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Monday, 14 March 2016

Russia eyes global deal on oil output in April, Iran seen exempt | Reuters

Russia eyes global deal on oil output in April, Iran seen exempt | Reuters:

"A global deal to freeze oil production could be signed in April and exclude Iran, which has the right to boost output after years of sanctions, Russian energy minister Alexander Novak said on Monday after talks in Tehran.

Oil fell around 3 percent on Monday after Iran dampened hopes of a coordinated stabilization of production any time soon, saying it would join such discussions after its own output had reached 4 million barrels per day (bpd). [O/R]

Four of the world's leading oil producers - Russia, Saudi Arabia, Qatar and Venezuela - met in Doha last month, saying they were ready to hold output at January levels if other producers did the same."



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Oil tumbles up to 4 percent, stockpile worry cuts short rally | Reuters

Oil tumbles up to 4 percent, stockpile worry cuts short rally | Reuters:

"Global oil prices fell as much as 4 percent on Monday on concerns a six-week market recovery has gone beyond fundamentals, as U.S. crude stockpiles continue to mount and Iran maintains little interest in a global production freeze.

Market intelligence firm Genscape reported an inventory build of 585,854 barrels in Cushing, Oklahoma, taking the delivery hub for U.S. crude futures closer to capacity, traders who saw the data said.

The Organization of the Petroleum Exporting Countries said global demand for crude from its members, including Saudi Arabia, Iraq and Iran, will be less than previously thought in 2016 due to competing non-OPEC supply. OPEC supply will likely exceed demand by about 760,000 barrels per day, up from 720,000 bpd implied earlier, it said."



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MIDEAST STOCKS-Egypt soars in massive volume after currency devalued; Gulf weak | Reuters

MIDEAST STOCKS-Egypt soars in massive volume after currency devalued; Gulf weak | Reuters:

"Cairo's main stock index soared 6.7 percent on Monday, its biggest jump since Islamist president Mohamed Mursi was toppled in July 2013, after the central bank devalued the currency, raising hopes that Egypt's foreign exchange shortage might finally be resolved.

The central bank said it had devalued the Egyptian pound to 8.85 per U.S. dollar at a special foreign exchange auction. It had previously set the average bid price at its regular and exceptional auctions at 7.73.

The Cairo index rocketed to 7,004 points, near technical resistance on this year's peak of 7,114 points, in the heaviest trade since at least 2009. It had already risen 7.8 percent last week on signs authorities were moving to ease a foreign exchange shortage that has plagued the economy for years."



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Egypt Adopts More Flexible Exchange Rate After Devaluation - Bloomberg Business

Egypt Adopts More Flexible Exchange Rate After Devaluation - Bloomberg Business:

"The Egyptian central bank surprisingly devalued the pound by almost 13 percent and said it will adopt a “more flexible exchange rate” policy, steps that seek to ease a foreign-currency shortage hampering growth in the most populous Arab country. Stocks rallied.
The decisions will achieve “exchange-rate levels that reflect the strength and real value of the local currency in a short period of time,” the central bank, led by Governor Tarek Amer, said in a statement on Monday. The regulator earlier sold $198.1 million to local lenders at 8.85 pounds per dollar. That compares with a previous exchange rate of 7.73 pounds.
Shortly after the central bank’s statement, Egypt’s biggest lender that it will launch a financial product allowing foreign investors in local government debt to hedge their exposure to the currency. The moves may help boost foreign reserves, which have tumbled more than 50 percent since the 2011 uprising the ousted President Hosni Mubarak, before stabilizing at just over $16 billion in the past six months. Policy makers aim to increase reserves to $25 billion by the end of 2016, the central bank said."



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Central banks focus, Egypt devalues | FT Market Minute - YouTube

Central banks focus, Egypt devalues | FT Market Minute - YouTube: ""



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MIDEAST STOCKS-Saudi slips in early trade on profit-taking | Reuters

MIDEAST STOCKS-Saudi slips in early trade on profit-taking | Reuters:

"Saudi Arabia's stock market slid in early trade on Monday as investors booked profits in the petrochemical sector.

Riyadh's index fell 0.2 percent in the first hour of trade, erasing Sunday's gains; blue chip Saudi Basic Industries slipped 0.3 percent and Saudi Kayan dropped 1.9 percent.

Sectors seen as relatively immune to a global or local economic downturn showed some resilience, however, with Savola Group, the largest food producer in the Gulf, adding 0.2 percent to 41.60 riyals."



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MIDEAST STOCKS-UAE slips, Qatar up in early trade | Reuters

MIDEAST STOCKS-UAE slips, Qatar up in early trade | Reuters:

"Stock markets in the United Arab Emirates fell in early trade on Monday as blue chips and speculative favourites were sold, while Qatar edged up.

Dubai's index slid 0.9 percent in the first 45 minutes, with Dubai Parks dropping 4.9 percent to erase some of its 14.3 percent gain on Sunday. Arabtec fell 4.1 percent.

But Amanat, a mid-cap healthcare and education investment company, rose 3.0 percent and was the most heavily traded stock on the bourse."



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Macquarie Capital Middle East receives ‘in principle approval’ from ADGM | The National

Macquarie Capital Middle East receives ‘in principle approval’ from ADGM | The National:

"Macquarie Capital Middle East has confirmed it has received “in principle approval" to become one of the first major financial institutions to establish a presence in Abu Dhabi Global Market (ADGM).

The Australian investment bank, known for its infrastructure finance practice, said yesterday that it had received approval from ADGM’s Financial Services Regulatory Authority to operate within the new free zone.

“We are delighted to be one of the first global financial institutions to apply for an ADGM FSRA licence, testament of our confidence in the ability of Abu Dhabi to become another major global financial centre based out of the GCC," said Macquarie’s executive chairman Wissam Moukahal."



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