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Reuters
4 days ago
- Business
- Reuters
Gulf stocks mixed as new tariffs take effect, oil prices retreat
June 4 (Reuters) - Stock markets in the Gulf were mixed early on Wednesday, with U.S. President Donald Trump's duties on steel and aluminium going into effect, marking the latest chapter in a trade war that has rattled global markets. Investor focus continues to be on the pace of trade negotiations, with a possible call this week between President Trump and Chinese leader Xi Jinping in the spotlight. This comes after Trump accused China on Friday for violating a bilateral deal to roll back tariffs and trade restrictions. Oil prices dipped, with Brent crude futures down 0.3% to $65.46 a barrel by 0644 GMT . Prices were weighed down by increasing OPEC+ output and continued concerns over the global economic outlook due to trade tensions. Saudi Arabia's benchmark stock index (.TASI), opens new tab was up 0.49%. Arabian Pipes Company ( opens new tab gained 3.63% in early trade. JP Morgan also said on Tuesday that the kingdom was set to issue $12.6 billion in bonds for the rest of the year. Markets in the UAE were trading higher, with Dubai's main share index (.DFMGI), opens new tab up 0.14% and Abu Dhabi's benchmark index (.FTFADGI), opens new tab up 0.15% in early trade. In Dubai, Commercial Bank of Dubai ( opens new tab was the top gainer on the index, up 3.04%.The index is set for a third consecutive session of gains. Qatar's benchmark stock index (.QSI), opens new tab was down 0.36%, with maritime and logistics services provider Qatar Navigation ( opens new tab down 1.09%, the top loser on the index. Qatar recorded a budget deficit of 0.5 billion riyals ($133.31 million) in the first quarter of 2025, according to data from the finance ministry. Total revenue stood at 49.9 billion riyals, down 7.5% from the same quarter last year. Wednesday is the deadline for countries to submit their best proposals for trade deals with the U.S. and a chance to avoid Trump's hefty tariffs. Markets are also expecting the wildfires that have swept Canada since last month to impact oil supply, despite a temporary relief from wet weather. Wildfires in Alberta have affected more than 7% of the country's crude oil output, according to Reuters calculations. ($1 = 3.7506 riyals)
Zawya
4 days ago
- Business
- Zawya
Mideast Stocks: Gulf stocks mixed as new tariffs take effect, oil prices retreat
Stock markets in the Gulf were mixed early on Wednesday, with U.S. President Donald Trump's duties on steel and aluminium going into effect, marking the latest chapter in a trade war that has rattled global markets. Investor focus continues to be on the pace of trade negotiations, with a possible call this week between President Trump and Chinese leader Xi Jinping in the spotlight. This comes after Trump accused China on Friday for violating a bilateral deal to roll back tariffs and trade restrictions. Oil prices dipped, with Brent crude futures down 0.3% to $65.46 a barrel by 0644 GMT. Prices were weighed down by increasing OPEC+ output and continued concerns over the global economic outlook due to trade tensions. Saudi Arabia's benchmark stock index was up 0.49%. Arabian Pipes Company gained 3.63% in early trade. JP Morgan also said on Tuesday that the kingdom was set to issue $12.6 billion in bonds for the rest of the year. Markets in the UAE were trading higher, with Dubai's main share index up 0.14% and Abu Dhabi's benchmark index up 0.15% in early trade. In Dubai, Commercial Bank of Dubai was the top gainer on the index, up 3.04%.The index is set for a third consecutive session of gains. Qatar's benchmark stock index was down 0.36%, with maritime and logistics services provider Qatar Navigation down 1.09%, the top loser on the index. Qatar recorded a budget deficit of 0.5 billion riyals ($133.31 million) in the first quarter of 2025, according to data from the finance ministry. Total revenue stood at 49.9 billion riyals, down 7.5% from the same quarter last year. Wednesday is the deadline for countries to submit their best proposals for trade deals with the U.S. and a chance to avoid Trump's hefty tariffs. Markets are also expecting the wildfires that have swept Canada since last month to impact oil supply, despite a temporary relief from wet weather. Wildfires in Alberta have affected more than 7% of the country's crude oil output, according to Reuters calculations.
