Stock markets in the Middle East fall sharply

Stock markets in the Middle East have fallen sharply after a difficult week for all major global share indexes reports BBC.
The Dubai Financial Market closed down 7 per cent, while the Saudi exchange was down 6 per cent after Fitch ratings agency cut its outlook for the country. Last week, the Dow Jones in the US fell 6 per cent, while the UK's FTSE 100 posted its biggest weekly loss this year of 5 per cent.
Investors are concerned about a slowdown in China and the knock-on effects for the global economy.
Both France's Cac 40 and Germany's Dax indexes lost 7 per cent of their value last week.
In the Middle East, there is particular concern about low oil prices, which are down by more than a half this year and have been falling steadily since May, when Brent Crude stood at $68 a barrel. A barrel now costs $45.
This is mainly due to an abundance of supply, in large part from from US shale oil producers, which are weakening OPEC's once dominant position in global oil markets. Saudi Arabia, Iraq, Kuwait, Qatar and the United Arab Emirates are all members of OPEC.

Stock markets in the Middle East fall sharply

Stock markets in the Middle East have fallen sharply after a difficult week for all major global share indexes reports BBC. The Dubai Financial Market closed down 7 per cent, while the Saudi exchange was down 6 per cent after Fitch ratings agency cut its outlook for the country. Last week, the Dow Jones in the US fell 6 per cent, while the UKs FTSE 100 posted its biggest weekly loss this year of 5 per cent. Investors are concerned about a slowdown in China and the knock-on effects for the global economy. Both Frances Cac 40 and Germanys Dax indexes lost 7 per cent of their value last week. In the Middle East, there is particular concern about low oil prices, which are down by more than a half this year and have been falling steadily since May, when Brent Crude stood at $68 a barrel. A barrel now costs $45. This is mainly due to an abundance of supply, in large part from from US shale oil producers, which are weakening OPECs once dominant position in global oil markets. Saudi Arabia, Iraq, Kuwait, Qatar and the United Arab Emirates are all members of OPEC.