Most Gulf markets end higher on rising US rate-cut optimism | Reuters

Most Gulf markets end higher on rising US rate-cut optimism | Reuters

Most stock markets in the Gulf ended higher on Wednesday, as comments from U.S. Federal Reserve officials boosted expectations of a September interest rate cut.

Fed Chair Jerome Powell said recent cooling in inflation data "add somewhat to confidence" that consumer prices are coming under control.

Markets have now fully priced in a quarter-point rate cut from the U.S. central bank in September, with a total easing of 68 basis points (bps) expected by the end of the year. FEDWATCH

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 gained 0.6%, led by a 5.6% rise in aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab and a 2.5% increase in ACWA Power Co (2082.SE), opens new tab.

The kingdom's crude oil exports rose in May, after slipping in April from a nine-month high hit in March, data from the Joint Organizations Data Initiative showed on Wednesday.

Dubai's main share index (.DFMGI), opens new tab closed 0.5% higher, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab advancing 1.4% and top lender Emirates NBD (ENBD.DU), opens new tab up 1.2%.

In Abu Dhabi, the index (.FTFADGI), opens new tab edged 0.1% higher.

The Qatari benchmark (.QSI), opens new tab dropped 0.4%, weighed down by a 1.7% decline in Qatar Islamic Bank (QISB.QA), opens new tab despite reporting a rise in first-half net profit.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab advanced 1.8%, as most of its constituents were in positive territory, including tobacco monopoly Easter Company (EAST.CA), opens new tab which was up 6.2%.

Egypt's total budget deficit fell to 505 billion Egyptian pounds ($10.5 billion) in fiscal 2023/24 that ended on June 30, compared with 610 billion pounds a year earlier, finance minister Ahmed Kouchouk said in a statement on Wednesday.

#AbuDhabi’s Masdar to Issue Green Bonds in Renewables Power Push - Bloomberg

Abu Dhabi’s Masdar to Issue Green Bonds in Renewables Power Push - Bloomberg

Abu Dhabi’s clean-energy firm Masdar plans to sell dollar-denominated green bonds in two tranches, its second such deal as it looks to raise funds for expansion.

The renewable-power company plans to offer five and 10-year green bonds, according to a person familiar with the matter, who asked not to be identified. It has appointed banks, and will hold a call and in-person meetings with potential investors in London on Wednesday.

The company, also known as Abu Dhabi Future Energy Co., had previously said it intended to issue as much as $1 billion of green bonds this year. Masdar completed its debut sale of $750 million of green bonds in 2023 and said at the time that it may raise as much as $3 billion to help fund a global expansion plan. It’s targeting stakes in 100 gigawatts of clean projects by 2030.

Abu Dhabi government-owned company Taqa owns 43% of Masdar, Mubadala has 33% and oil producer Adnoc 24%.

Abu Dhabi Commercial Bank PJSC, Citigroup Inc, Credit Agricole SA, First Abu Dhabi Bank PJSC, HSBC Holdings Plc, Mitsubishi UFJ Financial Group Inc, Natixis SA and Standard Chartered Bank have been appointed as joint lead managers and joint bookrunners.

National Bank of #Kuwait Q2 2024 net profit up 3% on lower provisions

National Bank of Kuwait Q2 2024 net profit up 3% on lower provisions

National Bank of Kuwait (NBK), the Gulf country's largest lender, posted a net profit of 145.8 million dinars ($477 million) in Q2 2024, up 3.3% year-on-year (YoY) due to higher operating income and lower provisions, that were partly offset by higher operating expenses and higher taxes.

The net profit beat analysts’ mean estimate of KWD 143.34 million, according to LSEG data.

In a regulatory statement on the Kuwait stock exchange on Wednesday, NBK said operating revenue was KWD303.4 million versus KWD288 million in the year-ago period.

For the six-month period ending June 30, the bank made a net profit of KWD 292.4 million, up 6% on year.

The lender's board has proposed to distribute a semi-annual cash dividend of 10 fils per share, or 10% of the nominal value of the share.

Major Gulf markets mixed on US rate cut hopes, falling oil | Reuters

Major Gulf markets mixed on US rate cut hopes, falling oil | Reuters

Major stock markets in the Gulf were mixed in early trade on Wednesday, as markets prepared for global interest rates to fall while a decline in crude prices weighed on sentiment.

Federal Reserve Chair Jerome Powell said recent cooling in inflation readings "add somewhat to confidence" that consumer prices are coming under control.

Markets have now fully priced in a quarter-point rate cut from the U.S. central bank in September, with a total easing of 68 basis points (bps) expected by the end of the year. FEDWATCH

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 gained 0.6%, led by a 2.7% rise in ACWA Power Company (2082.SE), opens new tab and a 0.2% increase in Al Rajhi Bank (1120.SE), opens new tab.

Meanwhile, the International Monetary Fund on Tuesday revised downwards Saudi Arabia's economic growth by nearly one percentage point, mainly due to oil production cuts.

Dubai's main share index (.DFMGI), opens new tab added 0.3%, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab advancing 1%.

The Qatari benchmark (.QSI), opens new tab dropped 0.9%, weighed down by a 2.2% decline in Qatar Islamic Bank (QISB.QA), opens new tab, despite reporting a rise in first-half net profit.

The lender reported a 5.6% year-on-year rise in net profit for the first half of 2024 to 2.07 billion riyals ($567 billion).

In Abu Dhabi, the index (.FTFADGI), opens new tab fell 0.2%.