Markets Brief: Asian stocks fall on Trump impeachment; Saudi oil exports rise

Asian markets fell as Donald Trump became the third US president in history to get impeached. (File photo: AFP)

Asian markets fell as Donald Trump became the third US president in history to get impeached. Fiat Chrysler and France’s PSA joined forces in a roughly $50 billion deal to create the world’s fourth-largest automaker. In the Middle East, Saudi Arabia’s crude oil exports rebounded in October, while the recently-listed Saudi Aramco’s shares dipped on its inclusion in two major indices.

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

Asian stocks sink after Trump impeachment vote

Asian stock markets sank Thursday after the US House of Representatives voted to impeach President Donald Trump and Japan’s central bank kept interest rates unchanged. The House vote sends Trump’s case to the Senate for trial.

Fiat Chrysler, Peugeot owner reach binding $50 bln merger deal

Fiat Chrysler and Peugeot maker PSA have reached a binding agreement over a roughly $50 billion merger that will reshape the global car industry. With a definitive agreement in place, France’s PSA and Italian-American Fiat Chrysler Automobiles will now start work on how to reach a target of cutting costs by $4.1 billion each year without closing factories.

Saudi Arabia’s sovereign wealth fund launches fund of funds company

Saudi Arabia’s Public Investment Fund said it has launched a 4 billion-riyal fund of funds company. Jada, first announced in 2017, aims to support small and medium-sized enterprises (SMEs) by investing in venture capital and private equity funds.

Saudi Aramco stock dips as it gets added to MSCI, Tadawul indices

Saudi Aramco’s shares opened lower at 37.50 riyals on the Saudi Stock Exchange (Tadawul) following its inclusion in the MSCI, Tadawul indices. Aramco’s inclusion on global index provider MSCI would attract around $2.4 billion in both passive and active inflows, analysts say.

Saudi Aramco IPO set to kick off new listings, divestments in the Gulf region

Saudi Aramco’s successful listing on the Saudi Stock Exchange (Tadawul) could kick off other initial public offerings (IPOs) and energy divestments in the Gulf region, as countries seek funds to meet their economic targets. IPOs are getting more attractive after Aramco raised $25.6 billion in a historic public listing earlier this month.

Saudi Arabia is home to 500 bln riyals of untapped mortgage potential: Al Rajhi

The size of untapped mortgage potential in the kingdom stands at $133.26 billion, Al Rajhi Capital said. Around 1.22 million homes are expected to be built over the next decade in the country, which has in the past faced a housing shortage.

Saudi Arabia’s crude oil exports rise in October: Official data

Saudi Arabia’s crude oil exports rose to 7.06 million barrels per day (bpd) in October, from 6.67 million bpd in September, according to the Joint Organizations Data Initiative (JODI). The Kingdom’s oil exports hit a two-year low in September following attacks on two of its key oil installations.


MSCI to reclassify Kuwait Indexes to emerging markets

Global index compiler MSCI Inc. said it will reclassify the MSCI Kuwait Indexes to emerging markets as the country’s equity market had met all necessary requirements.

Last Update: 08:59 KSA 11:59 - GMT 08:59