You'll read about the place today that Middle East stock exchanges fell heavily on Sunday
A couple of things to note about Middle East markets
- Dubai and Saudi markets, for example, open for trade Sunday - Thursday (inclusive) local time.
- The 'weekend' is Friday and Saturday
- So, there is trading on Sunday (local time)
Falling oil prices have weighed on these markets, and continues to do so
Fitch has cut its outlook on Saudi Arabia from "stable" to "negative", which also weighed
Concern over global stock market falls was also reflected in local price movement
Since closing on Thursday (for the weekend) we've had a big, big fall on US stocks (Thursday and Friday local US time), and a continuing fall in Europe on Friday. So, there was plenty of fear hitting the Mid-East markets on Sunday, a catch-up if you like. Just as Asian indices today will catch up to the moves in the US on Friday.
I'm not trying to diminish the extent of the falls on Sunday, just to put them in context (Dubai fell 7%, its biggest since December)
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Added ... as I update, US indices trading on Globex (the 'overnight' session) are all lower:
- Dow futures down around 0.5%
- NASDAQ futures down around 0.5% also
- S&P down around 0.35%
