Markets, 30 October 2026
Friday open: Abu Dhabi and the Nasdaq slip, metals ease, oil and steel hold firm
What moved
- Stocks had a soft Thursday. The ADX fell about 1.2% to 9,478 and is now down about 6.5% on the month. The DFM eased 0.5% to 5,818, down about 2.8% on the month. In the US, the S&P 500 slipped 0.4% to 7,720 and the Nasdaq dropped 1.4% to 26,185. Emerging markets (the EEM fund) fell about 1.3%.
- Oil ticked up. Brent is around $112 a barrel and WTI around $103, each up less than 0.5% on the day and roughly flat on the week. The monthly gains of about 14% still span the late-September contract roll, so I wouldn’t lean on them.
- Metals eased. COMEX copper is about $14,430 a tonne, down 0.7% today and up only about 0.6% on the week. Aluminium is around $3,169, down 0.4% today, up about 1% on the week and about 4% below a month ago. Zinc still hasn’t updated since 23 October ($3,944).
- Steel stays firm. US Midwest HRC is around $1,539 a tonne, up 0.4% today, about 4% on the week and about 7% on the month. Shanghai rebar reads 3,051 yuan a tonne, the same as yesterday’s reading and flat on the week.
- Rates, dollar and gold. The latest Treasury yields are from 28 October: the 2-year at 4.67% and the 10-year at 5.05%, up 6 basis points on the day but still down about 8 on the week. The dollar index is about 101.8, and gold is around $4,000, down about 0.8% today and about 4.5% on the month.
- Slow-moving indexes (September, unchanged): the US PPIs for copper wire and cable (+0.8%), steel wire drawing (+0.6%) and cement (flat).
The truth: For UAE cable, electrical and construction suppliers, the useful signal today is steel, not stocks. HRC is about 7% higher than a month ago and still climbing, so wire, mesh, fencing and rebar costs are moving the wrong way for anyone holding fixed prices. Copper and aluminium gave back a little and are roughly where they were a week ago, which is a calmer backdrop for conductor-heavy quotes. The Abu Dhabi market has now had a rough month, but that’s sentiment, not a change in project pipelines. Oil above $110 keeps Gulf budgets healthy and freight and energy costs high. The 10-year back above 5% means financing hasn’t got cheaper, and with the dirham pegged that lands here too. My read: keep steel-heavy quotes short and keep escalation clauses in. Not investment advice.
Sources and as-of dates for every number are on the Markets board.