Category: Market

Oman oil price (November delivery 2024) today reached USD 72.72 per barrel (pb), comprising a rise by USD 0.80 compared to the price of yesterday “Thursday” which stood at USD 71.92 pb The average price of Oman oil (September delivery 2024) stabilized at 83.85 US Dollars per barrel, thus 1.35 US Dollar per barrel higher than August delivery 2024.

Source: Qatar News Agency

The price of a barrel of Kuwaiti oil rose by $1.01 to reach $73.16 per barrel in trading yesterday (Thursday) compared to $72.15 in trading the day before yesterday (Wednesday), according to the price announced by the Kuwait Petroleum Corporation.

In global markets, US West Texas Intermediate crude futures rose by $1.66 to settle at $68.97 per barrel, while Brent crude futures rose by $1.36 to settle at $71.97 per barrel.

Source: Qatar News Agency

The US administration announced Friday that it imposes significant tariff increases on Chinese imports, including a 100 percent tariff on electric vehicles, to enhance protection for strategic domestic industries.

The US Trade Representative’s Office stated that many of the tariffs, including a 100 percent tariff on Chinese electric vehicles, a 50 percent tariff on solar cells, and a 25 percent tariff on steel, aluminum, electric vehicle batteries, and key metals, will go into effect on September 27.

The 50 percent tariff on Chinese semiconductors, which now includes two new categories of polysilicon used in solar panels and silicon wafers, is set to start in 2025.

The bureau said it would keep tariff increases on lithium-ion batteries, metals and components unchanged, with electric vehicle batteries set to go up on September 27 and those for all other devices, including laptops and mobile phones, on January 1, 2026.

The adjustments to punitive tariffs on $18 billion worth of goods announced by President
Joe Biden in May were described by US economists as minimal and ignored pleas from auto industry investors to cut tariffs on graphite and other key minerals needed to make electric vehicle batteries because they still rely heavily on Chinese supplies.

The higher US tariffs come into effect as US Vice President Kamala Harris and former President Donald Trump are courting voters in auto and steel-producing states in an attempt to position themselves on a tougher line with China ahead of the November presidential election.

Source: Qatar News Agency

European stocks advanced on Friday and were poised for weekly gains, while investors shifted their focus to the US Federal Reserve ahead of a long-awaited monetary easing at its meeting next week.

The pan-European STOXX 600 index was up 0.5% at 514.4 points, with France’s CAC 40 rising 0.3% after consumer prices in the region’s second-largest economy rose 2.2% year-on-year in August, in line with its preliminary reading.

Miners rose 0.8%, as copper prices hit a two-week high on buying ahead of a Chinese holiday and amid stimulus hopes after Chinese President Xi Jinping pushed for measures to boost economic growth.

After the European Central Bank (ECB) lowered its deposit rate to 3.5% on Thursday, policymakers do not see an interest rate cut in October, and investors are now wagering on the size and extent of the rate cut by the US central bank next week.

Source: Qatar News Agency

Oil prices rose in Asian trade on Friday, extending a rally sparked by output disruptions in the US Gulf of Mexico caused by Hurricane Francine.

Brent crude futures rose by 32 cents, or 0.44, to $72.29 per barrel.

US West Texas Intermediate crude futures rose by 34 cents, or 0.49, to $69.31 a barrel.

If those gains hold, both benchmarks will break a streak of weekly declines, despite a rough start that saw Brent crude dip below $70 a barrel on Tuesday for the first time since late 2021.

At current levels, Brent is set for a weekly increase of about 1.7%, and WTI is set to gain over 2%.

Oil producers assessed damage and conducted safety checks on Thursday as they prepared to resume operations in the US Gulf of Mexico, as estimates emerged of the loss of supply from Francine. Official data showed nearly 42% of the region’s oil output was shut-in as of Thursday.

Source: Qatar News Agency

Gold prices are advancing to an all-time high on Friday as the dollar weakened amid prospects of a US interest rate cut next week.

Spot gold rose to $2,558.19 per ounce, after hitting a record high of $2,567.93 earlier in the session. Bullion has gained 2.7% for the week so far.

US gold futures rose 0.2% to $2,586.60.

Gold prices rose more than 1% to hit a record high on Thursday, after US data signaled a slowing of the economy.

The dollar fell to a one-week low, making gold less expensive for other currency holders.

Spot silver edged 0.1% higher to $29.94 per ounce, and platinum gained 0.8% to $985.20, while palladium climbed 0.08% to $1,055.64.

Source: Qatar News Agency

Doha: September 12 – HE Governor of Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud Al-Thani inaugurated the first annual conference on enhancing joint Gulf cooperation within the GCC Central Banks Governors Committee on the Impact of exchange rate policy, digital transformation, and artificial intelligence on financial and monetary stability in the GCC. The conference is being hosted by Qatar, coinciding with the 83rd meeting of the GCC Central Bank Governors’ Committee in Doha, as Qatar holds the current presidency.

In his opening speech, HE Sheikh Bandar expressed his gratitude to the committee and the General Secretariat for the opportunity to host this inaugural conference. He emphasized that the chosen theme reflects the critical role these topics play in the region’s economic framework, necessitating preparedness to keep pace with rapid changes.

His Excellency highlighted the importance of adopting sound exchange rate policies to ensure long-term financial and economic stability, noting that
exchange rate policy must be tailored to the specific conditions of each country. He pointed out that the GCC’s policy of pegging currencies to the U.S. dollar continues to serve as a reliable monetary tool, supporting financial stability by maintaining exchange rate stability, reducing sudden currency value fluctuations, and mitigating export revenue volatility, particularly in transactions settled in U.S. dollars.

He stressed the need for central banks in the region to balance potential risks by regularly reviewing exchange rate policies and implementing preventive and corrective measures. Additionally, His Excellency said that they must strengthen financial stability and monetary measures while developing the infrastructure of financial markets.

Regarding digital transformation and artificial intelligence (AI), His Excellency underscored the vast opportunities that fintech and AI offer in enhancing operational efficiency, product development, financial inclusion, and risk management. He cited reports sug
gesting that AI could boost productivity in the financial sector by about 30 percent and customer satisfaction by 20 percent. However, he also warned of the unknown risks associated with widespread AI adoption, which could have unforeseen effects on global financial stability, emphasizing the need for continued research and investment in knowledge to ensure successful digital transformation and AI integration.

He also acknowledged the efficiency demonstrated by fintech in improving customer services and emphasized the importance of its continued regulation to address emerging risks. He added that the potential introduction of central bank digital currencies (CBDCs) is another area that could enhance the effectiveness of future monetary policies.

In conclusion, His Excellency called for constant vigilance, flexibility, and quick responsiveness through forward-looking policies and adaptive risk management strategies in an increasingly fast-paced global economy.

HE Governor of Qatar Central Bank also particip
ated in the first panel discussion of the conference alongside HE Governor of the Saudi Central Bank Ayman Al Sayari, HE CEO of the Central Bank of Oman Tahir bin Salem Al Omari, and HE Governor of the Central Bank of Bahrain Khalid Ibrahim Hamidan.

Source: Qatar News Agency

The main stock indices on the Wall closed sharply higher at the end of trading today.

The S and P 500 index ended trading up 56.42 points, or 1.03 percent, to close at 5,551.94 points. The Nasdaq Composite Index rose 365.06 points, or 2.14 percent, to reach 17,390.94 points, while the Dow Jones Industrial Average rose 101.43 points, or 0.25 percent, to close at 40,838.39 points.

Source: Qatar News Agency

Doha: The Ministry of Commerce and Industry, in collaboration with the Social Development Center (Nama), organized a workshop on home business licenses and procedures. The aim was to equip home business owners with the necessary knowledge to launch economic projects and to explain mechanisms supporting the entrepreneurship and small-to-medium enterprise (SME) sector, which is a key pillar for economic diversification and stimulating investment in line with Qatar National Vision 2030.

During the workshop, participants were briefed on the essential steps to establish and launch home-based businesses, the advantages and challenges they face, and how to grow and develop such businesses. The session also covered the laws regulating home-based businesses, the requirements, and the procedures for applying and establishing this type of business.

It is worth noting that the ministry has simplified the procedures and reduced the requirements for Qatari citizens wishing to engage in such activities. Recently, 48 new a
ctivities were added to the list of permissible home-based businesses, bringing the total available activities to 63.

Source: Qatar News Agency

Kuwait Stock Exchange closed its trading today as the All Share Index gained 11.55 points to reach 7,158.56 points, an increase of 0.16 percent.

An enormous 273.3 million shares worth KWD 51.8 million (roughly USD 157.9 million) were traded via 16,269 deals.

The Main Market Index rose by 25.21 points to reach 6,237.35 points through 197.4 million shares done via 9,090 deals worth KWD 26.15 million (roughly USD 79.7 million).

The Premier Market Index went up by 8.48 points to reach 7748.44 points through 75.9 million shares done via 7179 deals worth KWD 25.6 million (roughly USD 78.08 million).

Meanwhile, the bourse Main 50 Index gained around 32.58 points to reach 6061.85 points, an increase of 0.54 percent, through trading 115.7 million shares through concluding 4576 cash deals worth KWD 15.9 million (roughly USD 48.4 million).

Source: Qatar News Agency