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.
Saudi oil giant Aramco announced Tuesday a 44% surge in net profit for the second quarter compared to the same period last year, driven by soaring crude prices amid the war in the Middle East.
Saudi Arabia, Russia and five other OPEC+ members meeting online Sunday agreed to raise oil production quotas for September, even as war rages across the Middle East.
Two Israeli banks will halt working with their Palestinian counterparts in the coming months citing risks of associating with possible terrorism financing and money laundering, Israeli officials said, fuelling concerns of a Palestinian economic crisis.
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