Oil Eases but Heads for Weekly Gain


Oil eased on Friday after a rally the previous day, but prices remained set for a second straight weekly gain as investors weighed the impact of hurricane Milton on US demand against any broad supply disruption due to the developments in the Middle East.

Brent crude oil futures fell 29 cents, or 0.4%, to $79.11 a barrel.

US West Texas Intermediate crude futures dropped 21 cents, or 0.3%, to $75.64 per barrel.

For the week, both benchmarks were headed for a 1%-2% gain.

Investors are evaluating how hurricane damage might impact the US economy and fuel demand, as well as the developments in the Middle East.

Source: Qatar News Agency

S. Korea’s Central Bank Cut Key Interest Rate for First Time in over 3 Years


South Korea’s central bank on Friday cut its key benchmark interest rate, its first pivot in its years-long monetary tightening mode, as inflation continued to moderate and the property market showed signs of cooling.

The Bank of Korea (BOK) slashed its key rate by 25 basis points to 3.25%, the first reduction since August 2021, when Asia’s fourth-largest economy began to emerge from the coronavirus pandemic-caused slump.

Many experts had noted that the central bank will not be able to delay a rate cut any longer, especially after inflation dropped to 1.6% in September, below its target rate of 2%.

The BOK had continued to stand pat at 3.5% following rate freezes since February last year after delivering seven consecutive rate hikes from April 2022 to January 2023.

The rate cut aligns the BOK with central banks in the US, UK, European Union and Canada, which have all embarked on an easing cycle as the global economy shows signs of cooling and inflation slows.

Source: Qatar News Agency

Kuwait, Turkiye to Boost Economic, Investment Relations


Kuwaiti Minister of Finance Noura Al Fassam met Thursday with Turkish Minister of Treasury and Finance Mehmet Simsek, who is currently visiting Kuwait.

The meeting discussed ways to enhance economic and investment relations between the two countries, especially in the sectors of industry, energy, technology and petrochemicals.

Source: Qatar News Agency

Omani Oil Prices Rise $1.36 a Barrel


The official price of Omani oil for December delivery rose today by $1.36 to $78.5 a barrel, compared to $77.36 during trading yesterday, Thursday.

It is worth noting that the monthly average price of Omani crude oil for October delivery reached $77.54 a barrel, down $6.31 compared to the price for September delivery.

Source: Qatar News Agency

Jordanian Stocks Post Weekly Return of 0.83%


The general index of stock prices listed in Jordan rose by 0.83 percent, ending the week’s trading at 2392 points.

The daily average trading volume at the Amman Stock Exchange during the past week amounted to about 3.8 million Jordanian dinars, compared to 4.4 million Jordanian dinars the previous week, a decrease of 13.3 percent, while the total weekly trading volume amounted to about 19 million Jordanian dinars, compared to 22 million dinars the previous week.

The number of traded shares recorded by the Jordan Stock Exchange during the past week amounted to 14.9 million shares, executed through 10081 transactions.

Source: Qatar News Agency

Gold Rises on US Fed Rate Cut Bets


Gold prices rose on Friday after recent economic data supported bets for a Federal Reserve interest rate cut next month.

Spot gold rose 0.6% to $2,644.70 per ounce, but was down about 0.3% for the week. Prices hit a record high of $2,685.42 last month.

US gold futures gained 0.8% to $2,661.40.

The dollar index fell from a two-month high, making bullion more attractive for other currency holders.

Data on Thursday showed that US consumer prices rose slightly more than expected in September, while jobless claims increased to 258,000 in the week ended Oct. 5, versus estimates of 230,000.

Lower interest rates reduce the opportunity cost of holding bullion.

Among other metals, spot silver rose 0.3% to $31.28 per ounce, and platinum climbed 1% to $976.55. Both metals were headed for weekly declines.

Palladium climbed 1% to $1,080.27 per ounce.

Source: Qatar News Agency

Kuwait Oil Price Down USD 1.50


Price of Kuwaiti oil dropped USD 1.50 to settle on USD 77.62 per barrel on Wednesday compared to USD 79.12 pb on Tuesday, Kuwait Petroleum Corporation (KPC) said on Thursday.

Globally, price of Brent crude dropped by 60 cents to USD 78.58 pb, while West Texas Intermediate crude fell by 33 cents to USD 73.24 pb, according to Kuwait News Agency (KUNA).

Source: Qatar News Agency

Gold Prices Inch Higher with US Inflation Data in Focus


Gold prices nudged higher on Thursday, while traders await key US inflation data to gauge the Federal Reserve’s future monetary policy stance.

Spot gold was up 0.2% at $2,613.70 per ounce, after easing for the previous six sessions.

US gold futures gained 0.2% at $2,630.80.

The US Consumer Price Index (CPI) for September is due later today and Producer Price Index (PPI) data on Friday.

Spot silver edged 0.1% higher to $30.48 per ounce. Platinum added 1.5% to $959.56 and palladium firmed 1.0% to $1,049.50.

Source: Qatar News Agency

Financial Market Analyst to QNA: QSE Index Set to Surpass 11,000 Points, Driven by Corporate Earnings, Economic Resilience


Doha: The Qatar Stock Exchange (QSE) index closed this week with a 0.42 percent increase, adding 44.02 points to reach 10,509 points, compared to last week’s close. The rise was supported by gains in four sectors, led by the banking and financial services sector, which posted a 1.1 percent increase, followed by the transport sector with a 0.64 percent rise.

Youssef Bouhlaika, a financial market analyst, told Qatar News Agency that he expects the QSE index to surpass the 11,000-point mark in the coming period, driven by strong early corporate earnings reports, including a 7 percent rise in net profits for Qatar National Bank (QNB) in the first nine months of 2024.

Bouhlaika noted that the QSE is likely to maintain its current level above 10,500 points and could later rise to 10,800 points, before stabilizing and eventually breaking through to 11,000 points, supported by the resilience of the national economy.

He advised investors to hold onto their shares and avoid hasty selling, while also exercising cauti
on due to ongoing regional events.

Bouhlaika highlighted that the QSE index has risen by 2.4 percent over the past 30 days, but is still down 3 percent from its highest point in 52 weeks, recorded on Dec. 31, 2023, and 14.7 percent from its lowest point on May 30, 2024.

Source: Qatar News Agency

US Stocks Close Higher Wednesday


Wall Street’s main indexes closed higher on Wednesday.

The S and P 500 gained 40.45 points, or 0.70%, to end at 5,791.58 points.

The Nasdaq Composite .IXIC gained 108.91 points, or 0.60%, to 18,291.82.

The Dow Jones Industrial Average .DJI rose 432.48 points, or 1.03%, to 42,512.85.

Source: Qatar News Agency