Gulf stocks mixed as new tariffs take effect, oil prices retreat

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Stock markets in the Gulf were mixed early on Wednesday, with U.S. President Donald Trump's duties on steel and aluminium going into effect, marking the latest chapter in a trade war that has rattled global markets. Investor focus continues to be on the pace of trade negotiations, with a possible call this week between President Trump and Chinese leader Xi Jinping in the spotlight. This comes after Trump accused China on Friday for violating a bilateral deal to roll back tariffs and trade restrictions. Oil prices dipped, with Brent crude futures down 0.3% to $65.46 a barrel by 0644 GMT . Prices were weighed down by increasing OPEC+ output and continued concerns over the global economic outlook due to trade tensions.Saudi Arabia's benchmark stock index TADAWUL:TASI was up 0.49%. Arabian Pipes Company TADAWUL:2200 gained 3.63% in early trade. JP Morgan also said on Tuesday that the kingdom was set to issue $12.6 billion in bonds for the rest of the year. Markets in the UAE were trading higher, with Dubai's main share index DFM:DFMGI up 0.14% and Abu Dhabi's benchmark index ADX:FADGI up 0.15% in early trade. In Dubai, Commercial Bank of Dubai DFM:CBD was the top gainer on the index, up 3.04%.The index is set for a third consecutive session of gains. Qatar's benchmark stock index QSE:GNRI was down 0.36%, with maritime and logistics services provider Qatar Navigation QSE:QNNS down 1.09%, the top loser on the index. Qatar recorded a budget deficit of 0.5 billion riyals ($133.31 million) in the first quarter of 2025, according to data from the finance ministry. Total revenue stood at 49.9 billion riyals, down 7.5% from the same quarter last year. Wednesday is the deadline for countries to submit their best proposals for trade deals with the U.S. and a chance to avoid Trump's hefty tariffs. Markets are also expecting the wildfires that have swept Canada since last month to impact oil supply, despite a temporary relief from wet weather. Wildfires in Alberta have affected more than 7% of the country's crude oil output, according to Reuters calculations. ($1 = 3.7506 riyals)

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