Norway Wealth Fund Isn't Joining Global Stock Selloff, CEO Says - Bloomberg Business:
"Norway’s sovereign wealth fund, the world’s biggest, hasn’t been part of a global selloff in stocks this quarter, according to its chief executive officer, Yngve Slyngstad.
“We have not been participating in the selling, and we don’t foresee” that a change of strategy will be necessary, Slyngstad said at a presentation of the fund’s 2015 results on Wednesday in Oslo."
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Wednesday, 9 March 2016
MIDEAST STOCKS-Gulf pulls back with oil, retail sales shock hits Saudi | Reuters
MIDEAST STOCKS-Gulf pulls back with oil, retail sales shock hits Saudi | Reuters:
"Gulf stock markets pulled back with oil prices on Wednesday while a negative sales forecast by a major Saudi retailing chain hurt the bourse in that country. A couple of blue chips favoured by foreign investors boosted Egypt's market.
The Saudi index dropped 0.9 percent in heavy trade as Jarir Marketing sank 9.1 percent after warning late on Tuesday that its sales would plunge by as much as 30 percent year-on-year in the first quarter of 2016.
The projected drop is partly because sales were unusually high in the first quarter of 2015, hitting 1.9 billion riyals ($507 million) as King Salman granted a bonus of two months' salary to state employees to mark his accession to the throne."
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"Gulf stock markets pulled back with oil prices on Wednesday while a negative sales forecast by a major Saudi retailing chain hurt the bourse in that country. A couple of blue chips favoured by foreign investors boosted Egypt's market.
The Saudi index dropped 0.9 percent in heavy trade as Jarir Marketing sank 9.1 percent after warning late on Tuesday that its sales would plunge by as much as 30 percent year-on-year in the first quarter of 2016.
The projected drop is partly because sales were unusually high in the first quarter of 2015, hitting 1.9 billion riyals ($507 million) as King Salman granted a bonus of two months' salary to state employees to mark his accession to the throne."
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MIDEAST STOCKS-Saudi pulls back as retailers slide; Egypt moves little | Reuters
MIDEAST STOCKS-Saudi pulls back as retailers slide; Egypt moves little | Reuters:
"Saudi Arabia's stock market fell early on Wednesday as retailers dropped following a negative sales forecast by one of them, while Egypt's bourse moved little amid uncertainty over the currency and interest rates.
The Saudi index dropped 0.8 percent in the first 15 minutes of trade as Jarir Marketing sank 7.2 percent after warning late on Tuesday that its sales would plunge by as much as 30 percent year-on-year in the first quarter of 2016.
The projected drop is partly because sales were unusually high in the first quarter of 2015, hitting 1.9 billion riyals ($507 million) as King Salman granted a bonus of two months' salary to state employees to mark his accession to the throne."
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"Saudi Arabia's stock market fell early on Wednesday as retailers dropped following a negative sales forecast by one of them, while Egypt's bourse moved little amid uncertainty over the currency and interest rates.
The Saudi index dropped 0.8 percent in the first 15 minutes of trade as Jarir Marketing sank 7.2 percent after warning late on Tuesday that its sales would plunge by as much as 30 percent year-on-year in the first quarter of 2016.
The projected drop is partly because sales were unusually high in the first quarter of 2015, hitting 1.9 billion riyals ($507 million) as King Salman granted a bonus of two months' salary to state employees to mark his accession to the throne."
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Sajid Javid to lead high-level export push to Iran - FT.com
Sajid Javid to lead high-level export push to Iran - FT.com:
"Sajid Javid will announce on Wednesday what is expected to be Britain’s biggest-ever trade mission to Iran, hailing the “almost unlimited” opportunities in the Middle East state.
The business secretary will reveal his plan to lead a delegation of companies in May to take advantage of the recent lifting of sanctions against Tehran."
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"Sajid Javid will announce on Wednesday what is expected to be Britain’s biggest-ever trade mission to Iran, hailing the “almost unlimited” opportunities in the Middle East state.
The business secretary will reveal his plan to lead a delegation of companies in May to take advantage of the recent lifting of sanctions against Tehran."
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Competing goals make Saudi oil policy hard to predict - FT.com
Competing goals make Saudi oil policy hard to predict - FT.com:
"When Saudi Arabia last month announced with Russia and other big oil producers a conditional agreement to freeze production at current levels in the face of rock bottom prices, the decision was seen as an indication that it was changing policy. Economics had finally trumped geopolitics. Where Riyadh’s earlier decision not to cut output was seemingly spurred by geopolitical rivalry with Iran and Russia, economic hardship had catalysed co-operation.
It is correct to focus on both economics and geopolitics in assessing Saudi behaviour. There is just one problem: most people get it back to front, concluding that geopolitics are the dominant driver when economics are, and vice versa."
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"When Saudi Arabia last month announced with Russia and other big oil producers a conditional agreement to freeze production at current levels in the face of rock bottom prices, the decision was seen as an indication that it was changing policy. Economics had finally trumped geopolitics. Where Riyadh’s earlier decision not to cut output was seemingly spurred by geopolitical rivalry with Iran and Russia, economic hardship had catalysed co-operation.
It is correct to focus on both economics and geopolitics in assessing Saudi behaviour. There is just one problem: most people get it back to front, concluding that geopolitics are the dominant driver when economics are, and vice versa."
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Dubai private sector economy deteriorates for first time since 2010 | The National
Dubai private sector economy deteriorates for first time since 2010 | The National:
"Dubai’s non-oil private sector economy contracted last month as global uncertainty and low prices continue to weigh on activity.
The Emirates NBD Dubai Economy Tracker reading of 48.9 was down from 50.7 in January, and marked the first deterioration in overall operating conditions since data collection began in 2010. A reading of below 50.0 indicates that the private sector economy is generally declining; above 50.0, that it is expanding. A reading of 50.0 signals no change.
Travel and tourism companies noted the fastest deterioration in business conditions, according to the survey, while the health of the construction, wholesale and retail sectors also deteriorated, albeit at marginal rates."
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"Dubai’s non-oil private sector economy contracted last month as global uncertainty and low prices continue to weigh on activity.
The Emirates NBD Dubai Economy Tracker reading of 48.9 was down from 50.7 in January, and marked the first deterioration in overall operating conditions since data collection began in 2010. A reading of below 50.0 indicates that the private sector economy is generally declining; above 50.0, that it is expanding. A reading of 50.0 signals no change.
Travel and tourism companies noted the fastest deterioration in business conditions, according to the survey, while the health of the construction, wholesale and retail sectors also deteriorated, albeit at marginal rates."
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MIDEAST STOCKS-Gulf falls on oil prices, shares going ex-dividend | Reuters
MIDEAST STOCKS-Gulf falls on oil prices, shares going ex-dividend | Reuters:
"Gulf stock markets fell in early trade on Wednesday as some shares went ex-dividend and after oil prices and global equity markets pulled back slightly. But solid trading volumes suggested investor sentiment was not gloomy.
Dubai's index fell 0.7 percent with nine of the 10 most heavily traded stocks dropping. Union Properties, which has been extremely active and volatile in the last few days, fell 2.6 percent.
Emaar Malls slipped 0.4 percent after rising 1.5 percent in the opening minutes in response to its plan to pay a dividend of 0.1 dirham per share for the 15 months to Dec. 31, 2015."
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"Gulf stock markets fell in early trade on Wednesday as some shares went ex-dividend and after oil prices and global equity markets pulled back slightly. But solid trading volumes suggested investor sentiment was not gloomy.
Dubai's index fell 0.7 percent with nine of the 10 most heavily traded stocks dropping. Union Properties, which has been extremely active and volatile in the last few days, fell 2.6 percent.
Emaar Malls slipped 0.4 percent after rising 1.5 percent in the opening minutes in response to its plan to pay a dividend of 0.1 dirham per share for the 15 months to Dec. 31, 2015."
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