Mideast Stocks: Major Gulf markets gain as investors await earnings
Major stock markets in the Gulf rose in early trading on Monday as investors awaited corporate earnings announcements, although uncertainty over trade talks between the U.S. and China limited gains.
U.S. Treasury Secretary Scott Bessent on Sunday did not back President Donald Trump's assertion that tariff talks with China were underway and said he did not know if the U.S. president had talked to Chinese President Xi Jinping. Earlier, Beijing denied any talks were taking place.
Saudi Arabia's benchmark index added 0.1%, helped by a 0.3% rise in Al Rajhi Bank and a 0.9% increase in ACWA Power Company.
The Kingdom's non-oil exports reached an all-time high of 515 billion riyals ($137.29 billion) in 2024, the state news agency said on Saturday, as the kingdom continues its push to diversify its economy away from oil dependence.
Dubai's main share index gained 0.7%, led by a 1.2% gain in blue-chip developer Emaar Properties.
In Abu Dhabi, the index was up 0.5%, with Multiply Group jumping 5.2% as the investment firm is slated to report its first-quarter earnings.
Elsewhere, the United Arab Emirates' biggest lender First Abu Dhabi Bank advanced 1% ahead of earnings announcement.
The Qatari index was up 0.1%, with petrochemical maker Industries Qatar gaining 0.9%.
Oil prices - a catalyst for the Gulf's financial markets - inched higher though remained dogged by uncertainty over trade talks between the U.S. and China, clouding the outlook for global growth and fuel demand, while the prospect of OPEC+ raising supply cast more gloom. ($1 = 3.7512 riyals)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
an hour ago
- The National
Trump presses Fed's Powell to cut interest rates by a full point
US President Donald Trump called on Jerome Powell to cut interest rates by a full percentage point on Thursday, ramping up his pressure on the Federal Reserve chair. Mr Trump's latest attacks on the Fed chair came shortly after a Labour Department report showed employers added 139,000 jobs last month, slower than its March gain but still above economists' projections. The unemployment rate remained steady at 4.2 per cent. ''Too Late' at the Fed is a disaster!,' Mr Trump wrote on Truth Social, referring to Mr Powell. 'Europe has had 10 rate cuts, we have had none. Despite him, our Country is doing great. Go for a full point, Rocket Fuel!' In a series of follow-up posts, Mr Trump claimed rate cuts would allow the US to lower short and long-term rates 'on debt that is coming due'. Mr Trump has regularly attacked Mr Powell in recent months over the Fed chair's caution in cutting interest rates. Mr Powell so far has resisted the pressure from the White House and maintains that policy decisions will be data dependent. He and other members on the rate-setting Federal Open Market Committee are currently debating how Mr Trump's tariffs will affect the economy. Speaking in New York on Thursday, Fed Governor Adriana Kugler laid out her support for keeping rates at their current level due to rising inflation risks. Also speaking on Thursday, Kansas City Fed president Jeff Schmid said he expects tariffs will 'likely push up prices', with their effects not being 'fully apparent for some time'. The Fed, which has left rates unchanged for the past three meetings at roughly 4.3 per cent, will hold its next two-day meeting from June 17-18. The Fed's next blackout period begins at midnight on Saturday, meaning there will be no public communications from the central bank before it announces its next rate decision. Traders anticipate the Fed will keep rates unchanged through the summer, according to CME Group data.
The National
2 hours ago
- The National
Elon Musk has 'lost his mind', Donald Trump says
Elon Musk has 'lost his mind', President Donald Trump said on Friday after a bitter falling-out between the world's richest person and the world's most powerful man. Mr Trump told ABC News in a phone call that he was 'not particularly interested' in talking to Mr Musk following Thursday's dramatic break-up. 'You mean the man who has lost his mind?' ABC quoted Mr Trump as saying. An extraordinary and public meltdown in the Trump-Musk relationship played out on social media over several hours, with a dispute over the US President's tax bill quickly escalating into a remarkably personal exchange during which Mr Musk appeared to call for Mr Trump's impeachment. It was a stunning collapse for a close relationship that deepened last year when Mr Musk pumped hundreds of billions of dollars into the Republican's campaign. The tech tycoon was invited into the inner White House to gut parts of the federal workforce through his 'Department of Government Efficiency'. Reports had suggested the two would speak by phone on Friday in a bid to patch up the damaging public row, but the White House scotched that speculation. 'The President does not intend to speak to Musk today,' a senior White House official told AFP when asked if the pair planned to speak. ABC said Mr Trump seemed 'bummed' about the collapse of the relationship, and in a telling symbol, an official told the network that the President is considering selling or giving away a Tesla he had bought to show support for Mr Musk amid protests against the company. A break-up in the billionaire bromance had appeared to be on the cards since Tuesday, after Mr Musk said the Republican President's signature 'big, beautiful' tax bill was a ' disgusting abomination ' that would blow up the national debt. The row exploded on Thursday when Mr Trump said he was 'very disappointed' in Mr Musk and threatened to end his government contracts. Mr Musk even posted, without providing proof, that Mr Trump was referenced in government documents on the disgraced financier and sex offender Jeffrey Epstein. He also approvingly retweeted a post that said Mr Trump should be impeached and Vice President JD Vance sworn in as US leader.
Gulf Today
3 hours ago
- Gulf Today
US job growth slows in May; unemployment rate steady
US job growth slowed in May amid headwinds from tariff uncertainty, while the unemployment rate held steady at 4.2 per cent, potentially giving the Federal Reserve cover to delay resuming interest rate cuts for a while. Nonfarm payrolls increased by 139,000 jobs last month after rising by a downwardly revised 147,000 in April, the labour Department's Bureau of labour Statistics said in its closely watched employment report on Friday. Economists polled by Reuters had forecast 130,000 jobs added after a previously reported 177,000 rise in April. Estimates ranged from 75,000 to 190,000 jobs. The unemployment rate remained at 4.2 per cent for the third straight month. The economy needs to create roughly 100,000 jobs per month to keep up with growth in the working age population. That number could decline as President Donald Trump has revoked the temporary legal status of hundreds of thousands of migrants amid an immigration crackdown. Much of the job growth this year reflects worker hoarding by businesses amid Trump's flip-flopping on tariffs, which economists say has hampered companies' ability to plan ahead. Opposition to Trump's tax-cut and spending bill from hardline conservative Republicans in the US Senate and billionaire Elon Musk adds another layer of uncertainty for businesses. Employers' reluctance to lay off workers potentially keeps the US central bank on the sidelines until the end of the year. Financial markets expect the Fed will leave its benchmark overnight interest rate unchanged in the 4.25 per cent-4.50 per cent range this month, before resuming policy easing in September. US Treasury yields rose after data on Friday showed that employers added more jobs than economists had expected in May, while average hourly earnings also rose more than was forecast. Employers added 139,000 jobs last month, above estimates for a 130,000 increase. Average hourly earnings increased 0.4 per cent in May, above expectations for a 0.3 per cent increase. The unemployment rate held steady at 4.2 per cent, as expected. The yield on benchmark US 10-year notes was last up 5.1 basis points on the day at 4.446 per cent. Interest rate sensitive two-year note yields rose 3.8 basis points to 3.962 per cent. US stock index futures extended gains on Friday after a stronger-than-expected jobs report calmed worries over the health of the labour market in the wake of President Donald Trump's tariff war. A labour Department report showed nonfarm payrolls increased 139,000 in May, compared with estimates for a rise of 130,000, according to economists polled by Reuters. The unemployment rate stood at 4.2 per cent, in-line with a forecast of 4.2 per cent. At 08:30 a.m. ET, Dow E-minis were up 232 points, or 0.57 per cent, S&P 500 E-minis were up 36.25 points, or 0.63 per cent, and Nasdaq 100 E-minis were up 142.75 points, or 0.66 per cent Meanwhile the dollar was headed for a weekly loss on Friday, undermined by signs of fragility in the US economy and little progress on trade negotiations between Washington and its partners, ahead of a critical jobs report. The US nonfarm payrolls report expected later on will draw greater scrutiny after a slew of weaker-than-expected economic data this week underscored that President Donald Trump's tariffs were taking a toll on the economy. Analysts say the data so far has indicated that the US economy faces a period of increasing price pressures and slowing growth, which could complicate Federal Reserve monetary policy, even as Trump has been critical of the institution's cautious stance. Against a basket of currencies, the dollar edged up to 98.9, and was headed for a weekly loss of 0.5 per cent. The euro was taking a breather after hitting a 1-1/2-month top on Thursday following hawkish remarks from the European Central Bank. It last bought roughly $1.1423, down just 0.18 per cent on the day. Traders have pushed back expectations on the timing of the next rate cut, but continue to anticipate a 25-basis point reduction by year-end. Deutsche Bank's Mark Wall said he still expects 50 basis points worth of ECB rate cuts, adding 'it is still too early to judge the impact of the trade war, and the path of the trade war is in any case still inherently unpredictable.' Reflecting a struggling economy, data showed that German exports and industrial output fell more than expected in April. Most currencies had surged against the dollar late on Thursday, helped by news that Trump and Chinese President Xi Jinping spoke on a call for more than an hour, before paring some of their gains. Investors remain worried about US trade negotiations and the lack of progress in hashing out deals ahead of an early July deadline. The highly anticipated call between Trump and Xi also provided little clarity and the spotlight on it was quickly stolen by a public fallout between Trump and Elon Musk. Elsewhere, cryptocurrency dogecoin, often supported by Musk, was a touch firmer after falling to a one-month low on Thursday. US equity funds saw outflows for a third straight week through June 4, as concerns lingered over uncertainty surrounding US trade policies, while investors remained cautious ahead of a key jobs report due Friday. Reuters
