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.
China’s Foreign Minister Wang Yi has called on the Gulf Cooperation Council (GCC) to speed up negotiations on a long-discussed free trade agreement with China, citing growing global protectionism and unilateral actions that threaten the principles of free trade.
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Abu Dhabi has unveiled a major new financial innovation hub with the launch of the FinTech, Insurance, Digital and Alternative Assets (FIDA) cluster, approved by Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan.
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