MIDEAST STOCKS-UAE bourses in red as China hits back against US tariffs

By Ateeq Shariff

April 4 (Reuters) - Stock markets in the United Arab Emirates ended lower on Friday as investors factored in a rising likelihood of a global economic downturn sparked by U.S. President Donald Trump's trade policies.

Countries around the world threatened to wage a trade war with the United States as Trump's sweeping tariffs fed expectations for a global downturn and sharp price hikes for swathes of goods in the world's biggest consumer market.

China announced additional tariffs of 34% on U.S. goods on Friday, the most serious escalation in a trade war with Trump that has fed fears of a recession and triggered a global stock market rout.

Dubai's main share index .DFMGI dropped 1.5%, weighed down by a 2.5% slide in blue-chip developer Emaar Properties EMAR.DU.

Among other losers, Emaar Development EMAARDEV.DU plunged 8.8% - its biggest intraday fall since March 2020, and Parkin Company PARKIN.DU - which oversees public parking operations in the emirates - slid 3.7%, as the duo traded ex-dividend.

In Abu Dhabi, the index .FTFADGI fell 0.8%.

Oil prices - a catalyst for the Gulf's financial markets - were heading towards their lowest close since the midst of the coronavirus pandemic in 2021, hit by Trump's barrage of new tariffs and output increases announced by the OPEC+ producer group. O/R