Oil Fades as U.S. Raises 'Red Flags' With Slump in Fuel Demand - Bloomberg

Oil Fades as U.S. Raises 'Red Flags' With Slump in Fuel Demand - Bloomberg:

Americans burned through a lot less gasoline and diesel fuel than expected last week, feeding into investor angst over oil demand.

Futures slid 1.5% in New York on Wednesday to the lowest in two weeks after the U.S. Energy Information Administration reported inventories of gasoline and distillate fuels grew by a combined 9.25 million barrels last week, well above analysts’ estimates. Crude inventories did decline by more than 3 million barrels, but that was driven in part by temporary production outages related to Hurricane Barry.

“We’re at the heart of summer driving season, so you would expect demand to be at it’s highest right now," said Brian Kessens, a portfolio manager and managing director at Tortoise in Leawood, Kansas. The big build in fuel supplies is “a little bit concerning, especially if we see this continue in future reports."

West Texas Intermediate for August delivery ended the trading session down 84 cents to $56.78 a barrel on the New York Mercantile Exchange.

Brent for September settlement slipped 69 cents to settle at $63.66 a barrel on the ICE Futures Europe Exchange. The global benchmark price traded at a premium of $6.74 to WTI for the same month.

First #AbuDhabi Bank Proposes Removing Foreign Ownership Cap - Bloomberg

First Abu Dhabi Bank Proposes Removing Foreign Ownership Cap - Bloomberg:

First Abu Dhabi Bank PJSC proposed removing a cap on the foreign ownership limit in its sharers after the United Arab Emirates started loosening rules to attract international investors.

The board’s proposal is subject to the supervision of regulatory authorities and would require amendments to the current laws and policies, the nation’s biggest bank said in a statement. The move has "the potential that other public companies in the U.A.E. may apply similar measures," it said.

This “is positive news for U.A.E banks as it may allow international banks to take strategic stakes in local lenders, especially for the mid to small sized lenders that are underperforming,” Edmond Christou, a financials analyst with Bloomberg Intelligence, said by email. “This is likely to bring new skills, speed up digital transformation with knowledge sharing and international investments.”

Oil prices fall more than 1% after U.S. fuel inventories build - Reuters

Oil prices fall more than 1% after U.S. fuel inventories build - Reuters:

Oil futures fell more than 1% on Wednesday, extending a more than 3% drop in prices the previous session, after U.S. government data showed large builds in refined product stockpiles.

Brent crude futures were down 82 cents, or 1.3%, at $63.53 a barrel by 1:32 p.m. EDT (1732 GMT). U.S West Texas Intermediate (WTI) crude futures fell 99 cents, or 1.7%, to $56.63 a barrel. Both benchmarks shed more than 3% on Tuesday.

MIDEAST STOCKS-Banks aid #Qatar, #AbuDhabi; other Gulf markets mixed - Reuters

MIDEAST STOCKS-Banks aid Qatar, Abu Dhabi; other Gulf markets mixed - Reuters:

Middle East stock markets were mixed on
Wednesday with Qatar and Abu Dhabi rising on financial stocks,
while property stocks weighed on Dubai.

Qatar's index edged up 0.1% with Commercial Bank
rising 1.9% after the lender recorded a net profit of
934.1 million riyals ($256.62 million) in the first-half of
2019, versus 855.1 million riyals a year earlier.

In Kuwait, the index for the premier market, home to
the largest and most liquid companies, rose 0.2%.

#SaudiArabia Set for 24-Hour Trading Amid Prayer Time Confusion - Bloomberg

Saudi Arabia Set for 24-Hour Trading Amid Prayer Time Confusion - Bloomberg:

Saudi Arabia said it will allow some businesses to stay open 24 hours a day, an announcement that triggered puzzlement over whether it was ending rules that require shops to shut for Islam’s five daily prayers.

A cabinet decision on Tuesday permitted stores and restaurants to operate all day in exchange for paying a fee, according to the official Saudi Press Agency. The Ministry of Municipal and Rural Affairs will determine the charge, as well as which commercial activities will be affected, it said.

“This is positive news that I expect will increase consumption and create jobs,” said Mazen Al-Sudairi, head of research at Al-Rajhi Capital in Riyadh. “Fast-food restaurants, cafes and cinemas will be the primary beneficiaries.”

#Dubai-based GEMS hires banks for dual-currency bond issue - Reuters

Dubai-based GEMS hires banks for dual-currency bond issue - Reuters:

Dubai-based GEMS Education has hired banks to arrange investor meetings ahead of a potential issuance of international bonds, a document issued by one of the banks leading the deal showed on Wednesday.

The group of banks includes Goldman Sachs, Credit Suisse, Citi, Emirates NBD Capital and HSBC.

GEMS is planning to issue $500 million and the equivalent of $300 million in euros, according to the document.

CORRECTED- #Kuwait Finance House Q2 net profit up 9.4% year on year - Reuters

CORRECTED-Kuwait Finance House Q2 net profit up 9.4% year on year - Reuters:

Kuwait Finance House (KFH) , the country’s biggest Islamic lender, posted a 9.4% annual rise in net profit in the second quarter of this year, the bank said on Wednesday.

Net profit attributable to shareholders in the second quarter amounted to 56.1 million Kuwaiti dinars ($184.34 million), though net operating profit decreased by 2.3% to 122.6 million dinars. 

In the first half of this year, net profit rose 13.1% on an annual basis, mainly because of an increase in total operating income and lower operating expenses, KFH said.

Emirates NBD Gets Approval to Open 20 Branches in #SaudiArabia - Bloomberg

Emirates NBD Gets Approval to Open 20 Branches in Saudi Arabia - Bloomberg:

Emirates NBD PJSC said it received approval to open 20 more branches in Saudi Arabia as Dubai’s biggest bank expands in the Arab world’s largest economy.

The state-controlled lender currently operates two branches in Riyadh, one in Jeddah and another in Khobar in the east.

The expansion comes as Saudi Arabia opens up its economy to foreigners as part of a plan to diversify away from oil. The country’s cabinet last year gave approval to First Abu Dhabi Bank PJSC, Emirates NBD’s rival in the neighboring emirate, to open three branches in the kingdom.

Shining Star of Mideast Stock Markets Seen Losing Sparkle - Bloomberg

Shining Star of Mideast Stock Markets Seen Losing Sparkle - Bloomberg:

Kuwait has delivered more gains for stock investors than any other major market in the Middle East and Africa this year. But, after a rally driven mostly by bets on an anticipated upgrade, some traders sound ready to take their money elsewhere.

The oil-rich Gulf nation’s $103 billion stock market, similar in size to Ireland’s, has surged more than 40% in the past two years amid increasing expectations of an MSCI Inc. promotion to emerging from frontier status. The New York-based index compiler obliged last month, saying the elevation will happen in 2020 pending some local enhancements and spurring a rally that lasted more than two weeks.

Lenders, regularly lauded by analysts as among the most resilient in the region, led gains that are now tempting some investors to take profit. The Premier Market index, composed of 19 of the biggest and most liquid shares, fell in two of the four sessions this week, paring its advance in July to about 6%.

Oil prices gain, U.S. crude trails Brent after inventory data - Reuters

Oil prices gain, U.S. crude trails Brent after inventory data - Reuters:

Oil prices rose on Wednesday after steep falls in the previous session, although U.S. crude trailed gains for international benchmark Brent following data showing U.S. crude inventories fell less than expected.

West Texas Intermediate crude futures were up by 12 cents, or 0.2%, at $57.68 by 0636 GMT, having fallen 3.3% on Tuesday.

Brent crude futures were up 26 cents, or 0.4%, at $64.60. They ended down 3.2% in the previous session.

Emirates NBD's second-quarter profit surges on asset sale, forex gains - Reuters

Emirates NBD's second-quarter profit surges on asset sale, forex gains - Reuters:

Emirates NBD (ENBD.DU), Dubai’s largest bank, on Wednesday reported an 80% rise in second-quarter net profit helped by the sale of a stake in Network International (NETW.L) and strong non-interest income on foreign exchange gains.

The result included a gain of 2.1 billion dirhams ($572 million) from the sale of a stake in digital payment provider Network International in an initial public offering in London in April.

The earnings showed that top banks in the United Arab Emirates have still withstood strains from a sluggish economy and a property downturn in Dubai.

MIDEAST STOCKS- #Saudi shares rise, led by banks; other Gulf markets mixed - Reuters

MIDEAST STOCKS-Saudi shares rise, led by banks; other Gulf markets mixed - Reuters:

Saudi Arabia’s stock index rose for the eighth straight session on Wednesday, led by its banks, while other Gulf markets were mixed, with financial stocks dragging Abu Dhabi lower.

Saudi Arabia’s main index gained 0.1. The index has been rising since EFG Hermes forecast profit for the kingdom’s financial sector would grow 7.6% in the second quarter.

Al Rajhi Bank edged up 0.1%. Saudi Telecom rose 0.5%.