Gulf stocks settle varied on tariff uncertainty, rise in oil prices
Trump accused China of violating a bilateral deal to roll back tariffs and announced a 50% tariff on steel and aluminium, rattling international trade. The tariffs are set to come into effect starting June 4.
Oil prices - a catalyst for markets in the Gulf - jumped by more than 4% after the OPEC+ group decided to keep output increases in July at the same level as the prior two months. .
Brent crude futures was up 3.97%, at $65.27 a barrel by 1220 GMT. The Organization of the Petroleum Exporting Countries and its allies, decided on Saturday to raise output by 411,000 barrels per day in July.
S&P 500 futures fell 0.5%, while Nasdaq futures lost 0.7%, suggesting a retreat at the opening bell later.
Saudi Arabia's benchmark stock index (.TASI), opens new tab settled 0.23% higher with packaging provider United Carton Industries (1323.SE), opens new tab up 4.52% and industrial company Savola Group (2050.SE), opens new tab up 4.66%.
"Sector performance was mixed but generally supportive, notably from the banking sector, which had experienced significant losses recently. Energy stocks also contributed positively, buoyed by higher oil prices," said Joseph Dahrieh, Managing Principal at Tickmill.
Al Rajhi Bank (1120.SE), opens new tab, Saudi Arabia's second-largest lender by assets, settled up 1.24%.
The UAE stock markets presented a mixed picture, with Dubai's main share index (.DFMGI), opens new tab settling flat and Abu Dhabi's, benchmark index (.FTFADGI), opens new tab finishing down 0.39%. The Abu Dhabi index recorded a second straight session of losses.
"The Dubai stock market was relatively stable after two previous sessions of losses. Momentum could remain intact and the market could continue to rise," said Dahrieh.
In Dubai, food and groceries delivery provider Talabat Holding (TALABAT.DU), opens new tab was down 1.39%, while Amlak Finance (AMLK.DU), opens new tab rose by 14.55%.
Qatar's benchmark stock index (.QSI), opens new tab settled 0.16% lower. Commercial Bank (COMB.QA), opens new tab was the top loser on the index, down 1.78%. The index touched its lowest levels since May 1.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab fell 0.54%, extending losses for a second consecutive session.
Real estate companies took a hit, with Orascom Development Egypt (ORHD.CA), opens new tab down 3.2% and Emaar Misr for Development (EMFD.CA), opens new tab down 3.01%.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
18 minutes ago
- Reuters
Bullion markets breath sigh of relief after Trump says gold will not face tariffs
Aug 11 (Reuters) - U.S. President Donald Trump on Monday said he would not impose tariffs on gold, a move welcomed by global bullion markets and which ended days of speculation that the yellow metal could be caught up in the ongoing global trade spat. "Gold will not be Tariffed!" Trump said in a statement posted on his social media account. He gave no details. The U.S. Customs and Border Protection had posted a ruling on its website on Friday saying that Washington might place the most widely traded gold bullion bars in the United States under country-specific import tariffs, which would have rocked the metal's global supply chains. In response, a White House official told Reuters on Friday that the Trump administration was preparing an executive order "clarifying misinformation" about tariffs on gold bars and other specialty products. A U.S. gold tariff would have been especially harmful for Switzerland, a major refining and transit hub for gold. Trump's Monday post removes that concern. "Delighted to hear the crisis has been averted," said Ross Norman, an independent gold market analyst. "It will come as an enormous relief to the bullion markets, as the potential for disruption was incalculable." U.S. gold futures dropped 2.4% to $3,407 per ounce after Trump's post on Monday, reducing a premium over spot gold , the global benchmark, which fell 1.2% to $3,357. Shares of Barrick Mining ( opens new tab fell 2.8% on Monday afternoon after the company posted quarterly results, while shares of Newmont (NEM.N), opens new tab - the world's largest gold miner - were down slightly to $68.87. Both companies are major U.S. gold producers.
Reuters
an hour ago
- Reuters
Brazil-US meeting canceled amid tariff dispute, says finance minister
SAO PAULO, Aug 11 (Reuters) - Brazil Finance Minister Fernando Haddad said on Monday that his virtual meeting with U.S. Treasury Secretary Scott Bessent had been canceled after initially being scheduled for Wednesday. That was a setback for the Brazilian government, which had hoped to use the meeting to negotiate tariffs after U.S. President Donald Trump's administration imposed 50% duties on several Brazilian goods. Speaking to GloboNews TV, Haddad said no new date had been set for the call, despite Brazil's request to reschedule it following the cancellation notice. The minister lamented that Brazil was not even able to sit at the table to negotiate tariffs with the United States and criticized what he called "pseudo-Brazilians" in Washington lobbying against their own country. The tariff hike was linked by the Trump administration to the trial of his right-wing ally, former President Jair Bolsonaro, who is facing charges over an alleged coup attempt following his 2022 electoral defeat. Congressman Eduardo Bolsonaro, Bolsonaro's son, has been in the U.S. since March, campaigning for sanctions against those responsible for the judicial proceedings. Haddad said Brazil will need to explore other markets more aggressively, highlighting Southeast Asia as a promising region and calling for urgent progress on a trade deal between South American bloc Mercosur and the European Union. The minister also said the government will soon issue an executive order to address the impact of higher U.S. tariffs. The package will include structural reforms to Brazil's export guarantee mechanisms through the Export Guarantee Fund (FGE). According to Haddad, the order will also support certain government purchases and credit measures, forming a multi-pronged response as there is no single solution for the roughly 10,000 companies affected.
Reuters
an hour ago
- Reuters
Trump says gold will not face tariffs
WASHINGTON, Aug 11 (Reuters) - U.S. President Donald Trump on Monday said gold would not be subject to tariffs, but gave no other details. "Gold will not be Tariffed!" Trump said in a statement posted on his social media account and attributed to the president.
