Saudi Arabia Has Not Yet Responded To The Invitation To Join BRICS, Initiation Is Still Under Consideration By Saudi Arabia
Portfolio Pulse from Benzinga Newsdesk
Saudi Arabia is currently considering an invitation to join the BRICS group, as reported by Reuters. The country has not yet provided a response to the invitation.
February 01, 2024 | 4:07 pm
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POSITIVE IMPACT
The consideration by Saudi Arabia to join BRICS could influence investor sentiment towards the KSA ETF, reflecting the country's potential increased geopolitical and economic influence.
Joining BRICS could enhance Saudi Arabia's global standing, potentially leading to positive investor sentiment towards assets related to the country, such as the KSA ETF.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The news of Saudi Arabia considering joining BRICS has an indirect impact on USO, as geopolitical shifts can influence global oil markets and, consequently, USO's performance.
While the news directly pertains to Saudi Arabia, its potential BRICS membership could lead to shifts in global oil markets due to the country's significant role in oil production, indirectly impacting USO.
CONFIDENCE 65
IMPORTANCE 60
RELEVANCE 50