Stock markets in the United Arab Emirates closed lower on Friday, driven by a drop in oil prices which were promtped by subsiding risks of the impact of Hurricane Rafael on U.S. oil and gas output.
Hurricane Rafael, which has caused 391,214 barrels per day of U.S. crude oil production to be shut, is expected to move slowly westward over the Gulf of Mexico and away from U.S. fields while forecast to weaken from Friday and through the weekend, the U.S. National Hurricane Center said.
Oil prices — an engine of growth for Gulf economies — was down 1.61% at $74.41 a barrel as of 1100 GMT.
Abu Dhabi's benchmark index (.FTFADGI) slipped 0.2%, after three sessions of gains, dragged down by a 0.6% decrease in International Holding Company (IHC.AD) and a 1.4% decline in IHC-owned conglomerate Alpha Dhabi Holding (ALPHADHABI.AD).
Other losers included Sharjah-based energy firm Dana Gas (DANA.AD). It fell 1.3% after the firm recorded a 7% decline in its third-quarter net profit to $40 million.
However, State oil giant Abu Dhabi National Oil Company's gas unit, ADNOC Gas (ADNOCGAS.AD), jumped 1.5% ahead of releasing third-quarter earnings later in the day.
Dubai's main index (.DFMGI) ended three sessions of gains, with the index settling 0.1% down.
Among the losers, Dubai lenders Mashreqbank (MASB.DU) and Commercial Bank of Dubai (CBD.DU) dropped 2% and 4%, respectively.
Meanwhile, the UAE central bank cut its base rate applied to the overnight deposit facility by 25 basis points on Thursday, from 4.90% to 4.65%, effective Nov. 8.
The Abu Dhabi index recorded 1.1% of weekly growth, while the Dubai index extended gains into a fifth week, with a 0.4% rise, according to LSEG data.
The U.N. atomic watchdog's 35-nation Board of Governors passed a resolution on Thursday again ordering Iran to urgently improve cooperation with the agency and requesting a "comprehensive" report aimed at pressuring Iran into fresh nuclear talks.
An earthquake measuring 4.6 on the Richter scale struck the Dashtestan district of Bushehr Province in southern Iran at 8:30 a.m. local time today, according to the National Seismology Center of the Institute of Geophysics at Tehran University.
Oil prices rose on Thursday amid concerns that escalating Middle East tensions could disrupt crude supplies, though strong global supply capped gains. Brent crude hit $75.31, with fears growing over potential Israeli strikes on Iran. Rising U.S. inventories suggest the market remains well supplied.
The agreement, finalised at COP29 in Baku, Azerbaijan, establishes that developed countries will contribute $300 billion annually by 2035 to assist poorer countries in mitigating the effects of climate change.
Delegates at COP29 in Baku push for consensus on climate finance targets, with calls for urgent action to address the global climate crisis as negotiations intensify.
Short-term rental owners in Croatia protested against proposed tax hikes, claiming the measures unfairly target low-income earners and threaten their livelihoods. The government argues the changes aim to tackle a housing crisis driven by tourism demand.
Global tensions rise at COP29 in Baku as developing nations reject the proposed $300B climate finance goal, demanding at least $500B annually to address urgent needs. Negotiations face a breaking point as blocs threaten to walk out over unmet demands.
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All three major indexes posted weekly gains, as investors took comfort from data pointing to robust economic activity in the world's biggest economy.
The agreement, finalised at COP29 in Baku, Azerbaijan, establishes that developed countries will contribute $300 billion annually by 2035 to assist poorer countries in mitigating the effects of climate change.
Delegates at COP29 in Baku push for consensus on climate finance targets, with calls for urgent action to address the global climate crisis as negotiations intensify.
Short-term rental owners in Croatia protested against proposed tax hikes, claiming the measures unfairly target low-income earners and threaten their livelihoods. The government argues the changes aim to tackle a housing crisis driven by tourism demand.
Global tensions rise at COP29 in Baku as developing nations reject the proposed $300B climate finance goal, demanding at least $500B annually to address urgent needs. Negotiations face a breaking point as blocs threaten to walk out over unmet demands.
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