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Saturday, 11 November 2017

Bottom falls out of UAE markets | GulfNews.com

Bottom falls out of UAE markets | GulfNews.com:

"Last week the Dubai Financial Market General Index (DFMGI) fell by 172.43 or 4.76 per cent to close at 3,449.81, that’s the largest one-week decline since May 2016 and the lowest close in 18 weeks. Most issues fell as there were 34 declining and only eight that advanced, while volume increased from the previous week. The precipitous fall triggered the breakdown of a double top trend reversal pattern on a move below 3,538 with the index then retracing just over two thirds of the prior advance. In addition, the minimum anticipated target of 3,391.90 from the double top was just about reached, close enough to consider finished. As of last week’s low of 3,397.92 the index was down 6.2 per cent for the week before recoving into the close. Also at that low the DFMGI was 7.8 per cent below the recent peak of 3,684.19 hit only three weeks ago. Selling pressure remained into the end of the week with the index closing in the bottom quarter of the week’s range."



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World Bank official: Saudi fight against corruption ‘important for development’ | Arab News

World Bank official: Saudi fight against corruption ‘important for development’ | Arab News:

"Fighting corruption is key to Saudi Arabia’s development, a senior World Bank official said as he welcomed the raft of reforms underway in the Kingdom.
Hafez Ghanem, vice president of the World Bank for the Middle East and North Africa, told Arab News that anti-corruption drives were important to a country’s future development.
“Fighting corruption is important for development, it is an important part of the Vision 2030,” he said, making reference to the ambitious reform plan spearheaded by Crown Prince Mohammed bin Salman."



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Dubai to get spillover boost from Aramco listing says DIFC chief | Arab News

Dubai to get spillover boost from Aramco listing says DIFC chief | Arab News:

"Dubai is set to benefit from the spillover effect of a Saudi Aramco listing and other market reforms underway in Saudi Arabia, according to the chief of the emirate’s financial hub The planned listing of Saudi Aramco and the opening of financial markets in Saudi Arabia will “increase the pie” of financial services in the region, said Dubai International Financial Center (DIFC) Governor Essa Kazim, in an interview on the sidelines of a World Economic Forum meeting in Dubai. “Opening Saudi is completely a positive for the whole region,” said Kazim. “Our market is highly interactive with the Saudi market, so the investment flow that would come to Saudi would have a spillover into our market."



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Boeing sees steady Gulf demand, interest in mid-sized jet

Boeing sees steady Gulf demand, interest in mid-sized jet:

"Boeing (BA.N) sought to dispel concerns about a slowdown in the growth of Gulf airlines as the aerospace industry gathered on Saturday for the Dubai Airshow.

Speaking to reporters on the eve of the showcase event, executives at the U.S. planemaker also played down the impact of growing political tensions in the region.

“Traffic is coming back and yields are improving and this is going to be a very positive backdrop to the Dubai Airshow,” Marty Bentrott, vice president for Boeing’s commercial sales in the region, said, citing higher profit at Dubai’s Emirates. "



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A political shock throws Lebanon's economy back into crisis

A political shock throws Lebanon's economy back into crisis:

"Just when things were starting to look up for Lebanon’s economy, a new political crisis threatens to send it crashing down again. Prime Minister Saad Hariri’s shock resignation could unravel the first steps in years toward injecting some cash and confidence in Lebanon’s anemic economy. Already, the crisis is putting at risk multi-billion-dollar plans to rebuild decaying road and electrical and communication networks and get the oil and gas sector moving. Lebanon has long been buffeted by blows from the great-powers rivalry between Saudi Arabia and Iran. But its economy sputtered on under a tacit understanding among the regional heavyweights and their local proxies that left Lebanon on the sidelines of that contest."



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Oil prices slide after U.S. drillers add rigs

Oil prices slide after U.S. drillers add rigs:

"Crude was down slightly on Friday as expectations that OPEC and other producers will extend their production cut agreement were offset by U.S. drillers adding the most oil rigs in a week since June, indicating output will continue to grow.

U.S. energy companies added nine oil drilling rigs this week, the second increase in three weeks, bringing the total count up to 738, General Electric Co’s Baker Hughes energy services firm said in its closely followed report. [RIG/U]

Brent futures fell 41 cents, or 0.6 percent, to $63.52 a barrel, while U.S. West Texas Intermediate crude settled down 43 cents at $56.74 per barrel."



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