Markets Brief: The latest updates on global, Mideast developments

Global stock markets reacted positively to phase one of a US-China trade deal on Monday. (File photo: AP)

Global stock markets showed signs of optimism on Monday after the United States and China agreed on a preliminary deal to ease trade tensions. Meanwhile, in the Middle East, two of Saudi Arabia’s major banks ended merger talks, axing a deal that could have created the Kingdom’s second-largest bank. In Lebanon, clashes ensued between the army and Lebanese political factions as the country’s economic woes continue.

Al Arabiya English has provided a news brief on all of this and more from global markets to developments in the Middle East.

World markets react to phase one of US-China trade deal

Global stock markets rose on Monday on the back of a preliminary trade deal between the United States and China.

Saudi Arabia’s largest lender NCB, Riyad Bank halt merger talks

Saudi Arabia’s National Commercial Bank (NCB), the Kingdom’s largest lender in terms of assets, has ended merger talks with Riyad Bank. The two lenders had started preliminary talks in December last year. Analysts told Al Arabiya English that the announcement is a positive step, as the sector in the Kingdom is “underbanked.”

Moody’s has cut its rating outlook to ‘negative’ for GCC non-financial corporates

Rating agency Moody’s cut its 2020 growth outlook for the GCC's non-financial corporates to “negative” from “stable,” citing geopolitical tensions and low oil prices.

Political unrest in Lebanon continues; Moody’s says potential IMF, World Bank help for the country is credit positive

Lebanon’s possible pursuit of assistance from the International Monetary Fund and World Bank is credit positive and reduces the risk of extreme macroeconomic instability, Moody’s said. The country still faces protests and unrest as clashes continued on Tuesday between Lebanese troops and supporters of Shiite groups Hezbollah and Amal in Beirut.

Qatar’s budget surplus is expected to shrink in 2020

Qatar, the world’s largest exporter of liquified natural gas, will see its budget surplus shrink in 2020 due to projected higher wage bills, a government statement said.

OPEC+ cuts, low oil prices are set to weigh on Saudi Arabia’s 2020 revenue

The Kingdom expects its revenue to fall in 2020 as low oil prices and an OPEC+ deal to further deepen output cuts hit its crude oil sales, analysts say.

Google has warned its Turkish partners over new Android phones amid dispute

The search engine giant has told its Turkish business partners it will not be able to work with them on new Android phones to be released in the country, after the Turkish competition board ruled that changes Google made to its contracts were not acceptable.

Last Update: 07:15 KSA 10:15 - GMT 07:15