Most Gulf bourses fall on US tariff concerns

DUBAI: Most Gulf stock indexes dipped on Tuesday, as investors worried about fading prospects of the European Union’s trade deal with the United States ahead of a looming tariff deadline, with weak oil prices offsetting strong corporate earnings.

The EU is exploring broader counter-measures against the US as prospects of an acceptable trade agreement with Washington wane, according to EU diplomats.

US President Donald Trump’s imposition of tariffs around the world risks hurting global economic growth, and with it oil consumption.

Saudi Arabia’s benchmark index retreated 1.3%, after snapping its longest downturn in nearly two years in the previous session as broad sector declines and weaker oil prices outweighed upbeat corporate earnings.