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Wednesday, 6 January 2016

S&P says new sukuk issuances to decline this year | The National

S&P says new sukuk issuances to decline this year | The National:

"The rating agency Standard & Poor’s is forecasting a drop of up to 20 per cent in sukuk issuances this year as lower oil prices dampen appetite for spending in the Arabian Gulf and Malaysia.

The absence of the Malaysian central bank in the sukuk market is also weighing on sukuk issuance. New sukuk dropped by nearly half last year from the previous year.

Sukuk issues are foreseen dropping to between US$50 billion and $55bn this year from $63.5bn last year, according to S&P. In 2014, about $116.4bn of sukuk was issued globally."



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Saudi Arabia’s Tadawul falls to three-year low over China growth fears | The National

Saudi Arabia’s Tadawul falls to three-year low over China growth fears | The National:

"Saudi shares suffered their worst one-day fall in more than four months, as fears over China’s growth fuelled a global equities and commodities sell-off.

The price of oil dropped below $35 to hit an 11-year-low.

The Tadawul All Share Index fell 3.34 per cent to a three-year low, as MSCI’s Emerging Markets Index dropped to a six-year lows after China’s central bank weakened its currency in an attempt to arrest recent stock market declines and bolster economic growth."



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Sovereign Downgrades May Outpace Upgrades in 2016, S&P Says - Bloomberg Business

Sovereign Downgrades May Outpace Upgrades in 2016, S&P Says - Bloomberg Business:

"Sovereign downgrades are likely to accelerate this year after negative rating outlooks were more than triple the level of positive outlooks in 2015, according to Standard & Poor’s.
The balance between positive and negative outlooks, which indicate the likelihood of rating changes, worsened in all regions except the Asia Pacific, with the most pronounced deterioration in the Middle East, the Commonwealth of Independent States and Africa, S&P said in a report on Wednesday. Europe, Latin America and the Caribbean had a more moderate deterioration in outlook in 2015, it said.
The deterioration comes as China’s slowdown weighs on commodity prices and prospects for trade with the world’s second-biggest economy, while the cost of crude descends to decade lows amid a global oil glut. The slump has forced energy-producing countries such as Kazakhstan, Azerbaijan and Angola to devalue their currencies to shore up their economies and Commerzbank AG says Saudi Arabia’s currency peg is no longer sustainable. All four countries have negative outlooks at S&P."



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MIDEAST STOCKS-Saudi tumbles on oil price, Egypt caught in global slide | Reuters

MIDEAST STOCKS-Saudi tumbles on oil price, Egypt caught in global slide | Reuters:

"A fresh slide of oil prices to 11-year lows sent Saudi Arabia's stock market tumbling on Wednesday, while Egypt was caught up in a global equities downtrend.

The Saudi bourse was moderately lower for most of the day and its losses snowballed in late trade as Brent crude futures plunged 4 percent to below $35 a barrel.

This ravaged petrochemical shares, whose margins are linked to oil prices, were already weak after rises in gas feedstock prices announced in Saudi Arabia's 2016 state budget last week deprived Saudi petrochemical producers of some of their cost advantage."



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Brent crude oil slides below $35 for first time in a decade - FT.com

Brent crude oil slides below $35 for first time in a decade - FT.com:

"Oil continued its volatile start to 2016 with Brent crude falling below $35 a barrel for the first time in more than a decade, surpassing lows reached in December as a seemingly relentless rise in global production overshadowed all other concerns.
A rift between Saudi Arabia and Iran over the execution of a prominent cleric saw Brent, the international oil benchmark, reach almost $39 a barrel on Monday."



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Sterling for a fight | Authers' Note - YouTube

Sterling for a fight | Authers' Note - YouTube: ""



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Oil falls to 11-year low, Saudi-Iran row seen making output restraint unlikely | Reuters

Oil falls to 11-year low, Saudi-Iran row seen making output restraint unlikely | Reuters:

"Oil fell to its lowest in more than 11 years on Wednesday, down around 2 percent, as the row between Saudi Arabia and Iran was seen extinguishing any chance of major producers cooperating to cut production in the face of mounting global over supply.

The furor over Saudi Arabia's execution of a Shi'ite cleric has depressed the market as it put an end to speculation that OPEC members could agree on production cuts to lift prices.

"There are rising stockpiles and the tension between Iran and Saudi Arabia make any deal on production unlikely," said Michael Hewson, head of strategy at CMC Markets."



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MIDEAST STOCKS-Saudi tests chart support, petrochemical shares weak | Reuters

MIDEAST STOCKS-Saudi tests chart support, petrochemical shares weak | Reuters:

"The Saudi Arabian and Egyptian stock markets edged down early on Wednesday because of concern about low oil prices and weakness in the global economies.

The Saudi stock index fell 0.9 percent to 6,683 points in the first 30 minutes of trade, testing technical support at its December low of 6,672 points.

Petrochemical shares continued to slide on worries about global demand and rises in gas feedstock prices announced in Saudi Arabia's 2016 state budget last week, which deprived Saudi petrochemical producers of some of their cost advantage. Saudi Basic Industries sank 3.4 percent."



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MIDEAST STOCKS-Gulf markets mixed in early trade | Reuters

MIDEAST STOCKS-Gulf markets mixed in early trade | Reuters:

"Gulf stock markets were mixed in quiet, early trade on Wednesday, with worries about low oil prices and instability in the global economy deterring any aggressive buying.

The Dubai index was up 0.3 percent on the back of low-priced, speculative stocks, with healthcare and education investment firm Amanat rising 2.6 percent in the market's heaviest trade. Blue-chip Emaar Properties fell 0.7 percent.

Abu Dhabi lost 0.6 percent as First Gulf Bank , which jumped 3.3 percent on Tuesday, fell back by 1.6 percent."



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