Iran on oil freeze ‘leave us alone’ until production higher | GulfNews.com:
"Iran plans to boost crude output to 4 million barrels a day before it will consider joining other suppliers in seeking ways to rebalance the global oil market.
“They should leave us alone” until then, Oil Minister Bijan Zanganeh said, according to the Iranian Students News Agency. “After that we will work with them.”
Saudi Arabia, Russia, Venezuela and Qatar proposed an accord to freeze oil output and tackle a global surplus. Oil extended gains after their initial meeting on February 16, and has climbed more than 40 per cent since the 12-year low in January. Oil at $70 (Dh257) a barrel is “suitable,” ISNA cited Zanganeh saying."
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Sunday, 13 March 2016
MIDEAST STOCKS-Gulf mixed as volumes decline; Egypt flat | Reuters
MIDEAST STOCKS-Gulf mixed as volumes decline; Egypt flat | Reuters:
"Stock markets in the Gulf were mixed on Sunday as trading volumes shrank from the previous week. Egypt closed flat, ending six days of gains.
Riyadh's index added 0.2 percent to 6,369 points, again shying away from technical resistance at its 100-day average, now at 6,510 points. The petrochemical sector added 0.7 percent.
Saudi Arabia Fertilizers (SAFCO) fell 0.4 percent after saying it was considering taking full control of chemical fertiliser producer National Chemical Fertilizers Co (Ibn Al-Bayttar) by buying out the 50 percent stake of Saudi Basic Industries (SABIC). SAFCO's shares fell 0.4 percent, as SABIC rose 0.7 percent."
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"Stock markets in the Gulf were mixed on Sunday as trading volumes shrank from the previous week. Egypt closed flat, ending six days of gains.
Riyadh's index added 0.2 percent to 6,369 points, again shying away from technical resistance at its 100-day average, now at 6,510 points. The petrochemical sector added 0.7 percent.
Saudi Arabia Fertilizers (SAFCO) fell 0.4 percent after saying it was considering taking full control of chemical fertiliser producer National Chemical Fertilizers Co (Ibn Al-Bayttar) by buying out the 50 percent stake of Saudi Basic Industries (SABIC). SAFCO's shares fell 0.4 percent, as SABIC rose 0.7 percent."
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Dubai Stocks Gain Most in Middle East as ECB Spurs Risk Appetite - Bloomberg Business
Dubai Stocks Gain Most in Middle East as ECB Spurs Risk Appetite - Bloomberg Business:
"Dubai stocks advanced the most among Middle Eastern equities as the European Central Bank’s monetary stimulus boosted demand for emerging-market assets, adding fuel to bullish sentiment in the emirate.
The DFM General Index climbed 1.4 percent to 3,401.03 at the close, extending four weeks of gains, the longest streak since April. Emirates NBD PJSC, the emirate’s biggest lender, rose 4.6 percent to a three-month high. Saudi Arabia’s Tadawul All Share Index added 0.2 percent."
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"Dubai stocks advanced the most among Middle Eastern equities as the European Central Bank’s monetary stimulus boosted demand for emerging-market assets, adding fuel to bullish sentiment in the emirate.
The DFM General Index climbed 1.4 percent to 3,401.03 at the close, extending four weeks of gains, the longest streak since April. Emirates NBD PJSC, the emirate’s biggest lender, rose 4.6 percent to a three-month high. Saudi Arabia’s Tadawul All Share Index added 0.2 percent."
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Is the Saudi peg on the verge of breaking? | GulfNews.com
Is the Saudi peg on the verge of breaking? | GulfNews.com:
"In January this year, the Saudi Arabian Monetary Authority (SAMA) issued a statement saying that the 1986 mandate which pegged the country’s Riyal to the dollar was not under threat. Roughly a week later, SAMA restricted banks operating within its territory from selling forward contracts that are betting against the Riyal.
While oil prices continue to fall and the US Dollar continues to strengthen, that currency peg might appear vulnerable to some investors. Despite the Kingdom’s sizeable foreign exchange buffers, which stand at $616 Billion as of December 2015, traders have been betting against the sustainability of the Riyal.
Is the Kingdom of Saudi Arabia able and willing to maintain its currency peg? Or will it follow in the footsteps of its oil exporting counterpart Russia, who has the world’s largest foreign reserves, and de-peg its currency?"
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"In January this year, the Saudi Arabian Monetary Authority (SAMA) issued a statement saying that the 1986 mandate which pegged the country’s Riyal to the dollar was not under threat. Roughly a week later, SAMA restricted banks operating within its territory from selling forward contracts that are betting against the Riyal.
While oil prices continue to fall and the US Dollar continues to strengthen, that currency peg might appear vulnerable to some investors. Despite the Kingdom’s sizeable foreign exchange buffers, which stand at $616 Billion as of December 2015, traders have been betting against the sustainability of the Riyal.
Is the Kingdom of Saudi Arabia able and willing to maintain its currency peg? Or will it follow in the footsteps of its oil exporting counterpart Russia, who has the world’s largest foreign reserves, and de-peg its currency?"
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Hoping the oil price spike is here to stay | GulfNews.com
Hoping the oil price spike is here to stay | GulfNews.com:
"When crude prices slowly deteriorated from $120 a barrel to near the $20s in almost 18 months, why should anybody be surprised if they went up few dollars in the last few days? But the more important question is whether this is a rebound or just another bump in the road of a roller-coaster market.
Like always, analysts are divided. There are those who believe that the rebound is real and there is only one way for prices and that is a recovery to some $50 a barrel. They say investors are “focused on declines in oil drilling and pinning their hopes on a freeze in output by major producers”, according to the New York Times.
In relative terms, the increase in the price of the Opec (Organisation of Petroleum Exporting Countries) Reference Basket (ORB) from $25.21 a barrel on February 10 to $35.22 a barrel on March 10 is undeniably significant, but has to be compared with a 21 per cent decline in January. The same trend is seen for other benchmarks and Brent tested more the $40 a barrel."
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"When crude prices slowly deteriorated from $120 a barrel to near the $20s in almost 18 months, why should anybody be surprised if they went up few dollars in the last few days? But the more important question is whether this is a rebound or just another bump in the road of a roller-coaster market.
Like always, analysts are divided. There are those who believe that the rebound is real and there is only one way for prices and that is a recovery to some $50 a barrel. They say investors are “focused on declines in oil drilling and pinning their hopes on a freeze in output by major producers”, according to the New York Times.
In relative terms, the increase in the price of the Opec (Organisation of Petroleum Exporting Countries) Reference Basket (ORB) from $25.21 a barrel on February 10 to $35.22 a barrel on March 10 is undeniably significant, but has to be compared with a 21 per cent decline in January. The same trend is seen for other benchmarks and Brent tested more the $40 a barrel."
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Emirates Puts Latin America Hub on Hold Until 13 Nations Sign Up - Bloomberg Business
Emirates Puts Latin America Hub on Hold Until 13 Nations Sign Up - Bloomberg Business:
"Emirates, the world’s biggest long-haul airline, put its plan to establish a hub in Panama connecting cities across Latin America with Asia on hold because government accords permitting cooperation with a key local carrier took too long to put in place.
Dubai-based Emirates has secured approvals from only three or four of the 13 countries from which it needs backing for a wide-ranging code-share deal with Panama City-based Copa Airlines SA, its president, Tim Clark, said at the ITB travel fair in Berlin.
Emirates initially aimed to commence flights to Panama in February, before slipping the date to March and then saying last week that services won’t commence until late 2016 or early 2017. The 8,590-mile trip using Boeing Co.’s 777-200LR, the longest-range jet, would set an endurance record of 17 hours and 35 minutes when headed westbound into prevailing winds."
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"Emirates, the world’s biggest long-haul airline, put its plan to establish a hub in Panama connecting cities across Latin America with Asia on hold because government accords permitting cooperation with a key local carrier took too long to put in place.
Dubai-based Emirates has secured approvals from only three or four of the 13 countries from which it needs backing for a wide-ranging code-share deal with Panama City-based Copa Airlines SA, its president, Tim Clark, said at the ITB travel fair in Berlin.
Emirates initially aimed to commence flights to Panama in February, before slipping the date to March and then saying last week that services won’t commence until late 2016 or early 2017. The 8,590-mile trip using Boeing Co.’s 777-200LR, the longest-range jet, would set an endurance record of 17 hours and 35 minutes when headed westbound into prevailing winds."
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MIDEAST STOCKS-Saudi, Egypt rise in early trade | Reuters
MIDEAST STOCKS-Saudi, Egypt rise in early trade | Reuters:
"Petrochemical shares buoyed Riyadh's stock index early on Sunday after oil steadied over $40 a barrel, while Egypt's stock market headed for a seventh straight day of gains after the government took steps to help manufacturers.
Riyadh's index was up 0.5 percent in the first hour of trade. The petrochemical sector added 0.9 percent, with Saudi Basic Industries 0.7 percent higher.
Saudi Arabia Fertilizers (SAFCO) said it was considering taking full control of chemical fertiliser producer National Chemical Fertilizers Co (Ibn Al-Bayttar) by buying out SABIC's 50 percent stake. SAFCO's shares rose 1 percent."
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"Petrochemical shares buoyed Riyadh's stock index early on Sunday after oil steadied over $40 a barrel, while Egypt's stock market headed for a seventh straight day of gains after the government took steps to help manufacturers.
Riyadh's index was up 0.5 percent in the first hour of trade. The petrochemical sector added 0.9 percent, with Saudi Basic Industries 0.7 percent higher.
Saudi Arabia Fertilizers (SAFCO) said it was considering taking full control of chemical fertiliser producer National Chemical Fertilizers Co (Ibn Al-Bayttar) by buying out SABIC's 50 percent stake. SAFCO's shares rose 1 percent."
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MIDEAST STOCKS-Dubai, Qatar rise; Abu Dhabi weighed down by blue chips | Reuters
MIDEAST STOCKS-Dubai, Qatar rise; Abu Dhabi weighed down by blue chips | Reuters:
"Stock markets in Dubai and Doha rose in early trade on Sunday, with most activity concentrated in volatile mid-cap stocks, while Abu Dhabi's index fell as investors booked profits.
Dubai's index jumped 1.4 percent in the first hour. GFH Financial Group, a mid-sized Islamic investment firm, was the most traded stock, rising 1.1 percent. Dubai Parks , the amusement park builder, surged 7.1 percent in unusually heavy trade.
"So far institutional investors have taken the back seat, carefully monitoring the swings in the smaller, more volatile stocks," said a Dubai-based trader."
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"Stock markets in Dubai and Doha rose in early trade on Sunday, with most activity concentrated in volatile mid-cap stocks, while Abu Dhabi's index fell as investors booked profits.
Dubai's index jumped 1.4 percent in the first hour. GFH Financial Group, a mid-sized Islamic investment firm, was the most traded stock, rising 1.1 percent. Dubai Parks , the amusement park builder, surged 7.1 percent in unusually heavy trade.
"So far institutional investors have taken the back seat, carefully monitoring the swings in the smaller, more volatile stocks," said a Dubai-based trader."
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