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%.
AD Ports Group, the UAE’s leading ports, logistics and trade-facilitation company, has announced the sale of its 9.77% stake in NMDC Group PJSC to Alpha Dhabi Holding for AED 1.6 billion (US$436 million).
The Abu Dhabi Chamber of Commerce and Industry, in partnership with the Serbian Chamber of Commerce and Industry, hosted the Abu Dhabi–Serbia Business Forum as part of ongoing efforts to position the emirate as a leading global hub for trade and investment.
Indian-origin steel tycoon Lakshmi N. Mittal, long considered one of Britain’s wealthiest residents, is reportedly preparing to shift his base away from the UK as Prime Minister Keir Starmer’s Labour government moves ahead with new tax measures targeting the super-rich, The Sunday Times reported.
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