Emirati Stocks Fall Amid Renewed Middle East Tensions

Stocks in the United Arab Emirates closed lower as renewed exchange of strikes between the US and Iran drove investors into a risk-off mode. At the close of Wednesday trading, the FTSE ADX General Index declined 0.564%, while the DFM General Index fell 1.511%. The US Central Command carried out new strikes on more than 80 Iranian defense systems, command and control networks, and anti-ship missile sites, as well as over 60 Islamic Revolutionary Guard Corps small boats, in response to Iran's attacks on three commercial vessels in the Strait of Hormuz. It also revoked a license permitting the sale of Iranian oil. Meanwhile, Iran retaliated by targeting US military sites in Bahrain and Kuwait, clouding prospects of a long-term deal between the two countries. Also damping sentiment were US President Donald Trump's comments that the interim agreement with Iran is "over." On the economic front, markets will keep an eye out for the release of the highly anticipated minutes of the Federal Open Market Committee's June meeting later in the day to get cues on the US Fed's next interest rate move. "Today's minutes will clarify how serious members are about the possibility of rate.