Demand is building in UAE markets | GulfNews.com:
"The Dubai Financial Market General Index (DFMGI) gained 68.95 or 1.91 per cent last week to end at 3,675.12, its fifth consecutive week of gains. Strength seen in the index was not spread across the wider market as there were 15 advancing issues and 22 declining. Meanwhile, volume dipped to a four-week low. With last week’s performance the odds for an eventual breakout above the 2017 high of 3,738.69 have improved further. As of last week’s close the index is only 1.7 per cent below the 2017 high of 3,738.69. The DFMGI exceeded the high of the last potential resistance zone identified previously as 3,604.70 to 3,658.31 last week, and it ended the week above it. Next, the index needs to contend with potential resistance from prior consolidation going up to the 2017 high. Keep in mind that we’ve just had a five-week rally in the DFMGI and therefore upward momentum started to increase at the beginning of that trend and could get tired soon. From the most recent swing low of 3,264.36 the index has gained as much as 12.7 per cent, as of last week’s 3,680.44 high. "
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Saturday, 5 August 2017
Iran's Rouhani Sworn In for New Term, Commits to Nuclear Deal - Bloomberg
Iran's Rouhani Sworn In for New Term, Commits to Nuclear Deal - Bloomberg:
"Iranian President Hassan Rouhani, sworn in for a second term in front of an audience of foreign officials, reiterated on Saturday that his nation will stand by its obligations in an international nuclear deal.
“Iran will never be the first country to start violating” the accord, Rouhani, 68, said in the Iranian parliament, speaking to officials including European Union foreign policy chief Federica Mogherini. “But we will not sit idle in the face of violations” by other countries, he said, adding that his government would “respond in proportionate measure.”
Mogherini’s presence is a clear show of support for the Iranian president, who built his first four years in office on a policy of engagement with western nations, and for the nuclear deal whose fate is increasingly unclear given U.S. President Donald Trump’s opposition and renewed financial penalties."
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"Iranian President Hassan Rouhani, sworn in for a second term in front of an audience of foreign officials, reiterated on Saturday that his nation will stand by its obligations in an international nuclear deal.
“Iran will never be the first country to start violating” the accord, Rouhani, 68, said in the Iranian parliament, speaking to officials including European Union foreign policy chief Federica Mogherini. “But we will not sit idle in the face of violations” by other countries, he said, adding that his government would “respond in proportionate measure.”
Mogherini’s presence is a clear show of support for the Iranian president, who built his first four years in office on a policy of engagement with western nations, and for the nuclear deal whose fate is increasingly unclear given U.S. President Donald Trump’s opposition and renewed financial penalties."
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Mubadala Investment sells shares in AMD - The National
Mubadala Investment sells shares in AMD - The National:
"Mubadala Investment sold shares in the American semiconductor company, Advanced Micro Devices (AMD), the company said on Friday. The Abu Dhabi investment firm sold 40 million common equity shares, amounting to 3.9 per cent of the outstanding shares. Mubadala did not disclose the financial details of the transaction. Mubadala remains the largest shareholder in AMD with shares representing nearly 13 per cent ownership. Brian Lott, Mubadala spokesman, said that the sale was in line with the company’s strategy to optimise shareholding in certain areas while monetising at the “appropriate time”."
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"Mubadala Investment sold shares in the American semiconductor company, Advanced Micro Devices (AMD), the company said on Friday. The Abu Dhabi investment firm sold 40 million common equity shares, amounting to 3.9 per cent of the outstanding shares. Mubadala did not disclose the financial details of the transaction. Mubadala remains the largest shareholder in AMD with shares representing nearly 13 per cent ownership. Brian Lott, Mubadala spokesman, said that the sale was in line with the company’s strategy to optimise shareholding in certain areas while monetising at the “appropriate time”."
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HNA, Qatar not acting in concert at Deutsche Bank: board member in Spiegel
HNA, Qatar not acting in concert at Deutsche Bank: board member in Spiegel:
"China's HNA and Qatar have not acted in concert as shareholders of Deutsche Bank (DBKGn.DE), a board member representing the Chinese conglomerate told Der Spiegel.
HNA acquired its stake of just under 10 percent of the German lender earlier this year. Qatar's royal family has a similarly sized holding.
"The notion that HNA and Qatar acted in concert is total rubbish," supervisory board member Alexander Schuetz said in the Spiegel interview published Friday."
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"China's HNA and Qatar have not acted in concert as shareholders of Deutsche Bank (DBKGn.DE), a board member representing the Chinese conglomerate told Der Spiegel.
HNA acquired its stake of just under 10 percent of the German lender earlier this year. Qatar's royal family has a similarly sized holding.
"The notion that HNA and Qatar acted in concert is total rubbish," supervisory board member Alexander Schuetz said in the Spiegel interview published Friday."
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RPT-Qatar's Doha Bank seeking to reduce UAE loan book -sources
RPT-Qatar's Doha Bank seeking to reduce UAE loan book -sources:
"A unit of Qatar's Doha Bank is seeking to sell some of its assets in the United Arab Emirates to local lenders, two banking sources said, the first major move by a Qatari lender to cut exposure to the Gulf's main financial and wealth centre. The unit has been in talks with local banks to sell some of its loan book, the sources, who declined to be named due to the sensitivity of the matter, told Reuters. Doha Bank's corporate finance team is working on downsizing the UAE loan portfolio, one of the sources said."
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"A unit of Qatar's Doha Bank is seeking to sell some of its assets in the United Arab Emirates to local lenders, two banking sources said, the first major move by a Qatari lender to cut exposure to the Gulf's main financial and wealth centre. The unit has been in talks with local banks to sell some of its loan book, the sources, who declined to be named due to the sensitivity of the matter, told Reuters. Doha Bank's corporate finance team is working on downsizing the UAE loan portfolio, one of the sources said."
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The Shale Boom Slows Down While Enthusiasm for Permian Fades - Bloomberg
The Shale Boom Slows Down While Enthusiasm for Permian Fades - Bloomberg:
"Oil explorers reduced rigs drilling in U.S. oilfields this week, fueling optimism that a shale slowdown and OPEC production cuts will be enough to deflate a glut and strengthen crude prices. Working rigs targeting crude fell by 1, bringing the total to 765, according to Baker Hughes data reported Friday. Producers ended 23 straight weeks of additions with a pullback at the end of June, breaking the longest stretch of continuous growth in three decades. Even so, more than twice as many rigs are drilling for oil now than in May 2016, when the count hit a low point of 316. "It echoes what we’ve been expecting and what explorers and producers have been saying," Andrew Cosgrove, senior analyst for energy and mining equity at Bloomberg Intelligence, said by telephone. "They’re dialing back some of their expectations for output in the second half of the year.""
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"Oil explorers reduced rigs drilling in U.S. oilfields this week, fueling optimism that a shale slowdown and OPEC production cuts will be enough to deflate a glut and strengthen crude prices. Working rigs targeting crude fell by 1, bringing the total to 765, according to Baker Hughes data reported Friday. Producers ended 23 straight weeks of additions with a pullback at the end of June, breaking the longest stretch of continuous growth in three decades. Even so, more than twice as many rigs are drilling for oil now than in May 2016, when the count hit a low point of 316. "It echoes what we’ve been expecting and what explorers and producers have been saying," Andrew Cosgrove, senior analyst for energy and mining equity at Bloomberg Intelligence, said by telephone. "They’re dialing back some of their expectations for output in the second half of the year.""
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