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
Egyptian President Abdel Fattah El-Sisi has reaffirmed the country’s commitment to intensifying gas exploration efforts, emphasizing the need to attract foreign investment to boost petroleum and natural gas reserves.
The U.S. is weighing in with Lebanon's government on the selection of the country's next central bank governor in a bid to curtail corruption and illicit financing for the armed group Hezbollah through Lebanon's banking system, five sources familiar with the issue said.
Over the past year, three of the Middle East and North Africa's (MENA) largest sovereign wealth funds—the Public Investment Fund (PIF) of Saudi Arabia, the Qatar Investment Authority (QIA), and Abu Dhabi's Mubadala Investment Company—have significantly increased their investments in artificial intelligence (AI), underscoring the region's commitment to technological advancement and economic diversification.
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