Mideast Stocks: Major Gulf markets mixed on Trump's tariff uncertainty
Gulf stock markets were mixed on Tuesday, with Saudi Arabia's main Tadawul index retreating 0.78% as investor sentiment remained fragile on the unpredictability of U.S. President Donald Trump's trade policies.
Trump announced a postponement of his threatened 50% duties on the European Union on Sunday, providing a boost to futures markets. A deadline for July 9 has been set to allow for talks between Washington and the 27-nation bloc to produce a deal.
Nasdaq futures rose 1.67% and S&P 500 futures climbed 1.49%.
Oil prices - a catalyst for the markets in the Gulf - were little changed, with Brent crude futures up 11 cents, or 0.2%, by 0640 GMT, as markets await clarity on the OPEC+ group's next move at a meeting later this week.
In Saudi Arabia, Saudi Arabian Refineries Company lost 3.44%, while Saudi Industrial Investment Group was down 3.38%.
But markets in the United Arab Emirates traded higher, with Abu Dhabi's benchmark index up 0.11% and Dubai's main share index gaining 0.23%, and hitting its highest level since July 2008.
Amlak Finance was Dubai's biggest gainer, up 6.10%, after the company announced a board meeting later this week to discuss significant corporate actions, including asset sales and a potential exit from its real estate finance portfolio.
Qatar's benchmark stock index fell 0.29%, logging losses for a second straight session. Qatar National Bank ,the largest bank in the region by assets, was down 0.64%, and Qatar Fuel Company retreated 0.67%.
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