Most Gulf markets in red on mixed US job report | Reuters

Most Gulf markets in red on mixed US job report | Reuters

Most stock markets in the Gulf ended lower on Sunday after Friday's fall in global shares, as the latest U.S. jobs report led investors to dial back expectations for a larger-than-usual interest rate cut by the Federal Reserve this month.

The U.S. Labor Department reported that employment increased less than expected in August while the jobless rate dropped as expected, suggesting an orderly slowdown in the labor market.

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

Saudi Arabia's benchmark index (.TASI), opens new tab dropped 1%, weighed down by a 0.8% decrease in aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab and a 1.9% fall in Al Rajhi Bank (1120.SE), opens new tab.

Elsewhere, oil giant Saudi Aramco (2222.SE), opens new tab retreated 0.9%.

Oil prices - a catalyst for the Gulf's financial markets - settled 2% lower on Friday, with a big weekly loss following the U.S. jobs data, which outweighed price support from a delay to supply increases by OPEC+ producers.

The Qatari benchmark (.QSI), opens new tab fell 0.6%.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab slid 2.4%, as most of its constituents were in negative territory including top lender Commercial International Bank (COMI.CA), opens new tab, which was down 2.6%.

Egypt's central bank left its overnight interest rates on hold on Thursday, saying inflation pressures had subsided but that economic growth had softened.

India, #UAE to review trade deal in talks this week, sources say | Reuters

India, UAE to review trade deal in talks this week, sources say | Reuters

Indian and Emirati officials are expected to review their trade agreement this week amid concerns raised by Indian industry over a sharp increase in imports of precious metals from the United Arab Emirates, people familiar with the matter said.

India and the UAE signed the Comprehensive Economic Partnership Agreement (CEPA) in 2022 after just 88 days of negotiations. The agreement has become a template for similar trade pacts the UAE has since signed with many other nations.

An Indian government official, speaking on condition of anonymity, said the pact would be reviewed this week when a UAE government delegation led by Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed Al Nahyan visits Mumbai and New Delhi.

A second source, confirming the review, and the Indian government official downplayed the significance of the discussion and said that reviews took place from time to time.

The Indian trade ministry and the UAE ministry of economy did not respond to Reuters requests for comment on the review.

Indian officials have said New Delhi was seeking a review of the agreement, including if rules of origin were being met.

Sheikh Khaled, the son of UAE President Sheikh Mohamed bin Zayed, was unlikely to take part in the trade review, the sources said.

The Crown Prince, who is also his country's deputy national security adviser, was due to arrive in India on Sunday, Abu Dhabi's government media office announced on Saturday.

The trade review has in part been prompted by complaints among Indian industry of a significant increase in precious metal imports from the UAE, the sources said.

India is one of the UAE's largest trading partners and Indian citizens make up the largest community in the Gulf state, outnumbering Emiratis. Many work in sectors that are the backbone of the economy.

The trade agreement came into effect in May 2022.