MIDEAST STOCKS-Saudi index eases ahead of OPEC+ meet; others markets mixed - Agricultural Commodities - Reuters:
Major stock markets moved sideways in lacklustre trade on Wednesday, while shares in Saudi Arabia retreated ahead of an OPEC+ meeting on output cuts.
The Organization of the Petroleum Exporting Countries (OPEC) and other major producers including Russia, a group known as OPEC+, may extend production cuts of 9.7 million barrels per day (bpd), equivalent to about 10% of global production, into July or August, at an online meeting expected to be held on June 4.
The benchmark index of Saudi Arabia, the de-facto OPEC leader, eased 0.4%, with petrochemical maker Saudi Basic Industries losing 1.6% and utility firm Saudi Electricity sliding 4.1%.
Meanwhile, the kingdom’s non-oil private sector contracted for the third straight month in May as measures to stem the spread of the coronavirus continued to hit demand, although it shrank at a slower pace than in the previous two months, a survey showed.
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