Mideast Stocks Slide in Sign of Damage to Come From Trade War - Bloomberg

Mideast Stocks Slide in Sign of Damage to Come From Trade War - Bloomberg:

Stocks across the Middle East’s most liquid markets declined in a sign that the latest escalation in the U.S.-China trade war is deepening concern about a global recession.


Israeli stocks led the retreat, losing 3%, as all but one member of the TA-35 index fell in the wake of the sell-off in the U.S. Friday. Gauges in Saudi Arabia, Kuwait and Dubai lost at least 1.7% on speculation slowing growth will sap demand for oil. 


“If there is regional tension or if oil faces pressure, Saudi markets tend to be the most impacted in the GCC,” said Aarthi Chandrasekaran, a money manager at investment bank Shuaa Capital PSC in Abu Dhabi. “If there is a global meltdown, Dubai and the United Arab Emirates tend to be most impacted as the role of international investors remains high inside the financial market.”