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%.
In a deal that could redraw regional trade routes and unlock the full potential of Jordan's vast mineral wealth, Amman and Abu Dhabi have signed a landmark $2.3 billion railway agreement, one of the most significant infrastructure partnerships the Middle East has seen in years.
LVMH's most prized division, fashion and leather goods, home to Louis Vuitton and Dior, has reported a 2% decline in organic revenue in Q1, undershooting even the modest contraction analysts had anticipated, according to Gate Advisory, a firm specializing in Financial Intelligence.
The Middle East is on a knife’s edge. A two-week ceasefire between the United States and Iran has bought the region a temporary exhale, but few serious observers believe the underlying tensions have been resolved.
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