Most stock markets in the Gulf ended lower on Wednesday.
The Fed has left the policy rate in the current range of 5.25% to 5.5% since July © Mena Today
Most stock markets in the Gulf ended lower on Wednesday, in line with global shares, as investors struggled with the possibility that the U.S. Federal Reserve may not cut interest rates as soon as previously expected.
Fed Governor Christopher Waller said the U.S. is "within striking distance" of the central bank's 2% inflation goal, but it should not rush toward cuts in its benchmark interest rate until it is clear that lower inflation will sustain.
The Fed has left the policy rate in the current range of 5.25% to 5.5% since July.
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.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.7%, retreating from record highs it hit in the previous session, with Commercial International Bank (COMI.CA) losing 1.8%.
Faure Gnassingbé, President of the Council of the Republic of Togo, is attending the “Chad Connexion 2030” Forum in Abu Dhabi this Monday to strengthen regional cooperation on trade and investment.
Etihad Airways, the national carrier of the United Arab Emirates, is taking off into new territory, literally. In a major stride toward reinforcing Abu Dhabi’s standing as a global aviation powerhouse, the airline has launched four brand-new direct routes to Hong Kong, Hanoi, Chiang Mai, and Tunis.
Bahrain Bourse (BHB) has approved Arqaam Securities L.L.C. as an External Market Maker, a move aimed at boosting market liquidity and enhancing the Kingdom’s capital market ecosystem.
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