#UAE stocks muted as investors eye key US jobs data | Reuters

UAE stocks muted as investors eye key US jobs data | Reuters

Stock markets in the United Arab Emirates ended mostly subdued on Friday as investors held a cautious stance ahead of a key U.S. jobs data, which could likely shape the size and pace of the Federal Reserve's interest rate cuts.

Monetary policy in the six-member Gulf Cooperation Council (GCC), including the UAE, is usually guided by the Fed's policy decision because most regional currencies are pegged to the U.S. dollar.

The U.S. non-farm payrolls data for August is due at 1230 GMT.

Abu Dhabi's main share index (.FTFADGI), opens new tab fell 0.3%, fuelled by a sell-off across the board, including in the financial, telecoms and petrochemicals sectors.

First Abu Dhabi Bank (FAB.AD), opens new tab, the country's largest lender, shed 0.4% and telecoms firm e& , formerly known as Emirates Telecommunications, lost 1.4%.

Petrochemical company Borouge (BOROUGE.AD), opens new tab fell more than 3% as shares traded ex-dividend.

Meanwhile, the initial public offering (IPO) of NMDC Energy, part of Abu Dhabi-listed NMDC Group (NMDC.AD), opens new tab, was more than 31 times oversubscribed when the offer closed on Thursday, state news agency WAM reported.

NMDC Energy shares are scheduled to begin trading on Sept. 11 on the Abu Dhabi exchange.

The index, however, posted a weekly gain of 1.8%.

In Dubai, the main share index (.DFMGI), opens new tab closed flat but logged a fourth consecutive weekly gain. The blue-chip developer Emaar Properties (EMAR.DU), opens new tab fell 0.8%, while Emirates NBD Bank (ENBD.DU), opens new tab was up 0.3%.

Oil Set for Deep Weekly Loss Even as OPEC+ Delays Adding Barrels - Bloomberg

Latest Oil Market News and Analysis for September 6 - Bloomberg

Oil is poised for one of its biggest weekly losses this year, even as OPEC+ delayed a planned increase in output.

Brent traded near $73 a barrel on Friday, down more than 7% for the week, while West Texas Intermediate was close to $69. Key members of the OPEC+ coalition won’t boost output by 180,000 barrels a day in October and November.

Still, a longer-term plan to revive 2.2 million barrels a day of idle supplies over the course of a year remained in place, with the completion date pushed back two months to December 2025.

“One wonders when the patience of intentionally giving up market share with no return in sight could run out,” said Tamas Varga, an analyst at brokerage PVM, in a report.

Brent futures have trended lower since early July, with concern about the economies of China and the US — the top two oil consumers — stoking fears about demand. There’s also been a steady rise in crude production in the world’s largest economy in recent years, adding supply pressure to global balances.

The upshot is that even the OPEC+ delay and an almost 7 million barrel weekly drop in US crude inventories failed to significantly push up oil prices. Next week’s monthly market outlooks from OPEC, the Energy Information Administration and the International Energy Agency will be closely watched.

“We see the OPEC+ unwind delay, ongoing geopolitics and financial positioning providing price support at $70 to $72 Brent,” Citigroup Inc. analysts including Eric Lee said in a note. The bank said it sees “moves down to the $60 range in 2025 as a sizable market surplus emerges.”

Turkish competition board says Mubadala applied to take control of Getir | Reuters

Turkish competition board says Mubadala applied to take control of Getir | Reuters

Abu Dhabi's Mubadala Investment Company applied to Turkey's Competition Board to take sole control of Turkish grocery delivery company Getir Perakende Lojistik, a statement on the board's website showed on Friday.

No further details were immediately available.

In June, Getir said it received a new $250 million investment and would split into two groups as part of a restructuring plan to focus on different markets.

Under the plan, existing shareholder Mubadala was to inject capital and hold the management and majority stake in Turkish operations as part of restructuring while founders, Nazim Salur and others, were to have a minority stake.

In April, Getir said it was withdrawing from its remaining European markets to focus on its main home market, marking an abrupt turnaround after expansion and boom in recent years.