US allocates additional grant of $16.5 mln to support Egypt's education, agribusiness    Palestinian Wadi scores hat-trick as Masry rout Malindi 4-1 in Confederation Cup    Tennis: Egypt suffers a bitter loss against Slovenia in Davis Cup    Egyptian gov't working to remove trash in Ismailia    'Al-Daheeh' host Ahmed El-Ghandour shortlisted for IBC's first 'Young Pioneer' award    Egypt forces kill group of terrorists in North Sinai, four policemen wounded: Ministry    Egypt sets 2022 GDP growth target of 8% – PM    Iran dismisses as ‘pointless' U.S. claims about Aramco attacks    U.S, European regulators reviewing safety of heartburn drugs like Zantac    'We can't win all the time,' says glum Guardiola    Cleanup resumes in Bahamas as Humberto swirls away    Egypt's supply ministry to kick off first trade forum with Italy on Sunday    Ukraine poised to seal 3-year IMF loan of $5bn    Egypt's Zamalek suffer surprise 2-1 defeat at Senegal's Generation Foot    California's governor aims to veto U.S. Trump insurance bill    British prime minister's aide divides, but will he conquer?    Foreign investments in Egypt's treasuries at $20bn August-end    Egypt's Sisi discusses education, terrorism at national youth conference    Egypt condemns drone attack on two Saudi oil facilities    LG Electronics targets $300 million sales in Egypt in 2020    Egypt's eighth National Youth Conference discusses effects of publishing lies on the state    Kenya is now the third African country to introduce malaria vaccine    Egypt's Sisi inaugurates the eighth National Youth Conference    Sisi to open 8th edition of the National Youth Conference Saturday    Fire breaks out on tanker at Norway's Sture oil terminal    Spotify buys music production marketplace SoundBetter    In 'Women Make Film,' a 14-hr epic of an overlooked history    Egypt's Ahly striker Amr Gamal joins Talae El-Geish for 2 seasons    Shikabala left out of Egypt's Zamalek squad for Generation Foot clash    Egypt's Sisi issues four presidential decrees for private universities    Egypt, UK sign deal to establish branch of London School of Economics at New Administrative Capital    8th edition of Egypt's National Youth Conference to start Sunday    Egypt, Italy ink $4.3mn deal for solid waste recycling programme    Egypt's PM discusses details of Al-Hussein Mosque renovation    Egypt's Baron Empain Palace to be reopen after renovation    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Cairo's historic Tahrir square to be renovated – PM    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    Ministry of Environment has a plan for "black clouds season"    

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Global economy fears of recession risks weigh on Gulf markets
Published in Amwal Al Ghad on 15 - 08 - 2019

Gulf markets in early trading on Thursday extended their losses amid falling oil prices and worries of global recession risks triggered by disappointing economic data out of China and Europe.
Brent crude LCOc1 was down 37 cents, or 0.6 percent, at $59.11 a barrel by 0300 GMT, after falling three percent in the last session.
Gross domestic product (GDP) growth in the 19-country euro zone was 0.2 percent in the second quarter compared with the previous quarter, a slowdown from 0.4 percent percent growth in the first three months of the year.
China's economy stumbled more than expected in July, with industrial output growth cooling to a more than 17-year low, as the intensifying U.S. trade war took a heavier toll on businesses and consumers.
In Dubai, the index dropped 1.5 percent as most of its real estate and banking shares traded lower. Dubai's largest listed developer Emaar Properties fell three percent while Emirates NBD shed 0.9 percent.
DAMAC Properties decreased 3.4 percent. The firm reported a nearly 87 percent drop in second-quarter net profit on Wednesday, hurt by the emirate's slumping property market.
Qatar's index was down 1.4 percent at 9,529 points, decreasing further from previous session's closing when it hit lowest loss in nearly a year. Most of the companies traded in red territory with Qatar National Bank dragging the index most as it plunged 2.3 percent and Qatar Insurance fell 4.3 percent.
In Abu Dhabi the index slipped 0.8 percent with First Abu Dhabi Bank sliding 0.8 percent, and Abu Dhabi Commercial Bank shedding 1.2 percent.
Saudi Arabia and Oman will resume trading on Sunday after the Eid break.
Source: Reuters

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