Saudi market valuation exceeds $2.5 trillion as global trade activity surges
A Saudi economic forum reports its stock market value crossed the $2.5 trillion mark. Concurrently, US services sector order intake hit a 3.5-year high in August.
The Saudi Stock Exchange (Tadawul) has joined the market leaders with a total valuation exceeding $2.5 trillion, according to data presented by the Saudi Capital Market Authority on Wednesday. While this specific market milestone was highlighted by local officials, global economic indicators point to broader trends affecting major economies. The Institute for Supply Management reported on Thursday that new orders for US business services rose to 60.9 in August. This figure represents the highest level observed since February 2023, up from 57.2 in July. Prior to this month, the index stood at 54.1 in July, compared with an analyst forecast of 54.2 by Reuters economists. The rise in new orders suggests robust demand in a sector that comprises more than two-thirds of US economic activity. Elevated input prices remain a concern regarding inflation persistence ahead of the Federal Reserve's potential year-end rate hike decisions.
