GCC markets eye global rally, set sights on H1 2023 earnings season kick-off

Investors eagerly anticipate release of Fed meeting minutes
GCC markets eye global rally, set sights on H1 2023 earnings season kick-off
GCC markets

Most regional markets were closed for the holidays, but as the Eid recess comes to an end, the stage is set for a bright start in these markets, steered by the recent abatement of recession fears that propelled global equity markets, according to investor relations consulting firm Iridium Advisors.

Nevertheless, market participants could abstain from significant moves as they watch for the launch of the new earnings season, expected to unfold later this week or early next week.

Read more: Global markets edgy with rate hike implications, GCC markets close to celebrate Adha

Traders will also focus on the OPEC (The Organisation of the Petroleum Exporting Countries) Vienna Conference on July 5-6. The event has been thrust into the limelight following the reported ban of three leading news agencies – Reuters, Bloomberg, and Wall Street Journal – from covering the conference. On the corporate agenda, Balady Poultry’s shareholders will decide on the distribution of dividends, Anaam International will seek shareholders’ approval on a stock split, and Bank Dhofar’s shareholders will consider a share capital increase resulting from Ahli Bank’s acquisition.

Fed minutes to be keenly tracked by investors

In the US, despite the pause for Independence Day, investors gear up for a data-laden week encompassing initial jobless claims, ISM manufacturing and services reports, trade statistics, and job openings.

Notably, the Federal Reserve’s minutes stand poised to steal the limelight, complemented by speeches from select Fed spokespersons.

EU investors will focus on Purchasing Manager’s Index (PMI) data and retail sales, while another public address by Christine Lagarde is poised to pique interest.

As for the UK, the limelight is likely to fall on PMI data in what is expected to be a week light on economic data releases.

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