Equity markets in the Middle East were mixed in the first session of September as investors kept their focus on developments in the trade war between China and the US.
President Donald Trump’s administration slapped tariffs on roughly $110 billion in Chinese imports on Sunday, marking the latest escalation in a trade war that’s inflicting damage across the world economy, and China retaliated.
Most equity markets in the Middle East retreated last week amid escalating tensions, as several economies in the region including Saudi Arabia have the Asian country as their biggest trading partner.
“The Chinese economy has shown clear signs of slowing due to the trade war, and there has been collateral damage,” Stephen Stanley, chief economist at Amherst Pierpont Securities, wrote in a note.
Middle Eastern markets update:
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