Norway Backs Barents Sea Oil and Gas Expansion 
Iran Allows Iraqi Oil Tankers Through Strait of Hormuz 
China opens new Arctic trade route – but obstacles will prevent its wider use 
Oil Prices Retreat as Markets Await Tougher Iran Sanctions 
Hyundai Motor Union Launches First Full Strike in Decade Over Wages, AI Job Risks 
Barclays Downgrades Renault as Cost Savings Challenges Grow 
Unifor Reaches Tentative GM Deal for 4,600 Ontario Workers 
US Dollar Heads for Worst Week Since July as Fiscal Concerns Mount 
California Seeks Paramount Divestitures in Warner Bros. Merger 
SpaceX Hires Natural Gas Trader to Meet Growing Energy Needs 
Peru Economy Grows 2.6% in Q2 as Private Investment Surges 
Welspun Corp Shares Hit Record High on $1.8 Billion U.S. Order 
China EV Stocks Slide as Door Handle Recall Hits 4.3 Million Vehicles 
J.P. Morgan Upgrades Diploma, Lifts Price Target to 8,250p 
Exxon, LyondellBasell Eye Shell’s $8 Billion U.S. Chemicals Assets 
US Debt Tops $40 Trillion as Global Borrowing Costs Surge 
Merz Pushes Faster Reforms to Revive German Economy 
Add as a preferred source on Google
Gulf Stock Markets Experience Early Decline
Most major stock markets in the Gulf region saw a downturn in early trading on Wednesday due to escalating geopolitical tensions.
Geopolitical Tensions Rise
On Tuesday, Israel announced the death of Hashem Safieddine, the successor to the late Hezbollah leader Hassan Nasrallah, who was killed last month in an Israeli operation targeting the Iran-backed militant group.
Saudi Arabia's Market Reaction
In Saudi Arabia, the benchmark index dropped by 0.4%, primarily influenced by a 0.5% decline in Al Taiseer Group, an aluminum products manufacturer, and a 0.6% fall in Al Rajhi Bank. Banque Saudi Fransi also retreated by 1% following a reported decline in its quarterly net profit.
The International Monetary Fund (IMF) has further reduced its GDP growth forecast for Saudi Arabia for 2024 to 1.5%, with expectations of a rebound to 4.6% in 2025, according to its latest World Economic Outlook report released on Tuesday.
Market Trends in Other Gulf Nations
In Abu Dhabi, the index fell 0.2%, while the Qatari index decreased by 0.3%, with Qatar National Bank, the Gulf's largest lender, also experiencing a 0.3% drop. Conversely, Dubai's main share index increased by 0.3%, buoyed by a 1.4% rise in Salik Company, a toll operator.
Traders are adjusting their expectations regarding the Federal Reserve's monetary policy, leading to a cautious sentiment in the markets. The Gulf Cooperation Council's monetary policy generally aligns with the Fed's decisions, as most regional currencies are pegged to the U.S. dollar.
