UAE shares mixed ahead of US jobs data

2025-01-10 01:58:00

Stock markets in the United Arab Emirates ended Friday on a mixed note, as investors held their breath ahead of crucial US jobs data, which could offer valuable insights into the Federal Reserve's upcoming interest rate decisions.

The closely watched U.S. nonfarm payrolls report at 8:30 a.m. U.S. Eastern time (1330 GMT) is forecast to show a rise of 160,000 in jobs in December, while unemployment holds at 4.2%.

Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed's decisions as most regional currencies are pegged to the U.S. dollar.

Abu Dhabi's benchmark index (.FTFADGI), opens new tab rebounded on Friday, rising 0.4% after declining in the previous session. The index was propelled by gains in the banking sector, led by a 1.1% surge in First Abu Dhabi Bank (FAB.AD), opens new tab, the country's largest lender, and a 2.8% jump in Abu Dhabi Commercial Bank (ADCB.AD), opens new tab.