration is the result of a monetary tightening campaign that last month brought up Brazil's benchmark interest rate to 14.75%, a near-two decade high. The central bank is maintaining a data-driven approach for its June rate-setting meeting, without committing to a specific policy path, governor Gabriel Galipolo said on Saturday.
