Global Markets Mixed as Investors Await Powell's Testimony

Major stock markets in the Gulf exhibited mixed performances in early trade as investors awaited Federal Reserve Chair Jerome Powell's testimony for potential signals on interest rate cuts. Saudi Arabia's market saw Al Taiseer Group gain 0.5%, while Saudi Aramco fell by 0.5%. Dubai's main share index rose by 1.5%, driven by Emaar Properties, whereas Qatar's benchmark index slightly decreased by 0.1%, impacted by a 1.2% decline in Qatar International Islamic Bank. Abu Dhabi's index fell 0.1%. Despite a drop in oil prices, high-end property sales in Dubai remained steady due to strong demand from international ultra-wealthy buyers.

Global shares were similarly mixed as investors focused on Powell's upcoming testimony and the U.S. consumer price report for June, which is expected to show headline inflation decreasing to 3.1% from 3.3% in May, while core inflation remains steady at 3.4%. The Euro STOXX 600 fell by 0.2%, with European blue-chip stocks also down by a similar amount. Wall Street, however, was set for a brighter open with S&P 500 futures up 0.3% and Nasdaq futures gaining 0.4%. Japan's Nikkei index jumped 1.96% to a record high, supported by semiconductor shares and a weakened yen. The euro held its ground at $1.082 as investors adjusted to the political situation in France, and the U.S. dollar steadied near four-week lows against a basket of currencies.