MIDEAST STOCKS-Confidence in banking sector ahead of Fed testimony supports Middle East:
"Stock markets in the Middle East rose on Wednesday, bolstered by banking shares ahead of testimony from Federal Reserve Chair Janet Yellen that could offer clues on when the central bank will tighten U.S. monetary policy. Most Gulf currencies are pegged to the dollar and any monetary policy change in the United States is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar. In Saudi Arabia all 12 of the listed lenders advanced, half of them rising by 1 percent or more, helping to push the index 0.8 percent higher."
'via Blog this'
Wednesday, 12 July 2017
Iran sees oil output rising to 4 million bpd by year end | Reuters
Iran sees oil output rising to 4 million bpd by year end | Reuters:
"Iran's oil output will rise to around 4 million barrels per day by the end of the year, an Iranian oil official said on Wednesday as the OPEC member tries to ramp up production after years of international sanctions. "By the end of 2017 we hope to reach about 4 million barrels per a day," Amir Hossein Zamaninia, Iran's deputy oil minister for trade and international affairs, told reporters in Istanbul. Iran has been producing around 3.8 million barrels per day in recent months."
'via Blog this'
"Iran's oil output will rise to around 4 million barrels per day by the end of the year, an Iranian oil official said on Wednesday as the OPEC member tries to ramp up production after years of international sanctions. "By the end of 2017 we hope to reach about 4 million barrels per a day," Amir Hossein Zamaninia, Iran's deputy oil minister for trade and international affairs, told reporters in Istanbul. Iran has been producing around 3.8 million barrels per day in recent months."
'via Blog this'
Goldman, JPMorgan, HSBC in race for lead roles on UAE ADNOC retail unit IPO: sources | Reuters
Goldman, JPMorgan, HSBC in race for lead roles on UAE ADNOC retail unit IPO: sources | Reuters:
"Abu Dhabi's national oil company is weighing proposals from Goldman Sachs, First Abu Dhabi Bank, HSBC and JPMorgan for lead roles in the listing of its retail unit as the emirate joins other Gulf states in privatizing assets, sources familiar with the matter said. Rothschild is separately in a strong position for an advisory role in a deal that could raise $1.5 to $2 billion, sources told Reuters. The listing of Abu Dhabi National Oil Co's (ADNOC) Distribution, which manages 300 petrol stations as well as convenience stores across the United Arab Emirates (UAE), is planned before the end of the year, one of the sources told Reuters."
'via Blog this'
"Abu Dhabi's national oil company is weighing proposals from Goldman Sachs, First Abu Dhabi Bank, HSBC and JPMorgan for lead roles in the listing of its retail unit as the emirate joins other Gulf states in privatizing assets, sources familiar with the matter said. Rothschild is separately in a strong position for an advisory role in a deal that could raise $1.5 to $2 billion, sources told Reuters. The listing of Abu Dhabi National Oil Co's (ADNOC) Distribution, which manages 300 petrol stations as well as convenience stores across the United Arab Emirates (UAE), is planned before the end of the year, one of the sources told Reuters."
'via Blog this'
Tiny Qatar Is Living Large Despite Monthlong Arab Siege - Bloomberg
Tiny Qatar Is Living Large Despite Monthlong Arab Siege - Bloomberg:
"It's been more than a month since four Arab nations cut land, sea and air routes to Qatar, but in the gas-rich Gulf nation's glimmering malls and luxury hotels there is little sign of hardship. High-end clothing stores hawk the latest summer trends. Grocery stores are brimming with meats and cheeses from Europe and Turkey, and just last month the country's main port received 4,300 cars and sheep from Australia. Luxury hotels like the W and St. Regis serve lavish meals around the clock and alcohol flows for visitors. Famous Barcelona soccer players Gerard Pique, Sergio Busquets and Jordi Alba met with fans last week at a mall in the capital, Doha, which will host the 2022 World Cup tournament."
'via Blog this'
"It's been more than a month since four Arab nations cut land, sea and air routes to Qatar, but in the gas-rich Gulf nation's glimmering malls and luxury hotels there is little sign of hardship. High-end clothing stores hawk the latest summer trends. Grocery stores are brimming with meats and cheeses from Europe and Turkey, and just last month the country's main port received 4,300 cars and sheep from Australia. Luxury hotels like the W and St. Regis serve lavish meals around the clock and alcohol flows for visitors. Famous Barcelona soccer players Gerard Pique, Sergio Busquets and Jordi Alba met with fans last week at a mall in the capital, Doha, which will host the 2022 World Cup tournament."
'via Blog this'
Contrarian Who Predicted OPEC's Woes Says Group Should End Cuts - Bloomberg
Contrarian Who Predicted OPEC's Woes Says Group Should End Cuts - Bloomberg:
"When OPEC and its allies unveiled their plan last year to re-balance world oil markets, prices rallied and most analysts expected the supply cuts would succeed. With the strategy now faltering, one bank that predicted failure says the group should call it quits. There’s been a wave of price-forecast downgrades over the past month as analysts from Goldman Sachs Group Inc. to Bank of America Corp. and Citigroup Inc. acknowledged that OPEC’s production curbs haven’t cleared a global glut. One forecaster who’s kept his outlook unchanged is Commerzbank AG’s Frankfurt-based head of commodities research Eugen Weinberg, who never believed the cuts would work in the first place. “OPEC’s strategy was doomed from the very beginning,” Weinberg said. “It’s all about shale and the sooner they recognize that the better.” "
'via Blog this'
"When OPEC and its allies unveiled their plan last year to re-balance world oil markets, prices rallied and most analysts expected the supply cuts would succeed. With the strategy now faltering, one bank that predicted failure says the group should call it quits. There’s been a wave of price-forecast downgrades over the past month as analysts from Goldman Sachs Group Inc. to Bank of America Corp. and Citigroup Inc. acknowledged that OPEC’s production curbs haven’t cleared a global glut. One forecaster who’s kept his outlook unchanged is Commerzbank AG’s Frankfurt-based head of commodities research Eugen Weinberg, who never believed the cuts would work in the first place. “OPEC’s strategy was doomed from the very beginning,” Weinberg said. “It’s all about shale and the sooner they recognize that the better.” "
'via Blog this'
MIDEAST STOCKS-Saudi retail sector lifts market, Dubai, Qatar supported by banking shares | Reuters
MIDEAST STOCKS-Saudi retail sector lifts market, Dubai, Qatar supported by banking shares | Reuters:
"Shares of retailers were the chief gainers in Saudi Arabia in early trade on Wednesday, the property sector helped Dubai and Qatar was buoyed by blue chips such as Qatar National Bank. The Riyadh index was up 0.7 percent as electronics seller United Electronics continued to rally in heavy trade as investors gained confidence in the company after it reported a near quadrupling in second quarter results, its board recommended a cash dividend for the first time since 2015, and on comments by its chief executive to local media that it plans to expand its online footprint. Extra's chief competitor Jarir was up 2.3 percent."
'via Blog this'
"Shares of retailers were the chief gainers in Saudi Arabia in early trade on Wednesday, the property sector helped Dubai and Qatar was buoyed by blue chips such as Qatar National Bank. The Riyadh index was up 0.7 percent as electronics seller United Electronics continued to rally in heavy trade as investors gained confidence in the company after it reported a near quadrupling in second quarter results, its board recommended a cash dividend for the first time since 2015, and on comments by its chief executive to local media that it plans to expand its online footprint. Extra's chief competitor Jarir was up 2.3 percent."
'via Blog this'
Subscribe to:
Posts (Atom)