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
The United Arab Emirates has announced the creation of a new Ministry of Foreign Trade, as part of its efforts to strengthen its position in the global economy and diversify its trade partnerships.
Syria this week carried out its first international bank transfer via the SWIFT international payment system since the outbreak of the country’s 14-year civil war, central bank governor Abdelkader Husriyeh said on Thursday, a milestone in Syria’s push to reintegrate into the global financial system.
Turkey’s ruling Justice and Development Party (AK Party) submitted a draft bill to parliament on Monday that proposes significant changes to the country’s tax framework, particularly targeting special consumption tax (SCT) regulations for motor vehicles.
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