Most stock markets in the Gulf fell in early trade on Wednesday as hopes waned for early interest rate cuts from the U.S. Federal Reserve.
In Abu Dhabi, the benchmark stock index fell 0.3%
Most stock markets in the Gulf fell in early trade on Wednesday as hopes waned for early interest rate cuts from the U.S. Federal Reserve.
Markets will get a chance to assess minutes of the Feds' last meeting later in the day for further clues on when the U.S. central bank will start its easing cycle.
Most Gulf currencies are pegged to the dollar, and any monetary policy change in the United States is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Abu Dhabi National Oil Company (ADNOC) announced Sunday a commitment to spend $55 billion on new projects over the next two years, a bold opening move in the UAE's new era of energy independence, coming just two days after the Emirates officially withdrew from the OPEC cartel.
The United Arab Emirates' withdrawal from OPEC weakens the group's control over global oil markets and potentially risks widening a rift with Gulf neighbour Saudi Arabia, the de facto leader of the crude producers' organisation.
The emirate's foreign trade figures signal a deepening integration into global markets and accelerating economic diversification away from hydrocarbons.
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