NEW YORK: The euro notched a two-week high against the dollar yesterday and global shares edged higher after the head of the European Central Bank reiterated a commitment to preserve the euro.
US data showing the number of Americans filing new claims for unemployment benefits rose less than expected last week added to a positive tone in equity markets. Oil prices rebounded a day after registering a steep fall as escalating tensions between Syria and Turkey raised concerns over supplies from the Middle East.
The euro rose 0.8 percent to $ 1.2999. It earlier traded as high as $1.3012, the highest level since Sept. 21. Against the yen, the euro gained 0.7 percent to 101.97 yen. US stocks rose for a fourth session, with financial shares leading the advance, buoyed by Draghi's remarks. The S&P financial index rose 1.2 percent.
The Dow Jones Industrial Average rose 65.07 points, or 0.48 percent, to 13,559.68. The Standard & Poor's 500 Index gained 7.07 points, or 0.49 percent, to 1,458.06. The Nasdaq Composite Index added 1.86 points, or 0.06 percent, to 3,137.09. The MSCI global stock index edged up 0.6 percent to 335.08. Europe's FTSEurofirst 300 index closed down 0.1 percent at 1,099.57, weighed by the gloomy economic sentiment in Europe.
Speculation the jobs data will show stronger-than-expected growth in September weighed on Treasury prices. The benchmark US 10-year note was down 7/32, its yield rising to 1.6387 percent.
Also in focus was the Federal Reserve's release of minutes from its Sept. 12-13 policy meeting at 2 p.m. (1800 GMT).
Brent crude rose $ 2.8 to $ 110.45 per barrel, after falling to its lowest since Sept. 20 on Wednesday. US crude rose $2 cents to $ 90.15, after dropping to its lowest since Aug. 3 in the previous session. Spot gold rose to an 11-month high of $ 1,794.40 and last traded at $ 1,790.99 an ounce.
Euro hits 2-week high; oil, gold rise
Euro hits 2-week high; oil, gold rise
Closing Bell: Saudi main index closes higher at 10,596
RIYADH: Saudi equities closed higher on Tuesday, with the Tadawul All Share Index rising 43.59 points, or 0.41 percent, to finish at 10,595.85, supported by broad-based buying and strength in select mid-cap stocks.
Market breadth was firmly positive, with 170 stocks advancing against 90 decliners, while trading activity saw 161.96 million shares change hands, generating a total value of SR3.39 billion.
Meanwhile, the MT30 Index closed higher, gaining 6.52 points, or 0.47 percent, to 1,399.11, while the Nomu Parallel Market Index edged marginally lower, slipping 3.33 points, or 0.01 percent, to 23,267.77.
Among the session’s top gainers, Al Masar Al Shamil Education Co. surged 9.99 percent to close at SR26.20, while Saudi Cable Co. jumped 9.98 percent to SR147.70.
Cherry Trading Co. rose 4.18 percent to SR25.44, and United Carton Industries Co. advanced 4.09 percent to SR26.46.
Al Yamamah Steel Industries Co. also posted solid gains, climbing 4.07 percent to end at SR32.70.
On the downside, Emaar The Economic City led losses, slipping 3.55 percent to SR10.32, followed by Derayah REIT Fund, which fell 2.92 percent to SR5.31.
Derayah Financial Co. declined 2.13 percent to SR26.62, while United International Holding Co. retreated 1.96 percent to SR155.20, and Gulf Union Alahlia Cooperative Insurance Co. eased 1.92 percent to SR10.70.
On the announcements front, Red Sea International Co. said it signed a SR202.8 million contract with Webuild S.P.A. to provide integrated facilities management services for the Trojena project at Neom.
The agreement covers operations and maintenance for the project’s Main Camp and Spike Camp, including accommodation and housekeeping, catering, security, IT and communications, utilities, waste management, fire safety and emergency response, as well as other supporting services.
The contract runs for two years, with the financial impact expected to begin in the first quarter of 2026. Shares of Red Sea International closed up 0.99 percent at SR34.74.
Al Moammar Information Systems Co. disclosed that it received an award notification from Humain to design and build a data center dedicated to artificial intelligence technologies, with a total value exceeding 155 percent of the company’s 2024 revenue, inclusive of VAT.
The contract is expected to be formally signed in February 2026, underscoring the scale of the project and its potential impact on the company’s future revenues.
MIS shares ended the session 2.82 percent higher at SR156.70, reflecting positive investor sentiment following the announcement.
