Page 12 - UNION PROPERTIES General Report - December 2023

Dubai up on rate cut bets, Abu

Dhabi falls

By Mohammad Edrees
December 22, 20234:10 PM GMT+4Updated 3 days ago

A trader looks on near electronic boards showing stock market data at Bahrain Bourse after Joe Biden won the U.S.
presidency, in Manama, Bahrain, November 8, 2020. REUTERS/Hamad I Mohammed/File Photo Acquire Licensing
Rights
Dec 22 (Reuters) - Dubai stocks closed higher on Friday ahead of U.S. inflation data

that is expected to validate bets on rate cuts in 2024, while Abu Dhabi shares fell.

Oil prices - a key catalyst to the Gulf's financial markets - rose on Friday as persistent
tensions in the Red Sea deepened energy supply concerns.

More maritime carriers are avoiding the Red Sea due to attacks on vessels carried out
by the Houthi militant group, which say they are responding to Israel's war in Gaza.
Brent crude were up 0.81% at $80.03 a barrel by 1118 GMT

https://www.reuters.com/world/middle-east/dubai-up-rate-cut-bets-abu-dhabi-falls-2023-12-22/