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Sunday, 10 December 2017

Wary Saudis Need Better News on Economy to Snap Stock-Sale Habit - Bloomberg

Wary Saudis Need Better News on Economy to Snap Stock-Sale Habit - Bloomberg:

"Saudi authorities are changing market regulations to attract foreign investors to the country’s stock market. Those changes haven’t enticed local individuals to buy shares.

Net sales of Saudi stocks by retail, high-net-worth and individual professional investors stretched to 80 consecutive weeks at the end of November, figures from the Riyadh bourse show. They have only bought in three weeks since detailed data started 27 months ago. Institutions have been more positive, purchasing stocks when local retail investors sell, seen by some analysts as a sign of government support."



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SoftBank's Saudi Ties Could Mean Cash After Kingdom's Crackdown - Bloomberg

SoftBank's Saudi Ties Could Mean Cash After Kingdom's Crackdown - Bloomberg:

"Billionaire Masayoshi Son may be getting closer to achieving his dream of making SoftBank Group Corp. the world’s biggest investor in technologies. The reason has to do with the main patron of Son’s $100 billion investment plan, Saudi Arabia’s Crown Prince Mohammed bin Salman. The Saudi prince has been the largest investor in the SoftBank Vision Fund, contributing almost half of the money Son has been raising to accelerate his dealmaking around the world. And since November, Prince Mohammed has been at the center of an unprecedented purge of officials and political rivals in the oil-rich nation, leading to a consolidation of his power."



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MIDEAST STOCKS-Major markets rise, led by Saudi and Egypt

MIDEAST STOCKS-Major markets rise, led by Saudi and Egypt:

"Major Gulf stock markets rose on Sunday in line with strength in global bourses at the end of last week, with Saudi Arabia and Egypt leading.

The Saudi index rose 0.8 percent points to 7,145, bouncing for a second straight day from technical support around 7,000 points in very heavy trade.

After initially pulling out of the market in the wake of Saudi Arabia’s crackdown on corruption, announced early last month, retail investors have been coming back in after it became clear that damage to the economy due to the crackdown was not as serious as feared."



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Saudi Aramco plans for a life after oil

Saudi Aramco plans for a life after oil:

"Rising from the desert like a metallic oasis, the Sadara chemicals plant in Saudi Arabia’s eastern province is a labyrinth of pipes, tanks and furnaces covering an area three times the size of Monaco and made with enough steel to build the Golden Gate bridge twice.

The $20bn project, completed in September, is the largest chemicals facility constructed in a single phase anywhere in the world. It stands as a powerful statement of intent by Saudi Aramco, the state oil company, to adapt to a changing energy environment and as a symbol of what a reformed Saudi economy could look like.

Increasing investment in chemicals aligns the company with the ambitious economic overhaul being pushed by Crown Prince Mohammed bin Salman to wean the kingdom off what he has called its “dangerous addiction to oil”."



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GCC sovereign issuance expected to hit $148bn in 2018: Moody’s - The Peninsula Qatar

GCC sovereign issuance expected to hit $148bn in 2018: Moody’s - The Peninsula Qatar:

"The global sukuk market will continue to rebound from a sharp drop in volumes in 2015, supported by a range of factors, including rising sovereign issuance, product innovation, increasing demand from retail banks and a narrowing of spreads over conventional bonds, Moody’s Investors Service said in a report. Moody’s estimates that total sukuk issuance will reach around $95bn by the end of this year, after more than $85bn in 2016, including more than $50bn of sukuk issuance by sovereigns. “Sovereigns have underpinned a recovery in the global sukuk market this year, with their issuance increasing by 50 percent in the first eight months of 2017,” said Christian de Guzman, a Moody’s Vice President -- Senior Credit Officer and one of the report’s authors. “We expect sovereign sukuk issuance volumes will continue to grow in 2018 as governments look to diversify their financing mix and satisfy the liquidity needs of Islamic retail banks.”"



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Rouhani's New Iran Budget Focuses on Creating Jobs, Fixing Banks - Bloomberg

Rouhani's New Iran Budget Focuses on Creating Jobs, Fixing Banks - Bloomberg:

"Iranian President Hassan Rouhani submitted a $337 billion draft budget to parliament that earmarks about $100 billion for public service programs that would create jobs, address a banking crisis and introduce a new social security program. Rouhani told lawmakers that the budget was based on oil prices forecast at $55 a barrel, according to an advance text of the speech, delivered on state TV. He said banks need to “withdraw from business dealings” and return to traditional lending services, and pledged more than $3 billion to shore up the sector, which has been beset by bad loans and unauthorized credit lenders. The draft, which is to be debated, revised and approved by lawmakers, is for the new Iranian year starting March 21. It introduces significant increases to various fees and duties including car registration and the departure tax."



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Kuwait oil minister: exit strategy of global cuts to be discussed before June

Kuwait oil minister: exit strategy of global cuts to be discussed before June:

"Kuwait’s oil minister Essam al-Marzouq said on Sunday that OPEC and other oil producers will study before June the possibility of an exit strategy from the global oil supply-cut agreement.

“There are still meetings every couple of months for the ministerial monitoring committee, and there will be a study formed for the possibility of an exit strategy... before June,” he told reporters.

The Organization of the Petroleum Exporting Countries and non-OPEC producers led by Russia have agreed to extend oil output cuts until the end of 2018 as they try to clear a global oil glut while signaling a possible early exit from the deal if the market overheats. "



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The Arctic Threat to Oil's Grand Bargain - Bloomberg Gadfly

The Arctic Threat to Oil's Grand Bargain - Bloomberg Gadfly:

"When Saudi Arabia's oil minister attended Friday's grand opening of a giant liquefied natural gas plant in northern Siberia, he'd have known this was just part of a bigger energy story developing in Russia's icy north. It's not just gas that's a big deal there. Russia's Arctic oil flows are soaring too.These are not the putative offshore fields that energy supremo Igor Sechin touted five years ago as Russian oil's future. Arctic exploration has been all but halted by cheap oil and Crimea-based sanctions. But other development projects in the region have quietly gathered momentum, yielding almost 400,000 barrels a day of exports."



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Still holding lows, UAE market keeps investors on edge | ZAWYA MENA Edition

Still holding lows, UAE market keeps investors on edge | ZAWYA MENA Edition:

"Last week the Dubai Financial Market General Index (DFMGI) fell by 26.71 or 0.78 per cent to close at 3,393.46, a new weekly closing low for the current decline. Downward pressure was spread through the market with only eight issues that advanced and twenty-five declining. Volume for the week was essentially flat compared to the previous week. The overriding chart pattern for the DFMGI is a series of lower weekly highs. As of last week that pattern has persisted for six straight weeks. What we don’t see is a continuation of the pattern of lower weekly lows which would be more bearish, as last week’s low found support right around the 3,382.83 low from three weeks ago. Last week’s low was 3,381.67, and together with the three-week low creates a shelf of support for the index. So far there is no sign of buyers stepping in but the index has stopped going down so far. There are a couple primary scenarios that look plausible for the near future given the price action of the past month, as the DFMGI is still attempting to find a bottom. The two lows mentioned above could turn into the beginning of a double bottom trend reversal pattern. Although the pattern is not perfect given its shape, there are two bottom, with the caveat that the second bottom still needs a little more confirmation. Regardless, the pattern is not confirmed as a double bottom until there is an upside breakout. That wouldn’t occur until there is a decisive rally above 3,476.27."



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MIDEAST STOCKS- Gulf rises, Qatar's Mesaieed sees heavy volume | ZAWYA MENA Edition

MIDEAST STOCKS- Gulf rises, Qatar's Mesaieed sees heavy volume | ZAWYA MENA Edition:

"Gulf stock markets rose in early trade on Sunday with Qatar's Mesaieed Petrochemical again attracting unusually heavy trading volume. The Qatari index climbed 1.4 percent; it has been trading near six-year lows for a month and appears to have established strong support in that area. Mesaieed, the most heavily traded stock, gained 1.2 percent. On Thursday, Mesaieed had posted its largest volume since April 2016. All 10 of Qatar's most active stocks rose and drilling rig provider Gulf International Services added 4.3 percent. "



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