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Saturday, 22 October 2016

Brexit politicians are putting us on a fast track to financial jeopardy | Anthony Browne | Opinion | The Guardian

Brexit politicians are putting us on a fast track to financial jeopardy | Anthony Browne | Opinion | The Guardian:

"How do you take your Brexit? Soft or hard? Quick or slow? It might all seem semantics but for the UK and Europe it is the £1.1tn question. That is the amount banks based in the UK are lending to the companies and governments of the EU27, keeping the continent afloat financially. The free trade in financial services that crosses the Channel each year, helping customers and boosting the economies in the UK and Europe, is worth more than £20bn.

Brexit means Brexit and we are all Brexiters now. But if we get it wrong, that £20bn trade in financial services is at risk and the public and political debate is taking us in the wrong direction. At the banking industry’s annual conference last week, the atmosphere was, as one of the panellists, Lord Mandelson, noted, “gloomy”. The government, and in particular the chancellor, Philip Hammond, and the Brexit secretary, David Davis, are making the right noises. The golden rule of negotiations is start big and never ask for less than you want. But we are in danger of talking ourselves into defeat before negotiations have even begun.

There is a consensus that the EU’s integrated financial market is one of its great success stories. It makes it easier and cheaper for French farmers, German manufacturers and Italian fashion designers to secure funding. It helps EU citizens get better returns for their savings. And it also creates jobs, not least in the UK, where financial services as a whole employs more than a million people, two-thirds of them outside London."

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UAE markets show signs of hitting a bottom |

UAE markets show signs of hitting a bottom |

"The Dubai Financial Market General Index (DFMGI) was essentially flat last week, rising only 5.55 or 0.17 per cent to close at 3,340.49. That’s not bad given that the index was down as much as 2.5 per cent earlier in the week. There were 12 advancing issues and 26 declining, while volume improved to a three-week high.
The index continued its decline earlier in the week as it fell below the prior week’s low before finding support at 3,253.21 on Monday and then bouncing into the week’s end. At the low the DFMGI was 10.5 per cent off its 2016 high of 3,623.70 reached only nine weeks ago.
In addition to the bullish reaction off the week’s low there is a bullish weekly candlestick formation that usually signals a reversal. It’s called a hammer and it reflects the switch from sellers being dominant to buyers dominating price action. This strength now needs to be confirmed by a daily close above last week’s high of 3,354.68."

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Al-Falih, the man entrusted to explain the Saudi strategic shift

Al-Falih, the man entrusted to explain the Saudi strategic shift:

"As a young executive at Saudi Aramco, Khalid al-Falih was responsible for negotiating with some of the world’s biggest energy companies over joint ventures in the kingdom’s gas sector.

While those talks resulted in only limited foreign participation, Mr Falih — now Saudi Arabia’s energy minister — gained credit for juggling conflicting interests, and helping to break the public sector’s grip on vital industries.

His ability to deftly manage the process goes some way to explaining why he is now a trusted confidant and adviser to deputy crown prince Mohammed bin Salman, and the kingdom’s interlocutor with the world on energy policy. It also explains why the world took notice when, earlier this week, he called an end to the “considerable downturn” in the oil market."

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Prospect of oil trading in a tight band for years is far-fetched

Prospect of oil trading in a tight band for years is far-fetched:

"Oil executives could be forgiven for feeling like they’ve been mauled by bears over the past two years, with the crude price collapse shredding their balance sheets and devouring their share prices.

At a major industry conference in London this week, however, talk of angry grizzlies was on the back burner. Instead, many were prepared to bet the market is about to experience a Goldilocks moment, with prices not too hot, not too cold, but — finally — just right.

The overarching view was that oil is preparing to settle into a $50-$60 a barrel range. BP chief executive Bob Dudley picked that band when asked where he saw oil trading in 2017, while the heads of independent oil traders such as Vitol, Mercuria and Gunvor all predicted prices would trade between $55 to $58 a barrel this time next year."

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