UAE Stock markets Suffer Significant Decline in Third Week of Ramadan
The financial markets in the United Arab Emirates experienced a substantial downturn during the third week of Ramadan, wiht a reported loss of 13.3 billion dirhams in market capitalization.
In contrast, a seperate report indicates a positive trend for the Emirati financial markets, with indicators closing in the green following transactions in January 2025.
A U.S. Representative has referred Federal Reserve Chair Jerome Powell to teh Justice Department, a move occurring amidst pressure from former President Donald trump concerning interest rate policies.
The referral, initiated by Representative Marjorie Taylor Greene, targets Powell for alleged “crimes and misdemeanors.” While the specific details of the allegations are not fully elaborated in the initial report, the action is directly linked to TrumpS ongoing public criticism of the Federal Reserve’s interest rate decisions. Trump has repeatedly advocated for lower interest rates, arguing that they would stimulate the U.S. economy and benefit his political agenda.
This growth highlights the contentious relationship between the executive branch, particularly under Trump’s influence, and the self-reliant Federal reserve. The Fed’s mandate includes maintaining price stability and maximizing employment, objectives that can sometimes lead to interest rate adjustments that are unpopular with political figures seeking immediate economic growth.
The referral to the justice Department, if pursued, would place Powell under scrutiny for his actions as head of the central bank. However, the practical implications and likelihood of any formal charges or investigations stemming from this referral remain uncertain. The Federal Reserve operates with a degree of autonomy designed to shield monetary policy decisions from short-term political pressures.
Global oil markets saw a downturn today, with key benchmarks like Brent crude and WTI futures experiencing modest drops. This movement occurs as U.S. President Donald Trump voiced his satisfaction with current oil prices while advocating for even lower rates.
Brent crude futures registered a decline of 0.3%, settling at $68.52 per barrel after a 19-cent decrease. Concurrently, American “NIMX” crude futures slipped by 0.2%, translating to a 14-cent reduction, with prices reaching $66.52 a barrel.
President Trump shared his perspective on the energy market, stating that a price of $64 per barrel represents a “great price.” He further expressed optimism regarding potential future price reductions, indicating a desire for continued downward momentum in oil costs.
The fluctuations in oil prices are closely watched indicators of global economic health. For instance, the U.S. Energy Information Administration reported that gasoline prices at the pump averaged $3.58 per gallon in the week of October 23, 2023, demonstrating the impact of crude oil costs on consumer prices.
Readers seeking real-time financial updates can utilize dedicated applications for immediate news delivery. Additionally, information regarding the Egyptian Stock Exchange and specific banking sectors in Egypt and Saudi Arabia is available through provided links, catering to diverse investment interests.
Further insights into economic leadership are available, with one report highlighting Kevin Haysit as a potential successor to the Federal Reserve chairmanship, reportedly with President Trump’s endorsement. This suggests broader considerations within the U.S. administration regarding economic policy and key appointments.
