Most Mideast Markets Rise as Traders Return to Desks: Inside EM - Bloomberg:
Middle East stocks generally advanced on Sunday, catching up with emerging-market peers, as traders returned to work following holidays.
Gauges in Saudi Arabia, Dubai, Kuwait, Bahrain, Oman and Egypt climbed following last week’s increase for the MSCI Emerging Markets Index. Stock exchanges in the Arab world were closed for most of last week due to Eid al-Fitr, the holiday marking the end of the holy fasting month of Ramadan.
Emerging-market stocks advanced for a second week as hopes for policy easing in major economies offset concern about U.S.-Mexico trade frictions. An index tracking currencies from developing nations also posted a third consecutive weekly gain.
Solely aggregation of news articles, with no opinions expressed by this service since 2009 launch on this platform. Copyright to all articles remains with the original publisher and HEADLINES ARE CLICKABLE to access the whole article at source. (Subscription by email is recommended,with real-time updates on LinkedIn and Twitter.)
Sunday 9 June 2019
Qatari foreign minister urges de-escalation in U.S.-Iran row - Reuters
Qatari foreign minister urges de-escalation in U.S.-Iran row - Reuters:
Qatar has been talking to both Iran and the United States about de-escalation, Qatari Foreign Minister Sheikh Mohammed bin Abdulrahman al-Thani told reporters in London on Sunday, urging both sides to meet and find a compromise.
“We believe that at one point there should an engagement – it cannot last forever like this,” he said. “Since they are not willing to engage in further escalation, they should come up with ideas that open the doors.”
Tensions have risen between Iran and the United States in recent weeks after Washington reimposed economic sanctions on Iran after pulling out of a big-power nuclear deal, and sending forces to the Middle East in a show of force to counter what U.S. officials called Iranian threats to U.S. troops and interests.
Qatar has been talking to both Iran and the United States about de-escalation, Qatari Foreign Minister Sheikh Mohammed bin Abdulrahman al-Thani told reporters in London on Sunday, urging both sides to meet and find a compromise.
“We believe that at one point there should an engagement – it cannot last forever like this,” he said. “Since they are not willing to engage in further escalation, they should come up with ideas that open the doors.”
Tensions have risen between Iran and the United States in recent weeks after Washington reimposed economic sanctions on Iran after pulling out of a big-power nuclear deal, and sending forces to the Middle East in a show of force to counter what U.S. officials called Iranian threats to U.S. troops and interests.
#Qatar imposes additional restrictions on #UAE's largest bank - Reuters
Qatar imposes additional restrictions on UAE's largest bank - Reuters:
Qatar has placed further restrictions on First Abu Dhabi Bank, the United Arab Emirates’ largest lender, as it continues a probe into alleged currency manipulation begun after the UAE and other Arab states launched a boycott against Qatar in mid-2017.
The Regulatory Authority of Qatar Financial Center (QFC) said on Sunday it was prohibiting First Abu Dhabi Bank (FAB) from undertaking any new business for customers of its Doha branch.
It has barred FAB from providing services for new customers since March but had allowed the bank to continue working with existing customers. QFC said in March that FAB had failed to produce documents relevant to the currency manipulation investigation.
Qatar has placed further restrictions on First Abu Dhabi Bank, the United Arab Emirates’ largest lender, as it continues a probe into alleged currency manipulation begun after the UAE and other Arab states launched a boycott against Qatar in mid-2017.
The Regulatory Authority of Qatar Financial Center (QFC) said on Sunday it was prohibiting First Abu Dhabi Bank (FAB) from undertaking any new business for customers of its Doha branch.
It has barred FAB from providing services for new customers since March but had allowed the bank to continue working with existing customers. QFC said in March that FAB had failed to produce documents relevant to the currency manipulation investigation.
MIDEAST STOCKS- #Saudi leads Gulf higher after Eid break - Reuters
MIDEAST STOCKS-Saudi leads Gulf higher after Eid break - Reuters:
Saudi Arabia and Dubai led Gulf
stocks higher on Sunday as regional markets resumed trade after
last week's holidays, lifted by positive sentiment on global
stocks and expected foreign fund inflows into the Riyadh market.
The Saudi index rose by 2.2% to finish at 8,699
points, its best close since May 9.
"The market is bouncing back after the correction
experienced in the past few weeks," said Riyad Capital's
Muhammad Faisal Potrik. "It's taking its cue from global markets
as well, which have risen while we were on Eid break."
Saudi Arabia and Dubai led Gulf
stocks higher on Sunday as regional markets resumed trade after
last week's holidays, lifted by positive sentiment on global
stocks and expected foreign fund inflows into the Riyadh market.
The Saudi index rose by 2.2% to finish at 8,699
points, its best close since May 9.
"The market is bouncing back after the correction
experienced in the past few weeks," said Riyad Capital's
Muhammad Faisal Potrik. "It's taking its cue from global markets
as well, which have risen while we were on Eid break."
Most Mideast Markets Rise as Traders Return to Desks: Inside EM - Bloomberg
Most Mideast Markets Rise as Traders Return to Desks: Inside EM - Bloomberg:
Middle East stocks generally advanced on Sunday, catching up with emerging-market peers, as traders returned to work following holidays.
Gauges in Saudi Arabia, Dubai, Kuwait, Bahrain, Oman and Egypt climbed following last week’s increase for the MSCI Emerging Markets Index. Stock exchanges in the Arab world were closed for most of last week due to Eid al-Fitr, the holiday marking the end of the holy fasting month of Ramadan.
Emerging-market stocks advanced for a second week as hopes for policy easing in major economies offset concern about U.S.-Mexico trade frictions. An index tracking currencies from developing nations also posted a third consecutive weekly gain.
Middle East stocks generally advanced on Sunday, catching up with emerging-market peers, as traders returned to work following holidays.
Gauges in Saudi Arabia, Dubai, Kuwait, Bahrain, Oman and Egypt climbed following last week’s increase for the MSCI Emerging Markets Index. Stock exchanges in the Arab world were closed for most of last week due to Eid al-Fitr, the holiday marking the end of the holy fasting month of Ramadan.
Emerging-market stocks advanced for a second week as hopes for policy easing in major economies offset concern about U.S.-Mexico trade frictions. An index tracking currencies from developing nations also posted a third consecutive weekly gain.
Top Forecaster Says OPEC+ Will Keep Ruble's Winning Run on Track - Bloomberg
Top Forecaster Says OPEC+ Will Keep Ruble's Winning Run on Track - Bloomberg:
The most-accurate ruble forecaster is more interested in Saudi Arabian oil officials than Washington lawmakers when it comes to predicting whether the Russian currency will keep its place as the best-performer globally.
While the threat of tougher U.S. sanctions on Russia has abated, Per Hammarlund, chief emerging markets strategist at Skandinaviska Enskilda Banken AB, is confident oil output cuts under the OPEC+ deal will hold, keeping crude prices -- and the ruble -- buoyant, despite a recent lurch lower.
“I expect this fall to be temporary, primarily because Saudi Arabia and Russia have pledged to not oversupply the market with oil,” said Hammarlund, who was the top ruble forecaster in the first quarter, according to a ranking compiled by Bloomberg. “I think they will manage production in such a way that oil prices will start to recover in the third quarter and into the fourth quarter.”
The most-accurate ruble forecaster is more interested in Saudi Arabian oil officials than Washington lawmakers when it comes to predicting whether the Russian currency will keep its place as the best-performer globally.
While the threat of tougher U.S. sanctions on Russia has abated, Per Hammarlund, chief emerging markets strategist at Skandinaviska Enskilda Banken AB, is confident oil output cuts under the OPEC+ deal will hold, keeping crude prices -- and the ruble -- buoyant, despite a recent lurch lower.
“I expect this fall to be temporary, primarily because Saudi Arabia and Russia have pledged to not oversupply the market with oil,” said Hammarlund, who was the top ruble forecaster in the first quarter, according to a ranking compiled by Bloomberg. “I think they will manage production in such a way that oil prices will start to recover in the third quarter and into the fourth quarter.”
OPEC, the Future Is Probably Worse Than you Thought - Bloomberg
OPEC, the Future Is Probably Worse Than you Thought - Bloomberg:
Saudi Arabia and Russia are on a collision course.
On Friday the International Energy Agency will publish its first forecast of oil market balances in 2020. The headline figures will probably show stockpiles rising next year if the OPEC+ producer group doesn’t extend output cuts into a fourth year.
But their pain may not end there. Growing signs that demand growth is turning out to be much weaker than expected may require producers to make even deeper cuts. If so, that could spell the end of the partnership between Saudi Arabia and Russia on oil policy.
Saudi Arabia and Russia are on a collision course.
On Friday the International Energy Agency will publish its first forecast of oil market balances in 2020. The headline figures will probably show stockpiles rising next year if the OPEC+ producer group doesn’t extend output cuts into a fourth year.
But their pain may not end there. Growing signs that demand growth is turning out to be much weaker than expected may require producers to make even deeper cuts. If so, that could spell the end of the partnership between Saudi Arabia and Russia on oil policy.
Bulls Beware: The 2020 Oil Market Is Quickly Turning Ugly - Bloomberg
Bulls Beware: The 2020 Oil Market Is Quickly Turning Ugly - Bloomberg:
Oil bulls thought 2020 would be their year.
After half a decade of lower spending on new projects, oil production growth was supposed to slow to a trickle just as demand was supercharged by a once-in-a-generation shake up in the shipping fuel market. Many market commentators predicted that if $100 a barrel-oil was going to make a come back, it would happen in 2020.
Excitement is fading fast. The first official assessment of 2020 comes from the International Energy Agency on Friday, but a first look at forecasts from consultants and traders for supply and demand balances show persistent surpluses, not the deficit that was expected to underpin rising prices.
Oil bulls thought 2020 would be their year.
After half a decade of lower spending on new projects, oil production growth was supposed to slow to a trickle just as demand was supercharged by a once-in-a-generation shake up in the shipping fuel market. Many market commentators predicted that if $100 a barrel-oil was going to make a come back, it would happen in 2020.
Excitement is fading fast. The first official assessment of 2020 comes from the International Energy Agency on Friday, but a first look at forecasts from consultants and traders for supply and demand balances show persistent surpluses, not the deficit that was expected to underpin rising prices.
#Saudi PIF's assets estimated at $300bln: IIF | ZAWYA MENA Edition
Saudi PIF's assets estimated at $300bln: IIF | ZAWYA MENA Edition:
Saudi Arabia is on track to hit a target of increasing its Public Investment Fund (PIF) in size to $400 billion in 2020, with the Institute of International Finance (IIF) estimating that it currently has about $300 billion worth of assets.
In a note published on Thursday, IIF said that a key part of Saudi Arabia's Vision 2030 economic diversification plan involved “the transformation of the PIF from a state holding company into one of the world’s largest sovereign investment vehicles”, with a proposal to grow assets to $400 billion by 2020 and $2 trillion by 2030.
“We now estimate PIF’s assets at about $300 billion, of which one-fourth are invested abroad,” it said, citing stakes the fund has taken in Softbank's Vision Fund, electric car maker Tesla, ride hailing firm Uber, Blackstone's infrastructure funds and investment funds in Russia and Egypt.
Saudi Arabia is on track to hit a target of increasing its Public Investment Fund (PIF) in size to $400 billion in 2020, with the Institute of International Finance (IIF) estimating that it currently has about $300 billion worth of assets.
In a note published on Thursday, IIF said that a key part of Saudi Arabia's Vision 2030 economic diversification plan involved “the transformation of the PIF from a state holding company into one of the world’s largest sovereign investment vehicles”, with a proposal to grow assets to $400 billion by 2020 and $2 trillion by 2030.
“We now estimate PIF’s assets at about $300 billion, of which one-fourth are invested abroad,” it said, citing stakes the fund has taken in Softbank's Vision Fund, electric car maker Tesla, ride hailing firm Uber, Blackstone's infrastructure funds and investment funds in Russia and Egypt.
#Iran urges Europe to normalize economic ties with it or face consequences - Reuters
Iran urges Europe to normalize economic ties with it or face consequences - Reuters:
Iran said on Sunday Europe was in no position to criticize Tehran for its military capabilities and it called on European leaders to normalize trade ties with the Islamic Republic despite U.S. sanctions, or face consequences.
President Donald Trump last year withdrew the United States from world powers’ 2015 nuclear deal with Iran and reimposed sweeping sanctions. Trump condemned the accord, signed by his predecessor Barack Obama, as flawed for not being permanent and for not covering Iran’s ballistic missile program or its role in conflicts around the Middle East.
The west European signatories to the deal - France, Britain and Germany - share the same concerns as the United States over Iran’s ballistic missile development and regional activities.
Iran said on Sunday Europe was in no position to criticize Tehran for its military capabilities and it called on European leaders to normalize trade ties with the Islamic Republic despite U.S. sanctions, or face consequences.
President Donald Trump last year withdrew the United States from world powers’ 2015 nuclear deal with Iran and reimposed sweeping sanctions. Trump condemned the accord, signed by his predecessor Barack Obama, as flawed for not being permanent and for not covering Iran’s ballistic missile program or its role in conflicts around the Middle East.
The west European signatories to the deal - France, Britain and Germany - share the same concerns as the United States over Iran’s ballistic missile development and regional activities.
MIDEAST STOCKS- #Saudi, #Dubai lead Gulf markets higher after holiday break - Reuters
MIDEAST STOCKS-Saudi, Dubai lead Gulf markets higher after holiday break - Reuters:
Gulf markets rose early on Sunday, resuming trade after holidays most of last week to celebrate the end of the Muslim fasting month, with investors taking cue from gains in global markets on Friday.
Major world stock indexes jumped and U.S. Treasury yields tumbled on Friday after a slowdown in job growth fueled hopes of a U.S. interest rate cut, while there were hints of progress in Washington’s trade battles.
The Saudi index jumped 0.6% as investors piled into key blue-chip stocks. Al Rajhi Bank was up 1%, Saudi Telecom rose 1.4% and Saudi Basic Industries gained 0.9%.
Gulf markets rose early on Sunday, resuming trade after holidays most of last week to celebrate the end of the Muslim fasting month, with investors taking cue from gains in global markets on Friday.
Major world stock indexes jumped and U.S. Treasury yields tumbled on Friday after a slowdown in job growth fueled hopes of a U.S. interest rate cut, while there were hints of progress in Washington’s trade battles.
The Saudi index jumped 0.6% as investors piled into key blue-chip stocks. Al Rajhi Bank was up 1%, Saudi Telecom rose 1.4% and Saudi Basic Industries gained 0.9%.