Saudi Arabia settles lower, worst weekly performance in over a month
The kingdom's stock index (.TASI), opens new tab shed 1.02% on Thursday, underperforming its peers in the Middle East. It was down 2.5% for the week.
Official data on Wednesday showed the country's crude oil exports in March fell to 5.754 million barrels per day from 6.547 million bpd in February.
Oil prices, a catalyst for stock markets in the Gulf, also dropped by more than a percent after Bloomberg reported OPEC+ was discussing a production increase for July, which raised worries that global supply could exceed demand growth. O/R
Dubai's benchmark index (.DFMGI), opens new tab snapped two consecutive sessions of decline, ending 0.26% higher. UAE-based insurer Dubai Insurance (DINC.DU), opens new tab was the top gainer on the index, jumping 15% to a near 21-year high.
The index has been bolstered by a slew of business agreements between the U.S. and UAE announced last week during President Donald Trump's Gulf Tour.
Elsewhere, the main stock indices in Abu Dhabi (.FTFADGI), opens new tab and Qatar (.QSI), opens new tab ended the session flat on Thursday. Qatar's benchmark index saw its biggest weekly rise since October 2024.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab, closed up 0.44% ahead of an expected rate cut by the country's central bank later on Thursday.
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Reuters
39 minutes ago
- Reuters
Investors react to US-Russia summit reaching no deal
NEW YORK, Aug 15 (Reuters) - U.S. President Donald Trump said on Friday that he and Russian President Vladimir Putin did not reach an agreement to resolve Moscow's war in Ukraine after a nearly three-hour summit in Alaska, though he characterized the meeting as "very productive." "There were many, many points that we agreed on," Trump said at a joint press conference with Putin. "I would say a couple of big ones that we haven't quite got there, but we've made some headway. So there's no deal until there's a deal." COMMENTS: ERIC TEAL, CHIEF INVESTMENT OFFICER, COMERICA, CHARLOTTE, NORTH CAROLINA: "The fact that there were no economic sanctions is a positive and markets should breathe a sigh of relief, but it doesn't appear as though a deal is in hand." "If anything, we see opportunity in the energy sector, as oil prices are at pretty low levels here and the prospect of sanctions on oil did not bear out. There could be a relief rally and that would be an opportunity to invest in energy as we head into higher seasonal demands and economic growth beginning to re-accelerate." "Gold and precious metals are likely to sell off because of being an asset class good for safety. Given concerns about inflation, they are a good buying point as well if any weakness." EUGENE EPSTEIN, HEAD OF TRADING AND STRUCTURED PRODUCTS, NORTH AMERICA, MONEYCORP, NEW JERSEY: "I don't think anybody expected it to be particularly specific or substantive. It's essentially a first step towards potentially something more. They both kind of said everything diplomatically. But it's more about the significance of the meeting as a whole, as opposed to the content of what they're saying. "Again, I don't think anybody really expected them to suddenly within a couple of hours come up with a very specific set of plans or any kind of blueprint to something. It basically was just showing their willingness to have continued talks to arrive at a conclusion that is beneficial for all parties. And I think this is just the first steps, and many more to come." "Basically, President Trump needs to go back to the European Union and relay what Putin has said. And then he's got to negotiate with Zelenskiy. For the most part, I think they've laid the groundwork for a deal. And my feeling is that it will probably get done, but there's probably a couple more steps. I'm thinking one of those steps will be Trump, Putin and Zelinski all meeting in the next month." "They will probably reach a deal in 30 days. I was kind of surprised that they didn't take any questions. So there's a little bit of disappointment in that, but until a deal is done, you can't really take any questions." "Overall, the markets will like it marginally because I think they've made some progress. But I don't think we will be up 400 points in Dow futures on Sunday night." JAMIE COX, MANAGING PARTNER, HARRIS FINANCIAL GROUP, RICHMOND, VIRGINIA: "Without Ukraine at the table, there was little chance for a peace accord. That Putin attended at all was significant, but he can't be seen ending the conflict while on American soil meeting with Trump."
The Guardian
an hour ago
- The Guardian
Republicans who backed Trump's anti-environment bill have accepted over $105m from big oil
The Republican lawmakers who voted for Donald Trump's anti-environment tax and spending bill have accepted more than $105m in political donations from the fossil fuel industry, a new analysis has found, raising concerns about their relationship with big oil. Signed into law last month, the One Big Beautiful Bill Act includes billions of dollars in giveaways to oil and gas companies and their executives, alongside provisions to scale back credits for clean vehicles, wind and solar which were enshrined by Joe Biden's Inflation Reduction Act (IRA). All but two GOP House members voted to support the budget bill, as did all but three GOP senators. That includes many Republicans from districts who benefited most from the IRA's green credits, and those who spent months attempting to defend renewable energy tax credits from the budget bill's provisions, such as Representative Andrew Garbarino of New York and Senators Lisa Murkowski of Alaska and John Curtis of Utah. The new report from the environmental advocacy group Climate Power totalled up the funds the bill's backers have accepted from the fossil fuel industry over the course of their political careers, finding that House members accepted $54.4m and senators accepted $51.5m. 'These Republicans in Congress are caught red-handed taking massive donations from the oil and gas industry, and voting to give them billions and to destroy their competition from their own state's clean energy industries,' the analysis says. With House midterm elections scheduled for next year, Climate Power also looked at fossil fuel donations to the 15 House Republicans deemed most vulnerable to an electoral challenge, according to the Cook Political Report, which independently analyzes the political viability of elections and campaigns. All 15 backed the mega-bill, and together, they accepted more than $3m in donations from the fossil fuel industry, the authors found. Hailing from Colorado, Iowa, Arizona, New Jersey, California, Michigan and New York, the lawmakers on the list are from regions that have seen benefits from the IRA's credits for wind and solar energy, as well as battery manufacturing. The mega-bill puts more than 110,000 jobs from the three sectors at risk in the 15 lawmakers' districts, and is also expected to raise consumers' energy bills by up to $200 annually by 2030, according to the climate policy thinktank Energy Innovation. Some on the list had previously critiqued the bill: Congresswoman Mariannette Miller-Meeks of Iowa, who has accepted $229,179 in oil and gas contributions, pledged to support clean energy tax credits but backed the legislation anyway, while Colorado's Jeff Hurd, pledged to oppose the bill due to its cuts to Medicaid but ended up supporting it. 'These Republican members of Congress all represent moderate swing districts with close elections, where voters of both parties expect their representatives to look out for them, not to kill their jobs and raise their utility bills for the sake of out-of-state special interests,' said Pete Jones, a director at Climate Power. 'These members chose who to stand up for, and they picked their billionaire donors.' Big oil spent a stunning $445m throughout the last election cycle to influence Trump and Congress, Climate Power found in January. The industry also poured more than $19m into Trump's inaugural fund, accounting for nearly 8% of all donations it raised, a report found last month. 'We will be a rich nation again, and it is that liquid gold under our feet that will help to do it,' Trump said in his inaugural address. Since re-entering the White House, Trump has passed not only the anti-environmental One Big Beautiful Bill Act, but has also signed a slew of executive orders and policies aimed at cracking down on clean energy and boosting already-booming oil and gas.
The Independent
2 hours ago
- The Independent
Trump's ‘visa integrity fee' could cause a decline in tourism
Donald Trump signed a new $250 ' visa integrity fee' into law, which will take effect in October and applies to non-immigrant visa holders from certain countries. The Congressional Budget Office (CBO) initially estimated the fee would generate over $27 billion for the US economy over a decade. However, a Tourism Economics analysis suggests the fee could cost the United States $11 billion over three years by deterring international visitors. This potential decline in tourism could lead to reduced visitor spending and job losses, particularly impacting visitors from significant markets like India and Brazil. The fee is being introduced despite the US already facing a decline in international tourism and ahead of major events such as the 2026 FIFA World Cup and 2028 Summer Olympics.
