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Investors worldwide are awaiting the outcome of a two-day meeting of the U.S. Federal Reserve.
The Federal Reserve is widely expected to raise interest rates later on Wednesday and could provide clues about the timing of future U.S. policy moves.
In stocks, Asian shares edged up on Wednesday.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.1 percent.
On Wall Street on Tuesday, the Dow Jones Industrial Average and the S&P 500 both notched record closing highs, though the Nasdaq Composite shed 0.19 percent.
In the Middle East, stock markets mostly rose on Tuesday after the shutdown of a North Sea pipeline pushed Brent oil above $65 a barrel for the first time since mid-2015.
The Saudi stock index gained 0.3 percent, with petrochemical companies, whose profit margins tend to benefit from higher oil prices, outperforming. Saudi Kayan added 3.7 percent and PetroRabigh rose 3.0 percent.
Dubai's index added 1.2 percent as builder Drake & Scull, which posted a big loss for the third quarter, shot up 6.7 percent to its highest level since February. Some investors are betting that restructuring will help the company report much better fourth-quarter earnings.
In Abu Dhabi, the index gained 0.6 percent on the back of Abu Dhabi Commercial Bank, which climbed 3.5 percent.
Egypt's index rose 1.1 percent as blue chip lender Commercial International Bank gained 1.6 percent, bouncing from near its lowest levels this year.
In commodities, o il prices rose in early Asian trade on Wednesday as industry data showed a larger-than-expected drawdown in U.S. crude stockpiles.
Brent crude was up 50 cents, or 0.8 percent, at $63.84 a barrel by 0152 GMT.
U.S. West Texas Intermediate crude was up 36 cents, or 0.6 percent, at $57.50 a barrel, having earlier settled down 85 cents at $57.14.
Gold prices were almost unchanged on Wednesday after hitting their lowest in nearly five months in the previous session.
Spot gold was steady at $1,243.10 an ounce at 0051 GMT, after marking its lowest since July 20 at $1,235.92 in the last session.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here© ZAWYA 2017
The Federal Reserve is widely expected to raise interest rates later on Wednesday and could provide clues about the timing of future U.S. policy moves.
In stocks, Asian shares edged up on Wednesday.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.1 percent.
On Wall Street on Tuesday, the Dow Jones Industrial Average and the S&P 500 both notched record closing highs, though the Nasdaq Composite shed 0.19 percent.
In the Middle East, stock markets mostly rose on Tuesday after the shutdown of a North Sea pipeline pushed Brent oil above $65 a barrel for the first time since mid-2015.
The Saudi stock index gained 0.3 percent, with petrochemical companies, whose profit margins tend to benefit from higher oil prices, outperforming. Saudi Kayan added 3.7 percent and PetroRabigh rose 3.0 percent.
Dubai's index added 1.2 percent as builder Drake & Scull, which posted a big loss for the third quarter, shot up 6.7 percent to its highest level since February. Some investors are betting that restructuring will help the company report much better fourth-quarter earnings.
In Abu Dhabi, the index gained 0.6 percent on the back of Abu Dhabi Commercial Bank, which climbed 3.5 percent.
Egypt's index rose 1.1 percent as blue chip lender Commercial International Bank gained 1.6 percent, bouncing from near its lowest levels this year.
In commodities, o il prices rose in early Asian trade on Wednesday as industry data showed a larger-than-expected drawdown in U.S. crude stockpiles.
Brent crude was up 50 cents, or 0.8 percent, at $63.84 a barrel by 0152 GMT.
U.S. West Texas Intermediate crude was up 36 cents, or 0.6 percent, at $57.50 a barrel, having earlier settled down 85 cents at $57.14.
Gold prices were almost unchanged on Wednesday after hitting their lowest in nearly five months in the previous session.
Spot gold was steady at $1,243.10 an ounce at 0051 GMT, after marking its lowest since July 20 at $1,235.92 in the last session.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here© ZAWYA 2017
