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Wednesday, 5 July 2017

MIDEAST STOCKS- #Qatar edges up before Cairo meeting, Saudi extends slide | Reuters

MIDEAST STOCKS-Qatar edges up before Cairo meeting, Saudi extends slide | Reuters:

"Qatar's stock index edged up on Wednesday as foreign ministers of four Arab states prepared to meet to consider sanctions against Doha.

A deadline for Qatar to comply with a list of demands made by the states expired overnight. Doha has submitted replies to mediator Kuwait that have not been disclosed.

Doha has shown no sign of acquiescing to major demands, which raises the possibility of the four states imposing more sanctions. But it is not clear that any fresh steps - such as the withdrawal of deposits from Qatar's banking system - would be crippling, given Doha's large financial resources."



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Qatar signals LNG price war for market share in Asia | Reuters

Qatar signals LNG price war for market share in Asia | Reuters:

"Qatar's plan to boost liquefied natural gas (LNG) output by 30 percent is the opening shot in a price war for customers in Asia pitting the Gulf state against competitors from the United States, Russia and Australia. Qatar, facing regional isolation in a diplomatic dispute with its Gulf neighbors, took energy markets by surprise on Tuesday when it said it would raise its LNG production to 100 million tonnes per year - equivalent to a third of current global supplies - within the next five to seven years. It suggests the wealthy kingdom is preparing for a lengthy battle with Saudi Arabia, Egypt, the United Arab Emirates and Bahrain, who were due to meet on Wednesday to decide whether to continue sanctions they imposed on Qatar over accusations it was aiding terrorism and courting regional rival Iran."



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Qatar Bond Dip Draws Investment-Grade Yield Seekers Amid Row - Bloomberg

Qatar Bond Dip Draws Investment-Grade Yield Seekers Amid Row - Bloomberg:

"Some investors are finding value again in Qatar’s international debt following a four-week selloff as a deadline in the standoff between the world’s biggest natural-gas exporter and its Gulf neighbors looms. The nation’s bonds maturing in two to 29 years have fallen 3 percent on average since June 5, when a Saudi Arabian-led coalition froze political ties and imposed trade limits amid allegations Doha bankrolls terrorists. That’s more than double the drop for the Bloomberg U.S. Dollar Emerging-Market Sovereign Bond Index, raising the appeal of the investment-grade securities."



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Control Risks Says Qatar Spat Leaves GCC in Real Mess - Bloomberg

Control Risks Says Qatar Spat Leaves GCC in Real Mess - Bloomberg:



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Soltvedt on What Lies Behind the Saudi-Led, Qatar Dispute - Bloomberg

Soltvedt on What Lies Behind the Saudi-Led, Qatar Dispute - Bloomberg:

"Torbjorn Soltvedt, head of Middle East and North Africa at Verisk Maplecroft, discusses a Saudi-led dispute with Qatar and what an escalation may look like. He speaks with Guy Johnson on “Bloomberg Markets: European Open.” (Source: Bloomberg)"



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Top Underwriter Says Dana's Case Is a Dud, Won't Hurt Market - Bloomberg

Top Underwriter Says Dana's Case Is a Dud, Won't Hurt Market - Bloomberg:

"The head of the sukuk industry’s biggest underwriter says a bid by a Middle Eastern energy company to nullify $700 million of its own bonds is bound for failure. What’s more, Dana Gas PJSC’s case will leave the $2 trillion global Islamic finance industry relatively unscathed. That’s the view of Mohamed Rafe Mohamed Haneef, the chief executive officer of CIMB Islamic Bank Bhd., which has underwritten more sukuk deals this year than any other company worldwide, according to data compiled by Bloomberg."



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Brent oil remains below $50 as OPEC supplies rise again | Reuters

Brent oil remains below $50 as OPEC supplies rise again | Reuters:

"Brent crude oil remained below $50 per barrel on Wednesday, weighed down by another rise in OPEC supplies despite a pledge to cut production, but geopolitical tensions in the Korean peninsula and the Middle East put a floor under prices.

Brent crude futures, the international benchmark for oil prices, were at $49.60 per barrel at 0651 GMT, little changed from their last close.

U.S. West Texas Intermediate (WTI) crude futures were down 6 cents at $47.02 per barrel."



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MIDEAST STOCKS-Political stalemate stalls Doha, Riyadh stabilises in early trade | Reuters

MIDEAST STOCKS-Political stalemate stalls Doha, Riyadh stabilises in early trade | Reuters:

"Qatar's stock market index stayed near January 2016 lows early on Wednesday ahead of a meeting by the four Arab states which are boycotting it later in the day in Cairo. Riyadh's bourse steadied after a sharp fall on the previous day. A deadline for Doha to comply with the four states' demands officially expired overnight; Qatar has submitted replies to the demands to mediator Kuwait, but nobody has disclosed what those replies are. Doha has shown no sign of acquiescing to major demands, which raises the possibility of the four states imposing more sanctions, but it is not clear that any fresh steps - such as the withdrawal of deposits from Qatar's banking system - would be crippling, given Doha's large financial resources."



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After Month of Crisis, Here Are Qatar's Worst-Hit Stocks - Bloomberg

After Month of Crisis, Here Are Qatar's Worst-Hit Stocks - Bloomberg:

"Qatar’s stock market has lost about $15 billion in market value, or 10 percent, since the start of a Saudi-led boycott on June 5, with 17 of 19 members on the main QE index declining led by Qatari Investors Group QSC. The U.A.E., Saudi Arabia and Egypt accuse Qatar of supporting terrorist groups, a charge that the gas-rich nation denies. Qatar submitted a response on Monday to the group’s 13 demands, which the Saudis said they will study before responding. “Hopes are up for a resolution,” said Marwan Shurrab, head of high net-worth and retail equities brokerage at Al Ramz Capital LLC in Dubai. A positive diplomatic outcome “could bring strong momentum,” he said."



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Qatar economic outlook downgraded hours before crunch Gulf meeting | World news | The Guardian

Qatar economic outlook downgraded hours before crunch Gulf meeting | World news | The Guardian:



"Ratings agency Moody’s has downgraded Qatar’s economic outlook as political uncertainty swirled ahead of a crunch meeting between Arab nations on Wednesday in Cairo.

A quartet of Arab nations said early on Wednesday it had received Qatar’s response to its demands for ending a diplomatic crisis gripping the Persian Gulf. Bahrain, Egypt, Saudi Arabia and the United Arab Emirates said only that they would respond “in a timely manner”.

Ratings agency Moody’s changed Qatar’s outlook to negative, saying this was largely due to the ongoing diplomatic dispute engulfing the tiny, energy-rich nation. Early on Wednesday it said “the likelihood of a prolonged period of uncertainty extending into 2018 has increased and a quick resolution of the dispute is unlikely over the next few months”. The turmoil “carries the risk that Qatar’s sovereign credit fundamentals could be negatively affected”, it added."



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