Mideast Stocks: Gulf edges down, losses minor despite Brent oil below $50 | ZAWYA MENA Edition:
Major Gulf stock markets edged lower early on Wednesday because of sagging oil prices and global bourses, but the region's losses were minor despite Brent oil's decline below $50 a barrel for the first time since July 2017.
Oil's 15 percent tumble this month, if it is sustained, threatens major damage to the state finances of most Gulf countries, which could reduce governments' ability to spend on growth and revive investor concern about their financial stability.
As a result, the cost of insuring Saudi Arabian sovereign debt against default has rise in recent days to its highest levels this year, while the Saudi riyal has weakened against the dollar in the forwards market.
No comments:
Post a Comment