MIDEAST STOCKS-Qatar, Saudi Arabia and Egypt climb, UAE mkts dip again | Agricultural Commodities | Reuters:
"Qatar's bourse rallied on Tuesday after a two-day pull-back and Saudi Arabia's market continued to firm after positive first-quarter results, while bourses in the United Arab Emirates succumbed to renewed profit-taking.
Qatar's index rose 1.5 percent with property names leading the turnover. Shares in United Development added 2.4 percent and Barwa Real Estate gained 1.4 percent.
Qatar National Bank, however, contributed most to the increase, gaining 2.6 percent. The lender's shares are very likely to be included in the MSCI emerging markets index at the end of May along with some other stocks from Qatar and the UAE.
But exchange data shows foreigners have already invested heavily in QNB and some analysts believe the MSCI upgrade will be followed by profit-taking."
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Tuesday 15 April 2014
Signs of slowing Saudi consumer spending could prove a drag on nation’s economy | The National
Signs of slowing Saudi consumer spending could prove a drag on nation’s economy | The National:
"Saudi Arabians are not spending as much as some economists have predicted, leading to concerns that consumption in the region’s juggernaut economy could be stalling.
While the kingdom’s economy has been on a roll — helped by firm oil prices — some economists are concerned that higher interest rates and a lack of fresh stimulus may dampen consumption growth. That may have a knock-on effect on the overall economy later this year.
“There are signs that domestic demand is weakening,” said William Jackson, an emerging markets economist at the London-based Capital Economics. "
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"Saudi Arabians are not spending as much as some economists have predicted, leading to concerns that consumption in the region’s juggernaut economy could be stalling.
While the kingdom’s economy has been on a roll — helped by firm oil prices — some economists are concerned that higher interest rates and a lack of fresh stimulus may dampen consumption growth. That may have a knock-on effect on the overall economy later this year.
“There are signs that domestic demand is weakening,” said William Jackson, an emerging markets economist at the London-based Capital Economics. "
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UAE support for oil price as demand picks up | The National
UAE support for oil price as demand picks up | The National:
"Oil prices approaching US$110 a barrel are “acceptable” for producers and consumers, and Opec does not need to change its output target, said the UAE’s deputy energy chief.
The group is scheduled to next meet in June in Vienna to debate its 30 million barrel per day (bpd) production ceiling, which has remained unchanged since December 2011.
“I don’t think there will be any change in the quota,” said Matar Al Neyadi, the undersecretary of the UAE Ministry of Energy. “The market is stable, the supply is stable. The price is acceptable and comfortable for the producing countries and the consuming countries.”"
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"Oil prices approaching US$110 a barrel are “acceptable” for producers and consumers, and Opec does not need to change its output target, said the UAE’s deputy energy chief.
The group is scheduled to next meet in June in Vienna to debate its 30 million barrel per day (bpd) production ceiling, which has remained unchanged since December 2011.
“I don’t think there will be any change in the quota,” said Matar Al Neyadi, the undersecretary of the UAE Ministry of Energy. “The market is stable, the supply is stable. The price is acceptable and comfortable for the producing countries and the consuming countries.”"
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GCC takaful industry set to stay on the path | GulfNews.com
GCC takaful industry set to stay on the path | GulfNews.com:
"The takaful industry in the Gulf Cooperation Council (GCC) countries will maintain its growth path in the next five years, but competition, operational issues and lack of qualified talent continue to pose challenges, experts told Gulf News on Monday.
Takaful, an Islamic alternative to conventional insurance, has been growing at a double-digit rate and global premiums are forecast to expand from $4 billion (Dh14.7 billion) in 2007 to $20 billion in 2017. As of 2010, takaful premiums accounted for nearly half (43 per cent) of the GCC region’s composite premiums, compared to 31 per cent nearly a decade ago, or in 2005.
Industry experts who attended the 9th Annual World Takaful Conference (WTC 2014) in Dubai on Monday said the profitability of takaful companies has been threatened not just by competition but by the lack of a uniform regulation that will allow them to operate across different markets. The industry also needs to invest in qualified professionals that will help drive the takaful business forward."
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"The takaful industry in the Gulf Cooperation Council (GCC) countries will maintain its growth path in the next five years, but competition, operational issues and lack of qualified talent continue to pose challenges, experts told Gulf News on Monday.
Takaful, an Islamic alternative to conventional insurance, has been growing at a double-digit rate and global premiums are forecast to expand from $4 billion (Dh14.7 billion) in 2007 to $20 billion in 2017. As of 2010, takaful premiums accounted for nearly half (43 per cent) of the GCC region’s composite premiums, compared to 31 per cent nearly a decade ago, or in 2005.
Industry experts who attended the 9th Annual World Takaful Conference (WTC 2014) in Dubai on Monday said the profitability of takaful companies has been threatened not just by competition but by the lack of a uniform regulation that will allow them to operate across different markets. The industry also needs to invest in qualified professionals that will help drive the takaful business forward."
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Ukraine Bonds Drop as Tension in East Stokes Separatist Concern - Bloomberg
Ukraine Bonds Drop as Tension in East Stokes Separatist Concern - Bloomberg:
"Ukraine’s benchmark bonds fell, pushing yields to a three-week high, as intensifying clashes in the country’s east stoked concern Russia may seek to seize more territory after annexing Crimea last month.
The yield the dollar-denominated debt due April 2023 rose 38 basis points to 9.89 percent, the highest since March 24, at 4:01 p.m. in Kiev. The hryvnia slid for an eighth day, losing 3.5 percent to 13.15 per dollar. The currency, the world’s worst performer this year after a 37 percent drop, weakened to a record 13.6075 on April 11, data compiled by Bloomberg show.
In the Ukrainian town of Slovyansk, about 240 kilometers (150 miles) from the Russian frontier, camouflaged gunmen fired on government troops over the weekend in an anti-terror operation, killing one serviceman, the government in Kiev said. The nation’s bonds ended a three-week rally last week as armed separatists occupied official buildings. They ignored a deadline to vacate earlier today."
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"Ukraine’s benchmark bonds fell, pushing yields to a three-week high, as intensifying clashes in the country’s east stoked concern Russia may seek to seize more territory after annexing Crimea last month.
The yield the dollar-denominated debt due April 2023 rose 38 basis points to 9.89 percent, the highest since March 24, at 4:01 p.m. in Kiev. The hryvnia slid for an eighth day, losing 3.5 percent to 13.15 per dollar. The currency, the world’s worst performer this year after a 37 percent drop, weakened to a record 13.6075 on April 11, data compiled by Bloomberg show.
In the Ukrainian town of Slovyansk, about 240 kilometers (150 miles) from the Russian frontier, camouflaged gunmen fired on government troops over the weekend in an anti-terror operation, killing one serviceman, the government in Kiev said. The nation’s bonds ended a three-week rally last week as armed separatists occupied official buildings. They ignored a deadline to vacate earlier today."
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Egypt Pound Falls to 7-Month Low After Foreign-Investor Payout - Bloomberg
Egypt Pound Falls to 7-Month Low After Foreign-Investor Payout - Bloomberg:
"The Egyptian pound weakened to the lowest level in more than seven months after the central bank cleared a backlog of cash owed to equity investors abroad, reducing the availability of foreign currency.
The currency fell 0.1 percent to 6.9802 a dollar in interbank trading today, the lowest level since Sept. 3, according to data compiled by Bloomberg. The exchange rate is managed by the central bank, which allowed it to depreciate by the same amount at a currency auction today. The pound has declined 0.3 percent since March 26 after more than two months of little change.
Egypt’s central bank said this month it settled all outstanding dues to foreign investors who sold their equity holdings since the start of political unrest in 2011. The pound declined 0.5 percent this year after losing 8.4 percent in 2013, its worst year in a decade. The central bank didn’t say how much it paid back to investors."
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"The Egyptian pound weakened to the lowest level in more than seven months after the central bank cleared a backlog of cash owed to equity investors abroad, reducing the availability of foreign currency.
The currency fell 0.1 percent to 6.9802 a dollar in interbank trading today, the lowest level since Sept. 3, according to data compiled by Bloomberg. The exchange rate is managed by the central bank, which allowed it to depreciate by the same amount at a currency auction today. The pound has declined 0.3 percent since March 26 after more than two months of little change.
Egypt’s central bank said this month it settled all outstanding dues to foreign investors who sold their equity holdings since the start of political unrest in 2011. The pound declined 0.5 percent this year after losing 8.4 percent in 2013, its worst year in a decade. The central bank didn’t say how much it paid back to investors."
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Emerging Stocks Fall With Commodities, Aussie on China - Bloomberg
Emerging Stocks Fall With Commodities, Aussie on China - Bloomberg:
"Emerging-market shares slid a third day and commodities fell as the slowest Chinese money supply growth in almost 13 years tempered optimism from improving U.S. economic data. Japan’s Topix index rose for the first time in eight days and Australia’s dollar retreated.
The MSCI Emerging Markets Index slipped 0.3 percent as of 1:36 p.m. in Tokyo, as Hong Kong’s Hang Seng Index fell 1.1 percent. The Topix climbed 0.5 percent. Standard & Poor’s 500 (SPX) Index futures were little changed. The Aussie retreated 0.3 percent as the central bank forecast steady rates. Crude fell from a six-week high, leading the S&P GSCI Index of commodities lower. Palladium dropped from the highest close since August 2011 as Russia, the metal’s biggest producer, faces the prospect of further sanctions over unrest in Ukraine."
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"Emerging-market shares slid a third day and commodities fell as the slowest Chinese money supply growth in almost 13 years tempered optimism from improving U.S. economic data. Japan’s Topix index rose for the first time in eight days and Australia’s dollar retreated.
The MSCI Emerging Markets Index slipped 0.3 percent as of 1:36 p.m. in Tokyo, as Hong Kong’s Hang Seng Index fell 1.1 percent. The Topix climbed 0.5 percent. Standard & Poor’s 500 (SPX) Index futures were little changed. The Aussie retreated 0.3 percent as the central bank forecast steady rates. Crude fell from a six-week high, leading the S&P GSCI Index of commodities lower. Palladium dropped from the highest close since August 2011 as Russia, the metal’s biggest producer, faces the prospect of further sanctions over unrest in Ukraine."
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