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Gulf markets track global gains after US court overturns Trump tariffs, US-Iran nuclear talk hopes
Gulf markets track global gains after US court overturns Trump tariffs, US-Iran nuclear talk hopes
About this update from Al Rajhi Bank
Major Gulf stock markets rose in early trade on Monday, tracking global peers after the U.S. Supreme Court struck down import levies imposed by President Donald Trump.The U.S. Supreme Court ruled on Friday to overturn the tariffs, which Trump had implemented under a law intended for national emergencies, a decision seen as impactful for global trade dynamics. On Saturday, Trump responded by announcing a temporary tariff hike on U.S. imports globally, raising rates from 10% to 15%.Investor sentiment was also supported by preparations for a third round of nuclear talks between the United States and Iran, easing concerns about a potential escalation in regional tensions.Saudi Arabia's benchmark index TADAWUL:TASI edged up 0.2%, recovering slightly from a near 2% drop in the previous session. Al Rajhi Bank TADAWUL:1120, the world's largest Islamic lender, gained over 1%, reversing some losses after a sharp 2.9% decline on Thursday, its worst in nearly five months.Meanwhile, energy giant Saudi Aramco TADAWUL:2222 slipped 0.1%. Trade sources reported that the company sold several shipments of ultra-light crude oil from its $100 billion Jafurah gas plant to U.S. firms and an Indian refiner, ahead of its first export later this month.Dubai's main share index DFM:DFMGI climbed 1.3% in a broad-based rally, led by a 2.1% gain in blue-chip developer Emaar Properties DFM:EMAAR and a 1.8% leap in Emirates NBD Bank DFM:EMIRATESNBD.Emirates Central Cooling Systems Corporation climbed 2.3% after announcing a contract award for the design of its fifth district cooling plant in Dubai's Business Bay.In Abu Dhabi, the index ADX:FADGI rose 0.5%, buoyed by a 1.2% increase in Abu Dhabi Commercial Bank ADX:ADCB.Qatar's index QSE:GNRI also gained 0.5%, driven by banking shares, including a nearly 1% uptick in Qatar National Bank QSE:QNBK, the region's largest lender.