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Major stock markets in the Gulf showed a mixed trend in early trading on Tuesday as investors eyed a data-packed week, including key inflation figures due from the US<\/p>\nMajor stock markets in the Gulf showed a mixed trend in early trading on Tuesday as investors eyed a data-packed week, including key inflation figures due from the US<\/p>\n
Inflation data from several major economies and manufacturing figures out of China are in focus this week. Most closely monitored will be Thursday\u2019s release of the US personal consumption expenditures price index, which the Federal Reserve uses to track its 2 per cent inflation target.Markets have already pushed out the potential timing of first easing, from May to June, with the current probability priced at around 70 per cent. Futures imply a little more than three quarter-point cuts this year, down from five at the beginning of the month.Most Gulf currencies are pegged to the dollar and any monetary policy change in the United States is usually followed by Qatar, the United Arab Emirates and Saudi Arabia.Saudi Arabia\u2019s benchmark index (.TASI) gained 0.3 per cent, led by a 1.8 per cent rise in ACWA Power Co (2082.SE) and a 0.2 per cent increase in Al Rajhi Bank (1120.SE).Meanwhile, shares of Avalon Pharma (4016.SE) jumped 30 per cent on the market debut.In Abu Dhabi, the index (.FTFADGI) dropped 0.4 per cent.Dubai\u2019s main share index (.DFMGI) gained 0.5 per cent, with Emirates NBD (ENBD.DU) rising 1.1 per cent.Meanwhile, US President Joe Biden on Tuesday said Israel has agreed to halt its military activities in Gaza for the Muslim holy month of Ramadan, as Hamas studied a draft proposal for a truce deal that includes a pause in fighting and a prisoner-hostage exchange.The Qatari benchmark (.QSI) lost 0.2 per cent, hit by a 4.2 per cent fall in Qatar Gas Transport (QGTS.QA).Follow the
\nCyprus Mail on Google News<\/p>\n","protected":false},"excerpt":{"rendered":"
Major stock markets in the Gulf showed a mixed trend in early trading on Tuesday, with investors focusing on upcoming inflation data from major economies and manufacturing figures from China. The US personal consumption expenditures price index, used by the Federal Reserve to track its 2% inflation target, is particularly anticipated. Futures indicate a shift in expectations for the timing of monetary easing and the number of rate cuts. Most Gulf currencies are pegged to the dollar, making them sensitive to US monetary policy changes. Saudi Arabia’s benchmark index rose by 0.3%, with significant gains in ACWA Power Co and Al Rajhi Bank. Avalon Pharma’s shares surged by 30% on their market debut. Abu Dhabi’s index fell by 0.4%, while Dubai’s main share index increased by 0.5%, led by a rise in Emirates NBD. The Qatari benchmark declined by 0.2%, affected by a drop in Qatar Gas Transport. Additionally, US President Joe Biden announced that Israel agreed to halt its military activities in Gaza for Ramadan, with Hamas considering a truce proposal that includes a pause in fighting and a prisoner-hostage exchange.<\/p>\n","protected":false},"author":3,"featured_media":3354,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[492,186,189,486,3,260,52,145,250,298,67,187,299,756,387,185,34,678,949,535,939,544,380],"class_list":["post-3353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-biden","tag-business","tag-businesspick","tag-china","tag-cyprus","tag-dollar","tag-federal-reserve","tag-gaza","tag-google","tag-hamas","tag-inflation","tag-international","tag-israel","tag-joe-biden","tag-lost","tag-main","tag-markets","tag-prisoner","tag-saudi-arabia","tag-stock-markets","tag-truce","tag-united-states","tag-us"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\n