Global equity markets closed in negative territory during the week on the back of worsening bilateral relations between the US and China, coupled with concerns of slowing pace of economic recovery post the rise in US initial jobless claims for the first time since March 2020.

On a positive note, EU leaders agreed on a landmark stimulus package to support member states minimize the economic downturn. Oil prices rose by 0.46% during the week on the back of continued optimism but the upside was capped by concerns of rising COVID-19 cases and escalating US-China tensions, which could negatively impact demand.

For the MENA region, equity markets recorded mixed performance during the week as investors continue to believe that the pace of economic recovery might be slower than earlier estimates as indicated from the weak Q2 2020 earnings. For the week, 3 out of the 7 regional indexes closed in green while 2 closed in red and 2 (Saudi Arabia and Dubai) remained unchanged. Oman was the best performing index regionally with gains of 3.29%, followed by 0.18% in Egypt; while Kuwait recorded losses of 1.69%, followed by 1.37% in Bahrain, and 0.31% in Abu Dhabi.

Going forward, global equities are likely to remain volatile with a negative bias as rising number of new cases could potentially impact the pace of economic recovery. Additionally, the concerns surrounding the worsening bilateral relations between the US and China will continue to weigh on investor sentiments in the coming weeks. For the regional markets, investors will continue to remain cautious amid a challenging business environment and fears of a potential second wave of infections impacting the pace of recovery going forward.

>

-Ends- 

About Allied Investment Partners PJSC

Established in 2007, Allied Investment Partners PJSC is licensed by Securities and Commodities Authority, UAE and is a leading investment firm providing various services like Asset Management, Alternative Investments, Wealth Management, Securities and Custody Services, Corporate Finance and Investment Banking Advisory.

For more information, please visit

For media enquiries, please contact Matrix Public Relations
Krishika Mahesh: Krishika@matrixdubai.com
Or call: 04 34 30 888

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2020

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.