PHOTO
16 August 2017
Investors are waiting for the release of minutes from the U.S. Federal Reserve's last meeting in July for clues on the pace of potential interest rate hikes.
In stocks, MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent on Wednesday.There was no clear lead from Wall Street, where the Dow had ended on Tuesday up a tiny 0.02 percent. The S&P 500 lost 0.05 percent and the Nasdaq 0.11 percent.
In the Middle East, Dubai's stock index dropped 0.2 percent on Tuesday. Union Properties sank 4.3 percent to 0.82 dirham after it reported a 2.29 billion dirham ($624 million) net loss for the second quarter, although the stock came well off its intra-day low of 0.77 dirham. It accounted for over a third of Dubai's trading volume.It was buoyed by a 0.1 percent gain by Emaar Properties, the biggest developer, which reported a 14.4 percent increase in second-quarter profit, in the middle of analysts' forecasts.Abu Dhabi's index edged down 0.2 percent although Eshraq Properties, which had been trading at its lowest levels this year, rebounded 1.2 percent in its heaviest volume for five weeks.Saudi Arabia's index declined 0.3 percent. Insurer MedGulf, which has been falling sharply this week after reporting a big second-quarter loss, slid a further 2.9 percent. Wafa Insurance, which earlier this month reported lower quarterly profit, fell 3.1 percent.Egypt's index slid 0.3 percent to 13,102 points, confirming a break below its July low of 13,261 points and support on its 100-day average, now at 13,171 points.
In commodities, oil prices edged up on Wednesday on a fall in U.S. crude inventories, although markets were still being weighed down by general oversupply.Brent crude futures were at $51.02 per barrel at 0218 GMT, up 22 cents or 0.4 percent from their last close.U.S. West Texas Intermediate crude futures were at $47.70 a barrel, up 15 cents, or 0.3 percent.
Gold prices firmed early on Wednesday as the dollar weakened slightly.
In other news, Tunisia's economy grew by 1.9 percent in the first half of 2017, up from 1 percent in the same period last year, the national statistics institute said on Tuesday.
Egypt's unemployment rate dipped below 12 percent in the second quarter, the first time it has been that low since the political uprising of 2011.Nearly 80 percent of those unemployed were young, however.
Official statistics agency CAPMAS said on Tuesday the rate dipped to 11.98 percent from 12 percent the previous quarter.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here.
Investors are waiting for the release of minutes from the U.S. Federal Reserve's last meeting in July for clues on the pace of potential interest rate hikes.
In stocks, MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent on Wednesday.There was no clear lead from Wall Street, where the Dow had ended on Tuesday up a tiny 0.02 percent. The S&P 500 lost 0.05 percent and the Nasdaq 0.11 percent.
In the Middle East, Dubai's stock index dropped 0.2 percent on Tuesday. Union Properties sank 4.3 percent to 0.82 dirham after it reported a 2.29 billion dirham ($624 million) net loss for the second quarter, although the stock came well off its intra-day low of 0.77 dirham. It accounted for over a third of Dubai's trading volume.It was buoyed by a 0.1 percent gain by Emaar Properties, the biggest developer, which reported a 14.4 percent increase in second-quarter profit, in the middle of analysts' forecasts.Abu Dhabi's index edged down 0.2 percent although Eshraq Properties, which had been trading at its lowest levels this year, rebounded 1.2 percent in its heaviest volume for five weeks.Saudi Arabia's index declined 0.3 percent. Insurer MedGulf, which has been falling sharply this week after reporting a big second-quarter loss, slid a further 2.9 percent. Wafa Insurance, which earlier this month reported lower quarterly profit, fell 3.1 percent.Egypt's index slid 0.3 percent to 13,102 points, confirming a break below its July low of 13,261 points and support on its 100-day average, now at 13,171 points.
In commodities, oil prices edged up on Wednesday on a fall in U.S. crude inventories, although markets were still being weighed down by general oversupply.Brent crude futures were at $51.02 per barrel at 0218 GMT, up 22 cents or 0.4 percent from their last close.U.S. West Texas Intermediate crude futures were at $47.70 a barrel, up 15 cents, or 0.3 percent.
Gold prices firmed early on Wednesday as the dollar weakened slightly.
In other news, Tunisia's economy grew by 1.9 percent in the first half of 2017, up from 1 percent in the same period last year, the national statistics institute said on Tuesday.
Egypt's unemployment rate dipped below 12 percent in the second quarter, the first time it has been that low since the political uprising of 2011.Nearly 80 percent of those unemployed were young, however.
Official statistics agency CAPMAS said on Tuesday the rate dipped to 11.98 percent from 12 percent the previous quarter.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here.
