Alphabet Stock Slides as Google AI Pioneer Jeff Dean Exits to Launch Discovery Loop 
Airbnb Stock Jumps After Q2 Earnings Beat, Strong 2026 Outlook 
China Exports Beat July Forecasts as AI Demand Fuels High-Tech Trade 
Dollar Holds Near Six-Week Low as Yen Loses Momentum Ahead of U.S. Jobs Data 
Gold Prices Surge 7% as Dollar Falls, Fed Rate Hike Bets Ease 
US Job Growth Seen Picking Up in July 
Glencore Posts Strong H1 2026 Earnings, Announces ASX Secondary Listing 
SK Hynix, Samsung Lead Asian Chip Stock Selloff After Sandisk, Western Digital Outlook 
Wall Street Ends Mixed as Dow Hits Record Despite Tech Weakness 
US Stock Futures Hold Steady as Iran Hormuz Deal and Earnings Shape Market Sentiment 
Philippine GDP Growth Slows to 2.3% in Q2 
US Yen Intervention Unlikely to Deliver Lasting Recovery, Yardeni Says 
Australia Trade Surplus Returns in June as Iron Ore, Coal and LNG Exports Surge 
Asian Currencies Hold Steady as US Dollar Nears Seven-Week Low Ahead of Key Jobs Data 
Oil Prices Slip as Hormuz Shipping Progress and Rising U.S. Crude Stocks Weigh on Market 
Western Digital Q4 Earnings Beat Estimates as FY2027 Outlook Tops Expectations 
US Dollar Gains as Iran Tensions, Fed Rate Hike Bets Rise 
Gulf Stock Markets Experience Early Decline
Most major stock markets in the Gulf region saw a downturn in early trading on Wednesday due to escalating geopolitical tensions.
Geopolitical Tensions Rise
On Tuesday, Israel announced the death of Hashem Safieddine, the successor to the late Hezbollah leader Hassan Nasrallah, who was killed last month in an Israeli operation targeting the Iran-backed militant group.
Saudi Arabia's Market Reaction
In Saudi Arabia, the benchmark index dropped by 0.4%, primarily influenced by a 0.5% decline in Al Taiseer Group, an aluminum products manufacturer, and a 0.6% fall in Al Rajhi Bank. Banque Saudi Fransi also retreated by 1% following a reported decline in its quarterly net profit.
The International Monetary Fund (IMF) has further reduced its GDP growth forecast for Saudi Arabia for 2024 to 1.5%, with expectations of a rebound to 4.6% in 2025, according to its latest World Economic Outlook report released on Tuesday.
Market Trends in Other Gulf Nations
In Abu Dhabi, the index fell 0.2%, while the Qatari index decreased by 0.3%, with Qatar National Bank, the Gulf's largest lender, also experiencing a 0.3% drop. Conversely, Dubai's main share index increased by 0.3%, buoyed by a 1.4% rise in Salik Company, a toll operator.
Traders are adjusting their expectations regarding the Federal Reserve's monetary policy, leading to a cautious sentiment in the markets. The Gulf Cooperation Council's monetary policy generally aligns with the Fed's decisions, as most regional currencies are pegged to the U.S. dollar.
