Saudi Arabia

Frontrunning: June 6

  • Kuwait’s Emir Moves to Mediate Saudi-Qatar Crisis (BBG)
  • Qatari riyal under pressure as Saudi, UAE banks delay Qatar deals (Reuters)
  • Qatar's dispute with Arab states puts LNG market on edge (Reuters)
  • Trump seeks legislative wins as clock ticks, Russia probe looms (Reuters)
  • Democrats aim to turn anti-Trump sentiment into votes in Virginia (Reuters)

Gold Surges, Global Stocks Slide As "Super Thursday" Risks Loom

With traders realizing that the "Thursday Turmoil Trifecta" looms, world stocks dropped and safe-haven assets rose as investors focused on the growing tension in the Middle East, while caution spread across markets in a week full of risk events including James Comey’s congressional testimony to the ECB’s policy meeting and Britain’s increasingly uncertain election, all in the span of 24 hours. As a result, European and Asian stocks as well as S&P futures all fell, while gold, yen and Treasuries gained.

The Qatar Turmoil Fallout: Flights, Food, Football And More

Saudi Arabia, Egypt, UAE, Bahrain and others cut diplomatic ties with Qatar. What does this mean for Qatar's economy and people doing business there? An initial look reveals that troubling things are in store for the small but rich gulf nation, which happens to be the host nation of the 2022 World Cup.

Frontrunning: June 5

  • Saudis, U.A.E., Bahrain and Egypt Cut Ties With Qatar (WSJ)
  • Saudi-Led Alliance Cuts Ties With Qatar (BBG)
  • Saudi, Egypt lead Arab states cutting Qatar ties, Iran blames Trump (Reuters); Qatar asks citizens to leave UAE within 14 days: embassy (Reuters)
  • London Fortifies Bridges to Protect Pedestrians From Attack (BBG)
  • Bank at Center of U.S. Inquiry Projects Russian ‘Soft Power’ (NYT)

Qatar Crashes In Escalating Gulf Crisis; Oil Fails To Rebound As Global Stocks Dip

S&P futures point to a slightly lower open ahead of today's US non-mfg ISM and Service PMI data. European shares fall, while Asian shares are little changed. Several European countries are closed for Whit Monday leading to subdued trading. Following the latest unexpected Gulf Crisis overnight, in which Gulf nations cut all diplomatic relations with Qatar amid stunning allegations of funding terrorism, oil spiked but has since pared almost all gains.