The Month That Was - Brutal October: A $5 trillion fall

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Saudi Arabia’s roller coaster ride: Saudi equity markets witnessed turbulence during October due to concerns over fragility in international rel.....

Summary

Saudi Arabia’s roller coaster ride: Saudi equity markets witnessed turbulence during October due to concerns over fragility in international relations. On October 14, the main index plunged by nearly 7% during intraday before recovering about 3.5% at close. Ongoing geopolitical events have weighed in on investor sentiment as Saudi stocks witnessed heavy selling from foreign investors. During the month, the index has fallen by 1.2%, reducing its YTD gains to 9.4%. As the U.S. sanctions on Iran’s crude exports are expected to kick in by November 2018, all eyes remain on Saudi Arabia as the oil markets gear up for a change in dynamics.

China’s rout: Investor sentiment in Chinese markets remain jittery due to trade war concerns. The world’s leading emerging market has faced severe wealth erosion as the country’s equity index fell by 7.8% during the month, extending its YTD losses to 21.3%. Brewing uncertainties of the trade war and rising US interest rates cast shadows over China and other developing markets as the world witnesses the longest selloff in emerging market assets since the Global Financial Crisis.

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The Month That Was - Brutal October: A $5 trillion fall

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