The Gulf’s major stock markets were unchanged early Wednesday before the Fed’s interest rate decision.
Investors are watching a lot of central bank interest rate announcements this week to analyze economic growth and gasoline consumption.
The U.S. central bank will likely hold interest rates, but its policy path will be scrutinized.
The Fed usually influences the Gulf Cooperation Council’s six-member monetary policy since most regional currencies are tied to the dollar.
Saudi Arabia’s benchmark index (.TASI) fell 0.1% as Dar Al Arkan Real Estate Development (4300. SE) fell 2.8% and Saudi Aramco (2222. SE) fell 0.2%.
After Houthi negotiators met with Saudis in Riyadh, Saudi Arabia’s foreign ministry welcomed constructive results from meetings to develop a road map for the Yemen peace process.
The Abu Dhabi index (.FTFADGI) rose 0.1%.
Oil prices plummeted roughly $1, leaving investors wondering when peak rates will hit and how they would affect energy demand.
Prices declined despite a larger-than-expected reduction in U.S. oil stocks and sluggish shale output, indicating constrained petroleum supply into 2023.
The Gulf’s largest lender, Qatar National Bank, jumped 0.7%, helping the Qatari benchmark (.QSI) rise 0.1%.
