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Sunday, 2 October 2016

MIDEAST STOCKS-Saudi stocks plunge to multi-year lows on austerity | Reuters

MIDEAST STOCKS-Saudi stocks plunge to multi-year lows on austerity | Reuters:

"Saudi Arabia's stock market plunged to its lowest close since March 2011 on Sunday because of fears the government could introduce more austerity measures to curb a big budget deficit caused by low oil prices.

The Saudi index edged up in early trade but fell steadily through the afternoon to close 3.1 percent lower at 5,448 points in thin trade.

Global stock markets ended last week on a firm note while Brent oil for November delivery settled above $49 a barrel in response to last week's deal by OPEC crude producers to cut output."



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