Overview:
Regional stock markets finished Thursday's session in green, supported by strength in financial and real estate sectors, while broader global sentiment was buoyed by Nvidia's strong earnings guidance. Separately, crude oil prices declined as markets anticipated U.S. Federal Reserve Chair Jerome Powell's upcoming Jackson Hole remarks, with precious metals also weakening in anticipation of the speech. Currency markets remained stable as investors positioned for potential policy signals.
Details:
UAE equities traded actively throughout the week, with the market closing Thursday in positive territory following a four-session week affected by the Mawlid al-Nabi holiday. Financial and real estate stocks led gains, reflecting consistent strength in these core sectors. Real estate activity remained robust, with Dubai recording 10.2 billion dirhams in transactions across 3,295 deals over four days, comprising 6 billion dirhams in sales, 3.4 billion in mortgages, and 720 million in gifts.
Globally, Wall Street rallied after semiconductor company Nvidia exceeded analyst forecasts and projected strong third-quarter revenue guidance, sending its shares up 6 percent and lifting broader indices. Competing chipmakers including Micron and Marvell also advanced substantially. European markets, by contrast, displayed weakness in consumer discretionary and chemical sectors despite Nvidia-driven gains elsewhere.
Commodity markets moved lower as participants awaited Powell's Jackson Hole speech. Oil prices declined toward the week's close despite earlier gains, tracking broader concerns over demand amid geopolitical stability. Gold fell below 4,600 dollars per ounce, while silver retreated to 68.5 dollars. The U.S. dollar steadied near weekly highs against major currencies. Bitcoin held above 80,000 dollars despite broader volatility in digital asset markets.
Outlook:
Market participants remain focused on Powell's Jackson Hole remarks for signals regarding interest rate trajectory and economic growth assessment. Oil price direction will likely hinge on demand indicators and geopolitical developments in key shipping corridors as seasonal refinery dynamics evolve.