Most stock markets in the Gulf slipped on Wednesday as investors turned cautious after strong readings on the U.S. economy tempered bets on interest rate cuts by the Federal Reserve this year.
Most Gulf currencies are pegged to the dollar © Mena Today
Most stock markets in the Gulf slipped on Wednesday as investors turned cautious after strong readings on the U.S. economy tempered bets on interest rate cuts by the Federal Reserve this year.
Investors' focus is now on Federal Reserve Chair Jerome Powell's speech and March private payrolls and services sector data later in the day to get more clues on the rate outlook.
Most Gulf currencies are pegged to the dollar, and Saudi Arabia, the United Arab Emirates, and Qatar usually mimic any U.S. monetary policy change.
Outside the Gulf, Egypt's blue-chip index was little changed.
By Md Manzer Hussain
Turkey and the United Kingdom agreed to hold the first round of negotiations to modernize and expand the scope of a Free Trade Agreement (FTA) between them by end-July, Turkish Trade Minister Omer Bolat said on Wednesday.
The South Caucasus is emerging as a strategic hub for Gulf and Israeli investment, with Georgia and Azerbaijan leveraging their geographical positioning and open economies to attract billions in capital.
Australian aerospace company Fleet Space Technologies has secured a significant foothold in the Middle East, signing a four-year exploration contract with Saudi Arabia’s state-owned mining firm Ma’aden.
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