Global equity markets performed negatively during the previous week on the back of escalating trade tensions between the US and China. Moreover, the markets also reacted negatively to an unexpected drop in China’s Yuan, which was perceived that China might continue to devalue to counter new tariffs being imposed by the US. Brent crude oil prices were down 5.43% during the week, as a surprise build up in US crude stocks amid slowing demand added downward pressure on prices.
For the regional markets, the performance was broadly negative during the week with 5 out of the 8 indexes closing in red, while the remaining 3 closed in green. Egypt and Oman were the best performing indexes with gains of 4.84% and 2.24%, respectively, while Abu Dhabi performed negatively with a fall of 2.54%.
Going forward, volatility will continue to remain at elevated levels due to the uncertainty around the events unfolding in the US-China trade conflicts. For the regional markets, trading activity will be subdued in a shortened trading week due to Eid Holidays.
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© Press Release 2019