Most Gulf stocks subdued as Trump steps up tariff threats
Trump threatened on Saturday to impose a 30% tariff on imports from Mexico and the European Union, following the announcement of a 35% duty on Canadian imports, both starting August 1.
He also proposed a blanket tariff rate of 15%-20% on other countries, an increase from the current 10% baseline rate.
Saudi Arabia's benchmark index (.TASI), opens new tab fell 0.2%, as mixed sector performance kept the market subdued ahead of key earnings.
Utilities heavyweight ACWA Power (2082.SE), opens new tab declined 2.4% as its rights issue offering ended.
Qatar's benchmark index (.QSI), opens new tab finished flat in a calm session, with telecom giant Vodafone Qatar (VFQS.QA), opens new tab gaining 1.2%.
Investors remained cautious as the U.S. Federal Reserve is widely expected to keep interest rates unchanged as it waits to see the impact of tariffs on price pressures.
With Gulf currencies pegged to the U.S. dollar, the Fed's decisions on interest rates impact the region's monetary policy.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab dropped 0.8%, hit by a 1% fall in Commercial International Bank (COMI.CA), opens new tab.
Egypt's central bank kept key interest rates unchanged on Thursday, pausing a trend of rate reductions despite inflation rates easing.
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The Independent
34 minutes ago
- The Independent
Ukraine-Russia war latest: Zelensky names new PM after Trump threatens Putin with ‘severe' tariffs
Ukrainian president Volodymyr Zelensky has asked first deputy prime minister Yulia Svyrydenko to lead a new government, setting the stage for a political reshuffle as Ukraine's war with Russia raged on. Ms Svyrydenko, 39, is an economist and has served as first deputy prime minister since 2021. She played a key role in recent negotiations for a minerals deal with the United States. This comes as Donald Trump once again expressed his disappointment with Russian president Vladimir Putin and announced 100 per cent sanctions on Russia as he pledged more weapons for Ukraine, including 17 Patriot missiles which Kyiv has urgently sought. "We're going to be doing secondary tariffs," the US president said, announcing sanctions on countries who trade with Moscow. "If we don't have a deal in 50 days, it's very simple, and they'll be at 100 per cent,' the US president said, adding that he was disappointed in Mr Putin. Mr Trump announced that billions of dollars of US weapons would go to Ukraine, and said: "We're going to make top-of-the-line weapons, and they'll be sent to Nato.' Zelensky thanks Trump for support as new sanctions on Putin likely Ukrainian president Volodymyr Zelensky said on Monday he had spoken to US president Donald Trump after his announcement of new weapons for Ukraine and thanked him for his support. "It was a very good conversation. I thanked him for his readiness to support Ukraine and to continue working together to stop the killings and establish a lasting and just peace," Mr Zelensky wrote. His remarks come as Mr Trump announced new weapons for Ukraine yesterday, and threatened sanctions on buyers of Russian exports unless Russia agrees a peace deal in the next 50 days. Mr Trump's threat to impose so-called secondary sanctions on Russia, if carried out, would be a major shift in Western sanctions policy. Lawmakers from both US political parties are pushing for a bill that would authorise such measures, targeting other countries that buy Russian oil. Arpan Rai15 July 2025 06:36 Zelensky and Kellogg discuss joint arms production and defences Ukrainian president Volodymyr Zelensky says he had "a productive conversation" with US president Donald Trump's special envoy to Ukraine and Russia about strengthening Ukrainian air defences, joint arms production and purchasing US weapons in conjunction with European countries. The two also talked about the possibility of tighter international sanctions on the Kremlin. Mr Zelensky, who met retired Lt Gen Keith Kellogg in Kyiv, wrote on social media: "We hope for the leadership of the United States, because it is clear that Moscow will not stop unless its ... ambitions are stopped by force." 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And then the deal wouldn't happen because bombs would be thrown out that night and you'd say we're not making any deals," Mr Trump said. Last week he said, "We get a lot of bulls*** thrown at us by Putin." Since returning to the White House promising a quick end to the war, Mr Trump has sought rapprochement with Moscow, speaking several times with Mr Putin. His administration has pulled back from pro-Ukrainian policies such as backing Kyiv's membership in Nato and demanding Russia withdraw from all Ukrainian territory. But the Russian leader has yet to accept a proposal from Mr Trump for an unconditional ceasefire, which was quickly endorsed by Kyiv. Recent days have seen Russia use hundreds of drones to attack Ukrainian cities. Arpan Rai15 July 2025 05:16 Trump is looking at making money out of Nato – not saving Ukraine Donald Trump has not turned against Vladimir Putin. Rather, he has just announced a big day of future sales for the US arms industry with a buying bonanza for Ukraine by Nato. With the secretary general of Nato sitting next to him in the Oval Office, the US president warned that Russia would face '100 per cent' tariffs if it did not agree to a ceasefire with Kyiv inside 50 days. He went on to criticise Putin several times for his warm approach and manner on the telephone which he then followed up by renewed missile attacks on Ukraine. 'I wouldn't call him an assassin, but I would call him a very tough guy,' he said of the Russian president. Trump is looking at making money out of Nato – not saving Ukraine Don't be misled; Trump is peeved by Putin and will make money from his irritation out of Ukraine's war but he has not shifted away from Russia completely, writes world affairs editor Sam Kiley Arpan Rai15 July 2025 05:05 Trump pledges more Patriots for Ukraine in coming days US president Donald Trump has said billions of dollars of US weapons would go to Ukraine, including more than a dozen Patriot air defence missiles. "We're going to make top-of-the-line weapons, and they'll be sent to Nato," Mr Trump said, adding that Washington's Nato allies would pay for them. The weapons would include Patriot air defence missiles Ukraine has urgently sought, he said. "It's a full complement with the batteries," Mr Trump said. "We're going to have some come very soon, within days." 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Arpan Rai15 July 2025 04:36 Zelensky nominates new prime minister to lead Ukraine government Ukrainian president Volodymyr Zelensky has asked first deputy prime minister Yulia Svyrydenko on Monday to lead a new government, setting the stage for a political reshuffle as Ukraine's war with Russia raged on. Mr Zelensky also proposed that Ukraine's current prime minister, Denys Shmyhal, take over as defence minister, describing him as holding the right qualifications for a very important job. "We... discussed concrete measures to boost Ukraine's economic potential, expand support programs for Ukrainians, and scale up our domestic weapons production," Mr Zelensky wrote on X. "In pursuit of this goal, we are initiating a transformation of the executive branch in Ukraine," he said, adding that he had proposed that Ms Svyrydenko lead the government and "significantly renew its work". Ms Svyrydenko, 39, is an economist and has served as first deputy prime minister since 2021. She played a key role in recent negotiations for a minerals deal with the United States. Arpan Rai15 July 2025 04:27 Trump threatens Russia with new sanctions if no peace deal is reached in 50 days The US could impose crippling secondary sanctions on Russia if the three-year-old war it has been waging against Ukraine is not brought to an end by 2 September, president Donald Trump has said. Speaking in the Oval Office on Monday alongside Nato secretary-general Mark Rutte, Mr Trump said he's 'very unhappy' with Russia and its president Vladimir Putin, and pledged to impose what he described as 'very severe tariffs' on Moscow 'if we don't have a deal in 50 days.' 'I'm disappointed in President Putin, because I thought we would have had a deal two months ago, but it doesn't seem to get there. So based on that, we're going to be doing secondary tariffs. If we don't have a deal in 50 days, it's very simple, and they'll be at 100 percent, and that's the way it is. That can be more simple. It's just the way it is. I hope we don't have to do it,' he said. Read Andrew Feinberg 's full report here: U.S. will also send weapons to Ukraine as Trump turns against Putin Arpan Rai15 July 2025 04:19
Reuters
an hour ago
- Reuters
Rupee to dig its heels near 86/USD before US inflation data test
MUMBAI, July 15 (Reuters) - The Indian rupee is expected to hold near the key 86-per-dollar level on Tuesday, with traders awaiting U.S. inflation data that could influence expectations around Federal Reserve rate cuts. The 1-month non-deliverable forward indicated that the rupee will open nearly unchanged from 85.9850 on Monday. The Indian currency spent much of Monday trading in a narrow range around the 86 level. Price action "absolutely suggests" 86-86.10 is a supply zone, a currency trader at a bank said, noting that a large UK-based bank was on offer on USD/INR on Monday. The pair "is well-anchored" around 86, with U.S. tariff uncertainty lingering and Treasury yields inching higher. "I doubt the upcoming U.S. inflation data will shift the tone much," he added. Investors will be watching the June U.S. inflation data due later on Tuesday to gauge how much room the Federal Reserve has to cut rates. Markets are currently pricing in two rate cuts in 2025, with the first widely expected in September. Economists have warned that U.S. President Donald Trump's tariffs could add upward pressure on inflation. The June print will be closely scrutinised for any signs of those effects filtering through to consumer prices. Goldman Sachs said in a note that it expects June core CPI to accelerate to 0.23% on-month, corresponding to a year-over-year rate of 2.93%. It expects moderate upward pressure from tariffs on select categories that are particularly exposed. Looking ahead, the bank said tariffs are likely to deliver a somewhat larger boost to monthly inflation prints. U.S. Treasury yields moved higher before the inflation data, with the 10-year yield hovering near its highest level in a month, lending support to the dollar. Asian currencies were mostly weaker on Tuesday, reflecting cautious sentiment. KEY INDICATORS: ** One-month non-deliverable rupee forward at 86.10; onshore one-month forward premium at 10 paisa ** Dollar index at 98.06 ** Brent crude futures down 0.3% at $69 per barrel ** Ten-year U.S. note yield at 4.44% ** As per NSDL data, foreign investors sold a net $523.6 million worth of Indian shares on July 11 ** NSDL data shows foreign investors bought a net $31.4 million worth of Indian bonds on July 11
Reuters
2 hours ago
- Reuters
How global tensions are unsettling markets: podcast
Follow on Apple or Spotify. Listen on the Reuters app. Investors face a daily barrage of tariffs, sanctions and conflict. In this episode of The Big View podcast, Anna Rosenberg of Amundi explains how money managers deal with this uncertainty, and how the power rivalry between the US and China is upending economic trade-offs. Follow Peter Thal Larsen on Bluesky and LinkedIn. (The host is a Reuters Breakingviews columnist. The opinions expressed are his own.) Further Reading China treads a fine line with its trade warning Time for EU to remind Trump of its trade war cards Trump TACO trade contains seeds of own unravelling Donald Trump's tariff scattergun will miss target EU's China-US trade weakness only goes so far Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit to opt-out of targeted advertising.
