Most Gulf markets in red over Israel-Iran conflict worries
U.S. President Donald Trump, returning early from the G7 summit in Canada on Monday night, urged Iranians to evacuate Tehran. Iranian media reported explosions and heavy air defence fire in Tehran, and air raid sirens sounded in Tel Aviv in response to Iranian missiles.
Saudi Arabia's benchmark index dropped 1.4%, weighed down by a 1% fall in Al Rajhi Bank and a 1.3% decline by oil behemoth Saudi Aramco.
Dubai's main share index finished 0.6% lower, hit by a 1.2% fall in top lender Emirates NBD.
Investors are also watching for details from the U.S. Federal Reserve meeting scheduled to start later in the day, with a decision expected on Wednesday.
Traders are currently pricing in two cuts by the end of the year.
Major Gulf bourses subdued on Israel-Iran conflict
In Abu Dhabi, the index fell 0.5%.
The Iran-Israel conflict, meanwhile, drove oil prices higher, though major oil and gas infrastructure and flows have so far been spared from substantial impact.
The Qatari benchmark lost 0.5%, with the Gulf's biggest lender Qatar National Bank retreating 0.8%.
Outside the Gulf, Egypt's blue-chip index declined 1%, dragged down by a 4.7% tumble in investment bank EFG Holding.
------------------------------------------ SAUDI ARABIA slid 1.4% to 10,714 Abu Dhabi fell 0.5% to 9,536 Dubai dropped 0.6% to 5,372 QATAR was down 0.5% to 10,411 EGYPT declined 1% to 30,726 BAHRAIN gained 0.3% to 1,910 OMAN eased 0.3% to 4,520 KUWAIT added 0.6% to 8,680 ------------------------------------------
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
an hour ago
- Business Recorder
India proposes retaliatory duties at WTO against US tariffs on autos
NEW DELHI: New Delhi has proposed retaliatory duties against the U.S. at the World Trade Organization, saying Washington's 25% tariff on automobiles and some auto parts would affect $2.89 billion of India's exports, according to an official notification. 'India reserves the right to suspend concessions or other obligations … that are substantially equivalent to the adverse effects of the measure to India's trade,' the statement said. According to the notification, the duty collected by the U.S. would amount to $725 million and New Delhi will impose an 'equivalent amount of duty collected from products originating in the United States'. India proposes counter duties against US, notice to WTO shows India did not specify the tariff rate or which goods it would levy duties on. India is trying to clinch a trade deal with Washington before a July 9 deadline set by U.S. President Donald Trump, after which he has threatened to impose a 26% tariff on all imported Indian goods. India has signalled it is ready to slash its high tariff rates for the U.S. but has not conceded on Washington's demands for opening up the agriculture and dairy sectors.
Express Tribune
2 hours ago
- Express Tribune
India in BRICS: facilitator or spoiler?
The writer heads the independent Centre for Research and Security Studies, Islamabad. He is currently a visiting Research Fellow at Fudan University, Shanghai Listen to article The BRICS group of developing nations - Brazil, Russia, India, China and South Africa - intends to announce a new guarantee fund backed by the New Development Bank (NDB) to reduce financing costs and stimulate investment. The proposed BRICS Multilateral Guarantee (BMG) mechanism, developed within the NDB, has received technical approval from member states. This initiative draws inspiration from the World Bank's Multilateral Investment Guarantee Agency (MIGA) and aims to address uncertainties arising from the unpredictable policies of the Trump administration. Additionally, the recent Israel-Iran conflict and the associated risks, including transcontinental business disruptions and vulnerabilities in financial markets, have also contributed to the push for alternative solutions. Notable achievements of BRICS since the inaugural BRIC summit in Yekaterinburg, Russia, in June 2009 include the establishment of the BRICS New Development Bank (NDB) and the $100 Contingent Reserve Arrangement (CRA) to provide liquidity support to BRICS members in the event of balance-of-payments crises. As of June 2025, intra-BRICS trade had reached approximately $1 trillion, with projections to surpass $1.2-1.3 trillion by 2025, as reported by Kirill Dmitriev, special representative of the President of the Russian Federation for economic cooperation with foreign countries and head of the Russian Direct Investment Fund. China continues to be the primary driving force and central trading hub for the intra-BRICS trade, surpassing ¥1.49 trillion ($210 billion) in early 2025. Furthermore, China ranks fourth globally in financial competitiveness this year, following the United States, the United Kingdom and Japan, as indicated in a recent report released at the Digital Finance Forum during the Global Digital Economy Conference 2025 in Beijing. BRICS, established as an evolving alternative to Western-led institutions, seeks to enhance financial and trade integration. This includes exploring alternative payment systems and bolstering the influence of the New Development Bank (NDB), particularly through initiatives such as the BRICS Multilateral Guarantee Fund. However, it remains uncertain whether a larger and more diverse BRICS can effectively coordinate cohesive policies with one of its stakeholders deeply embedded in Western partnerships and alliances. Meanwhile, the founding fathers of BRICS grapple with significant questions regarding the extent to which BRICS decisions can influence global trade flows, advocate for a de-dollarised financial system, and adjust to geopolitical alliances in the presence of India, poised to become the third largest economy in a few years. BRICS presents a compelling alternative to the geopolitically driven world order. However, with India heavily aligned with the US-led, anti-China-Russia Western bloc, can the organisation realistically pursue its objectives, such as currency swaps and non-dollar bilateral or multilateral trade, which US President Donald Trump fears will only diminish the dollar's influence? The ostracisation and vilification of Russia and China serve as the rationale for the US-led G-7, the Quad, 2+2 (India, US), AUKUS, NATO and other initiatives. These entities, including the US, perceive India as a regional counterweight to China. In this context, can other BRICS members trust India, which projects an image of arrogance and insensitivity, particularly vis-à-vis smaller nations such as Pakistan, Bangladesh and Sri Lanka — a country governed by Hindu extremist ideology? India's intransigence has effectively crippled SAARC and potentially may hinder the growth of BRICS or even block some initiatives that the US may find detrimental to its dollar interests. Therefore, a pertinent question arises: Is India a facilitator or a veiled detractor of the BRICS agenda? Secondly, will India maintain its alliances with the West and permit the growth of a group led by Russia and China, both of which are under US/Western sanctions or restrictions, effectively portraying them as villains for the US? The Western bias or disinclination towards Russia and China is prevalent in various aspects of work. How can this grouping then allow India to be a partner in promoting BRICS, which is perceived as a brainchild of Beijing and Moscow to counteract Western hegemony? With great suspicion does the West view BRICS's instruments for trade and financial such as the NDB, trade facilitation mechanisms and the agreement to conduct transactions in their own currencies rather than the US dollar? Therefore, a pertinent question arises: will India assume the role of a facilitator or a covert spoiler, effectively acting as a mole for the United States? Can BRICS truly thrive when India has interests in both the Eastern and Western blocs? The duplicitous stance India adopted during the Israel-Iran conflict, where it refrained from condemning Tel Aviv for excessive aggression against Tehran, is certainly not lost on other regional powers. Iranian leadership interpreted this posture as direct support for Israel and, by implication, for the United States. Can New Delhi effectively navigate its position when dealing with G-7 and BRICS and whether other members will trust it — an essential element for pursuing common goals?
Business Recorder
6 hours ago
- Business Recorder
TSX edge higher; US tariff deadline approaches
Canada's main stock index edged higher on Friday, buoyed by gains in real estate stocks, while concerns over U.S. trade deals ahead of the looming July 9 tariff deadline weighed on sentiment. The S&P/TSX composite index hit a fresh record high and was last up 0.1% at 27055.24 points. The index was on track to log a weekly gain. U.S. President Donald Trump said on Thursday that Washington will start sending letters to countries on Friday specifying what tariff rates they will face on imports to the United States. Canada's Prime Minister Mark Carney and Trump are aiming to reach some form of trade deal by July 21. 'The threat of further global tariffs remains… but the most severely negative global trade scenarios still look less likely than they did a few months ago,' economists at RBC Economics said in a note. Data on Friday showed Greater Toronto Area home sales rose for a third straight month in June and prices extended their recent decline. TSX hits record high as investors assess economic data, trade talks On the TSX, real estate stocks led sectoral gains, rising 1.4%. Allied Properties up 2%, Dream Industrial REIT advanced 1.6%, among the top gainers on the benchmark index. Mining shares edged 0.1% higher, energy shares were flat. Copper prices retreated on Friday. Copper miners Capstone Copper down 1.3% and Ero Copper down 1.1%, were among the bottom performers on the main index. S&P's Canada services PMI data on Friday showed that Canada's services economy contracted at a higher rate in June with U.S. trade policy uncertainty leading to decreased activity and increased cost pressures, Meanwhile, Trump's tax-cut legislation cleared its final hurdle in the U.S. Congress on Thursday, with plans to sign it into law later in the day.
