UAE shares end lower ahead of Powell's speech | Reuters
Stock markets in the United Arab Emirates closed lower on Friday ahead of remarks from the U.S. Federal Reserve Chair at a central bankers' conference in Jackson Hole.
Fed Chair Jerome Powell is scheduled to speak at 1405 GMT and investors will be looking for clarity on whether the central bank intends to hold interest rates higher for longer.
Most Gulf Cooperation Council countries (GCC), including the UAE, have their currencies pegged to the dollar and generally follow the Fed's policy moves.
Dubai's benchmark index (.DFMGI) ended 0.2% lower, snapping a six-session winning streak, dragged down by a 1.4% drop in Emaar Properties (EMAR.DU) and a 1.6% fall in Emirates Central Cooling (EMPOWER.DU).
National Central Cooling (TABR.DU) fell 3.2%, making it the biggest loser on the benchmark, while Emirate's largest lender Emirates NBD (ENBD.DU) eased 0.3%.
However, the index was up 1.2% for the week after two consecutive weekly losses.
In Abu Dhabi, the index (.FTFADGI) fell 0.1% on Friday and was down 0.4% for the week.
State oil giant Abu Dhabi National Oil Company's drilling unit ADNOC Drilling (ADNOCDRILL.AD) and gas unit ADNOC Gas (ADNOCGAS.AD) slipped 2.6% and 1.4%, respectively.
Abu Dhabi Commercial Bank, the UAE's third-biggest lender, lost 0.7%.
Washington’s Top Middle Eastern Allies Move Closer to China - Bloomberg
Some of the US’s top Middle Eastern allies — including the world’s biggest oil exporter — are moving closer into the orbit of China and Russia, further complicating geopolitics upended by Russia’s invasion of Ukraine.
Saudi Arabia, the United Arab Emirates and Egypt are set to join the BRICS grouping of major emerging markets, after being invited Thursday during a summit in South Africa. They’re likely to become members at the start of next year, along with Iran, Argentina and Ethiopia.
The move is part of a push by leaders of the BRICS nations — Brazil, Russia, India, China and South Africa — to increase the group’s influence and counter US power over the global economy and trade, including through the role of the US dollar.
It also signals the determination of Saudi Arabia, the UAE and Egypt to bolster their status as midsized powers while avoiding taking sides in a world increasingly split between Washington and Beijing.
The UAE said the invitation reflects its “keenness to champion the value of multilateralism.”
