MIDEAST STOCKS-Gulf stocks drop as U.S.-China trade tensions mount - Reuters:
Gulf stock markets fell on Wednesday, led by banking shares, amid persistent weakness in oil prices as an escalating dispute between the United States and China stoked worries over global economic growth and oil demand.
Oil prices slipped for a third consecutive session as tensions mounted after the United States imposed visa restrictions on Chinese officials for the detention or abuse of Muslim minorities, after having widened the trade blacklist to include some of China’s top artificial intelligence startups.
Saudi Arabia’s index fell 0.7% with financial stocks leading the losses. Al Rjahi Bank lost 0.8% and the kingdom’s largest lender National Commercial Bank decreased 1.4%.
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