Oil edges up on prospect of U.S. interest rate cut - Reuters:
Oil prices rose on Monday as the prospect of an expected interest rate cut by the U.S. Federal Reserve overshadowed pessimism over U.S.-China trade talks and worries about slower global economic growth.
Brent crude LCOc1 gained 25 cents to settle at $63.71 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 67 cents to settle at $56.87 a barrel.
“Prices appear to be treading water ahead of this week’s events,” said John Kilduff, partner at Again Capital Management.
Monday, 29 July 2019
INTERVIEW: Major Gulf sovereign wealth funds gear up for ESG investing | ZAWYA MENA Edition
INTERVIEW: Major Gulf sovereign wealth funds gear up for ESG investing | ZAWYA MENA Edition:
Despite being hydrocarbon-based economies, four Gulf countries are laying the groundwork to be aligned to Environmental, Social, and Governance (ESG) standards through their sovereign wealth funds’ (SWF) undertakings, global head of ESG Investment at the world’s fifth largest asset manager said.
Speaking to Zawya at State Street Global Advisors’ (SSGA) office in Abu Dhabi, Nathalie Wallace sounded optimistic about the outlook of the region’s integration of ESG risks and investing into their economies.
“We think tremendous change has taken place in Gulf region in terms of ESG adoption over the last two or three years. It has been driven by government-led ambitions to change the way capital is allocated, companies are run, and integrating those ESG factors and metrics in the way companies drive their strategies,” Wallace said.
Despite being hydrocarbon-based economies, four Gulf countries are laying the groundwork to be aligned to Environmental, Social, and Governance (ESG) standards through their sovereign wealth funds’ (SWF) undertakings, global head of ESG Investment at the world’s fifth largest asset manager said.
Speaking to Zawya at State Street Global Advisors’ (SSGA) office in Abu Dhabi, Nathalie Wallace sounded optimistic about the outlook of the region’s integration of ESG risks and investing into their economies.
“We think tremendous change has taken place in Gulf region in terms of ESG adoption over the last two or three years. It has been driven by government-led ambitions to change the way capital is allocated, companies are run, and integrating those ESG factors and metrics in the way companies drive their strategies,” Wallace said.
Oil edges up on prospect of U.S. interest rate cut - Reuters
Oil edges up on prospect of U.S. interest rate cut - Reuters:
Oil prices edged higher on Monday as the prospect of an expected interest rate cut by the U.S. Federal Reserve overshadowed pessimism over U.S.-China trade talks and worries about slower global economic growth.
Brent crude LCOc1 rose 7 cents to $63.53 a barrel by 11:12 a.m. EDT (1512 GMT), while U.S. West Texas Intermediate (WTI) crude CLc1 futures were up 15 cents at $56.35 a barrel.
“Prices appear to be treading water ahead of this week’s events,” said John Kilduff, partner at Again Capital Management.
Oil prices edged higher on Monday as the prospect of an expected interest rate cut by the U.S. Federal Reserve overshadowed pessimism over U.S.-China trade talks and worries about slower global economic growth.
Brent crude LCOc1 rose 7 cents to $63.53 a barrel by 11:12 a.m. EDT (1512 GMT), while U.S. West Texas Intermediate (WTI) crude CLc1 futures were up 15 cents at $56.35 a barrel.
“Prices appear to be treading water ahead of this week’s events,” said John Kilduff, partner at Again Capital Management.
MIDEAST STOCKS- #Saudi posts worst day in a month, #Dubai best in nearly a year - Reuters
MIDEAST STOCKS-Saudis post worst day in a month, Dubai best in nearly a year - Reuters:
Saudi Arabia's stock index suffered it
biggest single-day loss in a month amid a host of poor
earnings, while Emaar Properties pushed Dubai's market to nearly
a year-high.
Saudi's index fell 1.5% in its worst day since June
24, with all banking shares dropping and Al Rajhi Bank
plunging 3% in the biggest drag on the index.
Saudi Basic Industries Co (SABIC), the world's
fourth-biggest petrochemicals firm, shed a further 1.6%,
extending losses from the last session after reporting its
lowest quarterly profit since late 2009.
Saudi Arabia's stock index suffered it
biggest single-day loss in a month amid a host of poor
earnings, while Emaar Properties pushed Dubai's market to nearly
a year-high.
Saudi's index fell 1.5% in its worst day since June
24, with all banking shares dropping and Al Rajhi Bank
plunging 3% in the biggest drag on the index.
Saudi Basic Industries Co (SABIC), the world's
fourth-biggest petrochemicals firm, shed a further 1.6%,
extending losses from the last session after reporting its
lowest quarterly profit since late 2009.
ADCB shares retreat as Q2 profit plunges | ZAWYA MENA Edition
ADCB shares retreat as Q2 profit plunges | ZAWYA MENA Edition:
Abu Dhabi Commercial Bank’s (ADCB) net profit for Q2 2019 plunged 10.49 percent triggering a drop in the bank’s shares.
The bank’s Q2 2019 net profit amounted to 1.45 billion dirhams ($394.76 million) compared to 1.62 billion dirhams in the same period last year.
The bank’s shares were trading 1.54 percent lower at 8.95 dirhams by 12:50 GST. It has added 9.68 percent so far since the start of the year 2019.
Abu Dhabi Commercial Bank’s (ADCB) net profit for Q2 2019 plunged 10.49 percent triggering a drop in the bank’s shares.
The bank’s Q2 2019 net profit amounted to 1.45 billion dirhams ($394.76 million) compared to 1.62 billion dirhams in the same period last year.
The bank’s shares were trading 1.54 percent lower at 8.95 dirhams by 12:50 GST. It has added 9.68 percent so far since the start of the year 2019.
Hedge funds dump oil as fragile calm settles on Mideast: Kemp - Reuters
Hedge funds dump oil as fragile calm settles on Mideast: Kemp - Reuters:
Hedge funds sold oil last week, reversing most of the purchases made the week before, as tensions in the Middle East reached a fragile equilibrium and prospect of armed conflict receded.
Hedge fund and other money managers were net sellers of 65 million barrels of futures and options linked to petroleum prices in the week to July 23, after buying 84 million barrels in the week to July 16.
The United Kingdom and Iran have now each detained a tanker and show signs of trying to negotiate a face-saving swap, which makes further seizures by either side unlikely for the time being. Maritime deterrence has been restored.
Hedge funds sold oil last week, reversing most of the purchases made the week before, as tensions in the Middle East reached a fragile equilibrium and prospect of armed conflict receded.
Hedge fund and other money managers were net sellers of 65 million barrels of futures and options linked to petroleum prices in the week to July 23, after buying 84 million barrels in the week to July 16.
The United Kingdom and Iran have now each detained a tanker and show signs of trying to negotiate a face-saving swap, which makes further seizures by either side unlikely for the time being. Maritime deterrence has been restored.
China Feasts on Record #Saudi Crude Imports as Sanctions Hit Iran - Bloomberg
China Feasts on Record Saudi Crude Imports as Sanctions Hit Iran - Bloomberg:
China has tapped Saudi Arabia for a record volume of crude as the world’s biggest exporter plugs a shortage from sanctions-hit Iran.
Asia’s biggest buyer shipped 7.72 million metric tons of crude, or 1.89 million barrels a day, from Saudi Arabia last month, according to data from China’s General Administration of Customs. Shipments from the OPEC producer made up almost a fifth of its total oil purchases in June and was 64% higher than the previous month. Imports from Iran fell to the lowest since May 2010.
China has tapped Saudi Arabia for a record volume of crude as the world’s biggest exporter plugs a shortage from sanctions-hit Iran.
Asia’s biggest buyer shipped 7.72 million metric tons of crude, or 1.89 million barrels a day, from Saudi Arabia last month, according to data from China’s General Administration of Customs. Shipments from the OPEC producer made up almost a fifth of its total oil purchases in June and was 64% higher than the previous month. Imports from Iran fell to the lowest since May 2010.
#Dubai's Jumeirah Cuts 500 Jobs as Tourism Industry Struggles - Bloomberg
Dubai's Jumeirah Cuts 500 Jobs as Tourism Industry Struggles - Bloomberg:
Jumeirah Group LLC cut hundreds of jobs as a slowdown in the emirate’s tourism industry weighs on the operator of Dubai’s sail-shaped Burj Al Arab hotel, according to people familiar with the matter.
The government-owned luxury hotel chain, which manages 24 properties in eight countries, recently shed about 500 jobs, the people said, asking not to be identified as the information is private. Most of the cuts were support roles, they said. Jumeirah has more than 13,500 employees, according to its website.
A spokeswoman for Jumeirah declined to comment.
Dubai’s hotels are struggling as growth in the tourism sector, one of the emirate’s main economic pillars, stalls. Occupancy levels during the second quarter were at their lowest since 2009, while average daily rates and revenue available per room fell to 2003 levels, according to STR, a global hotel data provider. New openings ahead of the 2020 World Expo have also led to oversupply.
Jumeirah Group LLC cut hundreds of jobs as a slowdown in the emirate’s tourism industry weighs on the operator of Dubai’s sail-shaped Burj Al Arab hotel, according to people familiar with the matter.
The government-owned luxury hotel chain, which manages 24 properties in eight countries, recently shed about 500 jobs, the people said, asking not to be identified as the information is private. Most of the cuts were support roles, they said. Jumeirah has more than 13,500 employees, according to its website.
A spokeswoman for Jumeirah declined to comment.
Dubai’s hotels are struggling as growth in the tourism sector, one of the emirate’s main economic pillars, stalls. Occupancy levels during the second quarter were at their lowest since 2009, while average daily rates and revenue available per room fell to 2003 levels, according to STR, a global hotel data provider. New openings ahead of the 2020 World Expo have also led to oversupply.
MIDEAST STOCKS-Poor earnings lead major Gulf markets lower - Reuters
MIDEAST STOCKS-Poor earnings lead major Gulf markets lower - Reuters:
Major Gulf markets dropped on Monday as a string of disappointing corporate earnings hurt the investor sentiment in the region, with Saudi Arabia underperforming other bourses amid falling banking shares.
Saudi’s index was down 0.7% as all its lenders slipped into negative territory with Al Rajhi Bank dropping 1.7% in the biggest drag on the index.
Dallah Healthcare was down 3.8% after its second-quarter profit fell, hurt by increased operating and financing costs.
Major Gulf markets dropped on Monday as a string of disappointing corporate earnings hurt the investor sentiment in the region, with Saudi Arabia underperforming other bourses amid falling banking shares.
Saudi’s index was down 0.7% as all its lenders slipped into negative territory with Al Rajhi Bank dropping 1.7% in the biggest drag on the index.
Dallah Healthcare was down 3.8% after its second-quarter profit fell, hurt by increased operating and financing costs.
Mubadala Spends $19 Billion as Fund Expands Into New Industries - Bloomberg
Mubadala Spends $19 Billion as Fund Expands Into New Industries - Bloomberg:
Mubadala Investment Co., an investor in SoftBank Group Corp.’s technology fund, spent about $19 billion last year as the Abu Dhabi wealth fund expanded into more industries.
The fund invested additional and recycled capital across its existing sectors including technology, aerospace, commodities and financial services, as well as in new areas such as medtech, pharma and agribusiness, according to a statement. At the same time, Mubadala monetized assets for about $15 billion.
Mubadala is part of Abu Dhabi’s efforts to diversify its economy by turning oil revenue into profitable investments while also attracting expertise and jobs. The firm merged with International Petroleum Investment Co. in 2017 and absorbed Abu Dhabi Investment Council last year, making it the world’s 13th-largest fund, according to the Sovereign Wealth Fund Institute.
Mubadala Investment Co., an investor in SoftBank Group Corp.’s technology fund, spent about $19 billion last year as the Abu Dhabi wealth fund expanded into more industries.
The fund invested additional and recycled capital across its existing sectors including technology, aerospace, commodities and financial services, as well as in new areas such as medtech, pharma and agribusiness, according to a statement. At the same time, Mubadala monetized assets for about $15 billion.
Mubadala is part of Abu Dhabi’s efforts to diversify its economy by turning oil revenue into profitable investments while also attracting expertise and jobs. The firm merged with International Petroleum Investment Co. in 2017 and absorbed Abu Dhabi Investment Council last year, making it the world’s 13th-largest fund, according to the Sovereign Wealth Fund Institute.
Very Strong Overweight Position on #UAE Banks: Arqaam Capital – Bloomberg
Very Strong Overweight Position on UAE Banks: Arqaam Capital – Bloomberg:
Jaap Meijer, head of equities research at Arqaam Capital, talks about Saudi Basic Industries Corp.’s results, the prospects for the region's stock markets and corporate earnings. Sabic's second-quarter profit plunged to the lowest level since 2009 as demand for chemicals and plastics declined. Meijer speaks with Tracy Alloway and Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Jaap Meijer, head of equities research at Arqaam Capital, talks about Saudi Basic Industries Corp.’s results, the prospects for the region's stock markets and corporate earnings. Sabic's second-quarter profit plunged to the lowest level since 2009 as demand for chemicals and plastics declined. Meijer speaks with Tracy Alloway and Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Oil loses ground on jitters over economy, hint of MidEast tensions easing - Reuters
Oil loses ground on jitters over economy, hint of MidEast tensions easing - Reuters:
Oil prices fell on Monday as investors fretted over the outlook for global economic growth, while weekend talks between Iran and major powers ended on a generally positive note, suggesting an easing of tensions in the Middle East.
Brent crude futures were down by 37 cents, or 0.6%, at $63.09 a barrel by 0717 GMT. Prices rose 1.6% last week.
U.S. West Texas Intermediate crude was down by 20 cents, or 0.4%, at $56.00 a barrel. WTI gained 1% last week.
Economic growth in the United States slowed less than expected in the second quarter with a boom in consumer spending, strengthening the outlook for oil consumption.
Oil prices fell on Monday as investors fretted over the outlook for global economic growth, while weekend talks between Iran and major powers ended on a generally positive note, suggesting an easing of tensions in the Middle East.
Brent crude futures were down by 37 cents, or 0.6%, at $63.09 a barrel by 0717 GMT. Prices rose 1.6% last week.
U.S. West Texas Intermediate crude was down by 20 cents, or 0.4%, at $56.00 a barrel. WTI gained 1% last week.
Economic growth in the United States slowed less than expected in the second quarter with a boom in consumer spending, strengthening the outlook for oil consumption.
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