• Stock markets add gains on Friday
  • Oil prices drops on higher U.S. output
  • Abu Dhabi’s index outperforms the region
  • Dollar drops, gold rises

Global markets

Stock markets across the globe rose on Friday as China’s state-run news agency reported progress in trade talks between the United States and China.

MSCI’s all-country world index, a gauge of equity performance in 47 countries, gained 0.62 percent while the FTSEurofirst 300 index of leading European shares closed up 0.73 percent as all major bourses in Europe rose.

On Wall Street, the Dow Jones Industrial Average rose 139.07 points, or 0.54 percent, to 25,849.01. The S&P 500 gained 13.99 points, or 0.50 percent, to 2,822.47 and the Nasdaq Composite added 57.62 points, or 0.76 percent, to 7,688.53.

Oil prices

Oil prices dropped on Friday on higher U.S. production.

“The market is taking a pause as it tries to digest mixed reports that give us different ideas of future supply and demand,” Phil Flynn, an analyst at Price Futures group in Chicago, told Reuters. “The OPEC-plus meeting could give us a little direction,” he said.

U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row, with drilling slowing to its lowest in nearly a year, prompting the government to cut crude output growth forecasts, according to a Reuters report.

West Texas Intermediate (WTI) crude oil futures settled down 9 cents at $58.52 a barrel, having hit their highest so far this year at $58.95.

Brent crude futures settled down 7 cents at $67.16 a barrel, below their 2019 peak of $68.14 reached on Thursday.

U.S. crude ended the week 4.1 percent higher, and Brent was up 1.9 percent.

Middle East markets

Abu Dhabi’s index outperformed the region on Thursday, rising 3.7 percent. First Abu Dhabi Bank (FAB), the United Arab Emirates' biggest bank, surged 6.5 percent and Emirates Telecommunications added 5.2 percent.

In Dubai, the index fell 1 percent. Dubai Islamic Bank lost 6.5 percent as the stock traded ex-dividend.

Saudi Arabia's index was up 0.7 percent, with Al Rajhi Bank gaining 0.9 percent.  Saudi Basic Industries (SABIC), the Middle East's largest petrochemicals maker, rose 1 percent.

Qatar's index rose 2.1 percent, with Industries Qatar, the stock with the biggest weighting on the index, climbing 3 percent and Qatar Islamic Bank up 3.2 percent.

Egypt's blue-chip index was down 0.9 percent, with Commercial International Bank shedding 1.9 percent and El Sewedy Electric slipping by 1.7 percent.

Kuwait’s premier market index rose 1.2 percent while Bahrain’s index edged 0.2 percent lower and Oman’s index was flat.

Currencies

The dollar dropped on Friday.

The dollar index, which measures the greenback against a basket of six major currencies, was 0.21 percent lower.

Precious metals

Gold prices rose on a weaker dollar.

U.S. gold futures settled 0.6 percent higher at $1,302.90 an ounce.

(Reporting by Gerard Aoun; Editing by Mily Chakrabarty)

(gerard.aoun@refinitiv.com) 

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