Global markets

Stocks closed mostly lower on Friday on trade concerns between the United States and China as American President Donald Trump threatened to impose tariffs on all imports from China.

The Dow Jones Industrial Average fell 6.38 points, or 0.03 percent, to 25,058.12, the S&P 500 lost 2.66 points, or 0.09 percent, to 2,801.83 and the Nasdaq Composite dropped 5.10 points, or 0.07 percent, to 7,820.20.

But the indices were higher for the week despite the retreat on Friday.

The Dow Jones Industrial Average posted its third consecutive weekly gain, while the S&P 500 also rose for a third straight week after eking out a gain for the period.

“The reason we are not up more is the push and pull that has been the case for the past two months,” Walter Todd, chief investment officer at Greenwood Capital in Greenwood, South Carolina, told Reuters.

“That is between what is clearly a very good earnings and economic backdrop in the U.S. contrasted with the risk that trade continues to be a problem.”

Middle East markets

Stock markets in the Middle East were mostly trading lower on Thursday.

Saudi Arabia’s index edged down 0.03 percent as Al Rajhi Bank retreated 2 percent. SABIC closed up by 0.2 percent after edging between positive and negative territory earlier in the trading session.

Aramco said in a statement on Thursday that it was in "very early-stage discussions" with the kingdom's Public Investment Fund (PIF) to acquire the stake in SABIC via a private transaction.

Abu Dhabi’s index rose 0.3 percent, as First Abu Dhabi Bank rose 1.5 percent.

Dubai’s index dropped 0.2 percent as Emaar Properties fell 1.2 percent. The developer has put $1.4 billion in non-core assets up for sale amid an economic downturn, the Financial Times reported on Tuesday, citing sources.

Qatar’s index fell 0.3 percent, Egypt’s index dropped 1 percent, Oman’s index dropped 0.2 percent while Kuwait’s index was 0.1 percent up and Bahrain’s index rose 0.3 percent.

Oil prices

Oil prices rose on Friday as lower expected August crude exports from Saudi Arabia supported the market.

Brent crude settled up 49 cents at $73.07 a barrel. Brent fell 3.1 percent in the week.

The expiring U.S. West Texas Intermediate (WTI) crude for August delivery settled up $1.00 at $70.46 a barrel, while the more liquid September contract rose 2 cents to $68.26 a barrel. U.S. crude ended the week down nearly 1 percent.

Currencies

The U.S. dollar dropped on Friday as U.S. President Donald Trump complained about the greenback’s strength.

The U.S. dollar fell the most in three weeks against a basket of six major currencies, halting a rally that had driven the greenback to a year high.

The dollar index fell 0.77 percent, with the euro up 0.74 percent to $1.1727.

“The dollar is an important issue today especially because we have been on a rise for quite a long time,” Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas, told Reuters.

Precious metals

Gold prices rose on Friday from one-year lows hit the previous day.

Spot gold gained 0.7 percent at $1,230.89 per ounce by 1:40 p.m. EDT (1740 GMT) and U.S. gold futures  settled up $7.10, or 0.6 percent, at $1,231.10 per ounce.

In other news

Morocco’s High Planning Commission said on Friday that consumer price inflation slowed to 2.5 percent year-on-year in June from 2.6 percent in May.

Gain a deeper understanding of financial markets through Thomson Reuters Eikon.

(Writing Gerard Aoun; Editing by Shane McGinley)
(gerard.aoun@thomsonreuters.com)

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