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(Reuters) – Main inventory markets within the Gulf had been combined in early commerce on Monday on rising expectations of a U.S. rate of interest minimize subsequent month, and amid weak oil demand.
Federal Reserve members Mary Daly and Austan Goolsbee in interviews on Sunday flagged the potential of easing in September, whereas minutes of the final coverage assembly due this week ought to underline the dovish outlook.
Fed Chair Jerome Powell speaks in Jackson Gap on Friday and traders assume he’ll acknowledge the case for a minimize.
Financial coverage within the six-member Gulf Cooperation Council (GCC) is normally guided by the Fed’s selections, as most regional currencies are pegged to the U.S. greenback.
The Qatari benchmark gained 0.1%, helped by a 0.5% rise in petrochemical maker Industries Qatar and a 1.1% enhance in telecoms agency Ooredoo.
In Abu Dhabi, the index added 0.3%.
Saudi Arabia’s benchmark index eased 0.1%, hit by a 0.2% fall in oil large Saudi Aramco (TADAWUL:).
Oil costs – a catalyst for the Gulf’s monetary markets – eased as considerations of weaker demand in high oil importer China weighed on market sentiment whereas traders centered on the progress of ceasefire talks within the Center East, which might scale back provide dangers.
Dubai’s major share index fell 0.1%, with high lender Emirates NBD dropping 0.5%.
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