Major Gulf bourses subdued on Israel-Iran conflict
June 17 (Reuters) - Major stock markets in the Gulf were subdued in early trade on Tuesday with investors cautious as fighting between Iran and Israel entered its fifth day, sparking fears of potential regional instability.
Iranian media reported explosions and heavy air defence fire in Tehran. In Israel, air raid sirens sounded in Tel Aviv in response to Iranian missiles.
U.S. President Donald Trump, returning early from the G7 summit in Canada on Monday night, urged Iranians to evacuate Tehran, citing the country's rejection of a deal to curb nuclear weapons development.
Saudi Arabia's benchmark index (.TASI), opens new tab traded flat, a day after posting a 1.3% gain. ACWA Power Company (2082.SE), opens new tab declined 3.7% and oil giant Saudi Aramco (2222.SE), opens new tab was down 0.4%.
The Qatari index (.QSI), opens new tab inched 0.1% higher, helped by a 0.2% gain in petrochemical maker Industries Qatar (IQCD.QA), opens new tab.
Investors are also watching for details from the U.S. Federal Reserve meeting scheduled to start later in the day, with a decision expected on Wednesday.
The Fed is expected to hold rates steady but the focus yet again will be on the path its Chair Jerome Powell charts out for future rate cuts. Traders are currently pricing in two cuts by this year-end.
In Abu Dhabi, the index (.FTFADGI), opens new tab was up 0.1% in a choppy trade.
Dubai's main share index (.DFMGI), opens new tab added 0.1%, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab putting on 1.2%.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
10 hours ago
- Reuters
Head of Russia's Rosneft says OPEC+ could speed up oil output hikes by a year
ST PETERSBURG, Russia, June 21 (Reuters) - OPEC+ group of leading global oil producers could bring forward its output hikes by around a year from the initial plan, Igor Sechin, head of Russia's largest oil producer Rosneft ( opens new tab, said on Saturday. He also said that the decision by the OPEC+ to speed up output increase now looked far-sighted and justified in the light of the confrontation between Israel and Iran. The Organization of the Petroleum Exporting Countries and its allies, led by Russia, shocked oil markets in April by agreeing a bigger-than-expected output hike for May despite weak prices and slowing demand. OPEC+ has since decided to continue with more than planned hikes. "The announced increase in production since May of this year is three times higher than the alliance's initial plan. In addition, the entire increase in OPEC+ production could be shifted a year ahead of plan," he said without elaborating. "The decision taken by OPEC leaders to forcefully increase production looks very far-sighted today and, from the market's point of view, justified, taking into account the interests of consumers in light of the uncertainty regarding the scale of the Iran-Israel conflict," he added. OPEC+ crude output represents about 41% of global oil production. The group's main objective is to regulate the supply of oil to the global market. Having spent years curbing production, eight OPEC+ countries made a modest output increase in April before tripling it for May, June and now July. Besides the 2.2 million bpd cut that the eight members started to unwind in April, OPEC+ has two other layers of cuts that are expected to remain in place until the end of 2026. Oil prices had initially fallen in response to the OPEC+ decision to increase oil production, but the outbreak of an aerial war between Israel and Iran has so far been the main factor behind their return to around $75 per barrel, levels unseen since the start of the year. Speaking at the St. Petersburg International Economic Forum, Sechin, a long-standing ally of Russian President Vladimir Putin, also said there will be no oil glut long-term despite the production rise due to low stockpile levels, though rising usage of electric vehicles in China might hit oil demand. Putin said on Friday he shared OPEC's assessment that demand for oil will remain high. He also said that oil prices had not risen significantly due to the conflict between Iran and Israel, and that there was no need for OPEC+ to intervene in oil markets. Sechin also said Rosneft had already budgeted the oil price of $45 per barrel for this year, the level the European Union eyes as the new price cap on Russian oil imports, which is now set at $60. ($1 = 0.8679 euros)
The Sun
13 hours ago
- The Sun
Man City vs Al Ain: Get up to £40 free bets to spend on football with talkSPORT BET
MANCHESTER CITY can make it two wins from two Club World Cup games when taking on Al Ain on Monday morning. And brand new talkSPORT BET customers can claim up to £40 in free bets when they register an account and stake at least £20 on the game. How to claim talkSPORT BET offer talkSPORT BET Visit the talkSPORT website HERE* Create an account and Opt In to this promotion via the OFFERS tab Make a deposit Place your first bet up to £40, minimum £20, on any football market, at odds of Evens or greater You must do this within 7 days of registration Once that's settled - win or lose - your account will be credited with up to £40 free bets based on your first bet For example, if you stake £20, you will receive 4 x £5 free bets If you stake £40 you would receive the full 4 x £10 free bets talkSPORT BET: Get up to £40 in free bets - Claim Here* What's the offer? Brand new talkSPORT BET customers can claim a welcome bonus of up to £40 when they register an account. How to claim? Simply visit the talkSPORT BET website on your mobile device and create an account. Opt in to this promotion via the OFFERS tab and then make a deposit via debit card or Apple Pay. Stake £20 or more on any football market at odds of at least Evens. Remember, you must do this within 7 days of opening your account. What happens next? Once that's settled - win or lose - your account will be credited with up to £40 free bets based on your first bet bet. For example, if you stake £20, you will receive 4 x £5 free bets. If you stake £40 you would receive the full 4 x £10 free bets: On settlement of your qualifying bet, your account will be credited with the following: £10 free bet - Bet Builder (if your qualifying bet is £20, you will only receive a £5 free bet) £10 free bet - Correct Score (if your qualifying bet is £20, you will only receive a £5 free bet) And the following free bets, which will be credited 24 hours after the first bonus funds: £10 free bet - To Win and Both Team to Score - 90 mins (if your qualifying bet is £20, you will only receive a £5 free bet) £10 free bet - Acca 4+ selection (if your qualifying bet is £20, you will only receive a £5 free bet) You can read the full breakdown of free bets and more on how to claim talkSPORT BET's welcome offer here* *18+ New customers only. Opt in via mobile device, bet up to £40 (min. £20) on any football market at odds of 2.00+, in 7 days. Get up to £40 in free bets on selected markets. Bonuses expire in 7 days. T&Cs apply. | Please gamble responsibly Remember to gamble responsibly A responsible gambler is someone who: Read our guide on responsible gambling practices. For help with a gambling problem, call the National Gambling Helpline on 0808 8020 133 or go to to be excluded from all UK-regulated gambling websites.
BBC News
a day ago
- BBC News
NBA star Durant becomes minority owner of PSG
Two-time NBA champion Kevin Durant has bought a minority stake in Champions League winners Paris Phoenix Suns forward has signed a strategic partnership agreement with Qatar Sports Investments (QSI), the majority owners of the French club, and will provide expertise during PSG's planned expansion into basketball."It is an honour to partner with QSI and to be a shareholder of PSG, a club and a city that is deeply close to my heart," the four-time Olympic gold medallist said."This club has big plans and I look forward to being part of the next phase of growth and exploring new investment opportunities with QSI."Earlier this year, QSI expressed their interest in owning a franchise in a European basketball league proposed by the NBA and the sport's world governing body said that they will partner with Durant's media and investment company Boardroom on a wide range of "commercial, investment and content initiatives" and that the NBA star will "support the club on its continued sports and business diversification and growth".Durant was already linked with the 13-time French champions through the club's minority shareholder Arctos Partners but has now invested who won two NBA titles with Golden State Warriors and claimed gold at the 2024 Paris Olympics with the United States, was recently included in Forbes' 2025 list of highest-paid acquired PSG in 2011 and their investment has helped the club win 11 Ligue 1 titles and a first Champions League, that they won by defeating Inter Milan 5-0 last month.
