Tadawul Review:

Tadawul All Share Index (TASI) fell for the second day on Tuesday, down by -48 points (-0.4%) to close at 11,144 levels. TASI opened on a positive note with +8 points but started to decline gradually during the session until the end. Overall, 11 out of 20 sectors closed in the red zone, while 118 shares fell and 96 rose. Banks (-1.5%), Energy (-0.4%), and Materials (-0.2%) sectors contributed the most to the index fall. Stockwise, Al Rajhi Bank (-2.0%), Aramco (-0.5%), and Saudi National Bank (-1.0%) were the major contributors. The trading activity witnessed an increase in value by +8%, to reach SAR5.9bn in value traded.

 

 

 

Market Wrap International:

In the U.S., the S&P 500 ended the session on a negative note by -0.1%, with 8 out of eleven sectors falling as policymakers still worry about its resurgence in a low-unemployment economy, and officials' rhetoric points more to an extended rate plateau or even another hike. The Nasdaq composite rose by 0.3% as gold prices slipped on Tuesday, below the previous session's record high, as investors awaited influential U.S. economic data and the Federal Reserve's rate outlook.

In Europe, the Stoxx Europe 600 rose 0.4% on Tuesday, with energy shares offsetting declines in miners and healthcare. Investor attention was directed towards a range of economic data throughout the day, seeking insights into the global monetary policy outlook. The FTSE 100 index closed lower by -0.3% after Euro zone business activity softened last month, indicating a potential contraction in the bloc's economy this quarter.

In Asia, In the latest development, Moody's downgrade of China's government credit ratings to negative reflects increasing investor concerns about rising local government debt and a worsening property crisis in China. The China indices ended the session (the Hang Seng: -1.9% and the Shanghai Composite: -1.7%), and the Japanese benchmarks fell by TOPIX and Nikkei 225 -0.8 and -1.4%, respectively, as the upcoming release of revised GDP data is anticipated to reveal a contraction of 2.0% on an annualized basis in the third quarter.