MIDEAST STOCKS-Gulf stocks drop in early trade amid emerging markets weakness | Reuters:
Gulf stocks opened in negative territory on Sunday reflecting general weakness across emerging markets mainly caused by a diplomatic and economic spat between the United States and Turkey.
The Turkish lira plunged last week after U.S. President Donald Trump doubled tariffs on Turkish steel and aluminium imports. On Friday, the lira fell 18 percent to a record low.
Other geopolitical factors, such as the reintroduction of sanctions on Tehran, as well as the diplomatic dispute between Saudi Arabia and Canada, contributed to the risk-off sentiment.
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