• Global markets rebound on Friday
  • Middle East stocks fall sharply on Thursday
  • Oil prices drop on IEA report
  • Dollar adds gains, gold prices retreat

Global markets

Stock markets across the globe recovered on Friday some of the incurred losses during the week, with MSCI's gauge of stocks across the globe gaining 1.10 percent.

On Wall Street, the Dow Jones Industrial Average rose 287.16 points, or 1.15 percent, to 25,339.99, the S&P 500 gained 38.76 points, or 1.42 percent, to 2,767.13 and the Nasdaq Composite added 167.83 points, or 2.29 percent, to 7,496.89, the three indices snapped a six-day losing streak on Friday as technology stocks recovered.

Wall Street indices still recorded their biggest weekly loss since March 23, despite Friday’s rebound.

“People are starting to buy in, thinking the higher-flying growth stocks were oversold,” Janna Sampson, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois, told Reuters.

“If earnings come out good I think this rally is sustainable if we don’t get negative trade news,” she said.

Middle East markets

Stock markets in the Middle East largely tracked lower a retreat in global markets on Thursday and a drop in oil prices.

Saudi Arabia’s index dropped 3.9 percent as petrochemical shares were hit by a retreat in oil prices.

Petrochemical producer Saudi Basic Industries tumbled 5.1 percent and Al Rajhi Bank sank 4.4 percent.

Among the few gaining stocks in Saudi Arabia, retailer Jarir Marketing rose 0.9 percent after estimating third-quarter net profit rose to 288 million riyals ($76.8 million).

Dubai’s index dropped 2.0 percent as Dubai Islamic Bank lost 1.9 percent to 5.25 dirhams and construction firm Drake and Scull dropped 4.7 percent in heavy trade. Neighbouring Abu Dhabi’s index fell 0.9 percent.

Egypt’s index dropped 2.5 percent as El Sewedy Electric dived 5.7 percent and Global Telecom Holding plunged 7.5 percent.

Qatar’s index dropped 1.0 percent, Bahrain’s index fell 0.4 percent, Oman’s index retreated 0.4 percent and Kuwait’s index shed 0.6 percent.

Oil prices

Brent crude prices closed lower on Friday as the International Energy Agency (IEA) predicted in a report weaker demand and concluded that supply is adequate.

Brent crude fell 25 cents a barrel to $80.01 by 2:16 p.m. EDT (1816 GMT), after dropping 3.4 percent on Thursday. U.S. crude futures rose 6 cents to $71.03 a barrel.

“The weaker outlook has gotten a raised profile in the market, but there’s potential for a real supply crunch towards the end of this year,” John Kilduff, a partner at Again Capital Management in New York, told Reuters.

“The demand outlook is hurt right now because of the situation with the U.S. and China in particular.”

Currencies

The dollar added gains on Friday on higher equities.

An index that tracks the dollar versus six major currencies was up 0.23 percent at 95.234, reducing its weekly loss to 0.4 percent.

Precious metals

Gold prices retreated on Friday on a stronger dollar.

Spot gold was down 0.5 percent at $1,217.81 an ounce by 1755 GMT.

U.S. gold futures settled down $5.6, or 0.46 percent, at $1,222.

(Reporting by Gerard Aoun; Editing by Shane McGinley)

(Gerard.aoun@refinitiv.com)


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