Mideast Stocks Sink After Saudis Cut Diplomatic Ties With Iran - Bloomberg Business:
"Stocks across most Gulf Arab markets retreated amid one of the worst diplomatic standoffs between Saudi Arabia and Iran in about a quarter century.
Qatar’s QE Index led the drop with a 2.6 percent decrease, followed by Saudi Arabia’s Tadawul All Share Index’s 2.4 percent slide. Dubai’s DFM General Index shed 1.6 percent. The cost of insuring Saudi debt against default rose to the highest level since May 2009 on a closing basis.
Saudi Arabia, the Arab region’s largest economy and world’s biggest oil exporter, gave Iran’s ambassador to Riyadh 48 hours to leave the country on Sunday after protesters in the Shiite-majority country stormed the Saudi embassy and set parts of it on fire. The incident followed the kingdom’s execution of 47 people for terrorism-related offenses on Saturday, including a Shiite cleric."
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