Most Gulf markets gain on hopes of early US Fed rate cut | Reuters

Most Gulf markets gain on hopes of early US Fed rate cut | Reuters

Most stock markets in the Gulf ended higher on Thursday, after U.S. Federal Reserve minutes signalled interest-rate cuts were set to begin in a few weeks' time.

The Fed appears to be very much on track for an interest-rate cut in September after a "vast majority" of officials said such an action was likely, according to the minutes of the U.S. central bank's July 30-31 meeting.

U.S. PMI and initial jobless claims figures are due later in the day.

Interest rate futures markets have fully priced in a 25-basis-point cut from the Fed next month, with a 1/3 chance of a 50-bp cut. They project 222 bps of U.S. easing by the end of 2025, against 163 bps for Europe. 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 edged 0.1% higher, helped by a 1.7% increase in Middle East Pharmaceutical Industries (4016.SE), opens new tab.

Dubai's main share index (.DFMGI), opens new tab finished 0.3% higher, with top lender Emirates NBD (ENBD.DU), opens new tab advancing 2.1%.

In Abu Dhabi, the index (.FTFADGI), opens new tab was up 0.3%.

The Qatari benchmark (.QSI), opens new tab was flat.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab advanced 0.8%, with Commercial International Bank (COMI.CA), opens new tab rising 2.1%.

Egypt plans to return oil and gas production to normal levels by 2025, in cooperation with foreign partners, Prime Minister Mostafa Madbouly said in a press conference on Thursday.

#SaudiArabia’s Sales From Oil Exports Drop to Three-Year Low - Bloomberg

Saudi Arabia’s Sales From Oil Exports Drop to Three-Year Low - Bloomberg

Saudi Arabia’s revenue from oil exports has slumped to the lowest level in three years, caused by a drop in prices and the kingdom’s decision to curb production.

Sales from shipments of crude oil and refined products fell to $17.7 billion in June, according to the country’s main statistics body. That’s down more than 9% year-on-year and about 12% from May.

Oil revenue remains crucial to Saudi Arabia, the de facto leader of the OPEC cartel and the world’s biggest exporter of crude. Those funds back Crown Prince Mohammed bin Salman’s drive to transform the economy with huge investments in everything from electric vehicles to semiconductors and football.

His push has been hindered by a fall in petrodollar inflows since 2022, when Russia’s invasion of Ukraine sent crude soaring to above $120 a barrel. At the time — at least for a few months — Saudi Arabia was earning $1 billion from oil exports every day.

Brent’s now trading around $76, down 6.2% this year, largely due to concerns about economic slowdowns in the US and China.

The kingdom’s had to scale back or delay some of its biggest projects, including parts of a sprawling new desert city known as Neom. It’s failed to lift prices with its strategy of cutting output.

OPEC+, which includes members of the Organization of Petroleum Exporting Countries and others such as Russia, is meant to start increasing production in the fourth quarter. BP Plc says the group will be “nervous” about that plan because of the pressure prices remain under.

Gulf shares mixed in early trade, Powell's speech awaited | Reuters

Gulf shares mixed in early trade, Powell's speech awaited | Reuters

Stock markets in the Gulf were mixed in early trading on Thursday after the minutes from the most recent meeting of the U.S Federal Reserve cemented expectations for a September rate cut.

The Fed's minutes showed policymakers in the U.S. were ready to start cutting interest rates as soon as September.

Interest-rate futures have fully priced in a 25-basis-point U.S. rate cut next month, with a one-in-three chance of a 50-bp cut. FEDWATCH

The U.S central bank's Chair Jerome Powell's impending speech at the Jackson Hole economic symposium on Friday will be parsed for any hints on the likely size of a rate cut next month.

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.

The Abu Dhabi benchmark index (.FTFADGI), opens new tab edged up 0.1%, with Multiply Group (MULTIPLY.AD), opens new tab rising 3.7% and ADNOC Gas (ADNOCGAS.AD), opens new tab advancing 1.3%, while Phoenix Group (PHX.AD), opens new tab slipped 1.7%.

The cryptomining and blockchain conglomerate Phoenix said on Wednesday it had partnered with cryptocurrency firm Tether to launch a stablecoin pegged to the UAE dirham.

Saudi Arabia's benchmark stock index (.TASI), opens new tab was up 0.3% in early trading, with most of its constituents posting gains. Saudi National Bank(1180.SE), opens new tab, the kingdom's largest lender, rose 0.4% and Dr Sulaiman Al Habib Medical (4013.SE), opens new tab advanced 1.4%.

Dubai's benchmark stock index (.DFMGI), opens new tab fell 0.1%. The tolls operator Salik (SALIK.DU), opens new tab dropped 1.8% and Commercial Bank of Dubai(CBD.DU), opens new tab slipped 5.5%.

Tecom Group(TECOM.DU), opens new tab, however, gained 1.8% after business park operator said it completed acquisition of new commercial and industrial assets as part of an 1.7 billion dirhams strategic plan.

The Qatari benchmark index (.QSI), opens new tab was down 0.1%, pressured by losses in finance, real estate and materials sectors with Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, sliding 0.5% and Mesaieed Petrochemical (MPHC.QA), opens new tab dropping 0.5%.