Latest news with #MiladAzar
Wall Street Journal
2 days ago
- Business
- Wall Street Journal
Oil Edges Lower Amid Tariff, Demand Concerns
0005 GMT — Oil edges lower in the early Asian session amid tariff and demand concerns. Lingering uncertainty over U.S. tariff decisions could continue to damp sentiment around forward demand for crude, XTB MENA's Milad Azar says in an email. Also, U.S. crude inventories have introduced more uncertainty, the market analyst says. 'U.S. crude stocks posted a draw last week, but this was offset by builds in gasoline and distillate inventories, suggesting underlying demand may be underwhelming relative to seasonal expectations,' Azar adds. Front-month WTI crude oil futures are down 0.15% at $67.10/bbl; front-month Brent crude oil futures are 0.2% lower at $69.07/bbl. (
Khaleej Times
2 days ago
- Business
- Khaleej Times
Gold prices up in Dubai; some shops see low footfall amid high prices, summer break
Gold prices rose Dh1 per gram at the opening of the markets in Dubai on the first trading day of the week. The Dubai Jewellery Group data showed 24K trading at Dh404.75 per gram on Monday morning, up from Dh403.75 per gram at the close of the markets over the weekend. Among the other variants, 22K, 21K and 18K opened higher at Dh374.75, Dh359.5 and Dh308.0 per gram, respectively. High precious metal prices and summer vacations have led to a decline in gold jewellery sales. 'Because of the high prices and people on leave, the footfall is low. Most of the customers are those who have subscribed to the loyalty schemes with us,' said a jeweller. Spot gold was trading at $3,359.86 per ounce, up 0.25 per cent. Investors this week will be monitoring developments in US trade talks and the Federal Reserve's policy meeting scheduled for next week. Milad Azar, market analyst at XTB Mena, said gold could continue to experience some volatility as safe-haven demand shifts with developments around US trade policy, central bank independence, and international geopolitical risks. 'Geopolitical tensions remain pronounced. The US is accelerating arms shipments to Ukraine amid intensified conflict with Russia. In the Middle East, instability persists, with renewed sectarian clashes in Syria and strikes in Gaza amplifying regional volatility. US President Donald Trump's recent announcement to notify over 150 countries of their tariff schedules reignited trade uncertainty. The resulting ambiguity tempers optimism and sustains a bid for defensive assets, such as gold. In addition, concerns around Federal Reserve independence could also drive investors toward gold,' he said.
Business Recorder
13-06-2025
- Business
- Business Recorder
Middle Eastern stocks lower on geopolitics
DUBAI: Stock markets in the Middle East ended lower on Thursday with uncertainty looming after the US decided to relocate personnel from the region ahead of nuclear talks with Iran. US President Donald Trump said on Wednesday US personnel were being moved out of the Middle East because 'it could be a dangerous place', adding that the United States would not allow Iran to have a nuclear weapon. Saudi Arabia's benchmark index declined 1.5%, dragged down by a 1.2% fall in Al Rajhi Bank and a 3.3% decrease in Saudi Arabian Mining Company. The Saudi bourse retreated, erasing all recent recovery gains and pushing the index back towards early June levels. All sectors posted negative performances, indicating a pervasive risk-off sentiment during today's session, said Milad Azar, market analyst at XTB MENA.
Reuters
03-06-2025
- Business
- Reuters
Dubai's stock index rises, logs second straight session of gains
June 3 (Reuters) - Most Gulf stock markets settled higher on Tuesday, with Dubai's main share index (.DFMGI), opens new tab marking a second consecutive session of gains and settling up 0.68%. "In Dubai, the market continued its upward trajectory, demonstrating healthy momentum and potential for further gains, with the financial sector significantly influencing performance, led by stocks such as Dubai Islamic Bank and Emirates NBD," said Milad Azar, market analyst at XTB MENA. "This performance is underpinned by strong fundamentals and a solid economic outlook for the year." In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab finished up 0.46%, snapping two consecutive session of losses. The financial sector led gains on the Abu Dhabi stock market with Abu Dhabi Islamic Bank ( opens new tab up 2.6% and First Abu Dhabi bank up 1.53%. Oil prices - a catalyst for markets in the Gulf - edged up on Tuesday, supported by a rise in geopolitical tensions and supply concerns. Brent crude futures was up 0.7%, at $65.08 a barrel by 1154 GMT. Ukraine and Russia ramped up the ongoing war this weekend with one of the biggest drone battles of their conflict, despite peace talks in Turkey. Iran, meanwhile, was poised to reject a U.S. proposal to end a decades-old nuclear dispute. If talks fail, Iran could face continued sanctions, limiting oil supply to the country. Saudi Arabia's benchmark stock index (.TASI), opens new tab settled 0.16% lower. United Carton Industries ( opens new tab was the top loser on the index, losing 3.98%. "Sector performance was mixed. These movements suggest uncertainty at current levels, as investors await further developments, particularly upcoming US economic data releases that could influence the Saudi market. Ongoing trade tensions also continue to impact investor sentiment," said Azar. Qatar's benchmark stock index (.QSI), opens new tab settled up 1.28%, helped by a 3.44% rise in Qatar Gas Transport ( opens new tab. The index logged its highest intraday gain since April 30. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab settled flat on Tuesday. U.S. President Donald Trump and Chinese leader Xi Jinping are set to speak this week, the White House said on Monday. This comes just days after Trump accused Beijing of violating an agreement to roll back tariffs and trade restrictions. The newly announced 50% tariffs on worldwide steel and aluminium are set to go into effect on Wednesday, June 4.
Zawya
08-04-2025
- Business
- Zawya
Mideast Stocks: Gulf bourses rebound in line with global shares
Stock markets in the Gulf ended higher on Tuesday, rebounding from a global selloff on hopes that the U.S. might be willing to negotiate some of its heavy import tariffs. Saudi Arabia's benchmark index advanced 1%, extending gains from the previous session, led by a 1.9% rise in Al Rajhi Bank and a 4.7% jump in Elm Company . On Sunday, the Saudi index had fallen 6.8%, its biggest one-day slide since the early days of the 2020 COVID-19 pandemic. The Saudi bourse recovered for the second consecutive day after finding support levels, said Milad Azar, a market analyst at XTB MENA. "However, a sustained general recovery would require fundamental changes, particularly regarding tariff risks and their potential economic impact." Dubai's main share index climbed 1.9%, buoyed by a 1.3% gain in blue-chip developer Emaar Properties and a 2.2% leap in sharia-compliant lender Dubai Islamic Bank. In Abu Dhabi, the index added 0.5%. Oil prices — catalyst for the Gulf's financial markets — steadied but remained near four-year lows as a recovery in equity markets was outweighed by recession fears exacerbated by trade conflicts. The Qatari index rose 1.3%; Qatar Islamic Bank gained 2.5% and petrochemical maker Industries Qatar was up 2.3%. Outside the Gulf, Egypt's blue-chip index rose 0.6%, supported by a 7.1% jump in tobacco monopoly Eastern Company. Egypt and France have signed a 7 billion euro ($7.66 billion) agreement to develop finance and operate a green hydrogen production facility, Egypt's transportation ministry said. SAUDI ARABIA climbed 1% to 11,303 Abu Dhabi added 0.5% to 8,989 Dubai gained 1.9% to 4,890 QATAR advanced 1.3% to 9,897 EGYPT added 0.6% to 30,649 BAHRAIN was up 0.1% to 1,899 OMAN rose 0.9% to 4,261 KUWAIT jumped 3.1% to 8,302 ($1 = 0.9135 euros) (Reporting by Ateeq Shariff in Bengaluru; Editing by Sahal Muhammed)
