Most Gulf markets in black ahead of US inflation test | Reuters

Most Gulf markets in black ahead of US inflation test | Reuters

Most stock markets in the Gulf ended higher on Thursday as traders awaited key U.S. data that was expected to show inflation easing and pave the way for the Federal Reserve to start its long-awaited interest-rate cut cycle in September.

Fed Chair Jerome Powell told lawmakers on Capitol Hill on Wednesday "more good data" would build the case for the U.S. central bank to cut interest rates. Futures pricing implies about a 75% chance of a cut in September.

Economists forecast annual U.S. CPI slowed to 3.1% in June from 3.3% in May.

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.

Saudi Arabia's benchmark index (.TASI), opens new tab edged 0.1% higher, helped by a 5.2% jump in Al Taiseer Group (4143.SE), opens new tab.

Elsewhere, oil giant Saudi Aramco (2222.SE), opens new tab gained 0.2%.

Aramco expects to raise $6 billion from its three-part bond sale on Wednesday, the oil giant's first foray into the debt markets in three years, a document showed.

Dubai's main share index (.DFMGI), opens new tab gained 0.3%, with budget airliner Air Arabia (AIRA.DU), opens new tab rising 2.1% and top lender Emirates NBD (ENBD.DU), opens new tab increasing 0.3%.

In Abu Dhabi, the index (.FTFADGI), opens new tab was up 0.1%.

Crude prices - a catalyst for the Gulf's financial markets - were stable with the Brent benchmark holding above $85 a barrel, as investors balanced a bleaker demand growth view from the International Energy Agency with a indications of growing U.S. consumption.

The Qatari benchmark (.QSI), opens new tab closed 0.2% higher, with Qatar Navigation (QNNC.QA), opens new tab advancing 1.3%.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab lost 0.6%, hit by a 1.6% fall in Talaat Mostafa Holding (TMGH.CA), opens new tab.

#Saudi Aramco Sells $6 Billion of Bonds Amid Fierce Demand - Bloomberg

Saudi Aramco Sells $6 Billion of Bonds Amid Fierce Demand - Bloomberg

Saudi Aramco pulled in more than $31 billion of orders for its $6 billion bond sale, its first dollar-debt offering in three years.

Bids peaked above $11 billion for both the oil giant’s 10- and 30-year notes, according to a person with knowledge of the matter. Aramco also sold 40-year bonds in the deal that priced Wednesday.

The strong demand — final order books topped $23 billion — allowed the company to cut spreads offered on each of the tranches by at least 35 basis points. The deal was its first dollar debt sale since a $6 billion offering in 2021.

An Aramco spokesperson didn’t comment on the size of the transaction, and referred Bloomberg to a company statement earlier this week announcing that it planned to sell notes. The deal is extending the oil-rich kingdom’s debt spree as it looks to fund projects.

ADGM publishes its whistleblowing framework

ADGM publishes its whistleblowing framework

Abu Dhabi Global Market (ADGM) the international financial centre of the UAE’s capital, today announced the publication of its whistleblowing framework, a coordinated initiative between ADGM Authorities to sustain transparency, accountability and market integrity within the centre. The framework which is part of ADGM’s progressive business environment complements its existing regulatory frameworks and encompasses:

* Dedicated regulations that recognise and protect good faith reporting of ‘protected disclosures’.
*Availability of internal and external channels for reporting reasonably suspected breaches of ADGM legislation or financial crime.

* Protection for anonymous reporting in good faith of reasonably suspected misconduct.
*Non-retaliation protections integrated into existing employment regulations to guard employees of all ADGM entities against retaliation for speaking up.
*Good governance requirements to support whistleblowing for all ADGM entities.

* Written policies and procedures for firms licenced by the FSRA, designated non-financial businesses or professions (DNFBPs) and large ADGM entities.

The endeavours of ADGM market participants to operate in line with the highest global standards of business practice are also reflected strongly within the framework. Entities within the centre will implement proportionate arrangements to support effective whistleblowing by 31st May 2025. These arrangements need to be captured in writing by companies that are over a certain size or that carry additional financial crime risks.

The whistleblowing framework provides a solid foundation that ADGM continuously builds upon and strengthen, ensuring the highest international business standards are upheld.