MIDEAST STOCKS-Most Gulf markets fall as oil drops further | Reuters: "Most
Middle East stock markets fell on Tuesday as oil prices dipped to their lowest point since February, but Saudi Arabia and Egypt stabilised and edged up after leading losses in the previous session.
Brent crude was down 0.9 percent by the time all markets in the region closed, as a rout in the Chinese stock market cast further doubt over the outlook for crude demand in the world's top commodities consumer.
But the main Saudi stock index inched up 0.1 percent, after dropping 2.4 percent in the previous session in response to oil's weakness."
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Tuesday, 28 July 2015
MIDEAST STOCKS-Saudi Arabia, Egypt stabilise after sell-offs | Reuters
MIDEAST STOCKS-Saudi Arabia, Egypt stabilise after sell-offs | Reuters:
"Stock markets in Saudi Arabia and Egypt moved little in early trade on Tuesday, stabilising after sharp declines earlier this week.
The main Saudi stock index inched up 0.1 percent after dropping 2.4 percent in the previous session in response to oil's weakness.
Banking blue chips, such as Al Rajhi, up 1.0 percent, and Samba Financial Group, which added 0.7 percent, were the main supports for the benchmark."
'via Blog this'
"Stock markets in Saudi Arabia and Egypt moved little in early trade on Tuesday, stabilising after sharp declines earlier this week.
The main Saudi stock index inched up 0.1 percent after dropping 2.4 percent in the previous session in response to oil's weakness.
Banking blue chips, such as Al Rajhi, up 1.0 percent, and Samba Financial Group, which added 0.7 percent, were the main supports for the benchmark."
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UAE consumer confidence drops as job concerns rise | GulfNews.com
UAE consumer confidence drops as job concerns rise | GulfNews.com:
"UAE’s consumer confidence index dropped in the second quarter due to declining sentiment over job prospects and personal finances.
The latest Nielsen Consumer Confidence Index showed that the residents’ level of optimism is still highest in the Middle East and Africa region, but it dropped by seven index points from the first quarter to a score of 108. The quarterly decline is the biggest in six years.
Most UAE residents are now not in the mood to spend, with more than two-thirds (70 per cent) saying they are serious about finding ways to cut household spending. Consumers are extra careful not to overspend on clothes, as well as on “take-out” meals."
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"UAE’s consumer confidence index dropped in the second quarter due to declining sentiment over job prospects and personal finances.
The latest Nielsen Consumer Confidence Index showed that the residents’ level of optimism is still highest in the Middle East and Africa region, but it dropped by seven index points from the first quarter to a score of 108. The quarterly decline is the biggest in six years.
Most UAE residents are now not in the mood to spend, with more than two-thirds (70 per cent) saying they are serious about finding ways to cut household spending. Consumers are extra careful not to overspend on clothes, as well as on “take-out” meals."
'via Blog this'
MIDEAST STOCKS-Gulf markets slip as oil extends losses | Reuters
MIDEAST STOCKS-Gulf markets slip as oil extends losses | Reuters:
"Gulf stock markets slipped in early trade on Tuesday after oil prices slid again on concern about global oversupply.
Crude prices fell towards four-month lows, dropping for a fifth straight session. Brent futures traded just above $53 per barrel.
Dubai's bourse edged down 0.6 percent with most stocks in the red. Builder Arabtec fell 1.3 percent and was the most traded stock."
'via Blog this'
"Gulf stock markets slipped in early trade on Tuesday after oil prices slid again on concern about global oversupply.
Crude prices fell towards four-month lows, dropping for a fifth straight session. Brent futures traded just above $53 per barrel.
Dubai's bourse edged down 0.6 percent with most stocks in the red. Builder Arabtec fell 1.3 percent and was the most traded stock."
'via Blog this'
Standard Chartered Said to Pick U.A.E. CEO, Islamic Head - Bloomberg Business
Standard Chartered Said to Pick U.A.E. CEO, Islamic Head - Bloomberg Business:
"Standard Chartered Plc has selected global head of audit Julian Wynter as its chief executive officer for the United Arab Emirates, according to four people with knowledge of the matter.
Wynter’s appointment has yet to be announced internally, the people said, asking not to be identified as the information isn’t public. Wynter, based in London and previously CEO of the bank’s Malaysian business, will replace Mohsin Nathani, who resigned in April. The U.A.E. is among the lender’s top five markets.
Standard Chartered is experiencing a management exodus after Bill Winters took over as CEO from Peter Sands last month amid falling earnings and a 35 percent drop in its share price in the last two years. Departures include Viswanathan Shankar, the former head of Europe, the Middle East, Africa and the Americas, Jaspal Bindra, the ex-Asia head, and Africa CEO Diana Layfield. Chairman John Peace is set to leave next year."
'via Blog this'
"Standard Chartered Plc has selected global head of audit Julian Wynter as its chief executive officer for the United Arab Emirates, according to four people with knowledge of the matter.
Wynter’s appointment has yet to be announced internally, the people said, asking not to be identified as the information isn’t public. Wynter, based in London and previously CEO of the bank’s Malaysian business, will replace Mohsin Nathani, who resigned in April. The U.A.E. is among the lender’s top five markets.
Standard Chartered is experiencing a management exodus after Bill Winters took over as CEO from Peter Sands last month amid falling earnings and a 35 percent drop in its share price in the last two years. Departures include Viswanathan Shankar, the former head of Europe, the Middle East, Africa and the Americas, Jaspal Bindra, the ex-Asia head, and Africa CEO Diana Layfield. Chairman John Peace is set to leave next year."
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Oil Extends Decline in Bear Market Amid Signs Glut Will Persist - Bloomberg Business
Oil Extends Decline in Bear Market Amid Signs Glut Will Persist - Bloomberg Business:
"Oil extended declines in a bear market amid signs producers from the Middle East to the U.S. will continue adding supplies to a global glut.
Futures slid as much as 1 percent in New York, dropping for a fifth day. Oil exports from southern Iraq rose to a record this month, while a Bloomberg survey forecasts U.S. crude stockpiles expanded for a second week through July 24. Brent in London closed Monday more than 20 percent lower than its peak reached in May, meeting the common definition of a bear market.
Oil’s rebound from a six-year low has faltered on signs the global surplus will persist as the U.S. produces near the fastest rate in three decades and leading OPEC members pump at a record. The Bloomberg Commodity Index dropped for a fourth straight session Monday, extending its plunge to a 13-year low."
'via Blog this'
"Oil extended declines in a bear market amid signs producers from the Middle East to the U.S. will continue adding supplies to a global glut.
Futures slid as much as 1 percent in New York, dropping for a fifth day. Oil exports from southern Iraq rose to a record this month, while a Bloomberg survey forecasts U.S. crude stockpiles expanded for a second week through July 24. Brent in London closed Monday more than 20 percent lower than its peak reached in May, meeting the common definition of a bear market.
Oil’s rebound from a six-year low has faltered on signs the global surplus will persist as the U.S. produces near the fastest rate in three decades and leading OPEC members pump at a record. The Bloomberg Commodity Index dropped for a fourth straight session Monday, extending its plunge to a 13-year low."
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Five reasons investors shun frontier markets | beyondbrics
Five reasons investors shun frontier markets | beyondbrics:
"There is no doubt that frontier equity markets are appealing as a concept. They are seen as future growth engines in the world economy, available at an entry point that may be similar to the opportunity offered by emerging markets twenty years ago.
A $100 sum invested in a broad emerging markets index in 2001 would be worth about $285 today, versus $154 for the same amount invested in developed global markets*.
So, why are investors generally not investing in frontier markets, which may offer a similar upside? Here are five probable reasons why, along with a reasoned assessment of each."
'via Blog this'
"There is no doubt that frontier equity markets are appealing as a concept. They are seen as future growth engines in the world economy, available at an entry point that may be similar to the opportunity offered by emerging markets twenty years ago.
A $100 sum invested in a broad emerging markets index in 2001 would be worth about $285 today, versus $154 for the same amount invested in developed global markets*.
So, why are investors generally not investing in frontier markets, which may offer a similar upside? Here are five probable reasons why, along with a reasoned assessment of each."
'via Blog this'
A complacent west is failing Ukraine | beyondbrics
A complacent west is failing Ukraine | beyondbrics:
"The west is in danger of losing Ukraine unless there is a significant change in the scale and nature of its engagement with the country over the coming weeks and months. That is the somber reality European and US policy makers need to grasp as Ukraine is hit by a wave of protests, terrorist attacks and continued violations of the ceasefire by separatists in the east. Against a background of deepening hardship and rising political frustration, there is a very real risk that the reformist drive of the last few months will give way to a new populism that takes Ukraine backwards and opens the door to renewed Russian influence. Complacent western leaders must act before it’s too late.
Popular disaffection came to a head this month when the Ukrainian parliament narrowly passed a constitutional bill recognising the separatist enclaves in Donetsk and Luhansk. With the economy expected to contract by 9 per cent this year, inflation projected at 46 per cent and a poverty rate approaching 33 per cent, many Ukrainians wanted to know why welfare benefits and other financial transfers should be resumed to separatists who continue to kill Ukrainian troops. Recognising the special status of the so-called ‘people’s republics’ was the eleventh and final point of the Minsk Agreement. It has now been accepted unilaterally despite the fact that Russia and its proxies have made no meaningful effort to comply with points one to 10.
The vote was only carried thanks to the arm-twisting intervention of Victoria Nuland, US Assistant Secretary of State, leaving many Ukrainians fearful that they have fallen victim to a traditional Great Power stitch-up. There is circumstantial evidence to support this. Nuland’s visit to Kiev came as Barack Obama publicly thanked Vladimir Putin for his role in securing the historic nuclear agreement with Iran, giving every impression of a trade-off. It is easy to dismiss talk of a new Munich or new Yalta as an over-reaction. What matters is that Ukraine’s fear of abandonment is real and likely to undermine the country’s progress in the absence of stronger international support."
'via Blog this'
"The west is in danger of losing Ukraine unless there is a significant change in the scale and nature of its engagement with the country over the coming weeks and months. That is the somber reality European and US policy makers need to grasp as Ukraine is hit by a wave of protests, terrorist attacks and continued violations of the ceasefire by separatists in the east. Against a background of deepening hardship and rising political frustration, there is a very real risk that the reformist drive of the last few months will give way to a new populism that takes Ukraine backwards and opens the door to renewed Russian influence. Complacent western leaders must act before it’s too late.
Popular disaffection came to a head this month when the Ukrainian parliament narrowly passed a constitutional bill recognising the separatist enclaves in Donetsk and Luhansk. With the economy expected to contract by 9 per cent this year, inflation projected at 46 per cent and a poverty rate approaching 33 per cent, many Ukrainians wanted to know why welfare benefits and other financial transfers should be resumed to separatists who continue to kill Ukrainian troops. Recognising the special status of the so-called ‘people’s republics’ was the eleventh and final point of the Minsk Agreement. It has now been accepted unilaterally despite the fact that Russia and its proxies have made no meaningful effort to comply with points one to 10.
The vote was only carried thanks to the arm-twisting intervention of Victoria Nuland, US Assistant Secretary of State, leaving many Ukrainians fearful that they have fallen victim to a traditional Great Power stitch-up. There is circumstantial evidence to support this. Nuland’s visit to Kiev came as Barack Obama publicly thanked Vladimir Putin for his role in securing the historic nuclear agreement with Iran, giving every impression of a trade-off. It is easy to dismiss talk of a new Munich or new Yalta as an over-reaction. What matters is that Ukraine’s fear of abandonment is real and likely to undermine the country’s progress in the absence of stronger international support."
'via Blog this'
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