Most Gulf markets gain as Trump retreats on Fed pressure | Reuters

Most Gulf markets gain as Trump retreats on Fed pressure | Reuters

Most stock markets in the Gulf ended higher on Wednesday, after U.S. President Donald Trump said he had no plans to fire Federal Reserve Chair Jerome Powell and hinted at lower tariffs for China.

On Tuesday, Trump backed off from threats to fire Powell after days of intensifying criticisms of the central bank chief for not cutting interest rates.

The president also reiterated that he wanted a deal with China, following which tariffs would not be anywhere near 145%, and said he would set the terms of the deal if Beijing did not enter talks.

Saudi Arabia's benchmark index (.TASI), opens new tab finished 0.8% higher, led by a 3.6% rise in ACWA Power Company (2082.SE), opens new tab and a 2.5% increase in Saudi Telecom Company (7010.SE), opens new tab.

Meanwhile, the International Monetary Fund on Tuesday lowered its 2025 GDP growth forecast for Saudi Arabia, while flagging headwinds for the broader region, including a more gradual resumption of oil production.

Dubai's main share index (.DFMGI), opens new tab advanced 1.4%, buoyed by a 3.6% jump in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.

Elsewhere, Emirates NBD Bank (ENBD.DU), opens new tab climbed 2.5%, extending gains for a third session.

In the previous session, ENBD - Dubai's top lender - reported net profit of 6.2 billion dirhams for the first quarter, beating analysts' expectations of about 5.1 billion dirhams.

Elsewhere, Emirates Integrated Telecommunications Company (du) (DU.DU), opens new tab closed 0.6% higher. The company on Tuesday announced a 2 billion-dirham ($544.5 million) hyper-scale data centre deal with Microsoft MSFT.O.

The Abu Dhabi index (.FTFADGI), opens new tab concluded 0.7% higher.

The Qatari index (.QSI), opens new tab climbed 1%, with the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab rising 0.9%.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab jumped 2.6%, as most of its constituents were in positive territory including Commercial International Bank (COMI.CA), opens new tab, which was up 2.9%.