Stock markets in the Gulf, Europe and Japan are in red due to the aggression on Gaza
The impact of the ongoing Israeli aggression on Gaza continues to cast a shadow over the activity of financial markets in the world, including the Gulf stock exchanges, which declined in early trading today, Thursday, in light of the continuing unrest resulting from the Israeli aggression on the Gaza Strip, and the unrest and tensions it causes at the level of the region as a whole.
The Saudi index fell 0.4%, with the shares of Elm Digital Solutions Company and the National Bank of Saudi Arabia declining 2% each.
Separately, the Kingdom’s sovereign wealth fund is scheduled to raise $3.5 billion from sales of the first sukuk offering that attracted strong demand, in the first major test for the region’s markets since the start of the aggression.
The Dubai index fell 0.7%, affected by a 3.5% decline in Emaar Properties shares and a 1.7% decline in the shares of the highway toll collection company Salik.
The Qatar index fell 0.8%, with most of the stocks listed within it declining, including Qatar National Bank, the largest bank in the Gulf, which fell 1.5%.
The Abu Dhabi Index fell 0.2%, but its losses were limited thanks to the rise in First Abu Dhabi Bank’s stock by 1.1%. Today, Thursday, First Abu Dhabi Bank announced a 46% jump in third-quarter net profits thanks to higher income from interest payments from customers who paid more to borrow.
Japanese stocks decline
Globally, Japanese stocks fell at the end of trading today, Thursday, amid continued market concerns about geopolitical tensions in the Middle East region, despite the emergence of a number of indicators that support the improvement of the country’s economy.
At the end of the session, the Nikkei index fell by 1.91% to 31,430 points, while the broader Topix index fell by 1.36% to 2,264 points.
In a report issued today, the Central Bank of Japan presented a more optimistic outlook on the economic conditions of the regional regions, following the continuation of wage increases, which confirms the conviction of monetary policy makers to make further progress towards reaching the target inflation rate of 2.0%.
Official data today showed that Japan’s exports grew for the first time in three months, rising by 4.3% last September on an annual basis after contracting by 0.8% in August, compared to expectations for a 3.1% increase.
Mitsunari Akino, director at Ichiyoshi Asset Management, told Reuters that the high level of uncertainty around the world makes it difficult to buy stocks whose prices are falling, and the approaching long-term US bond yield of 5% has raised concerns among investors in Japan.
European stocks are worried about war
In Europe, European stocks fell at the beginning of trading on Thursday, amid continued market concerns about the ongoing conflict over the course of two weeks in the Middle East, coinciding with the season of announcing corporate business results.
The Stoxx Europe 600 index fell by 1% to 440 points, with shares in both the construction and industrial sectors declining by 0.9%.
The British FTSE index fell by 1% to 7,505 points, the German DAX fell by 0.55% to 15,012 points, and the French CAC fell by 1.14% to 6,886 points.
Swiss Nestlé shares fell by 1.6% after announcing sales growth for the first nine months of the year when excluding the effects of exchange rate changes and acquisitions. by 7.8% compared to investors’ expectations of growth of 8.1%. .
French car manufacturer Renault’s shares fell by 2.41% after announcing a slowdown in sales growth due to the devaluation of the currency, while Tesla’s shares, listed in Frankfurt, fell by 5.1% after recording a gross profit margin lower than expectations during the third quarter of the year.
2023-10-19 10:59:36
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