UPDATE 1-MIDEAST STOCKS-Gulf markets pull back as oil weakens | Reuters:
"Gulf stock markets pulled back in thin early trade on Tuesday in the absence of fresh catalysts and after oil extended its losses.
Oil dipped on Tuesday as China's economic growth for 2014 undershot a government target and Brent crude traded below $49 per barrel.
Dubai's index slipped 0.3 percent as most stocks declined. However, low-cast carrier Air Arabia, which stands to benefit from cheaper oil, gained 1.2 percent."
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Tuesday, 20 January 2015
S&P warns of slowdown threat to global sukuk issuance | The National
S&P warns of slowdown threat to global sukuk issuance | The National:
"Global sukuk issuance could be hampered this year by a slowdown in emerging markets as reduced confidence and low oil prices hit investor demand, the ratings agency Standard & Poor’s warns.
Between US$100 billion and $115bn of sukuk will be issued in 2015, S&P expects, roughly the same amount as over the past two years – confounding analyst estimates of double-digit growth for Islamic finance assets.
Corporate and sovereign sukuk are the most commonly issued Islamic financial products, and are principally used for project financing, or in lieu of issuing conventional bonds to raise capital."
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"Global sukuk issuance could be hampered this year by a slowdown in emerging markets as reduced confidence and low oil prices hit investor demand, the ratings agency Standard & Poor’s warns.
Between US$100 billion and $115bn of sukuk will be issued in 2015, S&P expects, roughly the same amount as over the past two years – confounding analyst estimates of double-digit growth for Islamic finance assets.
Corporate and sovereign sukuk are the most commonly issued Islamic financial products, and are principally used for project financing, or in lieu of issuing conventional bonds to raise capital."
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Mena IPOs likely to slow in 2015 after banner year | The National
Mena IPOs likely to slow in 2015 after banner year | The National:
"Initial public offerings in the Mena region may slow this year because of the oil price drop after last year posting the highest value since the 2008 financial crisis, the consultants EY said yesterday.
Companies in the Mena region raised US$11.5 billion through 27 IPOs last year, nearly four times the $3bn reached in 2013 and the highest since 2008, when $13.2bn was mopped up.
“Although there is a healthy pipeline of IPOs for 2015, companies are adopting a “wait-and-see” approach until markets have settled,” Phil Gandier, EY’s Mena transaction advisory services leader, said in a statement. “The interest is still there, but companies are watching the markets closely, waiting for the right window of opportunity to float.”"
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"Initial public offerings in the Mena region may slow this year because of the oil price drop after last year posting the highest value since the 2008 financial crisis, the consultants EY said yesterday.
Companies in the Mena region raised US$11.5 billion through 27 IPOs last year, nearly four times the $3bn reached in 2013 and the highest since 2008, when $13.2bn was mopped up.
“Although there is a healthy pipeline of IPOs for 2015, companies are adopting a “wait-and-see” approach until markets have settled,” Phil Gandier, EY’s Mena transaction advisory services leader, said in a statement. “The interest is still there, but companies are watching the markets closely, waiting for the right window of opportunity to float.”"
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HSBC Cuts GDP Outlook for 13 Oil Exporters From Russia to U.A.E - Bloomberg
HSBC Cuts GDP Outlook for 13 Oil Exporters From Russia to U.A.E - Bloomberg:
"The plunge in oil prices prompted HSBC Holdings Plc to cut this year’s economic outlook for 13 crude exporters across central, eastern Europe and the Middle East as public spending drops.
Economic growth in the grouping will slow to 1.8 percent, compared with an estimate of 2.6 percent in October, the London-based bank said in a report yesterday. Russia’s gross domestic product may shrink 3.5 percent, compared with an October forecast of a one percent-contraction, the bank said.
“With the lower oil price, we are looking for an across the board squeeze,” Simon Williams, chief CEEMEA economist, said in a phone interview from London. “Oil-funded public spending will slow, public and private investment will moderate, and consumption will ease as confidence falls. Governments as borrowers rather than creditors will also put pressure on liquidity.”"
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"The plunge in oil prices prompted HSBC Holdings Plc to cut this year’s economic outlook for 13 crude exporters across central, eastern Europe and the Middle East as public spending drops.
Economic growth in the grouping will slow to 1.8 percent, compared with an estimate of 2.6 percent in October, the London-based bank said in a report yesterday. Russia’s gross domestic product may shrink 3.5 percent, compared with an October forecast of a one percent-contraction, the bank said.
“With the lower oil price, we are looking for an across the board squeeze,” Simon Williams, chief CEEMEA economist, said in a phone interview from London. “Oil-funded public spending will slow, public and private investment will moderate, and consumption will ease as confidence falls. Governments as borrowers rather than creditors will also put pressure on liquidity.”"
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