Stock markets in the United Arab Emirates edged higher on Friday as optimism about a U.S. interest rate cut underpinned sentiment ahead of key jobs numbers later in the day.
The data is expected to show a slowdown in hiring and an uptick in unemployment, possibly leaving the door open for the U.S. Federal Reserve to cut rates.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed's decisions as most regional currencies are pegged to the U.S. dollar.
Dubai's main share index (.DFMGI), opens new tab gained 0.1%, helped by a 0.7% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU), opens new tab.
Meanwhile, efforts to secure a ceasefire and hostage release in Gaza were gathering momentum on Friday after Hamas made a revised proposal on the terms of a deal and Israel said it would resume stalled negotiations.
In Abu Dhabi, the index (.FTFADGI), opens new tab finished 0.1%, with the country's biggest lender First Abu Dhabi Bank (FAB.AD), opens new tab advancing 0.8%.
Oil prices - a catalyst for the Gulf's financial markets - edged lower but were trading near their highest since late April and on track for a fourth straight week of gains, driven by hopes of strong summer fuel demand and some supply concerns.
No comments:
Post a Comment