Abu Dhabi: Major stock markets in the Gulf tumbled on Monday, tracking Asian shares lower on fears that the United States could be heading for recession, while concerns about a widening conflict in the region added to the worries. The U.S. unemployment rate jumped to near a three-year high of 4.3% in July amid a significant slowdown in hiring, heightening fears the labor market was deteriorating and potentially making the economy vulnerable to a recession. The worryingly weak July payrolls report saw markets price in a 78% chance the Federal Reserve will not only cut rates in September, but ease by a full 50 basis points. Saudi Arabia\u2019s benchmark index declined 3.1%, dragged down by a 4.7% slide in aluminium products manufacturer Al Taiseer Group, while the country\u2019s biggest lender Saudi National Bank retreated 4% despite reporting a rise in quarterly profit. The Qatari benchmark fell 2.5%, with all its constituents in negative territory including the Gulf\u2019s largest lender by assets Qatar National Bank, which was down 2.3%. Dubai\u2019s main share index dropped 4.2%, weighed down by a 8.9% plunge in blue-chip developer Emaar Properties. Web Desk
\nIn Abu Dhabi, the index was down 2.7%.
\nOil – a catalyst for the Gulf\u2019s financial markets \u2013 extended losses in a volatile session, as fears of a recession in top oil consumer the United States offset supply worries stemming from mounting tensions in the Middle East, the world\u2019s largest oil producing region.<\/p>\n","protected":false},"excerpt":{"rendered":"
Abu Dhabi: Major stock markets in the Gulf tumbled on Monday, tracking Asian shares lower on fears that the United States could be heading for recession, while concerns about a widening conflict in the region added to the worries. The U.S. unemployment rate jumped to near a three-year high of 4.3% in July amid a […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-423097","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n