Oil prices fall as trade war worries outweigh supply disruptions - Reuters:
Oil prices fell in volatile trade on Wednesday, weighed down by equity markets as China signaled readiness to escalate the trade war with the United States, stoking concerns that an ongoing stand-off could hurt demand.
Supply constraints linked to the Organization of the Petroleum Exporting Countries’ output cuts and political tensions in the Middle East offered some support, however.
Brent crude futures, the international benchmark for oil prices, ended the session at $69.45 a barrel, down 66 cents, or 0.9%, having hit a session low of $68.08.
U.S. West Texas Intermediate (WTI) crude futures fell 33 cents, or 0.6%, to settle at $58.81 per barrel, after hitting a low of $56.88, the lowest since March 12.
Wednesday 29 May 2019
Solar, onshore wind costs set to fall below new fossil fuel energy: report - Reuters
Solar, onshore wind costs set to fall below new fossil fuel energy: report - Reuters:
Electricity generated by onshore wind and solar photovoltaic (PV) technologies will in the next year be consistently cheaper than from any fossil fuel source, a report showed on Wednesday, boosting the case for energy sources that don’t emit carbon.
The trend for cut-price renewable energy is already set but the report by the International Renewable Energy Agency (IRENA) gives fresh evidence of the speed of the decline, driven by increased production runs and technology improvements.
“Onshore wind and solar PV are set by 2020 to consistently offer a less expensive source of new electricity than the least-cost fossil-fuel alternative without financial assistance,” said IRENA, a government-backed body that aims to support countries in their transition to sustainable energy sources.
The global weighted average cost of electricity generated by concentrated solar power fell by 26% last year from a year earlier, data compiled by the agency showed. Bioenegy fell by 14%, solar PV and onshore wind by 13%, hydropower by 12% and geothermal and offshore wind by 1%.
Electricity generated by onshore wind and solar photovoltaic (PV) technologies will in the next year be consistently cheaper than from any fossil fuel source, a report showed on Wednesday, boosting the case for energy sources that don’t emit carbon.
The trend for cut-price renewable energy is already set but the report by the International Renewable Energy Agency (IRENA) gives fresh evidence of the speed of the decline, driven by increased production runs and technology improvements.
“Onshore wind and solar PV are set by 2020 to consistently offer a less expensive source of new electricity than the least-cost fossil-fuel alternative without financial assistance,” said IRENA, a government-backed body that aims to support countries in their transition to sustainable energy sources.
The global weighted average cost of electricity generated by concentrated solar power fell by 26% last year from a year earlier, data compiled by the agency showed. Bioenegy fell by 14%, solar PV and onshore wind by 13%, hydropower by 12% and geothermal and offshore wind by 1%.
Speaking of EM: May's Been Cruel for Stocks. Now What? (Podcast) - Bloomberg
Bloomberg:
Emerging-market equity traders have been caught out making the same mistake that cost them $5.8 trillion last year: underestimating the strength of the U.S. dollar.
MSCI Inc.’s index for stocks is headed for a more than 8% drop in May, helping to erase in excess of $1 trillion in shareholder wealth. The greenback’s resilience after President Donald Trump revealed he was in no rush to end the U.S. trade war with China surprised traders, who had priced in a quick end to the tensions.
Editor Srinivasan Sivabalan in London talks to Dubai-based Dana El Baltaji about where stocks can go from here.
Emerging-market equity traders have been caught out making the same mistake that cost them $5.8 trillion last year: underestimating the strength of the U.S. dollar.
MSCI Inc.’s index for stocks is headed for a more than 8% drop in May, helping to erase in excess of $1 trillion in shareholder wealth. The greenback’s resilience after President Donald Trump revealed he was in no rush to end the U.S. trade war with China surprised traders, who had priced in a quick end to the tensions.
Editor Srinivasan Sivabalan in London talks to Dubai-based Dana El Baltaji about where stocks can go from here.
Ending #Qatar Blockade Should Be Priority for Donald Trump - Bloomberg
Ending Qatar Blockade Should Be Priority for Donald Trump - Bloomberg:
It’s now nearly two years since a coalition of Arab countries imposed a misguided economic blockade on Qatar. The group — Bahrain, Egypt, Saudi Arabia and the United Arab Emirates — said it was punishing the gas-rich emirate for its ties with Iran and the Muslim Brotherhood, but the embargo is widely perceived as part of a larger competition for preeminence in Arab affairs.
Ending it should be a priority for U.S. President Donald Trump. Of the Arab world’s many divisions, sectarian and political, none is more damaging to American interests than this one. The Saudi-led group’s objectives haven’t been met. On the contrary, denied food supplies from — and air routes over — the blockading states, Qatar has only grown more dependent on Iran, while its economy has weathered the blockade with ease.
Meanwhile, the dispute is putting U.S. allies Kuwait and Oman in an awkward position. Both countries have strong relationships with Qatar and maintain wary ties with Iran, which is close enough to menace their security. But neither can afford to antagonize Saudi Arabia, the region’s most powerful nation.
It’s now nearly two years since a coalition of Arab countries imposed a misguided economic blockade on Qatar. The group — Bahrain, Egypt, Saudi Arabia and the United Arab Emirates — said it was punishing the gas-rich emirate for its ties with Iran and the Muslim Brotherhood, but the embargo is widely perceived as part of a larger competition for preeminence in Arab affairs.
Ending it should be a priority for U.S. President Donald Trump. Of the Arab world’s many divisions, sectarian and political, none is more damaging to American interests than this one. The Saudi-led group’s objectives haven’t been met. On the contrary, denied food supplies from — and air routes over — the blockading states, Qatar has only grown more dependent on Iran, while its economy has weathered the blockade with ease.
Meanwhile, the dispute is putting U.S. allies Kuwait and Oman in an awkward position. Both countries have strong relationships with Qatar and maintain wary ties with Iran, which is close enough to menace their security. But neither can afford to antagonize Saudi Arabia, the region’s most powerful nation.
#AbuDhabi's airports, ports and power firms moved to new holding company - Reuters
Abu Dhabi's airports, ports and power firms moved to new holding company - Reuters:
Abu Dhabi is creating a new holding company for seven state-owned firms with operations ranging from airports to power supply to make it easier for them to raise debt and improve services, three sources told Reuters.
The new holding company, Abu Dhabi Development Holding Company (ADDHC), will be led by Mohamed Hassan al-Suwaidi, a former executive of Abu Dhabi state fund Mubadala, and the seven firms could eventually be privatised.
The holding company’s portfolio will include Abu Dhabi Airports, Abu Dhabi Ports, Abu Dhabi National Exhibition Centre, Abu Dhabi Media, Abu Dhabi Power Company, Khalifa Industrial Zone Abu Dhabi, and Abu Dhabi Health Services Co, said two of the sources.
Abu Dhabi is creating a new holding company for seven state-owned firms with operations ranging from airports to power supply to make it easier for them to raise debt and improve services, three sources told Reuters.
The new holding company, Abu Dhabi Development Holding Company (ADDHC), will be led by Mohamed Hassan al-Suwaidi, a former executive of Abu Dhabi state fund Mubadala, and the seven firms could eventually be privatised.
The holding company’s portfolio will include Abu Dhabi Airports, Abu Dhabi Ports, Abu Dhabi National Exhibition Centre, Abu Dhabi Media, Abu Dhabi Power Company, Khalifa Industrial Zone Abu Dhabi, and Abu Dhabi Health Services Co, said two of the sources.
Oil prices drop as trade war worries outweigh supply disruptions - Reuters
Oil prices drop as trade war worries outweigh supply disruptions - Reuters:
Oil prices fell more than 1% in volatile trade on Wednesday, weighed down by equity markets as China signaled readiness to escalate the trade war with the United States, stoking concerns that an ongoing stand-off could hurt demand.
Supply constraints linked to the Organization of the Petroleum Exporting Countries’ output cuts and political tensions in the Middle East offered some support, however.
Brent crude futures, the international benchmark for oil prices, were at $69.07 a barrel at 1:13 p.m. ET (1713 GMT), down $1.04, or 1.5%, having hit a session low of $68.08.
U.S. West Texas Intermediate (WTI) crude futures fell 62 cents, or 1.1%, to $58.52 per barrel, after hitting a low of $56.88, their lowest level since March 12.
Oil prices fell more than 1% in volatile trade on Wednesday, weighed down by equity markets as China signaled readiness to escalate the trade war with the United States, stoking concerns that an ongoing stand-off could hurt demand.
Supply constraints linked to the Organization of the Petroleum Exporting Countries’ output cuts and political tensions in the Middle East offered some support, however.
Brent crude futures, the international benchmark for oil prices, were at $69.07 a barrel at 1:13 p.m. ET (1713 GMT), down $1.04, or 1.5%, having hit a session low of $68.08.
U.S. West Texas Intermediate (WTI) crude futures fell 62 cents, or 1.1%, to $58.52 per barrel, after hitting a low of $56.88, their lowest level since March 12.
#Qatar denies banning #UAE goods after WTO dispute panel formed - Reuters
Qatar denies banning UAE goods after WTO dispute panel formed - Reuters:
Qatar denied on Wednesday it had been restricting imports of goods from the United Arab Emirates, a day after the World Trade Organisation (WTO) agreed to investigate a UAE complaint.
The UAE, Saudi Arabia, Bahrain, and Egypt have imposed a diplomatic, trade and transport boycott of Qatar since June 2017 over allegations Doha supports terrorism, a charge Qatar denies.
The UAE has said that Qatar began banning its goods following the boycott, and filed a complaint with WTO earlier this year that was accepted on Tuesday.
Qatar denied on Wednesday it had been restricting imports of goods from the United Arab Emirates, a day after the World Trade Organisation (WTO) agreed to investigate a UAE complaint.
The UAE, Saudi Arabia, Bahrain, and Egypt have imposed a diplomatic, trade and transport boycott of Qatar since June 2017 over allegations Doha supports terrorism, a charge Qatar denies.
The UAE has said that Qatar began banning its goods following the boycott, and filed a complaint with WTO earlier this year that was accepted on Tuesday.
MIDEAST STOCKS-Profit-taking, global stock slide weigh on #Saudi stocks - Agricultural Commodities - Reuters
MIDEAST STOCKS-Profit-taking, global stock slide weigh on Saudi stocks - Agricultural Commodities - Reuters:
Saudi Arabian stocks dropped on Wednesday
as falling oil prices and weak global sentiment pulled down
banking shares on the market's first of trading as a member of
the MSCI emerging markets index.
Some investors also cashed in their holdings ahead of the
long Eid Holiday in the next week.
Thirty Saudi-listed securities were added to MSCI's index
after the close of trading on Tuesday, representing an aggregate
weight of 1.42% in the Emerging Markets Index.
Saudi Arabian stocks dropped on Wednesday
as falling oil prices and weak global sentiment pulled down
banking shares on the market's first of trading as a member of
the MSCI emerging markets index.
Some investors also cashed in their holdings ahead of the
long Eid Holiday in the next week.
Thirty Saudi-listed securities were added to MSCI's index
after the close of trading on Tuesday, representing an aggregate
weight of 1.42% in the Emerging Markets Index.
#UAE Central Bank More Pessimistic on 2019 Than IMF - Bloomberg
U.A.E. Central Bank More Pessimistic on 2019 Than IMF - Bloomberg:
Economic growth in OPEC’s third-biggest producer this year will fall far short of previous estimates and could undershoot the latest projections from the International Monetary Fund, according to the central bank of the United Arab Emirates.
Gross domestic product will expand only 2% in 2019, compared with a previous forecast for 3.5% published in March, the central bank said in its annual report. The IMF sees a pickup to 2.8% from 1.7% last year, according to its April regional economic outlook. In a May 2 statement, the fund said “growth could exceed” 2% this year and approach 3% in 2020-21.
The oil economy is set to grow 2.7%, a downward revision from 3.7%, according to the central bank. The non-oil economy will expand an estimated 1.8%, versus an earlier forecast for 3.4%, it said.
Economic growth in OPEC’s third-biggest producer this year will fall far short of previous estimates and could undershoot the latest projections from the International Monetary Fund, according to the central bank of the United Arab Emirates.
Gross domestic product will expand only 2% in 2019, compared with a previous forecast for 3.5% published in March, the central bank said in its annual report. The IMF sees a pickup to 2.8% from 1.7% last year, according to its April regional economic outlook. In a May 2 statement, the fund said “growth could exceed” 2% this year and approach 3% in 2020-21.
The oil economy is set to grow 2.7%, a downward revision from 3.7%, according to the central bank. The non-oil economy will expand an estimated 1.8%, versus an earlier forecast for 3.4%, it said.
Tadawul's MSCI upgrade to attract $40bln of foreign inflows | ZAWYA MENA Edition
Tadawul's MSCI upgrade to attract $40bln of foreign inflows | ZAWYA MENA Edition:
Saudi Arabia’s stock market joined the MSCI emerging market (EM) index at the close of the trading session on Tuesday. A total of $40 billion of foreign fund inflows is expected to come into the market from the inclusion, an analyst told Zawya.
The kingdom's stock exchange (Tadawul) is the Arab world’s largest bourse with a total market capitalisation of over half a trillion dollars.
“There has been more than $8.6 billion of foreign inflows into Saudi since the beginning of 2019 and we expect a total of $40 billion to come into the market as a result of Saudi’s inclusion in the MSCI Emerging Markets Index,” Salah Shamma, head of investment, MENA, at Franklin Templeton emerging markets equity, told Zawya by email.
Saudi Arabia’s stock market joined the MSCI emerging market (EM) index at the close of the trading session on Tuesday. A total of $40 billion of foreign fund inflows is expected to come into the market from the inclusion, an analyst told Zawya.
The kingdom's stock exchange (Tadawul) is the Arab world’s largest bourse with a total market capitalisation of over half a trillion dollars.
“There has been more than $8.6 billion of foreign inflows into Saudi since the beginning of 2019 and we expect a total of $40 billion to come into the market as a result of Saudi’s inclusion in the MSCI Emerging Markets Index,” Salah Shamma, head of investment, MENA, at Franklin Templeton emerging markets equity, told Zawya by email.
#Abraaj founder released from custody after $19 million bail payment - Reuters
Abraaj founder released from custody after $19 million bail payment - Reuters:
Arif Naqvi, the Pakistani founder of collapsed private equity firm Abraaj Group, has been released from custody after meeting bail conditions including the payment of a 15 million pound ($19 million) security, a court official said.
Naqvi was being held at Wandsworth Prison in London after he was arrested in April in connection with charges he faces in the United States of defrauding investors including the Bill & Melinda Gates Foundation.
“These past weeks have been an extremely challenging time for Mr Naqvi and his family,” said a statement released on Naqvi’s behalf via a PR firm.
Arif Naqvi, the Pakistani founder of collapsed private equity firm Abraaj Group, has been released from custody after meeting bail conditions including the payment of a 15 million pound ($19 million) security, a court official said.
Naqvi was being held at Wandsworth Prison in London after he was arrested in April in connection with charges he faces in the United States of defrauding investors including the Bill & Melinda Gates Foundation.
“These past weeks have been an extremely challenging time for Mr Naqvi and his family,” said a statement released on Naqvi’s behalf via a PR firm.
MIDEAST STOCKS-Global woes weigh on #Saudi stocks as they join MSCI index - Reuters
MIDEAST STOCKS-Global woes weigh on Saudi stocks as they join MSCI index - Reuters:
Saudi Arabia’s stock market slipped on Wednesday as weak global sentiment clouded the first day of trading for the market as a new member of the MSCI emerging markets index. Most other Gulf markets also dropped.
Thirty Saudi-listed securities were added to the index after the market close on Tuesday, representing an aggregate weight of 1.42% in the MSCI Emerging Markets Index.
Saudi’s index fell 1.6%, weighed down by financial stocks, with Al Rajhi Bank decreasing 1.9% and Banque Saudi Fransi sliding 4.6%.
Saudi Arabia’s stock market slipped on Wednesday as weak global sentiment clouded the first day of trading for the market as a new member of the MSCI emerging markets index. Most other Gulf markets also dropped.
Thirty Saudi-listed securities were added to the index after the market close on Tuesday, representing an aggregate weight of 1.42% in the MSCI Emerging Markets Index.
Saudi’s index fell 1.6%, weighed down by financial stocks, with Al Rajhi Bank decreasing 1.9% and Banque Saudi Fransi sliding 4.6%.
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