PHOTO
21 May 2017
U.S. President Donald Trump sealed a $110 billion arms deal with Saudi Arabia on Saturday on his first foreign trip. The arms deal, plus other investments that U.S. Secretary of State Rex Tillerson said could total up to $350 billion, was the central achievement of Trump's first day in Riyadh, first stop on a nine-day journey through the Middle East and Europe.U.S. and Saudi Arabian companies signed business deals worth tens of billions of dollars on Saturday, as Riyadh seeks help to develop its economy beyond oil.
The U.S. dollar fell on Friday, with losses steepening on political instability in the U.S.
Stock markets in the Middle East most exposed to foreign fund flows followed global shares lower on Thursday, while the Saudi Arabian index, dominated by local investors, outperformed the region for the day and the week.
Oil prices posted a second week of gains. Expectations increased that big crude exporters will extend output cuts to curb an inventory glut. U.S. crude rose 2.15 percent to $50.41 per barrel and Brent was last at $53.71, up 2.29 percent on the day.
Brent posted its largest weekly advance of the year, while U.S. crude gained over 5 percent.
Safe-haven gold posted its best week in five as the dollar softened. Spot gold added 0.7 percent to $1,255.37 an ounce.
In the latest news, the Saudi government is comfortable with this year's budget deficit, the country's finance minister said on Saturday, adding that authorities may slow austerity measures slightly in line with recommendations by the International Monetary Fund (IMF).
Countries remaining in the Trans-Pacific Partnership (TPP) agreed on Sunday to explore ways to move the trade deal forward after U.S. President Donald Trump's pulled out in his switch to an "America First" policy.The decision, which fell short of a wholehearted commitment to move ahead immediately, came on the sidelines of a meeting of Asia-Pacific Economic Cooperation (APEC) countries that has highlighted the turmoil in global trade negotiations.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here.
U.S. President Donald Trump sealed a $110 billion arms deal with Saudi Arabia on Saturday on his first foreign trip. The arms deal, plus other investments that U.S. Secretary of State Rex Tillerson said could total up to $350 billion, was the central achievement of Trump's first day in Riyadh, first stop on a nine-day journey through the Middle East and Europe.U.S. and Saudi Arabian companies signed business deals worth tens of billions of dollars on Saturday, as Riyadh seeks help to develop its economy beyond oil.
The U.S. dollar fell on Friday, with losses steepening on political instability in the U.S.
Stock markets in the Middle East most exposed to foreign fund flows followed global shares lower on Thursday, while the Saudi Arabian index, dominated by local investors, outperformed the region for the day and the week.
Oil prices posted a second week of gains. Expectations increased that big crude exporters will extend output cuts to curb an inventory glut. U.S. crude rose 2.15 percent to $50.41 per barrel and Brent was last at $53.71, up 2.29 percent on the day.
Brent posted its largest weekly advance of the year, while U.S. crude gained over 5 percent.
Safe-haven gold posted its best week in five as the dollar softened. Spot gold added 0.7 percent to $1,255.37 an ounce.
In the latest news, the Saudi government is comfortable with this year's budget deficit, the country's finance minister said on Saturday, adding that authorities may slow austerity measures slightly in line with recommendations by the International Monetary Fund (IMF).
Countries remaining in the Trans-Pacific Partnership (TPP) agreed on Sunday to explore ways to move the trade deal forward after U.S. President Donald Trump's pulled out in his switch to an "America First" policy.The decision, which fell short of a wholehearted commitment to move ahead immediately, came on the sidelines of a meeting of Asia-Pacific Economic Cooperation (APEC) countries that has highlighted the turmoil in global trade negotiations.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here.
