‘Bold action needed’: Trump adviser backs Kingdom’s investment hopes:
The Milken Institute MENA (Middle East and North Africa) Summit in Abu Dhabi kicked off with a strong defense of Saudi Arabia and its investment prospects from a close personal adviser to US President Donald Trump.
Asked about investment prospects in the Kingdom in the wake of the death of Saudi journalist Jamal Khashoggi last year, Thomas Barrack, executive chairman of private equity group Colony Capital, told participants at the event in the UAE capital that the reaction reflected a “misunderstanding” on the part of the West.
He cast Western reaction in the context of a “brilliant new leader stepping in” and launching the debate about the future of oil dependency as part of the Vision 2030 strategy.
Tuesday 12 February 2019
#Saudi Business Is About to Get More Complicated for EU Banks - Bloomberg
Saudi Business Is About to Get More Complicated for EU Banks - Bloomberg:
European Union banks will face higher hurdles in dealing with clients from countries including Saudi Arabia as the bloc moves to tighten controls on illicit financial flows.
Panama and the U.S. Virgin Islands will also be put alongside Iran and North Korea on a new EU roll call of 23 countries outside the bloc identified as posing higher risks for terrorist financing and money laundering, according to people familiar with its content. The European Commission, which drew up the list, will sign off on it on Wednesday, according to people familiar with its content who spoke on condition of anonymity.
EU banks dealing with customers from those countries will have to apply additional checks, also known as “enhanced customer due diligence.” That can mean that they have to gather more background information about individuals and verify that the conducted business is legitimate.
European Union banks will face higher hurdles in dealing with clients from countries including Saudi Arabia as the bloc moves to tighten controls on illicit financial flows.
Panama and the U.S. Virgin Islands will also be put alongside Iran and North Korea on a new EU roll call of 23 countries outside the bloc identified as posing higher risks for terrorist financing and money laundering, according to people familiar with its content. The European Commission, which drew up the list, will sign off on it on Wednesday, according to people familiar with its content who spoke on condition of anonymity.
EU banks dealing with customers from those countries will have to apply additional checks, also known as “enhanced customer due diligence.” That can mean that they have to gather more background information about individuals and verify that the conducted business is legitimate.
#SaudiArabia's Golden Giveaway to Crude Producers: Oil Strategy - Bloomberg
Saudi Arabia's Golden Giveaway to Crude Producers: Oil Strategy - Bloomberg:
For years Saudi Arabian oil ministers have said that the kingdom won’t balance the oil market on its own. That is pretty much what it’s doing now.
By cutting output more than it pledged and promising to go even further next month, the world’s largest crude exporter is handing a free pass to producers elsewhere in the OPEC+ alliance and simultaneously yielding market share to the U.S.
Saudi Arabia pumped 10.213 million barrels a day of crude in January, according to figures published by OPEC. That compares with a target production level of 10.311 million, agreed in Vienna in December. And the kingdom doesn’t plan to stop there. Energy Minister Khalid Al Falih says it will remove a further 400,000 barrels a day of output in March, the Financial Times reports.
For years Saudi Arabian oil ministers have said that the kingdom won’t balance the oil market on its own. That is pretty much what it’s doing now.
By cutting output more than it pledged and promising to go even further next month, the world’s largest crude exporter is handing a free pass to producers elsewhere in the OPEC+ alliance and simultaneously yielding market share to the U.S.
Saudi Arabia pumped 10.213 million barrels a day of crude in January, according to figures published by OPEC. That compares with a target production level of 10.311 million, agreed in Vienna in December. And the kingdom doesn’t plan to stop there. Energy Minister Khalid Al Falih says it will remove a further 400,000 barrels a day of output in March, the Financial Times reports.
Oil Rises as Saudis Deepen Cuts, Trump May Extend Trade Deadline - Bloomberg
Oil Rises as Saudis Deepen Cuts, Trump May Extend Trade Deadline - Bloomberg:
Oil rebounded from a two-week low Tuesday as Saudi Arabia pledged to deepen production cuts and U.S. President Donald Trump said he could extend a deadline for new tariffs on China.
Futures closed 1.3 percent higher in New York after Saudi Energy Minister Khalid Al-Falih told the Financial Times that the kingdom will continue to curb output more than required by a December deal among top producers. Meanwhile, OPEC’s secretary-general issued a statement nudging other members to keep up their end of the cuts.
“As if on cue, Saudi Arabia’s energy minister has injected a hearty dose of bullish impetus into the energy complex,” analysts at PVM Oil Associates Ltd. said in a report.
Oil rebounded from a two-week low Tuesday as Saudi Arabia pledged to deepen production cuts and U.S. President Donald Trump said he could extend a deadline for new tariffs on China.
Futures closed 1.3 percent higher in New York after Saudi Energy Minister Khalid Al-Falih told the Financial Times that the kingdom will continue to curb output more than required by a December deal among top producers. Meanwhile, OPEC’s secretary-general issued a statement nudging other members to keep up their end of the cuts.
“As if on cue, Saudi Arabia’s energy minister has injected a hearty dose of bullish impetus into the energy complex,” analysts at PVM Oil Associates Ltd. said in a report.
Deutsche Bank Seeks to Rebuild in Mideast After Cost Cutting - Bloomberg
Deutsche Bank Seeks to Rebuild in Mideast After Cost Cutting - Bloomberg:
Deutsche Bank AG aims to rebuild in the Middle East after years of cost cutting and has hired executives to help win debt and advisory deals.
“We have pivoted from a pure cost-control focus in 2018 to a controlled, disciplined growth phase in 2019,” Jamal Al Kishi, chief executive officer of the Middle East and Africa for the Frankfurt-based lender, said in an interview. “This year will be a better one in terms of both revenue and profitability, and you’ll see us on large financing deals and, hopefully, some M&A this year.”
Deutsche Bank recently hired Ibrahim Qasim from Doha-based QInvest LLC as head of structured solutions for the Middle East and North Africa, as well as Khalid Rashid from Standard Chartered Plc to take charge of capital markets. Last year, the bank brought in Asif Karmally to lead the financial solutions group in the United Arab Emirates, Oman and Pakistan.
Deutsche Bank AG aims to rebuild in the Middle East after years of cost cutting and has hired executives to help win debt and advisory deals.
“We have pivoted from a pure cost-control focus in 2018 to a controlled, disciplined growth phase in 2019,” Jamal Al Kishi, chief executive officer of the Middle East and Africa for the Frankfurt-based lender, said in an interview. “This year will be a better one in terms of both revenue and profitability, and you’ll see us on large financing deals and, hopefully, some M&A this year.”
Deutsche Bank recently hired Ibrahim Qasim from Doha-based QInvest LLC as head of structured solutions for the Middle East and North Africa, as well as Khalid Rashid from Standard Chartered Plc to take charge of capital markets. Last year, the bank brought in Asif Karmally to lead the financial solutions group in the United Arab Emirates, Oman and Pakistan.
IMF sees no credit crunch in #Oman, advises speedy fiscal reforms | Reuters
IMF sees no credit crunch in Oman, advises speedy fiscal reforms | Reuters:
Oman is not facing a credit crunch but the Gulf Arab oil producer should speed up implementation of fiscal reforms like the introduction of a value-added tax (VAT), an IMF official said.
In December, rating agency Fitch downgraded Oman - among the hardest hit in the region by the drop in oil prices - to “junk” status, citing fiscal challenges from oil market volatility.
Omani government debt yields spiked on the back of the downgrade and the cost of insuring against a potential debt default has increased by over 25 percent since then.
Oman is not facing a credit crunch but the Gulf Arab oil producer should speed up implementation of fiscal reforms like the introduction of a value-added tax (VAT), an IMF official said.
In December, rating agency Fitch downgraded Oman - among the hardest hit in the region by the drop in oil prices - to “junk” status, citing fiscal challenges from oil market volatility.
Omani government debt yields spiked on the back of the downgrade and the cost of insuring against a potential debt default has increased by over 25 percent since then.
#UAE manages 14.6% of global sovereign wealth funds' assets: SWF Institute | ZAWYA MENA Edition
UAE manages 14.6% of global sovereign wealth funds' assets: SWF Institute | ZAWYA MENA Edition:
The UAE has acquired around 14.6% or $1.191 trillion of total global sovereign wealth funds’ assets worth $8.14 trillion, data by the Sovereign Wealth Fund Institute (SWF Institute) showed.
Abu Dhabi Investment Authority (ADIA) was ranked the third among the largest sovereign funds with $697 billion in assets, according to the SWF Institute’s recent report in February.
Meanwhile, Investment Corporation of Dubai (ICD) came in the 13th spot with assets of around $233.8 billion, followed by state investment fund Mubadala Development Company (MDC) with around $226 billion in assets, the report added.
The UAE has acquired around 14.6% or $1.191 trillion of total global sovereign wealth funds’ assets worth $8.14 trillion, data by the Sovereign Wealth Fund Institute (SWF Institute) showed.
Abu Dhabi Investment Authority (ADIA) was ranked the third among the largest sovereign funds with $697 billion in assets, according to the SWF Institute’s recent report in February.
Meanwhile, Investment Corporation of Dubai (ICD) came in the 13th spot with assets of around $233.8 billion, followed by state investment fund Mubadala Development Company (MDC) with around $226 billion in assets, the report added.
Qatari stake in Rosneft paves way for global energy deals: Doha envoy | Reuters
Qatari stake in Rosneft paves way for global energy deals: Doha envoy | Reuters:
The Qatari sovereign wealth fund’s acquisition of a stake in Russia’s Rosneft sets the stage for collaboration between the Russian oil major and Qatar Petroleum, Doha’s ambassador to Moscow said in an interview with Reuters.
The Qatar Investment Authority (QIA) became a shareholder in Rosneft following the Russian state-controlled oil giant’s privatization in late 2016, and now holds a 19 percent stake.
Though Qatar is a small oil producer compared to its massive gas production, state oil firm Qatar Petroleum is on a drive to expand operations globally.
The Qatari sovereign wealth fund’s acquisition of a stake in Russia’s Rosneft sets the stage for collaboration between the Russian oil major and Qatar Petroleum, Doha’s ambassador to Moscow said in an interview with Reuters.
The Qatar Investment Authority (QIA) became a shareholder in Rosneft following the Russian state-controlled oil giant’s privatization in late 2016, and now holds a 19 percent stake.
Though Qatar is a small oil producer compared to its massive gas production, state oil firm Qatar Petroleum is on a drive to expand operations globally.
Oil gains 1 percent after #SaudiArabia pledges more output cuts | Reuters
Oil gains 1 percent after Saudi Arabia pledges more output cuts | Reuters:
Oil prices rose more than 1 percent on Tuesday after OPEC figures showed it cut production sharply in January, and as lead member Saudi Arabia said it would reduce its output in March by an additional 500,000 barrels.
Growing investor optimism for a breakthrough in the latest round of U.S.-China trade discussions also boosted futures as members of both sides met in Beijing.
Brent crude futures gained 91 cents, or 1.5 percent, to settle at $62.42 a barrel. U.S. West Texas Intermediate (WTI) crude oil futures rose 69 cents, or 1.3 percent, to settle at $53.10 a barrel.
Oil prices rose more than 1 percent on Tuesday after OPEC figures showed it cut production sharply in January, and as lead member Saudi Arabia said it would reduce its output in March by an additional 500,000 barrels.
Growing investor optimism for a breakthrough in the latest round of U.S.-China trade discussions also boosted futures as members of both sides met in Beijing.
Brent crude futures gained 91 cents, or 1.5 percent, to settle at $62.42 a barrel. U.S. West Texas Intermediate (WTI) crude oil futures rose 69 cents, or 1.3 percent, to settle at $53.10 a barrel.
MIDEAST STOCKS-Banks lead Egypt, #Saudi stocks higher | Reuters
MIDEAST STOCKS-Banks lead Egypt, Saudi stocks higher | Reuters:
Saudi Arabia's stock market rose on Tuesday as major banks rose on recovering oil prices, while Egypt's blue-chip index hit a five-month high, helped by its top lender Commercial International Bank.
Saudi Arabia's index was up 0.7 percent, with Al Rajhi Bank rising 1.8 percent and Banque Saudi Fransi gaining 2.9 percent.
The Saudi index has got off to a strong start this year, taking many by surprise, SICO Research said in a note, with a 10 percent gain year-to-date after returning 8.3 percent in 2018.
Saudi Arabia's stock market rose on Tuesday as major banks rose on recovering oil prices, while Egypt's blue-chip index hit a five-month high, helped by its top lender Commercial International Bank.
Saudi Arabia's index was up 0.7 percent, with Al Rajhi Bank rising 1.8 percent and Banque Saudi Fransi gaining 2.9 percent.
The Saudi index has got off to a strong start this year, taking many by surprise, SICO Research said in a note, with a 10 percent gain year-to-date after returning 8.3 percent in 2018.
The global tide is turning against Mohammed bin Salman | Financial Times
The global tide is turning against Mohammed bin Salman | Financial Times:
The savage murder last year of journalist Jamal Khashoggi, dismembered by Saudi Arabia’s agents in its consulate in Istanbul, surprised in the way it accelerated into the worst crisis between the kingdom and the west since September 11 2001, when 15 of the 19 hijackers who attacked the US turned out to be Saudis. It seems just as surprising that, as 2019 progresses, there is little let-up in the pressure on the Saudi leadership — in particular on Mohammed bin Salman, the powerful crown prince widely blamed for ordering the assassination. If anything, it is intensifying.
It surprises too when Adel al-Jubeir, Saudi minister of state for foreign affairs, is forced to go on US weekend TV shows to deny any Saudi part in the leaks of intimate texts and photos of Jeff Bezos, the Amazon owner, to the National Enquirer, the sensationalist US tabloid aligned with President Donald Trump. Why, after all, would Mr Bezos hint at a Saudi angle in this lurid story?
The Amazon multibillionaire is, of course, the owner of The Washington Post, in whose columns Khashoggi, an estranged court insider and former supporter of the crown prince, was writing trenchant critiques of the price Saudis were paying for Prince Mohammed’s tyrannical ways. The Post is relentlessly pursuing the Khashoggi case, insisting that the crown prince and his close circle were directly responsible for the murder — as the Turkish authorities, US intelligence agencies and some European governments have also concluded.
The savage murder last year of journalist Jamal Khashoggi, dismembered by Saudi Arabia’s agents in its consulate in Istanbul, surprised in the way it accelerated into the worst crisis between the kingdom and the west since September 11 2001, when 15 of the 19 hijackers who attacked the US turned out to be Saudis. It seems just as surprising that, as 2019 progresses, there is little let-up in the pressure on the Saudi leadership — in particular on Mohammed bin Salman, the powerful crown prince widely blamed for ordering the assassination. If anything, it is intensifying.
It surprises too when Adel al-Jubeir, Saudi minister of state for foreign affairs, is forced to go on US weekend TV shows to deny any Saudi part in the leaks of intimate texts and photos of Jeff Bezos, the Amazon owner, to the National Enquirer, the sensationalist US tabloid aligned with President Donald Trump. Why, after all, would Mr Bezos hint at a Saudi angle in this lurid story?
The Amazon multibillionaire is, of course, the owner of The Washington Post, in whose columns Khashoggi, an estranged court insider and former supporter of the crown prince, was writing trenchant critiques of the price Saudis were paying for Prince Mohammed’s tyrannical ways. The Post is relentlessly pursuing the Khashoggi case, insisting that the crown prince and his close circle were directly responsible for the murder — as the Turkish authorities, US intelligence agencies and some European governments have also concluded.
US oil production seen hitting 13m barrels a day in 2020 | Financial Times
US oil production seen hitting 13m barrels a day in 2020 | Financial Times:
US oil production is expected to hit new milestones faster than previously thought amid booming shale activity, according to the latest forecasts from the US Energy Information Administration.
The EIA said Tuesday it now expects domestic crude output to average a record high of 12.4m barrels a day in 2019, up from its estimate of 12.1m barrels a day just a month ago. The agency also raised its forecast for 2020 production to 13.2m barrels a day from 12.9m.
The rosier outlook reflects an increase in productive wells, both in the Permian Basin of Texas and the Gulf of Mexico, and the expectation that Permian pipeline constraints won’t slow growth as much as projected in January, the EIA said in its monthly short-term energy outlook.
US oil production is expected to hit new milestones faster than previously thought amid booming shale activity, according to the latest forecasts from the US Energy Information Administration.
The EIA said Tuesday it now expects domestic crude output to average a record high of 12.4m barrels a day in 2019, up from its estimate of 12.1m barrels a day just a month ago. The agency also raised its forecast for 2020 production to 13.2m barrels a day from 12.9m.
The rosier outlook reflects an increase in productive wells, both in the Permian Basin of Texas and the Gulf of Mexico, and the expectation that Permian pipeline constraints won’t slow growth as much as projected in January, the EIA said in its monthly short-term energy outlook.
Oil prices move higher on cuts by Saudi Arabia, Opec | Financial Times
Oil prices move higher on cuts by Saudi Arabia, Opec | Financial Times:
Oil prices rallied on Tuesday amid signs that Opec’s production cuts are taking hold.
In its monthly report, the Organization of the Petroleum Exporting Countries said Tuesday its crude output fell 797,000 barrels a day in January compared with the prior month. The supply cuts, which also include Russia and nine other non-Opec producers, took effect on January 1.
Khalid al Falih, Saudi Arabia’s energy minister, told the Financial Times that the kingdom would reduce production to about 9.8m barrels a day in March, down from a record high of 11.1m barrels a day in November.
Oil prices rallied on Tuesday amid signs that Opec’s production cuts are taking hold.
In its monthly report, the Organization of the Petroleum Exporting Countries said Tuesday its crude output fell 797,000 barrels a day in January compared with the prior month. The supply cuts, which also include Russia and nine other non-Opec producers, took effect on January 1.
Khalid al Falih, Saudi Arabia’s energy minister, told the Financial Times that the kingdom would reduce production to about 9.8m barrels a day in March, down from a record high of 11.1m barrels a day in November.
Citigroup sees #Saudi, #UAE as top Mideast markets for deals this year - executive | ZAWYA MENA Edition
Citigroup sees Saudi, UAE as top Mideast markets for deals this year - executive | ZAWYA MENA Edition:
Citigroup expects the majority of investment banking opportunities in the Middle East to come from Saudi Arabia and the United Arab Emirates this year, said Miguel Azevedo, Citigroup's head of investment banking, Middle East and Africa.
The U.S. lender, which is working towards a full banking licence in Saudi Arabia, ended a five-decade presence in the kingdom in 2004 but in 2015 won permission to invest directly in the local stock market and last year gained approval to begin investment banking operations.
"I can see real interest awareness and potential demand for Saudi exposure," Azevedo told Reuters on the sidelines of a conference in Abu Dhabi.
Citigroup expects the majority of investment banking opportunities in the Middle East to come from Saudi Arabia and the United Arab Emirates this year, said Miguel Azevedo, Citigroup's head of investment banking, Middle East and Africa.
The U.S. lender, which is working towards a full banking licence in Saudi Arabia, ended a five-decade presence in the kingdom in 2004 but in 2015 won permission to invest directly in the local stock market and last year gained approval to begin investment banking operations.
"I can see real interest awareness and potential demand for Saudi exposure," Azevedo told Reuters on the sidelines of a conference in Abu Dhabi.
#SaudiArabia goes on the hunt for global oil and gas | Financial Times
Saudi Arabia goes on the hunt for global oil and gas | Financial Times:
Saudi Arabia plans to develop an international energy exploration and production business for the first time, doubling down on oil and gas even as the kingdom seeks to curb its reliance on hydrocarbons.
Khalid al Falih, Saudi Arabia’s energy minister and chairman of state oil company Saudi Aramco, told the Financial Times that overseas expansion would be a critical part of the company’s future.
“We are no longer going to be inward-looking and focused only on monetising the kingdom’s resources,” Mr Falih said. “Going forward the world is going to be Saudi Aramco’s playground.”
Saudi Arabia plans to develop an international energy exploration and production business for the first time, doubling down on oil and gas even as the kingdom seeks to curb its reliance on hydrocarbons.
Khalid al Falih, Saudi Arabia’s energy minister and chairman of state oil company Saudi Aramco, told the Financial Times that overseas expansion would be a critical part of the company’s future.
“We are no longer going to be inward-looking and focused only on monetising the kingdom’s resources,” Mr Falih said. “Going forward the world is going to be Saudi Aramco’s playground.”
Why Investors Have Always Struggled in #Iran - Bloomberg
Why Investors Have Always Struggled in Iran - Bloomberg:
Given how Iran’s economy has fared in the 40 years since the Islamic Revolution, it’s reasonable for Iranians to wonder whether they might be more prosperous had the revolution never taken place. Iran’s average annual growth in gross domestic product for the years 1961-78 was 8.86 percent, or more than three times higher than the 2.44-percent average for 1980-2017.
Fantasy-bursting economists might point out that the pre-revolution figures are inflated by the “catch-up effect,” when a poor country achieves quick growth from a low base by building new roads, electrifying towns, adopting new technologies, liberalizing markets and so on. All the same, Jahangir Amuzegar, a former executive director of the International Monetary Fund (and briefly Shah Mohammed Reza Pahlavi’s finance minister in 1962), argued that Iran’s economic performance, “if not exactly the ‘economic miracle’ that the Shah’s supporters liked to call it, was undoubtedly one of the world’s clearest success stories.”
Iran’s governments since 1979 have successfully diversified Iran’s industrial sector, expanded its tax base, and reduced inequality, but they have also earned a reputation for ineptitude and corruption.
Given how Iran’s economy has fared in the 40 years since the Islamic Revolution, it’s reasonable for Iranians to wonder whether they might be more prosperous had the revolution never taken place. Iran’s average annual growth in gross domestic product for the years 1961-78 was 8.86 percent, or more than three times higher than the 2.44-percent average for 1980-2017.
Fantasy-bursting economists might point out that the pre-revolution figures are inflated by the “catch-up effect,” when a poor country achieves quick growth from a low base by building new roads, electrifying towns, adopting new technologies, liberalizing markets and so on. All the same, Jahangir Amuzegar, a former executive director of the International Monetary Fund (and briefly Shah Mohammed Reza Pahlavi’s finance minister in 1962), argued that Iran’s economic performance, “if not exactly the ‘economic miracle’ that the Shah’s supporters liked to call it, was undoubtedly one of the world’s clearest success stories.”
Iran’s governments since 1979 have successfully diversified Iran’s industrial sector, expanded its tax base, and reduced inequality, but they have also earned a reputation for ineptitude and corruption.
Oil up on OPEC output cuts and as sanctions against Venezuela, Iran bite | Reuters
Oil up on OPEC output cuts and as sanctions against Venezuela, Iran bite | Reuters:
Oil prices rose on Tuesday amid OPEC-led supply cuts and U.S. sanctions against Iran and Venezuela, although analysts expect surging U.S. output and concerns over economic growth to keep markets in check.
U.S. West Texas Intermediate (WTI) crude oil futures were at $52.69 per barrel at 0751 GMT, up 28 cents, or 0.5 percent, from their last close.
The ongoing closure of parts of the Keystone pipeline that brings Canadian oil into the United States also helped prop up WTI, traders said.
International Brent crude futures were up 38 cents, or 0.6 percent, at $61.89 per barrel.
Oil prices rose on Tuesday amid OPEC-led supply cuts and U.S. sanctions against Iran and Venezuela, although analysts expect surging U.S. output and concerns over economic growth to keep markets in check.
U.S. West Texas Intermediate (WTI) crude oil futures were at $52.69 per barrel at 0751 GMT, up 28 cents, or 0.5 percent, from their last close.
The ongoing closure of parts of the Keystone pipeline that brings Canadian oil into the United States also helped prop up WTI, traders said.
International Brent crude futures were up 38 cents, or 0.6 percent, at $61.89 per barrel.
Mideast Stocks: Banks lift #Saudi, financials weigh on #AbuDhabi | ZAWYA MENA Edition
Mideast Stocks: Banks lift Saudi, financials weigh on Abu Dhabi | ZAWYA MENA Edition:
Saudi Arabia's stock market rose on Tuesday on the back of gains in banks amid recovering oil prices, while Abu Dhabi was pulled down by its financial shares.
Saudi Arabia's index was up 0.3 percent with Al Rajhi Bank rising 1 percent and the largest petrochemical maker Saudi Basic Industries adding 0.7 percent.
The Saudi index has got off to a strong start this year, taking many by surprise, SICO Research said in a note, with a 10 percent gain year-to-date after returning 8.3 percent in 2018.
Saudi Arabia's stock market rose on Tuesday on the back of gains in banks amid recovering oil prices, while Abu Dhabi was pulled down by its financial shares.
Saudi Arabia's index was up 0.3 percent with Al Rajhi Bank rising 1 percent and the largest petrochemical maker Saudi Basic Industries adding 0.7 percent.
The Saudi index has got off to a strong start this year, taking many by surprise, SICO Research said in a note, with a 10 percent gain year-to-date after returning 8.3 percent in 2018.
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