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MIDEAST STOCKS-Most Gulf markets ease as US tariff woes lingers

ReutersApr 21, 2025 8:35 AM

- Most major stock markets in the Gulf fell in early trade on Monday in line with Asian shares as U.S. President Donald Trump's aggressive tariffs and his criticism of the Federal Reserve chief continued to erode investor confidence.

Last week, Trump attacked Fed Chair Jerome Powell, fuelling speculation about his potential removal and raising questions about the central bank's autonomy and U.S. financial stability.

The Fed's credibility as the world's most powerful central bank rests largely on its historic independence to act free from political influence.

Saudi Arabia's benchmark index .TASI fell 0.2% on Monday, hit by a 0.4% fall in oil giant Saudi Aramco 2222.SE and a 0.6% decrease in Saudi Telecom Company 7010.SE.

Oil prices - a catalyst for the Gulf's financial markets - fell 1.5% on Monday as investors once again focused on concerns that tariffs on all U.S. trading partners will create economic headwinds.

In Abu Dhabi, the index .FTFADGI eased 0.2%.

The Qatari index .QSI lost 0.1%, with the utility firm Qatar Electricity and Water Company QEWC.QA retreating 2.5% following a decline in first-quarter profit.

Dubai's main share index .DFMGI, however, rose 0.3%, helped by a 0.8% gain in blue-chip developer Emaar Properties EMAR.DU.

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