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.
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.
Negotiations between Nigeria and Saudi Arabia’s Aramco for a record $5 billion oil-backed loan are stalling due to a recent drop in crude oil prices, raising concerns among banks expected to co-fund the deal, sources told Reuters.
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