
UAE stocks surge as Trump signals a break in trade war
A. SREENIVASA REDDY (ABU DHABI)The UAE stock markets appear to have staged a comeback after a prolonged period of volatility triggered by the US policy on tariffs. US President Donald Trump said he had no plans to fire Federal Reserve Chair Jerome Powell and hinted at lower tariffs for China, offering some relief to troubled markets. The Abu Dhabi Securities Exchange's (ADX) general index (FADGI) was up by 0.729%, reaching 9,324.13 points. A total of 22,055 trades were recorded, involving 404 million shares with a combined value of Dh1.296 billion. The total market capitalisation of all companies listed on the ADX reached Dh2.881 trillion.The ADX rally was led by gains made by premium stocks — Multiply (7.34%), Aldar (3.56%), Alpha Dhabi (2.40%) and Presight (4.89%). The other top gainers in the ADX include Pure Health (+4.89%), Sharjah Cement and Industrial Development (+4.62%) and Hayah Insurance (4.57%), while notable losers were National Takaful (-9.89%), Eshraq Investments (-3.07%) and Sudatel Telecommunications (-1.85%).
Dubai Financial Market (DFM) DFM's general index (DFMGI) was up by a big 1.382% to reach 5205.34 points.A total of 12,494 trades were executed at the DFM, involving 291 million shares with a combined value of Dh653 million. The prices of 34 companies rose, while 12 declined, and 6 remained unchanged. Among the top gainers were Mazaya Holding (+14.54%), United Foods (+8.33%) and Orascom Construction (+7.84%). The most notable losers included National General Insurance (-9.89%), International Financial Advisors (-8.18%), Ithmaar Holding (-2.91%) and Dubai Refreshment Company (-1.48%). The DFM rally was led by blue chip stocks such as Emaar (+3.64%), Emaar Developments (+5.48) and Emirates NBD (+2.51)Emirates NBD reported net profit of Dh6.2 billion for the first quarter, beating analysts' expectations of about 5.1 billion dirhams.Elsewhere in the Gulf, Saudi Arabia's benchmark index (TASI) finished 0.8% higher, led by a 3.6% rise in ACWA Power Company and a 2.5% increase in Saudi Telecom Company, according to a Reuters report. The Qatari index (QSI) climbed 1%, with the Gulf's biggest lender Qatar National Bank rising 0.9%.Outside the Gulf, Egypt's blue-chip index (EGX30) jumped 2.6%, as most of its constituents were in positive territory including Commercial International Bank, which was up 2.9%.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Gulf Today
2 hours ago
- Gulf Today
Wall Street, dollar firm ahead of a big week for market risk
Wall Street and the dollar firmed on Friday as investors girded themselves for the week ahead, which includes a Federal Reserve policy meeting, crucial corporate results and US President Donald Trump's August 1 deadline for negotiating trade deals. 'Some deals will be done and talks will continue, and Trump may push out the deadline further,' said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York. 'Trump's process is to shock and then be reasonable in terms of tariffs.' All three indexes were modestly green in early trading, and were on course for weekly gains. Gold lost some shine, pressured by the dollar as healthy risk appetites lured investors away from the safe-haven metal. With Trump's negotiating deadline just a week away, the US and its trading partners are scrambling to reach trade agreements, with European negotiators heartened by the deal with Japan announced on Tuesday. Intel's shares INTC.O dropped 8.8% after the chipmaker forecast steeper-than-expected quarterly losses and said it had halted or scrapped new factory projects in the US and Europe. More than a third of the companies in the S&P 500 have posted results, 80% of which have beaten estimates, according to LSEG data. Analysts now expect year-on-year second-quarter earnings growth of 7.7%, compared with the 5.8% estimate as of July 1. Four members of the Magnificent 7 group of Artificial Intelligence-related megacap stocks - Amazon, Apple , Meta and Microsoft are on next week's earnings docket, and market participants will scrutinize the companies' conference calls for signs that AI expenditures are beginning to pay off and whether tariff-related uncertainties continue to weigh on forward guidance. US economic data released on Friday showed an unexpected decline in new orders for core capital goods, as companies hold back on big ticket purchases amid the fog of ongoing trade talks. The Fed is expected to convene next week for its two-day monetary policy meeting, which is expected to culminate in a decision to let its federal funds target rate stand in the 4.25% to 4.50% range. The meeting comes at a moment in which Fed Chair Jerome Powell is facing criticism from Trump for not cutting rates. 'I don't expect Powell to change what he does, nor should he,' Ghriskey added. 'The idea of lower interest rates should scare us because Fed has had this huge job of bringing down inflation, and to ease rates at this point is clearly going to be inflationary.' The Dow Jones Industrial Average rose 113.54 points, or 0.25%, to 44,806.30, the S&P 500 rose 16.19 points, or 0.26%, to 6,379.67 and the Nasdaq Composite rose 44.40 points, or 0.21%, to 21,102.36. European shares gave back some of the previous session's gains as market participants parsed mixed corporate earnings and awaited developments in the U.S.-EU trade negotiations. MSCI's gauge of stocks across the globe fell 1.01 points, or 0.11%, to 940.34. The pan-European STOXX 600 index fell 0.29%, while Europe's broad FTSEurofirst 300 index fell 5.34 points, or 0.24%. Emerging market stocks fell 10.36 points, or 0.82%, to 1,256.93. MSCI's broadest index of Asia-Pacific shares outside Japan closed lower by 0.95%, to 661.07, while Japan's Nikkei fell 370.11 points, or 0.88%, to 41,456.23. US Treasury yields drifted higher in a subdued trading as investors braced for a data-heavy week, updates on US trade talks, and a Federal Reserve policy meeting. The yield on benchmark US 10-year notes rose 0.2 basis points to 4.41%, from 4.408% late on Thursday. The 30-year bond yield rose 0.5 basis points to 4.9543% from 4.949% late on Thursday. The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, fell 0.6 basis points to 3.919%, from 3.925% late on Thursday. The dollar gained strength but remained on course for its biggest drop in a month as investors focused on tariff negotiations and central bank meetings on the calendar for next week. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.28% to 97.72, with the euro down 0.2% at $1.173. Against the Japanese yen, the dollar strengthened 0.4% to 147.57. In cryptocurrencies, bitcoin fell 3.08% to $115,133.22. Ethereum declined 2.63% to $3,641.43. Oil prices softened as investors mulled the global demand outlook and a potential supply increase from Venezuela. US crude fell 0.56% to $65.63 a barrel and Brent fell to $68.91 per barrel, down 0.39% on the day. Gold prices dropped in opposition to the firming dollar, amid growing optimism surrounding U.S.-EU trade talks. Spot gold fell 0.93% to $3,336.52 an ounce. US gold futures fell 0.85% to $3,342.50 an ounce. Canada's main stock index edged higher on Friday, led by technology shares, even as US President Donald Trump suggested the United States may not reach a negotiated trade deal with Canada. The benchmark S&P/TSX Composite Index rose 0.2% to 27,427.78 points, remaining on track for a modest weekly gain. Trump said on Friday that the United States may not reach a trade agreement with Canada, hinting his administration could set a tariff rate unilaterally. Agencies


Khaleej Times
12 hours ago
- Khaleej Times
UAE: Stablecoin regulations encourage more users explore digital assets safely
Experts are optimistic the recent signing by US President Donald Trump of the Genius Act — creating a regulatory regime for dollar-pegged cryptocurrencies known as stablecoins — will not only give users the confidence to explore digital assets safely but will also draw more users in the UAE, especially newcomers, to crypto by making stablecoins safer and more mainstream for payments and decentralised finance (DeFi). The stablecoin market, which crypto data provider CoinGecko said is valued at more than $260 billion (Dh954 billion), could grow to $2 trillion (Dh7.3 trillion) by 2028 under the new law. It's a milestone that could pave the way for digital assets to become an everyday way to make payments and move money, experts told KT LUXE. The regulatory framework is also seen as a big leap from the time of 'speculative chaos' when stablecoin first came into being back in 2009. The UAE has also moved forward with regulations of AED stablecoins, noted Meera Judge, director, regulatory licensing and policy at Binance. 'When people feel safe, they're more likely to participate. Clear rules create room for innovation — and that's where we see real adoption start to take shape,' she said. Regulations serve as important guardrails, with enhanced transparency serving as the key factor in consumer protection. They build confidence and encourage people who might have been hesitant to explore crypto as a real option for diversifying their finances. In December last year, AE Coin secured the final Central Bank of the UAE (CBUAE) licence it needed to launch. It was developed under the CBUAE's digital payment token services framework for instant, secure, stable, innovative, low-cost, and efficient payment experience. 'The UAE's AED-backed stablecoin is a really exciting milestone. It shows how seriously the UAE is taking decentralised finance and its future role in global financial innovation. This isn't just about creating another stablecoin, it's a clear signal of the UAE's commitment to building a regulated, forward-thinking crypto ecosystem that can compete on the world stage,' Judge said. A constant Stablecoins are designed to maintain a constant value. For the UAE, its focus on a local fiat-backed stablecoin also reflects a regional ambition to diversify beyond the dominance of the USD stablecoins, which have long been the industry's gateway. This is very positive for the country as it is not only about necessity but also about creating opportunity. Judge explained: 'Local fiat stablecoins (like AE Coin) reinforce the seriousness with which countries are approaching crypto regulation and innovation. They help tailor financial tools to regional needs, supporting local businesses and consumers while promoting financial inclusion. 'Moreover, having a wider range of fiat-backed stablecoins contributes to a more diverse and resilient ecosystem, a key step toward making crypto relevant and accessible to people everywhere, not just in dollar-dominated markets,' Judge added. Gracy Chen, CEO of Bitget, shared the same analysis, and optimism that stablecoins will draw more users, especially newcomers. She told KT LUXE: 'The UAE's AED stablecoin regulations, effective June 2025, focus on local currency stability and centralised oversight by the Central Bank, while the US Genius Act targets USD-pegged stablecoins with a dual federal-state framework. Regional trade 'Both aim to enhance trust and adoption, but the UAE emphasises regional financial sovereignty, unlike the USD-centric US approach. Non-USD stablecoins like AED-backed tokens are crucial for regional trade, reducing USD reliance, and catering to local markets, driving global crypto diversity. Supporting AED stablecoins can attract MENA users, while USD stablecoin compliance ensures broader market access,' Chen explained. She added bank-backed USD and AED stablecoins promise faster, cheaper transactions, boosting liquidity, but may challenge existing tokens like USDT (Tether), increasing compliance costs for exchanges. 'This could lead to market concentration, potentially limiting innovation, while subjecting exchanges to stricter regulatory scrutiny.' Chen also pointed out the entry of major US banks (JPMorgan, Bank of America, Citigroup, Wells Fargo) and UAE banks (FAB, MBank, Zand Bank) into the stablecoin market will enhance crypto legitimacy, driving adoption and trading volumes on exchanges.


Al Etihad
17 hours ago
- Al Etihad
Trade on agenda as Trump lands in Scotland for diplomacy and golf
26 July 2025 01:02 TURNBERRY, United Kingdom (AFP) US President Donald Trump landed in Scotland on Friday for a five-day visit set to mix diplomacy, business and leisure, as a huge UK security operation swung into place amid planned protests near his family-owned golf resorts. The president, whose mother was born in Scotland, will split his time between two seaside golf courses bearing his name, in Turnberry on the southwestern coast and Aberdeen in the Force One, carrying the president and White House staff, touched down at Prestwick Airport near Glasgow shortly before 8:30 pm (1930 GMT). Police officers lined the surrounding streets, and several hundred curious Scots came out hoping for a glimpse of the US leader as he then made his way to Turnberry by has no public events scheduled for Saturday and is expected to play golf at his picturesque resort before meeting EU chief Ursula von der Leyen on Sunday for trade is also due to meet UK Prime Minister Keir Starmer during the said the meeting would be "more of a celebration than a workout," appearing to row back on previous comments that a bilateral trade deal struck in May needed "fine-tuning"."The deal is concluded," he told reporters on the tarmac at the unpredictable American leader appeared unwilling to cede to a UK request for reduced steel and aluminium tariffs. Trump has exempted British exports from blanket 50 per cent tariffs on both metals, but the fate of that carve-out remains unclear.