Gulf markets in red as new tariff war looms

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By Md Manzer Hussain Saudi stocks performed the worst in a declining Gulf market on Sunday following the latest tariff threat by the U.S. President on European Union goods, while Israel's latest assault on Gaza kept the region on edge.Trump's statement on Truth Social on Friday that he is recommending a 50% tariff from June 1 on all EU goods sent global markets roiling. Saudi Arabia's benchmark index TADAWUL:TASI dropped for a third straight session, falling 1.7%% to 10,999, its lowest level since November 2023 with all sectors in the red. Al Rajhi Bank TADAWUL:1120, the world's largest Islamic lender, lost 2% and ACWA Power TADAWUL:2082 declined 7.8%.Among other losers, Saudi National Bank TADAWUL:1180, the kingdom's largest lender, dropped 2.8% and Saudi state oil company, Aramco TADAWUL:2222, shed 0.6%. Aramco is exploring potential asset sales to free up funds, two people with knowledge of the matter said on Saturday.The Qatari benchmark index QSE:GNRI snapped its six-session winning streak and fell 0.4% with almost all of its constituents posting losses. Qatar National Bank QSE:QNBK, the largest bank in the region, slipped 0.9% and Qatar Gas Transport QSE:QGTS declined 1.5%. However, Commercial Bank QSE:CBQK advanced 3% after the lender on Thursday approved a buyback of up to 10% of bank’s fully paid-up issued shares.Meanwhile, the region remained on edge as Israeli military strikes killed at least 23 Palestinians across the Gaza Strip on Sunday.Outside the Gulf, Egypt's blue-chip index EGX:EGX30 was up for a fourth consecutive session, rising 0.2% with E-Finance for Digital EGX:EFIH gaining 3.2% and Palm Hills Development EGX:PHDC advancing 3.4%.The developer, PHD, signed an agreement to develop 1.87 million SQM plot of land in Abu Dhabi.SAUDI ARABIATADAWUL:TASI dropped 1.7% to 10,999KUWAIT(.BKP) fell 0.2% to 8,698QATARQSE:GNRI slipped 0.4% to 10,736EGYPTEGX:EGX30 rose 0.2% to 32,024BAHRAINBAHRAIN:BHBX fell 0.04% to 1,921OMAN(.MSX30) rose 0.4% to 4,515

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