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Mideast markets tumble after US credit downgrade - ASHARQ AL-AWSAT English Archive
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DUBAI, United Arab Emirates (AP) — Stocks are tumbling across the Middle East as most of the region’s markets open for their first day of business following a historic downgrade of the United States’ credit rating.

The main market index in the regional financial hub Dubai led the declines Sunday, plunging over 5 percent before rebounding slightly to a 4.4 percent drop by midday local time. Other Gulf markets also opened sharply lower.

Mideast markets are the first to react to credit rating agency Standard & Poor’s decision late Friday to cut the U.S. level one notch from its top AAA rating.

Most Mideast markets operate Sunday to Thursday. Saudi Arabia’s stock market was the region’s only to open Saturday, when it plunged 5.5 percent.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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