The UAE and other regional equity markets will toe the oil price movement this week and Saudi-Russia spat over production cuts while global equity markets could also go south and lose last week's gains due to surge in US jobless rate.
Russian President Vladimir Putin on Friday said global cuts of around 10 million barrels per day is possible, reflecting alarm at the sudden collapse in demand sparked by coronavirus pandemic.
Globally, the equity markets could be weighed down by the growing jobless rate in the US. For the week ended on March 28, a record 6.6 million Americans filed for unemployment insurance which is double from the 3.3 million last week. Some forecasts suggest that the total number of people availing of benefits could cross 20 million in the next one month.
Source: Khaleej Times