{"id":11393,"date":"2015-08-23T16:28:46","date_gmt":"2015-08-23T21:28:46","guid":{"rendered":"http:\/\/olduvai.ca\/?p=11393"},"modified":"2015-08-23T16:28:46","modified_gmt":"2015-08-23T21:28:46","slug":"gulf-markets-melting-down-saudi-arabia-plunges-7-dubai-sold","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=11393","title":{"rendered":"Gulf Markets Melting Down: Saudi Arabia Plunges 7%, Dubai Sold"},"content":{"rendered":"

Gulf Markets Melting Down: Saudi Arabia Plunges 7%, Dubai Sold<\/a><\/h3>\n

Following the end of a horrible week for petroleum importers (not to mention shale producers) despite WTI briefly dipping under $40 (wasn’t this supposed to be great news for the US economy?) we have the start of a just as ugly week for the Persian Gulf oil exporters, whose Sunday market open can be described as a continuation of last week’s broad risk carnage, and where Saudi Arabia, until recently the region’s best performing market, is now down 10% for the year and down 30% compared to 12 months ago.<\/p>\n

\"\"<\/a><\/p>\n

Appropriately enough following our overnight article lamenting the death of the Petrodollar, the\u00a0WSJ opens with a description\u00a0<\/a>of “stock markets in the petrodollar-dependent Persian Gulf tumbled Sunday to multi-month lows, spooked by sharply lower oil prices and a global equities selloff on growing concerns about China\u2019s economy.”<\/p>\n

Some examples:<\/p>\n

\n
Saudi Arabia, the Middle East\u2019s biggest market, led the regionwide decline to finish the day nearly 7% lower. Dubai stocks dropped by a similar percentage, while regional peers Abu Dhabi and Doha\u2019s markets both fell 5% each to extend recent losses.<\/div>\n

Dubai stocks lost 7% to end at 3451.48, while its neighbor in the United Arab Emirates, Abu Dhabi\u2019s market, dropped 5% to 4286.49. Qatar\u2019s main stocks benchmark finished down 5.3% at 10,750. The Gulf stock markets are open for trading Sunday through Thursday.<\/p>\n

Investors took a lead from Saudi Arabia, the region\u2019s biggest economy. Its stocks closed 6.9% lower at 7463.32 after Fitch Ratings on Friday downgraded its outlook for the kingdom to negative from stable because of weaker oil prices.<\/p>\n

The Saudi economy is heavily dependent on oil, which accounts for 90% of fiscal revenues, 80% of current account revenues and 40% of the gross domestic product, analysts at Fitch noted.<\/p><\/blockquote>\n

…click on the above link to read the rest of the article…<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Gulf Markets Melting Down: Saudi Arabia Plunges 7%, Dubai Sold Following the end of a horrible week for petroleum importers (not to mention shale producers) despite WTI briefly dipping under $40 (wasn’t this supposed to be great news for the US economy?) we have the start of a just as ugly week for the Persian […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[973,130,8400,8399,3108,8398,500,522,1026,701,1451,895,4318],"class_list":["post-11393","post","type-post","status-publish","format-standard","hentry","category-economics","tag-abu-dhabi","tag-china","tag-doha","tag-dubai","tag-fitch","tag-gulf-markets","tag-market-collapse","tag-middle-east","tag-qatar","tag-saudi-arabia","tag-west-texas-intermediate","tag-wti","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11393","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11393"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11393\/revisions"}],"predecessor-version":[{"id":11395,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11393\/revisions\/11395"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11393"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}