Page 17 - UNION PROPERTIES GENERAL REPORT - March 2024

UAE bourses track global equities

lower

By Mohammad Edrees
March 15, 20244:25 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 Purchase Licensing
Rights, opens new tab
March 15 (Reuters) - Stock markets in United Arab Emirates declined on Friday, in line

with global equities after a bigger-than-expected hike in U.S. inflation dashed hopes of
early rate cut.

MSCI'S global equity index (.MIWD00000PUS), opens new tab was down 0.2%, while
Hong Kong's Hang Seng Index (.HSI), opens new tab slid 1.4%.

The mood turned cautious after a bigger-than-expected rise in producer prices in U.S.
data on Thursday added to a hot consumer inflation reading earlier in the week.

Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed

policy since most regional currencies are pegged to the U.S. dollar.

https://www.reuters.com/markets/uae-bourses-track-global-equities-lower-2024-03-15/