MIDEAST STOCKS-Saudi drops further as trade war intensifies - Reuters:
Saudi Arabia’s stocks dropped further on Monday after suffering their biggest single-day loss in three and a half months in the previous session as global trade jitters kept the market on the backfoot.
U.S. President Donald Trump on Friday slapped an additional 5% duty on some $550 billion in targeted Chinese goods in the latest tit-for-tat that followed China’s retaliatory tariffs on $75 billion worth of U.S. goods.
The escalation stoked concerns about the global economy, already on the edge of recession, and squeezed demand for oil, prices of which remained under pressure on Monday.
The Saudi index was down 0.6%, declining for its fourth straight session, with lenders acting as the biggest drag on the index.
No comments:
Post a Comment