GCC no longer immune to global market constraints: AI data
New report based on AI data shows companies in the Gulf region expect lower earnings this quarter.
Gulf Cooperation Council companies are feeling the effects of the global economic slowdown, according to Iridium Advisors’ AI-powered report released today.
The Dubai-based consultancy stated that its GCC Earnings Call Sentiment Index dropped 8% quarter-on-quarter to its lowest point since Q1 2021.
“This is the first quarter in over a year that we have seen a marked decline in management sentiment,” said Oliver Schutzmann, the company’s CEO, about GCC company feelings towards earnings in Q3 2022.
“While equity markets in the region have performed better than those in the US and Europe, we can’t discount the fact that regional equity markets are not immune to larger global market contractions,” he added, listing rising interest rates, inflationary pressures, oil price volatility and fears of recession as core causes.
