While not all markets in the Middle East were open today, those that were promptly tanked as the decline in oil prices, commodities, and global equities continues to sweep around the world. Israel which has no tariffs in US imports yet is still getting zapped with a 17% effective rate by Trump reacted as one would expect on the TA-35:
Meanwhile in Saudi Arabia, the rapid decline in oil prices in addition to Middle East instability and a growing realization that the US trade actions could trigger a global recession hit the Tadawul index hard:
Lastly, the nation that loves to play the middle by pushing all sides against each other while under the umbrella of US military protection and exploiting the regional conflict for profit. The Qatar General index dived at the open and bounced slightly at the close:
Buckle up because looking at the information thus far, another 3-5% could be shaved off US markets tomorrow. Stay tuned for the Asian open tonight as Japan has to yet to hint or announce their retaliatory tariffs on the US.
3-5% though, if we are lucky.
