Gulf stock markets end mixed as China boost lingers, oil volatile
Gulf stock markets ended mixed as China's measures to support its markets provided some relief, while energy market volatility weighed on sentiment.
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Posted 8/29/2023, 1:50:00 PM
reuters.com
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Asian stocks were mixed as traders awaited the Federal Reserve's summer conference for indications on inflation control and interest rate hikes, with investors warned of potential surprises.
The markets were mixed today, with the Dow dropping while the Nasdaq rose slightly, and major indices are down over the past five trading sessions; however, year-to-date, the markets are still up and have retreated to valuations not seen since early July.
Summary: U.S. markets closed mixed on Tuesday as the Nasdaq saw slight gains thanks to tech stocks while financials dragged on other indexes after major U.S. banks were hit with another downgrade from a credit rating agency. Meanwhile, China took steps to stabilize its currency amid weakening economic conditions and deteriorating credit conditions.
Most Gulf stock markets ended higher ahead of the Jackson Hole summit, as soft manufacturing surveys sparked hopes of a pause in policy tightening by central banks, although uncertainty in energy markets remained.
Gulf stock markets have a mixed performance as higher oil prices are offset by concerns over potential interest rate hikes by the US Federal Reserve.
Most stock markets in the Gulf ended lower due to a slightly hawkish outlook from the US Federal Reserve, with Abu Dhabi, Qatar, and Saudi Arabia experiencing declines.
Global markets show mixed performance, with Japan, China, Hong Kong, India, and Australia experiencing modest gains, while the US markets closed higher fueled by optimism over a possible pause in interest-rate hikes, as oil prices extend gains and gold prices remain near three-week highs.
Stocks were mixed on Friday after the US unemployment rate rose unexpectedly, despite the economy adding more jobs than forecasted, while manufacturing data from China provided hope for its economic recovery from COVID-19.
U.S. stocks ended the week with solid gains, but mixed trading, as traders weigh whether the soft economic data will convince the Federal Reserve to hold off on further rate hikes.
Most stock markets in the Gulf ended lower due to a contraction in factory activity in China, dampening investor sentiment.
Asian stocks wrapped up a mixed August with robust weekly gains as renewed risk appetite was fueled by actions taken by Beijing to shore up the economy, while China will begin the week assessing the damage from Typhoon Saola.
Most stock markets in the Gulf ended lower as investors grew cautious due to volatile oil prices and awaited monetary policy decisions by the US Federal Reserve.
Summary: The US markets ended mixed after the release of the latest jobs report data, with the economy adding 187,000 jobs in August but seeing an increase in unemployment, while in Asia, Japan's Nikkei 225 closed higher, Australia's S&P/ASX 200 was down, and China's Shanghai Composite and Shenzhen CSI 300 declined. Additionally, European markets saw declines, and commodities such as crude oil, natural gas, gold, silver, and copper experienced varying price movements.
Asia-Pacific markets were mixed on Thursday as Saudi Arabia and Russia extended voluntary oil production cuts, leading to a rise in oil prices, while Chinese property stocks surged.
Asia-Pacific equity markets finished mixed, with Australia's ASX All Ordinaries and South Korea's KOSPI falling, while Taiwan's TAIEX and Hong Kong's Hang Seng declined slightly; European markets are flat to lower, and U.S. equity futures point to a lower open.
Global markets ended higher as energy stocks climbed supported by Saudi Arabia and Russia's decision to extend supply cuts, while Wall Street's key indexes saw weekly declines due to investor concerns over interest rates and anticipation of upcoming U.S. inflation data. In Asian markets, Japan's Nikkei 225 ended down, Australia's S&P/ASX 200 was up, and Chinese shares rose following improved data on consumer price inflation. The Eurozone's economic growth outlook has been downgraded by the European Commission, and crude oil prices fell.
Stocks finished mixed on Wednesday as investors awaited consumer inflation data that could impact the Federal Reserve's future policy decisions. The Dow Jones fell 0.2%, the S&P 500 increased 0.1%, and the Nasdaq Composite climbed 0.3% after a previous decline. The Consumer Price Index showed a higher-than-expected increase in inflation, driven by rising energy prices, which could influence the Fed's decision on interest rates. The market also had its eyes on the Arm IPO and developments involving Apple and China. Meanwhile, the EU launched an investigation into China's subsidies for EV makers.
Stocks on Wall Street ended mixed after an inflation report showed a slight increase, but economists believe underlying inflation trends still point towards continued moderation and the Federal Reserve is expected to keep interest rates steady at its upcoming meeting, while airlines struggled due to higher fuel costs and technology stocks benefited from the possibility of no further interest rate hikes.