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☆ Gulf markets dip in sign of investor concern after Iran attacks Israel
▼ + stars: | 2024-04-14 | by ( ) www.cnbc.com time to read: +1 min

A Saudi broker monitors the stock market at the Arab National Bank in the Saudi capital Riyadh on December 11, 2019. Gulf markets were down slightly on Sunday, providing an early indication of investor reaction to Iran's unprecedented attack on Israeli territory. Saudi Arabia's benchmark stock index fell 1.8% in early trading while the main Qatari index was down 1.6%, with Gulf lender QNB leading losses. Iran's retaliatory drone and missile attack in response to a suspected Israeli air strike raises the threat of wider regional conflict. Israel reported modest damage, but the key for investors will be how the conflict unfolds from here.

Persons: Brian Jacobson Organizations: Arab National Bank, Wealth Locations: Saudi, Riyadh, Tel, Israel, Milwaukee , Wisconsin

☆ Qatar National Bank's Q2 profit falls 4%
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

DUBAI, July 10 (Reuters) - Qatar National Bank (QNBK.QA), the oil-rich Gulf's biggest lender by assets, reported on Monday a 4% drop in second-quarter net profit to 3.7 billion riyals ($1.02 billion). QNB missed analysts' mean estimate of 3.9 billion riyals net profit in the quarter, Refinitiv data showed. Net profit for the first half of the year was 7.6 billion riyals, up 8% from the first half of 2022. Loans and advances also rose 7% to 819 billion riyals. ($1 = 3.6440 Qatar riyals)Reporting by Yousef Saba, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: QNB, Yousef Saba, Louise Heavens Organizations: Qatar National Bank, Group, Thomson Locations: DUBAI, Qatar

The VAT rate charged on goods and services rose to 20% from 18%, while that on basic goods such as toilet paper and detergents increased to 10% from 8%, effective immediately, the Official Gazette said. "Reducing the budget deficit is the aim of the latest increase in taxes and fees, and some other steps to ensure fiscal discipline are on the agenda too. The tax increases could raise Turkey's budget revenues by around 2%, Oyak Investment said in a note. Economists said the increased VAT rate charged on goods and services would boost state revenues by around 30 billion lira. Separately, Turkey on Friday also exempted from witholding tax the dividend payments of own shares purchased by companies listed on the Istanbul bourse.

Persons: Tayyip Erdogan, QNB Finansbank, Erdogan, Economists, Ezgi Erkoyun, Burcu Karakas, Orhan Coskun, Jonathan Spicer, Gareth Jones Organizations: stoke, Official Gazette, Bank Insurance, Oyak Investment, Istanbul bourse, Thomson Locations: ISTANBUL, Turkey, Istanbul

☆ Gulf bourses wobble; Egypt edges up
▼ + stars: | 2023-01-15 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Jan 15 (Reuters) - Stock markets in the Gulf wobbled on Sunday with the Qatari index extending losses for a third session. Most Gulf currencies are pegged to the dollar and Qatar, Saudi Arabia and the United Arab Emirates usually mirror any monetary policy change in the United States. Elsewhere, Saudi Arabian Mining Co (Ma'aden) (1211.SE), the Gulf's largest miner, retreated 1.2%, ending two sessions of gains. However, Qatar National Bank (QNB) (QNBK.QA), the Gulf's biggest bank by assets, gained 0.7%, ending three sessions of losses. Outside the Gulf, Egypt's blue-chip index (.EGX30) added 0.1%, helped by a 5.3% jump in El Sewedy Electric (SWDY.CA).

☆ Turkey annual inflation to ease to 66.8% in December, 43.2% a year later - Reuters poll
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +3 min

ISTANBUL, Dec 28 (Reuters) - Turkey's annual inflation is expected to fall sharply to 66.8% in December due to a favourable base effect but drop only to 43.2% by the end of 2023, a Reuters poll showed on Wednesday, while monthly price rises should remain elevated. In the Reuters poll of 12 economists, the median estimate for annual December inflation was 66.8%. Prices continue to rise sharply month-to-month with the median estimate at 2.7%, in a wide range of 1.40% and 4.10%. However, economists see inflation dropping only to 43.2% by end-2023, according to the median estimate of eight economists in the Reuters poll, with forecasts ranging between 33% and 48%. The Turkish Statistical Institute is scheduled to announce December inflation data at 0700 GMT on Jan. 3.

U.S. West Texas Intermediate (WTI) crude futures rose $1, or 1.31%, to $76.19 after climbing 90 cents on Monday. Oil prices have been buoyed by U.S. plans announced last week to buy up to 3 million barrels of oil for the Strategic Petroleum Reserve after this year's record release of 180 million barrels. A weaker dollar has also supported prices, making oil cheaper for those holding other currencies. "The oil demand outlook will be key for how high crude prices can go," he said, adding that clarity on that could prove elusive given mixed signals on the reopening of China's economy. While China has been relaxing pandemic restrictions, a surge in COVID-19 cases has been bearish for oil markets because of uncertainty over the country's economic recovery, said CMC Markets analyst Tina Teng.

☆ Gulf bourses track global shares, oil prices lower
▼ + stars: | 2022-10-10 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Oct 10 (Reuters) - Stock markets in the Gulf fell on Monday, tracking global shares and oil prices lower, with the Saudi index extending losses for a third session. Global shares dropped after Russian missiles pounded cities across Ukraine and as renewed concern about the economic outlook sent investors into safe-haven assets such as the dollar and bonds. Register now for FREE unlimited access to Reuters.com RegisterThe negative performance came after a volatile week during which investors continued to contemplate global economic conditions, said Wael Makarem, senior market strategist at Exness. In Abu Dhabi the index (<.FTFADGI>) dropped 0.8%, with the country's biggest lender First Abu Dhabi Bank (<FAB.AD>) losing 1.2%. The listing is the latest in a string of IPOs in the Gulf that have defied wider market trends.

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