PHOTO
20 August 2017
The U.S. dollar and Wall Street indices saw wide volatility and ended lower on Friday as a turbulent political week in the White House raised doubts about Donald Trump’s economic policies including tax reforms.
The U.S. dollar index lost 0.25 percent, and the S&P marked its weakest two-week period since before Trump was elected with a 2 percent loss.
In the Gulf region, major stock markets gained on Thursday with the Saudi index rising 0.7 percent as all listed banks were higher, the Dubai market rising 0.3 percent, and the Qatari index gaining 0.9 percent.
In commodities, gold jumped to its highest level in more than nine months on Friday on safe-haven appeal as the terrorist attack in Barcelona and the U.S. political uncertainty raised geopolitical concerns.
Oil prices witnessed sharp gains on Friday rising by 3 percent as the dollar fell and U.S. energy firms cut rigs.
In other news, Egypt approved long-awaited investment regulations that allow companies to register online within hours along with a set of other incentives that include tax breaks.
The Saudi central bank said it had not banned Qatar’s currency and confirmed that Qatari citizens visiting the kingdom for Hajj could exchange their currency.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here.
The U.S. dollar and Wall Street indices saw wide volatility and ended lower on Friday as a turbulent political week in the White House raised doubts about Donald Trump’s economic policies including tax reforms.
The U.S. dollar index lost 0.25 percent, and the S&P marked its weakest two-week period since before Trump was elected with a 2 percent loss.
In the Gulf region, major stock markets gained on Thursday with the Saudi index rising 0.7 percent as all listed banks were higher, the Dubai market rising 0.3 percent, and the Qatari index gaining 0.9 percent.
In commodities, gold jumped to its highest level in more than nine months on Friday on safe-haven appeal as the terrorist attack in Barcelona and the U.S. political uncertainty raised geopolitical concerns.
Oil prices witnessed sharp gains on Friday rising by 3 percent as the dollar fell and U.S. energy firms cut rigs.
In other news, Egypt approved long-awaited investment regulations that allow companies to register online within hours along with a set of other incentives that include tax breaks.
The Saudi central bank said it had not banned Qatar’s currency and confirmed that Qatari citizens visiting the kingdom for Hajj could exchange their currency.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here.
