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Wednesday, 4 January 2017

Oil rises 2 percent amid expected draw in U.S. crude inventories | Reuters

Oil rises 2 percent amid expected draw in U.S. crude inventories | Reuters:
"Oil prices rose nearly 2 percent on Wednesday on expectations U.S. crude inventories have dropped and on signs that the world's top oil exporters will stick to agreed output cuts that took effect this week.

Global benchmark Brent crude futures LCOc1 rose 99 cents, or 1.8 percent, to settle at $56.46 a barrel. U.S. West Texas Intermediate crude futures CLc1 gained 93 cents to end at $53.26 a barrel, also a 1.8 percent gain.

In post-settlement trade, crude rose slightly after industry group the American Petroleum Institute reported that crude stockpiles fell 7.4 million barrels in the week ended Dec. 30."

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Apple confirms $1 billion investment in SoftBank tech fund | Reuters

Apple confirms $1 billion investment in SoftBank tech fund | Reuters:
"Apple Inc (AAPL.O) confirmed on Wednesday its plans to invest $1 billion in a tech fund being set up by Japan's SoftBank Group Corp (9984.T).

SoftBank has said it is investing at least $25 billion in the fund and has been in talks with Saudi Arabia's Public Investment Fund for an investment that could be as much as $45 billion.

"We believe their new fund will speed the development of technologies which may be strategically important to Apple," company spokesman Josh Rosenstock told Reuters."

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Dip in UAE interbank rate could ease mortgage payments | The National

Dip in UAE interbank rate could ease mortgage payments | The National:
"Homeowners in the UAE may see some relief in their monthly payments if a recent slide in the interbank rate – used as a benchmark for most mortgages in the country – continues.

The 4.4 per cent drop in the benchmark three-month Emirates Interbank Offered Rate (Eibor) to 1.38 per cent this week may also give the sluggish housing market a fillip. Last year, that measure rose by 39.9 per cent.

"The fundamentals of the housing market in the UAE look good, but people are acting cautiously and all it takes is a few pieces of good news or confidence-inspiring news," said Andrew Covill, the director of the property agency Henry Wiltshire.


"

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MIDEAST STOCKS-Egypt hits record high as Palm Hills surges, Saudi lags | Daily Mail Online

MIDEAST STOCKS-Egypt hits record high as Palm Hills surges, Saudi lags | Daily Mail Online:
"Stock markets in the Middle East where foreign funds are most active outperformed for a second straight day on Wednesday, with Egypt's index hitting a record high while Saudi Arabia was dragged lower by profit-taking.

Egypt's main index gained 1.5 percent to 12,608 points in the highest trading volume this week, surpassing the intra-day record high of 12,534 points hit on Dec. 22.

Palm Hills Development jumped 8.5 percent after saying it signed an agreement with the Ministry of Housing to buy a major plot in West Cairo to build a new project close to the company's existing developments."

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Dubai Islamic Bank requests proposals for dollar sukuk - sources | Reuters

Dubai Islamic Bank requests proposals for dollar sukuk - sources | Reuters:
"Dubai Islamic Bank (DIB) has asked banks to submit proposals to arrange a potential U.S. dollar-denominated sukuk issue, sources familiar with the situation said on Wednesday.

The planned debt transaction would be of benchmark size, which usually means upwards of $500 million, said the sources, adding that the request for proposals was sent a few days ago. A DIB spokesman was not immediately available to comment.

The Islamic lender joins a number of banks in the Gulf region planning to raise debt internationally to improve their liquidity, which has been squeezed by low oil prices."

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Growth looks good

Dubai’s DFM Plans to Start Short Selling in ‘Coming Months’ - Bloomberg

Dubai’s DFM Plans to Start Short Selling in ‘Coming Months’ - Bloomberg:

"Dubai Financial Market PJSC said it plans to introduce regulated short-selling in the “coming months,” the latest sign of efforts by stock exchanges in the Gulf to boost trading.

The bourse will approve lenders and borrowers for regulated short-selling in a selected list of eligible securities, the United Arab Emirates’ only publicly traded exchange said in a statement Wednesday. DFM has consulted on its operational model and is making technical enhancements to facilitate the trades, it said, without specifying a start date.

Last week, Abu Dhabi’s stock exchange said it was meeting local investors to discuss introducing short-selling early this year as an attempt to increase liquidity. In October, the U.A.E.’s Securities and Commodities Authority held talks with local exchanges about transferring to them oversight of some financial instruments, including margin trading and short selling."



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What to Expect From Saudi and UAE Economies in 2017 - Bloomberg

What to Expect From Saudi and UAE Economies in 2017 - Bloomberg:

"Khatija Haque, head of MENA research at Emirates NBD, discusses the growth prospects for the Saudi and UAE economies in 2017 with Bloomberg's Yousef Gamal El-Din and Rishaad Salamat on "Bloomberg Markets: Middle East." (Source: Bloomberg)"



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What Fed Tightening Means for Middle East Economies - Bloomberg

What Fed Tightening Means for Middle East Economies - Bloomberg:

"Ahmed Badr, Renaissance Capital Dubai's chief executive officer, discusses the outlook for Middle East economies in 2017 and his investment strategy with Bloomberg's Yousef Gamal El-Din and Rishaad Salamat on "Bloomberg Markets: Middle East." (Source: Bloomberg)"



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Japan's Inpex in running to develop major Iran oilfield: media | Reuters

Japan's Inpex in running to develop major Iran oilfield: media | Reuters:
"Japan's Inpex Corp is in the running to develop a major oilfield in Iran, Kyodo News reported on Wednesday, as Tehran looks to aggressively ramp up crude output following the lifting of sanctions.

Japan's top energy developer is a strong candidate for the project after signing a memorandum of understanding (MOU) to look into developing the Azadegan oilfield, Kyodo said, citing Noreddin Shahnazizadeh, managing director of Iran's Petroleum Engineering and Development Company.

Kyodo reported that a tender would be held around the first quarter of this year."

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Vitol clinches $1 billion pre-finance oil deal with Iran: sources | Reuters

Vitol clinches $1 billion pre-finance oil deal with Iran: sources | Reuters:
"The world's largest oil trader, Vitol, has clinched a deal with the National Iranian Oil Co. (NIOC) to loan it an equivalent of $1 billion in euros guaranteed by future exports of refined products, four sources familiar with the matter said.

The pre-finance deal is the first such major contract signed between Iran and a trading house since sanctions were lifted in early 2016. Vitol and NIOC declined to comment.

It highlights the speed of the oil industry recovery in Iran just a year after lifting of sanctions, which is allowing Tehran to claw back oil market share from arch-rival Saudi Arabia."

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Oil prices rise on tighter supply outlook, but strong dollar weighs | Reuters

Oil prices rise on tighter supply outlook, but strong dollar weighs | Reuters:
"Oil rose on Wednesday, with top exporter Saudi Arabia expected to increase prices for its crude as part of planned supply cuts, although a strong dollar and moderate economic growth prospects restricted gains.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading at $52.50 per barrel at 0747 GMT, up 17 cents from the last settlement.

Brent crude futures LCOc1 were up 21 cents at $55.68 a barrel."

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MIDEAST STOCKS-Profit-taking weighs on Gulf but Qatar resilient in early trade | Reuters

MIDEAST STOCKS-Profit-taking weighs on Gulf but Qatar resilient in early trade | Reuters:

"Profit-taking weighed on Gulf stock markets in early trade on Wednesday while Qatar's index remained relatively resilient.

Abu Dhabi's index pulled back 0.6 percent with Abu Dhabi Commercial Bank, which had closed 4.4 percent higher on Tuesday, dropping 1.4 percent.

Dubai's main index edged down 0.2 percent as builder Drake & Scull retreated 1.4 percent and peer Arabtec pulled back 2.9 percent.

"



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Opec’s long-term aim is to run down excess stocks

Opec’s long-term aim is to run down excess stocks:

"The deal between Opec and some non-member countries to limit production over the next six months caught the market by surprise. Prices received an immediate boost and Brent, the global oil marker, is now trading at an 18-month high above $58 a barrel. Even so, scepticism remains widespread.

But the 13-member group — and its most important member, Saudi Arabia — has every incentive to make this deal work. Those who doubt that the cuts will be fully implemented should consider the broader context.

Opec has agreed to curb output by 1.16m barrels in the first half, while Russia and a handful of other producers have said they will trim output by 560,000 b/d. Even if some countries do not fully comply, the combination of firm commitments from Saudi Arabia and its Gulf allies — they have pledged 800,000 b/d of cuts — and natural declines in such places as Venezuela suggests Opec output will fall."



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