MIDEAST STOCKS-Gulf markets extend gains as oil stabilises | Reuters:
"Gulf stock markets extended gains on Thursday after oil rebounded slightly from its Wednesday low and several companies made positive announcements.
Supported by a fall in U.S. crude oil inventories, Brent futures traded above $51 per barrel on Thursday after briefly dropping below $50 in the previous session.
Saudi Arabia's stock index climbed 1.9 percent in a broad rally. Retailer Jarir Marketing, which on Wednesday posted a 25.5 percent jump in fourth-quarter profit, surged 6.3 percent."
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Thursday, 8 January 2015
Tehran bourse falls prey to nuclear uncertainty and falling oil | beyondbrics
Tehran bourse falls prey to nuclear uncertainty and falling oil | beyondbrics:
"
Iranian investors’ concerns over the future of nuclear negotiations with the world powers, added to falling oil prices, have caused further falls in shares prices on the Tehran Stock Exchange.
The bourse’s main index, the Tedpix, closed at 66,902 on Wednesday – the last working day this week – about 11 per cent down from its 75,949 points on November 24, when investors expected the nuclear negotiators to yield results, particularly an easing of international sanctions over Tehran’s nuclear programme.
The decline comes after the market saw a rise of about 130 per cent in 2013, mainly due to the market’s adjustment to inflation of about 40 per cent and a 50 per cent drop in value of Iran’s currency, the rial, due to sanctions."
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"
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| Tedpix index, 2 years. Source: Tehran Stock Exchange |
The bourse’s main index, the Tedpix, closed at 66,902 on Wednesday – the last working day this week – about 11 per cent down from its 75,949 points on November 24, when investors expected the nuclear negotiators to yield results, particularly an easing of international sanctions over Tehran’s nuclear programme.
The decline comes after the market saw a rise of about 130 per cent in 2013, mainly due to the market’s adjustment to inflation of about 40 per cent and a 50 per cent drop in value of Iran’s currency, the rial, due to sanctions."
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Ukraine Confident of New Lifeline From Creditors: Minister - Bloomberg
Ukraine Confident of New Lifeline From Creditors: Minister - Bloomberg:
"Ukraine is confident that a drive to broaden economic and fiscal reforms will persuade creditors to back urgent fresh loans, Finance Minister Natalie Jaresko said.
Ukraine will succeed in securing new credit to pay off debt and the release of current bailout payments, Jaresko said in an interview. The country is addressing creditors’ concerns over tardy reforms by getting to grips with entrenched problems including corruption, tax evasion and lagging government asset sales, she said.
“Time is of the essence” in securing creditor backing, U.S.-born Jaresko said yesterday in Berlin, where she and Prime Minister Arseniy Yatsenyuk are holding talks with German Chancellor Angela Merkel’s top aides. “We are looking forward to creditors giving their nod of approval to reform plans.”"
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"Ukraine is confident that a drive to broaden economic and fiscal reforms will persuade creditors to back urgent fresh loans, Finance Minister Natalie Jaresko said.
Ukraine will succeed in securing new credit to pay off debt and the release of current bailout payments, Jaresko said in an interview. The country is addressing creditors’ concerns over tardy reforms by getting to grips with entrenched problems including corruption, tax evasion and lagging government asset sales, she said.
“Time is of the essence” in securing creditor backing, U.S.-born Jaresko said yesterday in Berlin, where she and Prime Minister Arseniy Yatsenyuk are holding talks with German Chancellor Angela Merkel’s top aides. “We are looking forward to creditors giving their nod of approval to reform plans.”"
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UPDATE 2-MIDEAST STOCKS-Gulf markets extend gains after oil edges up | Reuters
UPDATE 2-MIDEAST STOCKS-Gulf markets extend gains after oil edges up | Reuters:
"Gulf stock markets rose on Thursday after oil rebounded slightly from its Wednesday low and several companies made positive announcements.
Supported by a fall in U.S. crude oil inventories, Brent futures bounced around $51 per barrel on Thursday after briefly dropping below $50 in the previous session.
Saudi Arabia's stock index climbed 1.8 percent in a broad rally. Shares in Saudi British Bank (SABB) jumped 2.1 percent after it received approval to raise its capital by 50 percent to 15 billion riyals ($4 billion) through a bonus share issue."
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"Gulf stock markets rose on Thursday after oil rebounded slightly from its Wednesday low and several companies made positive announcements.
Supported by a fall in U.S. crude oil inventories, Brent futures bounced around $51 per barrel on Thursday after briefly dropping below $50 in the previous session.
Saudi Arabia's stock index climbed 1.8 percent in a broad rally. Shares in Saudi British Bank (SABB) jumped 2.1 percent after it received approval to raise its capital by 50 percent to 15 billion riyals ($4 billion) through a bonus share issue."
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Abu Dhabi’s proposed financial centre reveals its law plans | The National
Abu Dhabi’s proposed financial centre reveals its law plans | The National:
"Abu Dhabi Global Market, the UAE capital’s proposed financial centre, has thrown its plans open for public consultation in the build up to its launch.
The consultation documents – which will form the basis of legislation paving the way for the ADGM’s formal opening – reveal that the market will be based directly on English common law, but influenced by the legal systems applied in two of the world’s biggest financial centres: Singapore and Hong Kong.
The documents also contain detailed proposals for how ADGM will structure company law, insolvency practice, employment and property legislation, as well as its own operating regulations."
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"Abu Dhabi Global Market, the UAE capital’s proposed financial centre, has thrown its plans open for public consultation in the build up to its launch.
The consultation documents – which will form the basis of legislation paving the way for the ADGM’s formal opening – reveal that the market will be based directly on English common law, but influenced by the legal systems applied in two of the world’s biggest financial centres: Singapore and Hong Kong.
The documents also contain detailed proposals for how ADGM will structure company law, insolvency practice, employment and property legislation, as well as its own operating regulations."
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Add Natural Gas Prices to Putin’s Long List of Problems - Bloomberg
Add Natural Gas Prices to Putin’s Long List of Problems - Bloomberg:
"After last year’s plunges in oil and the ruble, Russian President Vladimir Putin now has another thing to worry about: the price of natural gas.
While the fuel held up better than oil last year, weakening just about half as much, the average cost on Europe’s biggest open market will fall 13 percent this year to the lowest since 2010, according to the median of 13 traders, brokers and analyst estimates compiled by Bloomberg. Part of the reason for the drop is that global production capacity of liquefied natural gas will jump the most in four years, boosting competition for Russian pipeline flows that meet almost a third of Europe’s demand.
Brent crude, used to help price state-owned OAO Gazprom’s gas sales to Europe, slumped 48 percent last year on global oversupply. Russia gets two-thirds of its export revenue from oil and gas and Putin has warned the nation of a recession as the world’s biggest energy exporter also contends with a 34 percent drop in its currency versus the euro."
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"After last year’s plunges in oil and the ruble, Russian President Vladimir Putin now has another thing to worry about: the price of natural gas.
While the fuel held up better than oil last year, weakening just about half as much, the average cost on Europe’s biggest open market will fall 13 percent this year to the lowest since 2010, according to the median of 13 traders, brokers and analyst estimates compiled by Bloomberg. Part of the reason for the drop is that global production capacity of liquefied natural gas will jump the most in four years, boosting competition for Russian pipeline flows that meet almost a third of Europe’s demand.
Brent crude, used to help price state-owned OAO Gazprom’s gas sales to Europe, slumped 48 percent last year on global oversupply. Russia gets two-thirds of its export revenue from oil and gas and Putin has warned the nation of a recession as the world’s biggest energy exporter also contends with a 34 percent drop in its currency versus the euro."
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Oil Has Fallen Into Overshooting Territory: David Woo: Video - Bloomberg
Oil Has Fallen Into Overshooting Territory: David Woo: Video - Bloomberg:
"David Woo of Bank of America Merrill Lynch discusses falling oil prices and possible deflation in Europe. He speaks on “Bloomberg Surveillance.”
"
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"David Woo of Bank of America Merrill Lynch discusses falling oil prices and possible deflation in Europe. He speaks on “Bloomberg Surveillance.”
"
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UAE Flexes Muscle in Middle East Reaching Beyond Finance-Hub Role - Bloomberg
UAE Flexes Muscle in Middle East Reaching Beyond Finance-Hub Role - Bloomberg:
"When Mariam Al Mansouri, a female fighter pilot from the United Arab Emirates, made headlines in September for leading airstrikes against Islamic State, she put a public face to her country’s ambitions.
Best known for its financial allure, symbolized by Dubai’s skyscrapers, the U.A.E. is starting to flex its military and diplomatic muscles too. In the past year it has helped consolidate an army-installed government in Egypt and is said to have sent planes to bomb Islamists in Libya, as well as joining the U.S. campaign against militants in Syria.
With traditional Arab powers mired in war or political turmoil, and U.S. attention drifting elsewhere, there’s room for oil-rich Gulf states to exert more influence over the Middle East. The U.A.E. promotes itself as a template of economic success built on a liberal social model, though oil wealth and a small population may limit its relevance as a regional model, while rights groups question the extent of its tolerance."
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"When Mariam Al Mansouri, a female fighter pilot from the United Arab Emirates, made headlines in September for leading airstrikes against Islamic State, she put a public face to her country’s ambitions.
Best known for its financial allure, symbolized by Dubai’s skyscrapers, the U.A.E. is starting to flex its military and diplomatic muscles too. In the past year it has helped consolidate an army-installed government in Egypt and is said to have sent planes to bomb Islamists in Libya, as well as joining the U.S. campaign against militants in Syria.
With traditional Arab powers mired in war or political turmoil, and U.S. attention drifting elsewhere, there’s room for oil-rich Gulf states to exert more influence over the Middle East. The U.A.E. promotes itself as a template of economic success built on a liberal social model, though oil wealth and a small population may limit its relevance as a regional model, while rights groups question the extent of its tolerance."
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Turkey Sells $1.5 Billion of Bonds in First Offering of 2015 - Bloomberg
Turkey Sells $1.5 Billion of Bonds in First Offering of 2015 - Bloomberg:
"Turkey sold its first international bond of 2015, paying less than higher-rated Brazil and South Africa as the country’s borrowing costs tumble to near the lowest in 18 months.
The government issued $1.5 billion more of securities maturing in April 2043 to yield 4.95 percent, or 2.42 percentage points more than similar-maturity U.S. treasuries, according to a person familiar with the offering who asked not to be identified because they weren’t authorized to speak publicly. The country’s dollar bonds yield an average 4.47 percent, according to JPMorgan Chase & Co. data.
Turkish dollar debt has returned 18 percent over the past year, more than triple the emerging-market average, in part on expectations declining oil prices will help narrow the nation’s current-account deficit and further stem inflation that fell to 8.9 percent in December. Turkey is taking advantage of favorable borrowing conditions to sell bonds, including a lira that’s trading within 4 percent of last month’s record and the lowest 30-year U.S. Treasury yields in over two years, according to Cristian Maggio, a strategist at Toronto Dominion in London."
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"Turkey sold its first international bond of 2015, paying less than higher-rated Brazil and South Africa as the country’s borrowing costs tumble to near the lowest in 18 months.
The government issued $1.5 billion more of securities maturing in April 2043 to yield 4.95 percent, or 2.42 percentage points more than similar-maturity U.S. treasuries, according to a person familiar with the offering who asked not to be identified because they weren’t authorized to speak publicly. The country’s dollar bonds yield an average 4.47 percent, according to JPMorgan Chase & Co. data.
Turkish dollar debt has returned 18 percent over the past year, more than triple the emerging-market average, in part on expectations declining oil prices will help narrow the nation’s current-account deficit and further stem inflation that fell to 8.9 percent in December. Turkey is taking advantage of favorable borrowing conditions to sell bonds, including a lira that’s trading within 4 percent of last month’s record and the lowest 30-year U.S. Treasury yields in over two years, according to Cristian Maggio, a strategist at Toronto Dominion in London."
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