Oil Climbs for Seventh Day as Trade Talks Fuel Demand Optimism - Bloomberg:
Oil rallied for a seventh day as U.S. negotiators touted progress in trade talks with China and investors gained faith that OPEC will shrink output.
Futures increased as much as 3 percent to almost $50 a barrel in New York on Tuesday. Talks with China are “going very well,” U.S. President Donald Trump said in a tweet as the delegations in Beijing extended their meeting into Wednesday. Meanwhile, U.S. crude inventories probably declined last week, easing worries about a glut.
“The market is clearly rebounding from sharply oversold territory,” said Michael Tran, commodities strategist at RBC Capital Markets LLC. “The macro outlook looks and feels a lot less dire than it did just a couple of weeks ago.”’
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Tuesday 8 January 2019
Commercial Bank of #Dubai to take control of #Abraaj assets secured against loan | Reuters
Commercial Bank of Dubai to take control of Abraaj assets secured against loan | Reuters:
Commercial Bank of Dubai (CBD) CBD.DU, which lent around $170 million to Abraaj, will take stakes in the troubled private equity firm’s funds which were offered as security against the debt, three sources familiar with the matter said.
Dubai-based Abraaj, worth $13.6 billion, was the largest buyout fund in the Middle East and North Africa until it collapsed last year following turmoil triggered by a row with investors, including the Gates Foundation, over the use of their money in a $1 billion healthcare fund.
Stakes in Abraaj’s Infrastructure and Growth Capital Fund, as well as its funds focused on Turkey, Latin America, North Africa, Africa and health, were held as security against CBD’s loans, a joint provisional liquidators’ report from July shows.
Commercial Bank of Dubai (CBD) CBD.DU, which lent around $170 million to Abraaj, will take stakes in the troubled private equity firm’s funds which were offered as security against the debt, three sources familiar with the matter said.
Dubai-based Abraaj, worth $13.6 billion, was the largest buyout fund in the Middle East and North Africa until it collapsed last year following turmoil triggered by a row with investors, including the Gates Foundation, over the use of their money in a $1 billion healthcare fund.
Stakes in Abraaj’s Infrastructure and Growth Capital Fund, as well as its funds focused on Turkey, Latin America, North Africa, Africa and health, were held as security against CBD’s loans, a joint provisional liquidators’ report from July shows.
MIDEAST STOCKS-Property stocks hurt #Dubai, industrials lift Egypt | Reuters
MIDEAST STOCKS-Property stocks hurt Dubai, industrials lift Egypt | Reuters:
The Dubai stock market reversed course to slide on Tuesday as its property shares fell, while Egypt's blue-chip index gained for a fifth straight session, aided by its industrial stocks.
Dubai's index fell 0.2 percent after rising for three straight sessions. Dubai's largest listed developer Emaar Properties dipped 1.3 percent, while its unit Emar Development lost 2.8 percent.
In 2018, the index fell over 25 percent to become the world's worst-performing major stocks market in local currency terms, led by declining real estate stocks.
The Dubai stock market reversed course to slide on Tuesday as its property shares fell, while Egypt's blue-chip index gained for a fifth straight session, aided by its industrial stocks.
Dubai's index fell 0.2 percent after rising for three straight sessions. Dubai's largest listed developer Emaar Properties dipped 1.3 percent, while its unit Emar Development lost 2.8 percent.
In 2018, the index fell over 25 percent to become the world's worst-performing major stocks market in local currency terms, led by declining real estate stocks.
Opec’s usual oil cut gambit unlikely to move the needle | Financial Times
Opec’s usual oil cut gambit unlikely to move the needle | Financial Times:
If Saudi Arabia and its allies are to convince oil traders that they are serious about balancing the market, they need to do what just a year ago would have seemed almost unthinkable: cut output of its lightest, sweetest barrels and restrict exports to Asia, the fastest-growing demand centre.
This would fly in the face of conventional wisdom which, in recent years, has seen Saudi Arabia target output cuts in the US — home of the most timely and accurate oil data — to convince the market of its influence, while reducing supplies of its heaviest, sourest barrels.
But this no longer works. While Opec and Russia last month managed to strike a deal to reduce output by 1.2m barrels per day in 2019, the market has been unimpressed, with prices continuing to slide.
If Saudi Arabia and its allies are to convince oil traders that they are serious about balancing the market, they need to do what just a year ago would have seemed almost unthinkable: cut output of its lightest, sweetest barrels and restrict exports to Asia, the fastest-growing demand centre.
This would fly in the face of conventional wisdom which, in recent years, has seen Saudi Arabia target output cuts in the US — home of the most timely and accurate oil data — to convince the market of its influence, while reducing supplies of its heaviest, sourest barrels.
But this no longer works. While Opec and Russia last month managed to strike a deal to reduce output by 1.2m barrels per day in 2019, the market has been unimpressed, with prices continuing to slide.
#Iran minister says EU trade arrangement moving slowly, talking to India, China | Reuters
Iran minister says EU trade arrangement moving slowly, talking to India, China | Reuters:
Iran’s foreign minister said on Tuesday the European Union was moving more slower than expected in facilitating non-dollar trade with Tehran to circumvent U.S. sanctions, forcing it to explore avenues with other nations.
“We continue to work with the Europeans for the special purpose vehicle but we are not waiting for them,” Mohammad Javad Zarif told reporters in New Delhi. “We are working with our traditional partners like India, like China, like Russia so that we continue to work in the interest of our people.”
The EU wanted a so-called special purpose vehicle (SPV) to help preserve the economic benefits for Iran deriving from the curbs Tehran placed on its nuclear program under a 2015 deal with world powers. In May 2018, President Donald Trump withdrew the United States from it.
Iran’s foreign minister said on Tuesday the European Union was moving more slower than expected in facilitating non-dollar trade with Tehran to circumvent U.S. sanctions, forcing it to explore avenues with other nations.
“We continue to work with the Europeans for the special purpose vehicle but we are not waiting for them,” Mohammad Javad Zarif told reporters in New Delhi. “We are working with our traditional partners like India, like China, like Russia so that we continue to work in the interest of our people.”
The EU wanted a so-called special purpose vehicle (SPV) to help preserve the economic benefits for Iran deriving from the curbs Tehran placed on its nuclear program under a 2015 deal with world powers. In May 2018, President Donald Trump withdrew the United States from it.
(1) Macro in MENA: Have we Turned a Corner? - YouTube
(1) Macro in MENA: Have we Turned a Corner? - YouTube:
https://www.youtube.com/watch?v=ia-2QyrOuCo&feature=youtu.be
In collaboration with Refinitiv (formerly Thomson Reuters), and hosted by Zaywa.com editor Michael Fahy, this month we widen out our conversation to look at the broad macro trends sweeping across the GCC as we head into 2019. Topics covered throughout the discussion include the UAE's employment backdrop, why the drop in residential real estate prices in Dubai might be beneficial to the economy, the impact of Saudization, and a host of other important themes that will likely dominate the news cycle over the coming months.
https://www.youtube.com/watch?v=ia-2QyrOuCo&feature=youtu.be
In collaboration with Refinitiv (formerly Thomson Reuters), and hosted by Zaywa.com editor Michael Fahy, this month we widen out our conversation to look at the broad macro trends sweeping across the GCC as we head into 2019. Topics covered throughout the discussion include the UAE's employment backdrop, why the drop in residential real estate prices in Dubai might be beneficial to the economy, the impact of Saudization, and a host of other important themes that will likely dominate the news cycle over the coming months.
Mideast Stocks: #Saudi rises to three-month high, #Dubai continues to gain | ZAWYA MENA Edition
Mideast Stocks: Saudi rises to three-month high, Dubai continues to gain | ZAWYA MENA Edition:
The Saudi stock market climbed to its highest level in three months on Tuesday while other major Middle Eastern markets, except Dubai, were subdued.
The Saudi index inched up 0.2 percent, with Al Rajhi Bank and Riyad Bank both adding 0.3 percent.
Nama Chemicals jumped 6.2 percent in active trade after the Capital Market Authority approved a request to increase the company's capital through a rights issue valued at 200 million riyals ($53.32 million).
The Saudi stock market climbed to its highest level in three months on Tuesday while other major Middle Eastern markets, except Dubai, were subdued.
The Saudi index inched up 0.2 percent, with Al Rajhi Bank and Riyad Bank both adding 0.3 percent.
Nama Chemicals jumped 6.2 percent in active trade after the Capital Market Authority approved a request to increase the company's capital through a rights issue valued at 200 million riyals ($53.32 million).