Stock markets in the Gulf tracked global peers higher on Thursday, led by the Qatar index, as the optimism around potential U.S. interest rate cuts raised investors' risk appetite.
Saudi Arabia's benchmark stock index rose for the fourth straight session, up 0.7%, with most of its constituents posting gains © Mena Today
Stock markets in the Gulf tracked global peers higher on Thursday, led by the Qatar index, as the optimism around potential U.S. interest rate cuts raised investors' risk appetite.
Data on Wednesday showed lower growth in the U.S. services industry and bolstered optimism over the potential easing of monetary policy. Sentiment was aided by a reaffirmation from Federal Reserve Chair Jerome Powell that U.S. rates were still on course to be cut this year, though the timing was data-dependent.
Outside the Gulf, Egypt's blue-chip index gained 2%, with almost all stocks in the green.
By Md Manzer Hussain
The Lebanese Ministry of Finance announced on Monday that several meetings have taken place between its directors and experts and the International Monetary Fund (IMF) delegation, led by Ernesto Ramirez-Rigo, the IMF’s mission chief for Lebanon.
FedEx has suspended economy parcel and freight services to Saudi Arabia from select countries effective immediately, the company said on Monday, without giving a reason for the suspension.
The Central Bank of Turkey lowered its key interest rate from 45% to 42.5% on Thursday, citing a decline in inflation across the country. This marks the third consecutive rate cut in three months.
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