Most major Gulf equities eased on Sunday on falling oil prices amid supply woes and uncertainty over a price cap on Russian oil, while the Egypt index fell on price corrections.
The crude price, which fuels the region's growth, settled at $76.10 per barrel in volatile trading on Friday as growing recession fears negated any supply woes after weak economic data from China, Europe and the United States.
Meanwhile, U.S. producer prices data also raised conflicting views, stirring hope of moderating inflation but also fears the Fed Reserve will need to keep interest rates higher for longer. Most Gulf Cooperation Council countries have their currencies pegged to the U.S. dollar and follow the Fed's policy moves closely, exposing the region to a direct impact from any monetary tightening there.
Farah Mourad, Senior Market Analyst of XTB MENA, noted GCC stock markets could see strong volatility later this week as the Federal Reserve meeting approaches. "Also oil prices could witness further downtrend this week as recession fears may fuel demand concerns, with European price cap on Russian oil remaining a source of uncertainty," added Mourad.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EU parliament member, Gulf state probed over suspected graftBelgium launched an investigation on Friday into possible corruption involving an unidentified Gulf state and at least one member of the European Parliament, the federal prosecutor said.
Read more »
Amtrak's Gulf Coast return will be in 2023An Amtrak official disclosed that a pending settlement ending a legal proceeding before the U.S. Surface Transportation Board will enable a 2023 start of Amtrak service connecting New Orleans to Mobile with four stops along the Mississippi Gulf Coast:
Read more »
China calls for oil to be traded with yuan at Gulf summit in Saudi ArabiaChinese President Xi Jinping called on the top oil producing nations to accept oil purchases with the Chinese yuan in a move to boost nation's currency.
Read more »
Anchorage under winter storm watch starting Sunday afternoonThe National Weather Service has issued a winter storm watch for much of Southcentral Alaska starting Sunday. The forecast is calling for 10 to 16 inches of snow in the Anchorage area.
Read more »