Latest news with #OilPrices
Washington Post
7 hours ago
- Business
- Washington Post
Asian shares mostly gain ahead of Friday's US jobs report
TOKYO — Asian shares were mostly higher Friday ahead of an update on the U.S. job market that will offer insights into how the economy is faring. U.S. futures edged higher and oil prices fell. Tokyo's Nikkei 225 index rose 0.5% to 37,730.67, while the Kospi in South Korea jumped 1.5% to 2,812.05.
Washington Post
a day ago
- Business
- Washington Post
Asian shares trade mixed after Wall Street's rally stalls on U.S. economic data
TOKYO — Asian shares were mixed on Thursday, as Wall Street's big recent rally lost some momentum following a pair of potentially discouraging reports on the American economy. U.S. futures edged lower and oil prices declined. Japan's benchmark Nikkei 225 shed 0.2% to 37,658.46, while Australia's S&P/ASX 200 declined nearly 0.1% to 8,535.10.
Zawya
2 days ago
- Business
- Zawya
Mideast Stocks: Most Gulf markets rise, Dubai's main index hits over 17-year high
Most Gulf share indexes ended higher on Wednesday, tracking steady oil prices as a hit to Canadian supply from wildfires offset a hit from ongoing OPEC+ output increases. Dubai's main share index hit its highest levels since 2008 and settled 0.25% higher, with real estate financier Amlak Finance the top gainer on the index with a 14.6% rise. The index has been recording gains each year since 2021. It rose 27% last year and is up 7% so far this year. Abu Dhabi's benchmark index followed the trend, closing 0.45% higher. The index recorded a second consecutive session of gains. Oil prices - a catalyst for stock markets in the Gulf - held steady, with Brent crude futures rising 0.1% to $65.59 a barrel by 1203 GMT. The OPEC+ group recently decided to increase output by 411,000 barrels per day, a similar increase from the prior two months. Meanwhile, Canada's wildfires have reduced production by 344,000 bpd, according to Reuters calculations. A possible call between U.S. President Donald Trump and Chinese leader Xi Jinping also dominated market sentiment, with investors continuing to focus on the pace of trade negotiations. Saudi Arabia's benchmark stock index settled 1.59% higher, with Arabian Pipes Company jumping 35.15%. The welded steel pipes manufacturer approved an increase of its share capital to 200 million SAR ($53.32 million) at an extraordinary meeting last day. JP Morgan also said on Tuesday that the kingdom is expected to issue $12.6 billion in bonds until year-end. Companies in Saudi Arabia have been tapping debt markets, with state oil giant Aramco raising $5 billion in bonds last week. Aramco settled flat on Wednesday. Qatar's benchmark stock index finished 0.56% lower, with Commercial Bank falling 2.45%. Data from Qatar's finance ministry showed that the country recorded a budget deficit of 0.5 billion Qatari riyals ($137.32 million) in the first quarter of 2025 and total revenue of 49.9 billion Qatari riyals, down 7.5% from the same period last year. Outside the Gulf, Egypt's blue-chip index was up 1%, with automotive company GB Corp rising 7.29%. The index recorded a second consecutive session of gains. Wednesday also marks the deadline for countries to submit their best proposals for trade deals with the United States to avoid Trump's hefty tariffs. All Gulf stock markets will be closed on Thursday as the countries will be observing the Day of Arafat. SAUDI ARABIA up 1.59% to 11,004.5 ABU DHABI up 0.45% to 9,735 DUBAI up 0.25% to 5,535.9 QATAR down 0.56% to 10,558.3 EGYPT up 1% to 32,677.9 BAHRAIN up 0.1% to 1,923.1 OMAN up 0.56% to 4,578.8 KUWAIT up 0.42% to 8,854.23 ($1 = 3.7506 Saudi Riyals) ($1 = 3.6412 Qatar riyals) (Reporting by Rishab Shaju in Bengaluru; Editing by Leroy Leo)
Al Bawaba
3 days ago
- Business
- Al Bawaba
Markaz: Kuwait equities were positive during the month led by gains in Premier Market stocks
Kuwait Financial Centre 'Markaz' released its Monthly Market Review report for May 2025. Kuwait equity market was positive during May 2025, supported by strong corporate earnings for some companies and improvement in oil prices. Global markets were buoyed by signs of easing trade tensions. Oil prices increased for the month on the back of de-escalation of trade tensions even as supply concerns tempered markets were positive in May 2025, led by gains in Premier Market stocks. Kuwait's All Share Index (price returns) gained 1.9% supported by positive corporate earnings for some companies. Consumer staples and oil and gas sectors were the top gainers, rising 16.2% and 6.9% respectively. The banking sector index increased 1.6% for the month. Among banking stocks, Burgan Bank and Warba Bank were the top gainers, rising 12.4% and 11.3% respectively during the month. Warba bank has increased its paid-up capital by 100% to KD 436.7 million. Warba Bank and Gulf Bank have initiated discussions to explore a potential merger of the two banks. This is Gulf Bank's third merger discussion following its earlier discussion with Al Ahli Bank of Kuwait (2023) and Boubyan Bank (January 2025).Among Premier Market stocks, Jazeera Airways and Boursa Kuwait were the top gainers, rising 36.7% and 17.7% respectively. Jazeera Airways has reported a 274.8% y/y increase in its net profit for Q1 2025, totaling KD 4.7 million. The increase in passenger traffic and an increase in ancillary revenue after the introduction of new services and products supported growth in profits.S&P has affirmed Kuwait's credit rating at A+ with stable outlook, citing strong public and external balance sheets, backed by significant stock of government financial assets. The agency expects Kuwait's fiscal deficit to remain high, averaging 8.9% of GDP between 2025 and 2028. However, the agency expects the fiscal deficit to decline 6% of GDP by 2028 from about 14% in 2025, due to higher oil revenue on the back of higher production and measures taken by the government to increase non-oil S&P GCC Composite index declined by 2.4% in May 2025 weighed by decline in Saudi equities. Saudi equity index declined by 5.8% during the month, amid decline in earnings for some majors like Saudi Aramco and SABIC, concerns on long-term impact of broader weakness in oil prices on government spending and 12% m/m decrease in the country's oil exports in March 2025. Saudi Telecom Company and Al Rajhi Bank's stock prices declined by 8.0% and 6.5% respectively for the month. flynas, Saudi Arabia's budget airline, has launched its IPO, seeking to raise SAR 3.9 billion (USD 1.0 billion) and SAR 4.1 billion (USD 1.1 billion).Abu Dhabi's equity index increased by 1.6% in May 2025, supported by gains in banking stocks. First Abu Dhabi Bank and Abu Dhabi Commercial Bank gained 7.2% and 3.8% respectively for the month, likely due to continuing momentum from the positive earnings report last month. Dubai's equity index gained 3.3% for the month, supported by gains in blue chips. Emirates NBD gained 9.0% during the month. The bank has received in-principle regulatory approval to set up wholly owned subsidiary in India. It has also offered USD 6 to 7 billion in an all-cash deal for a 61% stake in India's government owned IDBI Bank. Qatar's equity markets were flat for the Arabia's real GDP increased by 2.7% y/y in Q1 2025, supported by non-oil economic activity and government activity. The country's fiscal deficit rose to USD 15.65 billion in Q1 2025 from USD 3.30 billion in Q1 2024 due to an 18% y/y decline in oil revenues and a 5% y/y rise in expenditure. IPO proceeds across MENA region for Q1 2025 reached USD 21 billion, registering a 106% y/y rise, according to EY. Saudi Arabia had been the epicenter of activity with 12 of the 14 listings taking place in the markets were positive during May 2025, supported by de-escalation of trade tensions. The MSCI World and S&P 500 indices rose by 5.7% and 6.2% respectively for the month. U.S and China have agreed to pause levy of additional tariffs announced in April 2025 for 90 days and to also lower tariff levels. The U.S and U.K have also arrived at a trade deal to lower tariffs, giving room for optimism that U.S might strike such deals with other countries as well. Nasdaq 100 surged by 9.0% during the month on the back of strong earnings reports and expansion plans from tech companies. The MSCI EM index gained 4.0% during the equities rose by 2.1%, supported by easing trade tensions, stimulus measures, rate cuts and positive economic data. Indian equities also gained by 1.5% for the month, on the back of institutional interest and earnings momentum.U.S inflation stood at 2.3% y/y in April 2025, slightly down from 2.4% y/y reading in March 2025. The U.S labor market added 177,000 jobs in April, down from 185,000 jobs added in March. The yield on the 10-year US treasury notes rose by 24 bps during the month to 4.41%. The U.S Fed held rates steady in May 2025, citing an increased risk of inflation and unemployment and higher uncertainty around the economic outlook, in the backdrop of recent tariffs. Moody's has downgraded the U.S' sovereign credit rating to Aa1 from Aaa, citing concerns on the growing debt of over USD 36 trillion due to increasing government expenditure and flat government revenues. The U.S House of Representatives has also passed the tax and spending bill which would increase tax breaks and defence spending, weakening the country's fiscal (Brent) prices closed the month at USD 63.9 per barrel, rising by 1.2% during the month. While the easing of trade tensions lent support, concerns of rise in supply weighed on prices. In the backdrop of U.S sanctions on Iran and ongoing discussions between the two countries on nuclear deal, easing of sanctions would enable Iran to re-enter oil market. This would add 400,000 bpd to the global crude supply. OPEC+ is also widely expected to continue to hike output in July 2025. Gold prices closed at USD 3,289, closing flat for the month, maintaining its YTD gain of 25.4%. While expected de-escalation of trade tensions had supported markets during the month, further developments on trade relations between U.S-China and U.S-EU would continue to impact markets, with persisting concerns over economic outlook and inflation. While progress in trade relations and volatility in oil prices might continue to influence GCC markets, sustained momentum in non-oil economic activity and improvement in oil GDP are likely to support investor sentiments.
Zawya
4 days ago
- Business
- Zawya
Markaz: Kuwait equities were positive during the month led by gains in Premier Market stocks
Kuwait: Kuwait Financial Centre 'Markaz' released its Monthly Market Review report for May 2025. Kuwait equity market was positive during May 2025, supported by strong corporate earnings for some companies and improvement in oil prices. Global markets were buoyed by signs of easing trade tensions. Oil prices increased for the month on the back of de-escalation of trade tensions even as supply concerns tempered gains. Kuwait markets were positive in May 2025, led by gains in Premier Market stocks. Kuwait's All Share Index (price returns) gained 1.9% supported by positive corporate earnings for some companies. Consumer staples and oil and gas sectors were the top gainers, rising 16.2% and 6.9% respectively. The banking sector index increased 1.6% for the month. Among banking stocks, Burgan Bank and Warba Bank were the top gainers, rising 12.4% and 11.3% respectively during the month. Warba bank has increased its paid-up capital by 100% to KD 436.7 million. Warba Bank and Gulf Bank have initiated discussions to explore a potential merger of the two banks. This is Gulf Bank's third merger discussion following its earlier discussion with Al Ahli Bank of Kuwait (2023) and Boubyan Bank (January 2025). Among Premier Market stocks, Jazeera Airways and Boursa Kuwait were the top gainers, rising 36.7% and 17.7% respectively. Jazeera Airways has reported a 274.8% y/y increase in its net profit for Q1 2025, totaling KD 4.7 million. The increase in passenger traffic and an increase in ancillary revenue after the introduction of new services and products supported growth in profits. S&P has affirmed Kuwait's credit rating at A+ with stable outlook, citing strong public and external balance sheets, backed by significant stock of government financial assets. The agency expects Kuwait's fiscal deficit to remain high, averaging 8.9% of GDP between 2025 and 2028. However, the agency expects the fiscal deficit to decline 6% of GDP by 2028 from about 14% in 2025, due to higher oil revenue on the back of higher production and measures taken by the government to increase non-oil revenue. The S&P GCC Composite index declined by 2.4% in May 2025 weighed by decline in Saudi equities. Saudi equity index declined by 5.8% during the month, amid decline in earnings for some majors like Saudi Aramco and SABIC, concerns on long-term impact of broader weakness in oil prices on government spending and 12% m/m decrease in the country's oil exports in March 2025. Saudi Telecom Company and Al Rajhi Bank's stock prices declined by 8.0% and 6.5% respectively for the month. flynas, Saudi Arabia's budget airline, has launched its IPO, seeking to raise SAR 3.9 billion (USD 1.0 billion) and SAR 4.1 billion (USD 1.1 billion). Abu Dhabi's equity index increased by 1.6% in May 2025, supported by gains in banking stocks. First Abu Dhabi Bank and Abu Dhabi Commercial Bank gained 7.2% and 3.8% respectively for the month, likely due to continuing momentum from the positive earnings report last month. Dubai's equity index gained 3.3% for the month, supported by gains in blue chips. Emirates NBD gained 9.0% during the month. The bank has received in-principle regulatory approval to set up wholly owned subsidiary in India. It has also offered USD 6 to 7 billion in an all-cash deal for a 61% stake in India's government owned IDBI Bank. Qatar's equity markets were flat for the month. Saudi Arabia's real GDP increased by 2.7% y/y in Q1 2025, supported by non-oil economic activity and government activity. The country's fiscal deficit rose to USD 15.65 billion in Q1 2025 from USD 3.30 billion in Q1 2024 due to an 18% y/y decline in oil revenues and a 5% y/y rise in expenditure. IPO proceeds across MENA region for Q1 2025 reached USD 21 billion, registering a 106% y/y rise, according to EY. Saudi Arabia had been the epicenter of activity with 12 of the 14 listings taking place in the country. Global markets were positive during May 2025, supported by de-escalation of trade tensions. The MSCI World and S&P 500 indices rose by 5.7% and 6.2% respectively for the month. U.S and China have agreed to pause levy of additional tariffs announced in April 2025 for 90 days and to also lower tariff levels. The U.S and U.K have also arrived at a trade deal to lower tariffs, giving room for optimism that U.S might strike such deals with other countries as well. Nasdaq 100 surged by 9.0% during the month on the back of strong earnings reports and expansion plans from tech companies. The MSCI EM index gained 4.0% during the month. Chinese equities rose by 2.1%, supported by easing trade tensions, stimulus measures, rate cuts and positive economic data. Indian equities also gained by 1.5% for the month, on the back of institutional interest and earnings momentum. U.S inflation stood at 2.3% y/y in April 2025, slightly down from 2.4% y/y reading in March 2025. The U.S labor market added 177,000 jobs in April, down from 185,000 jobs added in March. The yield on the 10-year US treasury notes rose by 24 bps during the month to 4.41%. The U.S Fed held rates steady in May 2025, citing an increased risk of inflation and unemployment and higher uncertainty around the economic outlook, in the backdrop of recent tariffs. Moody's has downgraded the U.S' sovereign credit rating to Aa1 from Aaa, citing concerns on the growing debt of over USD 36 trillion due to increasing government expenditure and flat government revenues. The U.S House of Representatives has also passed the tax and spending bill which would increase tax breaks and defence spending, weakening the country's fiscal position. Oil (Brent) prices closed the month at USD 63.9 per barrel, rising by 1.2% during the month. While the easing of trade tensions lent support, concerns of rise in supply weighed on prices. In the backdrop of U.S sanctions on Iran and ongoing discussions between the two countries on nuclear deal, easing of sanctions would enable Iran to re-enter oil market. This would add 400,000 bpd to the global crude supply. OPEC+ is also widely expected to continue to hike output in July 2025. Gold prices closed at USD 3,289, closing flat for the month, maintaining its YTD gain of 25.4%. While expected de-escalation of trade tensions had supported markets during the month, further developments on trade relations between U.S-China and U.S-EU would continue to impact markets, with persisting concerns over economic outlook and inflation. While progress in trade relations and volatility in oil prices might continue to influence GCC markets, sustained momentum in non-oil economic activity and improvement in oil GDP are likely to support investor sentiments. About Kuwait Financial Centre 'Markaz' Established in 1974, Kuwait Financial Centre K.P.S.C 'Markaz' is one of the leading asset management and investment banking institutions in the MENA region with total assets under management of over KD 1.44 billion (USD 4.67 billion) as of 31 March 2025. Markaz was listed on the Boursa Kuwait in 1997. Over the years, Markaz has pioneered innovation through the creation of new investment channels. These channels enjoy unique characteristics and helped Markaz widen investors' horizons. Examples include Mumtaz (the first domestic mutual fund), MREF (the first real estate investment fund in Kuwait), Forsa Financial Fund (the first options market maker in the GCC since 2005), and the GCC Momentum Fund (the first passive fund of its kind in Kuwait and across GCC that follows the momentum methodology), all conceptualized, established, and managed by Markaz. For further information, please contact: Sondos Saad Corporate Communications Department Kuwait Financial Centre K.P.S.C. "Markaz" Email: Ssaad@
