UAE home owners feeling weight of rising mortgage rates:
Property buyers in the UAE who have taken out mortgages can definitely share one sentiment with President Donald Trump — that the US Federal Reserve should stop hiking interest rates frequently.
Because each time the Fed does so, these property owners are staring at the possibility of higher payments on their mortgage exposures.
And right now, mortgage rates in the UAE are already at a 10-year high, with the average at 5-5.75 per cent and heading into the 6 per cent and over range with the next Fed increase, widely expected to happen next month.
Friday, 9 November 2018
Oil's Rapid Run of Declines Kicks Up Pressure as OPEC Gathers - Bloomberg
Oil's Rapid Run of Declines Kicks Up Pressure as OPEC Gathers - Bloomberg:
It’s all eyes on OPEC as U.S. oil prices fell for 10 consecutive days, wiping out any gains for the year.
Futures in New York slid 0.8 percent to settle at $60.19 a barrel on Friday, a day after falling into a bear market on concerns growing supplies will overwhelm the market, as the U.S. offered nations waivers to continue buying Iranian oil. The plunge will push OPEC and its allies into a corner as they gather in a highly-anticipated meeting this weekend that could yield a signal on future production cuts.
“The Iranian sanctions were supposed to be a game-changer in the market,” said Michael Loewen, a commodities strategist at Scotiabank in Toronto. Producers have been “attempting to pump as much oil as possible right now to soften the blow of those Iranian sanctions, yet Trump comes out and gives waivers.”
It’s all eyes on OPEC as U.S. oil prices fell for 10 consecutive days, wiping out any gains for the year.
Futures in New York slid 0.8 percent to settle at $60.19 a barrel on Friday, a day after falling into a bear market on concerns growing supplies will overwhelm the market, as the U.S. offered nations waivers to continue buying Iranian oil. The plunge will push OPEC and its allies into a corner as they gather in a highly-anticipated meeting this weekend that could yield a signal on future production cuts.
“The Iranian sanctions were supposed to be a game-changer in the market,” said Michael Loewen, a commodities strategist at Scotiabank in Toronto. Producers have been “attempting to pump as much oil as possible right now to soften the blow of those Iranian sanctions, yet Trump comes out and gives waivers.”
Saudi Aramco CEO says relationship with Russia to reach new heights | ZAWYA MENA Edition
Saudi Aramco CEO says relationship with Russia to reach new heights | ZAWYA MENA Edition:
Oil producer Saudi Aramco's Chief Executive Officer Amin Nasser said on Friday that the company's relationship with Russia will grow as the two sides proceed with cooperation projects.
"Our ongoing strategic engagements and discussions with partners in Russia are taking our relationship to new heights," he said at a groundbreaking ceremony for a new Saudi Aramco Research Center for upstream technologies in Moscow.
The comments were reported in a company statement.
Oil producer Saudi Aramco's Chief Executive Officer Amin Nasser said on Friday that the company's relationship with Russia will grow as the two sides proceed with cooperation projects.
"Our ongoing strategic engagements and discussions with partners in Russia are taking our relationship to new heights," he said at a groundbreaking ceremony for a new Saudi Aramco Research Center for upstream technologies in Moscow.
The comments were reported in a company statement.
Exclusive: Russian state bank secretly financed Rosneft sale after foreign buyers balked | Reuters
Exclusive: Russian state bank secretly financed Rosneft sale after foreign buyers balked | Reuters:
It was billed as the deal that proved Russia remained open for business.
“I want to congratulate you”, Russian President Vladimir Putin told his trusted ally Igor Sechin, after greeting him with a warm handshake in the Kremlin in December, 2016.
Sechin had just announced the sale to Qatar’s sovereign wealth fund and giant commodity trader Glencore of a 19.5 percent stake in Rosneft, the state oil giant that he runs.
It was billed as the deal that proved Russia remained open for business.
“I want to congratulate you”, Russian President Vladimir Putin told his trusted ally Igor Sechin, after greeting him with a warm handshake in the Kremlin in December, 2016.
Sechin had just announced the sale to Qatar’s sovereign wealth fund and giant commodity trader Glencore of a 19.5 percent stake in Rosneft, the state oil giant that he runs.
Exclusive: Kuwait asks Dubai to release funds frozen in money laundering probe - letter | Reuters
Exclusive: Kuwait asks Dubai to release funds frozen in money laundering probe - letter | Reuters:
Kuwait’s prosecutors have asked Dubai to release $500 million in funds belonging to a Kuwaiti private equity fund that were frozen as part of a money laundering investigation, according to a letter seen by Reuters.
The funds, held at a Dubai-based bank, were frozen at the behest of the United Arab Emirates (UAE) central bank in November 2017, according to a source with direct knowledge of the matter and legal documents and correspondence between parties involved in the case reviewed by Reuters.
According to a senior UAE official, the probe, which has not been previously reported, was undertaken by Dubai authorities to determine if funds sent from a bank in the Philippines to the Kuwaiti private equity fund’s account in Dubai constituted money laundering.
Kuwait’s prosecutors have asked Dubai to release $500 million in funds belonging to a Kuwaiti private equity fund that were frozen as part of a money laundering investigation, according to a letter seen by Reuters.
The funds, held at a Dubai-based bank, were frozen at the behest of the United Arab Emirates (UAE) central bank in November 2017, according to a source with direct knowledge of the matter and legal documents and correspondence between parties involved in the case reviewed by Reuters.
According to a senior UAE official, the probe, which has not been previously reported, was undertaken by Dubai authorities to determine if funds sent from a bank in the Philippines to the Kuwaiti private equity fund’s account in Dubai constituted money laundering.
Oil falls 1 percent, U.S. crude on longest losing streak since 1984 | Reuters
Oil falls 1 percent, U.S. crude on longest losing streak since 1984 | Reuters:
Oil prices fell nearly 1 percent on Friday as global supply increased and investors worried demand growth could slow, pressuring U.S. crude to its longest stretch of daily declines since 1984.
Crude futures benchmarks have slid about 20 percent or more since peaking in early October.
“What a difference a month makes,” said Michael Tran, commodity strategist at RBC Capital Markets.
“Market sentiment has shifted from the most bullish tone in years with many calling for $100 only weeks ago, to the weakest investor sentiment since the 2016 price trough.”
Benchmark Brent crude LCOc1 futures fell 47 cents, or 0.7 percent, to settle at $70.18 a barrel. During the session Brent fell below $70 a barrel for the first time since April, as much as 20 percent off four-year highs reached in October.
Oil prices fell nearly 1 percent on Friday as global supply increased and investors worried demand growth could slow, pressuring U.S. crude to its longest stretch of daily declines since 1984.
Crude futures benchmarks have slid about 20 percent or more since peaking in early October.
“What a difference a month makes,” said Michael Tran, commodity strategist at RBC Capital Markets.
“Market sentiment has shifted from the most bullish tone in years with many calling for $100 only weeks ago, to the weakest investor sentiment since the 2016 price trough.”
Benchmark Brent crude LCOc1 futures fell 47 cents, or 0.7 percent, to settle at $70.18 a barrel. During the session Brent fell below $70 a barrel for the first time since April, as much as 20 percent off four-year highs reached in October.
Underperforming Dubai index may play a catch-up
Underperforming Dubai index may play a catch-up:
The Dubai index has been trying to gain buying momentum and form a base to run higher towards 3,000 level, the highest level since May.
Activity has been picking up in shares like Arabtec, Damac, Emaar Properties, resulting in 4 per cent gains on the Dubai index, which has under-performed other regional indices. The Dubai index has shed 16 per cent so far in the year.
“A close over 2,850 shall attract fresh inflow and the index may extend gains towards the higher resistance at 3,000,” Shiv Prakash, senior analyst with First Abu Dhabi Bank (FAB) Securities said in a note. On Thursday, the Dubai index closed 0.12 per cent lower at 2,825.86. Arabtec shares rose, extending gains for another session, Arabtec closed 2.63 per cent higher at Dh2.34.
The Dubai index has been trying to gain buying momentum and form a base to run higher towards 3,000 level, the highest level since May.
Activity has been picking up in shares like Arabtec, Damac, Emaar Properties, resulting in 4 per cent gains on the Dubai index, which has under-performed other regional indices. The Dubai index has shed 16 per cent so far in the year.
“A close over 2,850 shall attract fresh inflow and the index may extend gains towards the higher resistance at 3,000,” Shiv Prakash, senior analyst with First Abu Dhabi Bank (FAB) Securities said in a note. On Thursday, the Dubai index closed 0.12 per cent lower at 2,825.86. Arabtec shares rose, extending gains for another session, Arabtec closed 2.63 per cent higher at Dh2.34.
Saudi Aramco CEO to discuss buying Arctic LNG-2 stake with Novatek: RIA | ZAWYA MENA Edition
Saudi Aramco CEO to discuss buying Arctic LNG-2 stake with Novatek: RIA | ZAWYA MENA Edition:
The chief executive of state-owned oil producer Saudi Aramco said he planned to discuss the purchase of a stake in Novatek's Arctic LNG-2 project with Novatek's boss in Moscow on Friday, the RIA news agency reported.
The executive was quoted by agencies as saying he hoped to sign an agreement on the purchase as soon as possible.
The chief executive of state-owned oil producer Saudi Aramco said he planned to discuss the purchase of a stake in Novatek's Arctic LNG-2 project with Novatek's boss in Moscow on Friday, the RIA news agency reported.
The executive was quoted by agencies as saying he hoped to sign an agreement on the purchase as soon as possible.
Qatar's Commercial Bank plans Kangaroo bond | Reuters
Qatar's Commercial Bank plans Kangaroo bond | Reuters:
Qatar’s Commercial Bank has hired ANZ and Bank of America Merrill Lynch to arrange a series of fixed income investor meetings ahead of a so-called Kangaroo bond sale, a document issued by one of the banks showed.
Kangaroo bonds are issued by non-Australian issuers in the Australian market and are denominated in Australian dollars.
Representatives of Qatar’s third-largest lender by assets, which is rated A3 by Moody’s, BBB+ by S&P, and A by Fitch, will start meeting investors on Nov. 19, according to the document.
Qatar’s Commercial Bank has hired ANZ and Bank of America Merrill Lynch to arrange a series of fixed income investor meetings ahead of a so-called Kangaroo bond sale, a document issued by one of the banks showed.
Kangaroo bonds are issued by non-Australian issuers in the Australian market and are denominated in Australian dollars.
Representatives of Qatar’s third-largest lender by assets, which is rated A3 by Moody’s, BBB+ by S&P, and A by Fitch, will start meeting investors on Nov. 19, according to the document.
Oil in bear market as supply rises and demand growth slows | Reuters
Oil in bear market as supply rises and demand growth slows | Reuters:
Oil prices fell to multi-month lows on Friday as global supply increased and investors worried about the impact on fuel demand from of lower economic growth and trade disputes.
Benchmark Brent LCOc1 crude oil fell to its lowest since early April, down more than 18 percent since reaching four-year highs at the beginning of October. Brent was 30 cents a barrel lower at $70.35 by 0850 GMT, down 3.5 percent for the week and more than 15 percent this quarter.
U.S. light crude oil dropped 40 cents to $60.27, set for a fifth weekly fall, down 4.5 percent this week and more than 21 percent since early October.
Oil prices fell to multi-month lows on Friday as global supply increased and investors worried about the impact on fuel demand from of lower economic growth and trade disputes.
Benchmark Brent LCOc1 crude oil fell to its lowest since early April, down more than 18 percent since reaching four-year highs at the beginning of October. Brent was 30 cents a barrel lower at $70.35 by 0850 GMT, down 3.5 percent for the week and more than 15 percent this quarter.
U.S. light crude oil dropped 40 cents to $60.27, set for a fifth weekly fall, down 4.5 percent this week and more than 21 percent since early October.
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