Latest news with #Tickmill
Wall Street Journal
6 days ago
- Business
- Wall Street Journal
Oil Futures Consolidate Amid Mixed Signals
0004 GMT — Oil futures consolidate in the morning Asian session amid mixed signals. On the demand side, economic resilience in the U.S. and China has provided some support, Tickmill's Joseph Dahrieh says in an email. However, this has been tempered by large increases in gasoline and diesel stockpiles, casting doubt on the strength of fuel demand as the peak summer travel season progresses, the managing principal adds. Front-month WTI crude oil futures are little changed at $67.51/bbl; front-month Brent crude oil futures are steady at $69.50/bbl. (
Zawya
14-07-2025
- Business
- Zawya
Mideast Stocks: Gulf stocks subdued as Trump steps up tariff threats
Gulf equities ended largely subdued on Monday, pressured by renewed tensions in the U.S. tariff war, though some investors hoped President Donald Trump's threats were largely rhetorical. Trump said on Saturday he would impose a 30% tariff on most EU and Mexican imports starting August 1, despite ongoing talks. The European Union extended a suspension of countermeasures to U.S. tariffs until early August while seeking a negotiated settlement, but Germany's finance minister Lars Klingbeil urged firm action if the levies go ahead. Saudi Arabia's index dropped 0.4%, extending previous session's losses, with Saudi Arabian Mining Company retreating 1.1%. ACWA Power Co gained 0.6% after signing $8.3 billion in clean energy deals, helping limit the decline. Most sectors were in negative territory, said Joseph Dahrieh, managing principal at Tickmill. "Nevertheless, the Saudi market retains the potential for recovery, contingent on further positive second-quarter results and a sustained rally in oil prices." Dubai's main index closed flat but touched a fresh 17-year high, as mixed sector performance and caution ahead of earnings kept trade subdued. Abu Dhabi index also ended the session unchanged. Investors now await U.S. inflation data for June, due on Tuesday, for insights on the Federal Reserve's interest rate path. Markets are currently pricing in just over 50 basis points worth of easing by December. The Fed's decisions have a significant impact on the Gulf region's monetary policy, as most regional currencies are pegged to the U.S. dollar. The Qatari index slipped 0.6%, with stocks falling across board. Qatar Islamic Bank led the decline, losing 1.3%, its sharpest fall in nearly a month. Outside the Gulf, Egypt's blue-chip index climbed 2%, with Commercial International Bank jumping 3.4%. SAUDI ARABIA fell 0.4% to 11,214 Abu Dhabi was flat at 10,063 Dubai closed flat at 5,857 QATAR dropped 0.6% to 10,770 EGYPT advanced 2% to 33,727 BAHRAIN declined 0.4% to 1,952 OMAN added 0.1% to 4,627 KUWAIT finished flat at 9,368 (Reporting by Amna Mariyam and Ateeq Shariff in Bengaluru; Editing by Sahal Muhammed)
Business Recorder
08-07-2025
- Business
- Business Recorder
Most Gulf markets gain on US trade progress
DUBAI: Most Gulf equities ended higher on Monday as US President Donald Trump signalled progress on multiple trade agreements and announced extended tariff reprieves for several countries. The White House is close to finalising several trade agreements in the coming days and will notify other countries of higher tariffs by July 9, with the new rates effective August 1, Trump said on Sunday. Saudi Arabia's benchmark index rose 0.3%, helped by a 0.8% gain in oil giant Saudi Aramco. Oil shrugged off the impact of OPEC+ hiking output more than expected for August as well as concerns about the potential impact of US tariffs, with prices mostly reversing early losses as a tight physical market lent support. In a show of confidence in oil demand, Saudi Arabia on Sunday raised the August price for its flagship Arab Light crude to a four-month high for Asia. The uncertainty surrounding oil prices, especially with OPEC+ gradually increasing production, remains a key risk for the Saudi market, said Joseph Dahrieh, managing principal at Tickmill. 'However, the market could find support as Saudi Arabia expands its share in the oil market,' he said. Dubai's benchmark index gained 0.9%, hitting a 17-year high, driven by financial shares. Emirates NBD jumped 2.3%, while Dubai Islamic Bank rose 1%. According to Dahrieh, the Dubai stock market's strong fundamentals suggest potential for further growth, while US trade policy risks could continue to weigh on sentiment.
Zawya
02-07-2025
- Business
- Zawya
Mideast Stocks: Gulf bourses end mixed on US tariff uncertainty
Stock markets in the Gulf ended mixed on Wednesday as investors monitored global trade developments ahead of the United States' potential re-imposition of sweeping tariffs on July 9. President Donald Trump said on Tuesday he was not thinking of extending the July 9 deadline for countries to negotiate trade deals with the U.S., and continued to express doubt that an agreement could be reached with Japan. Saudi Arabia's benchmark index edged 0.1% higher, after two consecutive sessions of losses, helped by 1.7% rise in Saudi Arabian Mining Company. The cautious mood dominating the region contributed to mixed sector performances, said Joseph Dahrieh, managing principal at Tickmill. "Investors are awaiting further developments to gain more clarity, while low oil prices continue to pose a risk, despite a positive economic outlook," he said. Among gainers, oil giant Saudi Aramco rose 0.8%. Oil futures edged up as Iran suspended cooperation with the U.N. nuclear watchdog and markets weighed expectations of more supply from major producers next month, while the U.S. dollar softened further. Dubai's main share index dropped 0.4%, hit by a 1.3% fall in toll operator Salik Company. Separately, Dubai commuters may soon have a new way to beat traffic, as Joby Aviation successfully completed the first test flight of its fully-electric air taxi in the emirate this week - a significant step toward the city's goal of integrating airborne transport into its mobility network as early as next year. In Abu Dhabi, the index eased 0.1%, while the Qatari index closed flat. A report on Tuesday suggested that the U.S. labour market stayed resilient in May, sharpening the focus on U.S. nonfarm payrolls figures due on Thursday as investors try to gauge when the Federal Reserve is likely to cut interest rates next. Fed Chair Jerome Powell on Tuesday reiterated the U.S. central bank's plans to "wait and learn more" before lowering rates. Outside the Gulf, Egypt's blue-chip index added 0.4%, with Talaat Moustafa Holding rising 0.9%. SAUDI ARABIA rose 0.1% to 11,130 Abu Dhabi fell 0.1% to 9,920 Dubai dropped 0.4% to 5,669 QATAR finished flat at 10,699 EGYPT added 0.4% to 32,820 BAHRAIN was up 0.3% to 1,950 OMAN added 0.3% to 4,525 KUWAIT declined 0.6% to 9,083 (Reporting by Ateeq Shariff in Bengaluru. Editing by Mark Potter)
Arab News
02-07-2025
- Business
- Arab News
Gulf bourses end mixed on US tariff uncertainty
LONDON: Stock markets in the Gulf ended mixed on Wednesday as investors monitored global trade developments ahead of the US' potential re-imposition of sweeping tariffs on July 9. President Donald Trump said on Tuesday he was not thinking of extending the July 9 deadline for countries to negotiate trade deals with the US, and continued to express doubt that an agreement could be reached with Japan. Saudi Arabia's benchmark index edged 0.1 percent higher, after two consecutive sessions of losses, helped by 1.7 percent rise in Saudi Arabian Mining Company. The cautious mood dominating the region contributed to mixed sector performances, said Joseph Dahrieh, managing principal at Tickmill. 'Investors are awaiting further developments to gain more clarity, while low oil prices continue to pose a risk, despite a positive economic outlook,' he said. Among gainers, oil giant Saudi Aramco rose 0.8 percent. Oil futures edged up as Iran suspended cooperation with the UN nuclear watchdog and markets weighed expectations of more supply from major producers next month, while the US dollar softened further. Dubai's main share index dropped 0.4 percent, hit by a 1.3 percent fall in toll operator Salik Company. Separately, Dubai commuters may soon have a new way to beat traffic, as Joby Aviation successfully completed the first test flight of its fully-electric air taxi in the emirate this week — a significant step toward the city's goal of integrating airborne transport into its mobility network as early as next year. In Abu Dhabi, the index eased 0.1 percent, while the Qatari index closed flat. A report on Tuesday suggested that the US labor market stayed resilient in May, sharpening the focus on US nonfarm payrolls figures due on Thursday as investors try to gauge when the Federal Reserve is likely to cut interest rates next. Fed Chair Jerome Powell on Tuesday reiterated the US central bank's plans to 'wait and learn more' before lowering rates. Outside the Gulf, Egypt's blue-chip index added 0.4 percent, with Talaat Moustafa Holding rising 0.9 percent.
