Tadawul Review:

The Tadawul All Share Index (TASI) fell for the fourth day of ‎the session on Wednesday, falling by -11 points (-0.1%) to ‎close at the 11,595 level. TASI started the session positively, ‎opening with gains of 20 points, but then displayed ‎fluctuations throughout the session until the close. In general, ‎‎11 out of 21 sectors closed in the red zone, while 161 shares ‎fell and 65 rose. Energy (-0.7%), Banks (-0.1%), and Real ‎Estate (-0.9%) sectors contributed the most to the index fall. ‎Stockwise, Aramco (-0.7%), Al Rajhi Bank (-0.6%), and Saudi ‎National Bank  (-0.3%) were the major contributors. The ‎trading activity witnessed a decrease in volume by -28% to ‎reach 226mn and the value decreased also by -22% to reach ‎SAR5.0bn value traded.‎

 

 

 

 

 

Market Wrap International:

Stock futures are up on Wednesday after the Nasdaq and S&P 500 hit record highs with 7 out of 11 sectors showing advancements. Tesla and semiconductor stocks led gains, boosted by optimism from Federal Reserve Chair Jerome Powell's comments hinting at a possible interest-rate cut in September. The Fed's next policy meeting is scheduled for July 30-31, 2024, with rates expected to remain unchanged. The S&P 500 and NASDAQ indices both posted gains, rising by 0.5% and 0.9%, respectively, while the Dow Jones index experienced a decline of -0.1%.

European stocks rose on Wednesday amid cautious sentiment ahead of two significant elections. Investors are preparing for national parliamentary elections, starting with the U.K. voting on Thursday, followed by France on Sunday. The FTSE 100, CAC 40, and DAX indices rose by 0.6%, 1.2%, and 1.2% respectively. DISINFLATION in the eurozone remains on track, with the European Central Bank potentially having room to cut interest rates further, according to the International Monetary Fund European Department.

 

Asian markets experienced predominantly higher movements on Wednesday, boosted by a notable increase of over 10% in Tesla shares, which also propelled U.S. benchmarks to reach new record levels.  Asian markets are expected to experience subdued trading on Wednesday, as the U.S. stock market will close early ahead of the Fourth of July holiday on Thursday. The Nikkei 225 and TOPIX indices both climbed by 1.3% and 0.5% today, reflecting positive investor sentiment driven by strong performances in the technology and financial sectors.