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Monday, 6 April 2015

MIDEAST STOCKS-Property firms buoy Dubai; Saudi rallies a bit, Egypt continues slide | Reuters

MIDEAST STOCKS-Property firms buoy Dubai; Saudi rallies a bit, Egypt continues slide | Reuters:



"Real estate-related shares led Dubai's stock market higher on Monday while Saudi Arabia rose modestly because of higher oil prices. Heavy profit-taking, fuelled by weak economic data, continued to weigh on Egypt.



The Dubai stock index climbed 1.2 percent, buoyed in part by last week's poor U.S. jobs data, which appeared to reduce chances that the U.S. Federal Reserve would hike interest rates anytime soon.



Gulf economies will probably imitate U.S. monetary policy because of their currency pegs, and a delay to tightening is positive for the interest rate-sensitive real estate firms which are weighted heavily in Dubai."



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UPDATE 2-MIDEAST STOCKS-Saudi Arabia rebounds with firmer oil; Egypt more stable | Reuters

UPDATE 2-MIDEAST STOCKS-Saudi Arabia rebounds with firmer oil; Egypt more stable | Reuters:



"Saudi Arabia's stock market rebounded moderately on Monday after an uptick in oil prices, while Egypt became more stable following a bout of heavy profit-taking.


The Saudi stock index sank 1.7 percent on Sunday because of the prospect of lower oil prices after world powers reached a preliminary nuclear deal with Iran, which could lead to a lifting of sanctions on Tehran and more Iranian oil supplied to the market. Brent oil plunged nearly 4.0 percent on Thursday.



But Brent rebounded 2.2 percent to $56.15 a barrel on Monday morning, encouraging cautious buying-back of Saudi stocks."



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Iran’s nuclear deal is good news for the wider region | The National

Iran’s nuclear deal is good news for the wider region | The National:



"Thursday’s Iranian nuclear deal is unequivocally a good one. It is good news for the Iranian people, who can look forward to financial relief. It is good for the Middle East, which is spared yet another conflict in the short term, and can hope for better trade relations and the future integration of Iranian energy resources.



The accord, between Tehran and the P5+1 negotiating group, is also a great result for the United States, Europe and Iran’s neighbours, with any chance of an Iranian nuclear weapon put off by at least 10 years. Serious analysts, even sceptical or hawkish ones, are surprised by the strength of the constraints. For a direct cost of $100 billion or more, and economic losses well in excess of that, Iran has achieved no tangible gains from its nuclear programme.



Of course, this agreement is only a framework, and much detailing is required by the next deadline of June 30. A key point of contention is how fast sanctions are lifted in return for Iranian compliance, with the foreign minister Javad Zarif apparently expecting they would be eased immediately."



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GCC banks set the pace despite falling price of oil | The National

GCC banks set the pace despite falling price of oil | The National:



"Banks in the Arabian Gulf have been outperforming international counterparts in terms of revenues and profitability, and despite the drop in oil they are expected to continue to lead the way.



Unlike many international banks, most Middle Eastern lenders came out of the financial crisis of 2008 stronger as they were not weighed down by fines and an increasingly stricter regulatory environment, according to the Boston Consulting Group.



“There’s a new financial crisis in the sense of paying fines, and if you look at revenue growth of international banks and the profit growth, they still are far behind from pre-crisis levels,” said Reinhold Leichtfuss, a senior partner and managing director at BCG."



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Qatar’s economy grew more than 6% in 2014 |GulfNews.com

Qatar’s economy grew more than 6% in 2014 |GulfNews.com:



"Qatar’s economy grew by more than 6 per cent in 2014, official figures showed, driven by spending on huge construction projects ahead of the 2022 World Cup. 




Shrugging off any fears regarding the oil price slump, the energy-rich Gulf economy expanded by 6.2 per cent last year, according to the ministry of development planning and statistics.



The strong performance is evidence of “the resilience of the Qatari economy and its ability to withstand the decline in oil prices thanks to its strong macroeconomic fundamentals,” the Qatar National Bank (QNB) said in a commentary on the figures."



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After a year at war, Ukraine at financial breaking point - Business Insider

After a year at war, Ukraine at financial breaking point - Business Insider:



"Bruised and battered after a year of armed conflict, Ukraine has been crippled by a combination of monetary, budgetary, industrial, banking and energy crises that could make it dependent on outside help for decades.



The country has suffered a series of shocks that has obliterated its fragile economy.



Its vital heavy industry, in the east, has been completely hamstrung, with production plunging by a fifth -- not helped by a sharp decline in steel prices."



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UPDATE 1-MIDEAST STOCKS-Property shares lead Dubai up; other Gulf markets quiet | Reuters

UPDATE 1-MIDEAST STOCKS-Property shares lead Dubai up; other Gulf markets quiet | Reuters:



"Real estate-related shares led Dubai's stock market higher in early trade on Monday while other Gulf markets moved little in queit trade.



The Dubai stock index climbed 0.6 percent, buoyed in part by last week's poor U.S. jobs data, which appeared to reduce chances that the U.S. Federal Reserve would hike interest rates anytime soon.



Gulf economies will probably imitate U.S. monetary policy because of their currency pegs, and a delay to monetary tightening is positive for real estate investors."



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