Oil falls 3% as trade war concerns hit demand outlook - Reuters:
Global oil benchmark Brent futures fell more than 3% on Monday on global growth concerns after U.S. President Donald Trump last week threatened China with more tariffs, which could limit crude demand from the world’s two biggest buyers.
Brent crude LCOc1 fell $2.08, or 3.36%, to settle at $59.81 a barrel.
U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 97 cents, or 1.74%, to settle at $54.69 a barrel, finding some support from a draw in inventories at the Cushing, Oklahoma, storage hub and delivery hub for WTI.
Stocks at Cushing fell nearly 2.4 million barrels in the week to Aug. 2, traders said, citing data from market intelligence firm Genscape. WTI’s discount to Brent WTCLc1-LCOc1 narrowed to $5.15 a barrel, its narrowest since July 2018.
Monday 5 August 2019
#SaudiArabia's Business Gauge Slowed to Five-Month Low in July - Bloomberg
Saudi Arabia's Business Gauge Slowed to Five-Month Low in July - Bloomberg:
A measure of activity in Saudi Arabia’s non-oil private sector dropped in July for the first time this year, hitting a five-month low in a sign that economic growth was losing momentum at the start of the third quarter.
The IHS Markit Purchasing Managers’ Index fell to 56.6 after reaching a 19-month high of 57.4 in June. Export orders rose at the quickest pace since February 2017, but there was only a marginal increase in employment, and businesses surveyed reported lower optimism over future output.
“Saudi Arabia’s non-oil private sector started the second half of the year growing at a healthy rate,” Phil Smith, principal economist at IHS market, said in the report. “However, the survey’s indicators for output, new orders and future expectations are all signaling some loss of momentum compared with the second quarter.”
A measure of activity in Saudi Arabia’s non-oil private sector dropped in July for the first time this year, hitting a five-month low in a sign that economic growth was losing momentum at the start of the third quarter.
The IHS Markit Purchasing Managers’ Index fell to 56.6 after reaching a 19-month high of 57.4 in June. Export orders rose at the quickest pace since February 2017, but there was only a marginal increase in employment, and businesses surveyed reported lower optimism over future output.
“Saudi Arabia’s non-oil private sector started the second half of the year growing at a healthy rate,” Phil Smith, principal economist at IHS market, said in the report. “However, the survey’s indicators for output, new orders and future expectations are all signaling some loss of momentum compared with the second quarter.”
MIDEAST STOCKS-Trade war rattles Gulf stocks, #Qatar slips to worst day in two years - Reuters
MIDEAST STOCKS-Trade war rattles Gulf stocks, Qatar slips to worst day in two years - Reuters:
Gulf stock markets tumbled on Monday and Qatar suffered
its biggest single-day loss as a new war of trade between the United States and
China drove investors towards safer assets.
Investors are also cashing in their positions ahead of a religious holiday
starting from Sunday.
U.S. President Donald Trump last week threatened to impose a 10% tariff on
remaining $300 billion worth of Chinese imports and China said it would
retaliate, adding to the woes of a global economy already showing signs of
slowing down.
Gulf stock markets tumbled on Monday and Qatar suffered
its biggest single-day loss as a new war of trade between the United States and
China drove investors towards safer assets.
Investors are also cashing in their positions ahead of a religious holiday
starting from Sunday.
U.S. President Donald Trump last week threatened to impose a 10% tariff on
remaining $300 billion worth of Chinese imports and China said it would
retaliate, adding to the woes of a global economy already showing signs of
slowing down.
Oil Resumes Drop as Demand Fears Overshadow Iran Tanker Seizure - Bloomberg
Oil Resumes Drop as Demand Fears Overshadow Iran Tanker Seizure - Bloomberg:
West Texas Intermediate oil for September delivery fell 82 cents, or 1.5%, to $54.84 a barrel on the New York Mercantile Exchange as of 8:43 a.m. local time.
Brent for October settlement declined 91 cents, or 1.5%, to $60.98 a barrel on the ICE Futures Europe Exchange, and traded at a premium of $6.12 to WTI for the same month.
West Texas Intermediate oil for September delivery fell 82 cents, or 1.5%, to $54.84 a barrel on the New York Mercantile Exchange as of 8:43 a.m. local time.
Brent for October settlement declined 91 cents, or 1.5%, to $60.98 a barrel on the ICE Futures Europe Exchange, and traded at a premium of $6.12 to WTI for the same month.
HNWIs, investors optimistic about #UAE economy, stock markets - report | ZAWYA MENA Edition
HNWIs, investors optimistic about UAE economy, stock markets - report | ZAWYA MENA Edition:
Majority of high net worth individuals (HNWIs) and business owners in the UAE are optimistic about the state of their economy and stock markets.
UBS Global Wealth Management's new quarterly Investor Sentiment survey notes that while 84 percent of UAE investors are positive about their economy and 81 percent are bullish on regional stocks, investors globally expressed much lower levels of optimism on their domestic economies and stock markets.
On average, 59 percent of surveyed participants are optimistic about their regional economy, while 55 percent are bullish on their regional stocks. Latin American investors were the second most bullish right after UAE investors.
Majority of high net worth individuals (HNWIs) and business owners in the UAE are optimistic about the state of their economy and stock markets.
UBS Global Wealth Management's new quarterly Investor Sentiment survey notes that while 84 percent of UAE investors are positive about their economy and 81 percent are bullish on regional stocks, investors globally expressed much lower levels of optimism on their domestic economies and stock markets.
On average, 59 percent of surveyed participants are optimistic about their regional economy, while 55 percent are bullish on their regional stocks. Latin American investors were the second most bullish right after UAE investors.
Oil Resumes Drop as Demand Fears Overshadow Iran Tanker Seizure - Bloomberg
Oil Resumes Drop as Demand Fears Overshadow Iran Tanker Seizure - Bloomberg:
West Texas Intermediate oil for September delivery fell 42 cents, or 0.8%, to $55.24 a barrel on the New York Mercantile Exchange as of 10:56 a.m. London time.
Brent for October settlement declined 45 cents, or 0.7%, to $61.44 a barrel on the ICE Futures Europe Exchange. The global benchmark traded at a premium of $6.21 to WTI for the same month.
West Texas Intermediate oil for September delivery fell 42 cents, or 0.8%, to $55.24 a barrel on the New York Mercantile Exchange as of 10:56 a.m. London time.
Brent for October settlement declined 45 cents, or 0.7%, to $61.44 a barrel on the ICE Futures Europe Exchange. The global benchmark traded at a premium of $6.21 to WTI for the same month.
#Dubai's prime residential property prices fall in first half - Reuters
Dubai's prime residential property prices fall in first half - Reuters:
Dubai prime residential property prices fell 1.9% in the first half of the year due to the market being oversupplied, real estate company Savills said.
The Middle East financial hub’s real estate market has steadily contracted since mid-2014 as foreign investor interest cooled.
Prime market prices declined 19.8% in the past five-years to $600 a square foot “due to high levels of new build stock and global economic uncertainty,” Savills said on Monday.
Dubai prime residential property prices fell 1.9% in the first half of the year due to the market being oversupplied, real estate company Savills said.
The Middle East financial hub’s real estate market has steadily contracted since mid-2014 as foreign investor interest cooled.
Prime market prices declined 19.8% in the past five-years to $600 a square foot “due to high levels of new build stock and global economic uncertainty,” Savills said on Monday.
MIDEAST STOCKS-Global trade row escalation sends Gulf stocks tumbling - Agricultural Commodities - Reuters
MIDEAST STOCKS-Global trade row escalation sends Gulf stocks tumbling - Agricultural Commodities - Reuters:
Gulf stock markets dropped on Monday, mostly weighed down by banking shares, as a fresh escalation in the U.S.-China trade dispute drove investors towards safer assets.
The Saudi Arabian index was down 1.1%, also hit by disappointment over some corporate earnings.
Banque Saudi Fransi shed 2.7% after posting a 4.4% decline in second-quarter profit, citing higher provision for zakat, an Islamic tax in Saudi Arabia.
Gulf stock markets dropped on Monday, mostly weighed down by banking shares, as a fresh escalation in the U.S.-China trade dispute drove investors towards safer assets.
The Saudi Arabian index was down 1.1%, also hit by disappointment over some corporate earnings.
Banque Saudi Fransi shed 2.7% after posting a 4.4% decline in second-quarter profit, citing higher provision for zakat, an Islamic tax in Saudi Arabia.
How Are #Iran's Seizures of Tankers Affecting the Oil Market?
How Are Iran's Seizures of Tankers Affecting the Oil Market?:
Vandana Hari, founder of Vanda Insights, discusses how the seizures of ships by Iran are affecing the oil market. Iran’s Revolutionary Guards seized a foreign oil tanker in the Persian Gulf on July 31, compounding concerns about the safety of shipping in a region crucial to oil exports. Hari speaks with Shery Ahn and Paul Allen on "Bloomberg Daybreak: Asia." (Source: Bloomberg)
Vandana Hari, founder of Vanda Insights, discusses how the seizures of ships by Iran are affecing the oil market. Iran’s Revolutionary Guards seized a foreign oil tanker in the Persian Gulf on July 31, compounding concerns about the safety of shipping in a region crucial to oil exports. Hari speaks with Shery Ahn and Paul Allen on "Bloomberg Daybreak: Asia." (Source: Bloomberg)
Nakheel COO Sees Strong Demand in #Dubai Luxury Property Market – Bloomberg
Nakheel COO Sees Strong Demand in Dubai Luxury Property Market – Bloomberg:
Dubai's property market is going through a rough patch. Prices and rents have been falling for the past five years. While oversupply is playing a key role in all the segments, Nakheel Chief Operating Officer Aqil Kazim sees still a strong demand for the luxury property market. He spoke on August 4 on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Dubai's property market is going through a rough patch. Prices and rents have been falling for the past five years. While oversupply is playing a key role in all the segments, Nakheel Chief Operating Officer Aqil Kazim sees still a strong demand for the luxury property market. He spoke on August 4 on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
#UAE Markets Need ‘Post- #Abraaj’ Era, Says Daman Investments - Bloomberg
U.A.E. Markets Need ‘Post-Abraaj’ Era, Says Daman Investments - Bloomberg:
Concerns about corporate governance have become one of the keys issues keeping investors out of stock markets in the United Arab Emirates after recent cases of mismanagement, including fraud by Abraaj Group, said Shehab Gargash, the chairman and founder of Dubai-based Daman Investments Psc.
“Our clients have come to us and said ‘we need to be more comfortable where we place our money’,” Gargash, said in an interview in Dubai after a meeting with journalists on Sunday. He highlighted the need for stronger corporate governance locally, with shareholders having access to information in a “fair, accurate and timely manner.” Daman Investments has institutional investors, companies and high-net-worth individuals among its clients.
Abraaj, which once managed $14 billion, caused the world’s biggest private equity insolvency to date. It was fined a record $315 million last week for deceiving investors and misappropriating funds.
Concerns about corporate governance have become one of the keys issues keeping investors out of stock markets in the United Arab Emirates after recent cases of mismanagement, including fraud by Abraaj Group, said Shehab Gargash, the chairman and founder of Dubai-based Daman Investments Psc.
“Our clients have come to us and said ‘we need to be more comfortable where we place our money’,” Gargash, said in an interview in Dubai after a meeting with journalists on Sunday. He highlighted the need for stronger corporate governance locally, with shareholders having access to information in a “fair, accurate and timely manner.” Daman Investments has institutional investors, companies and high-net-worth individuals among its clients.
Abraaj, which once managed $14 billion, caused the world’s biggest private equity insolvency to date. It was fined a record $315 million last week for deceiving investors and misappropriating funds.
#UAE private sector growth at four-month low in July -PMI
Growth in the United Arab Emirates non-oil private sector slowed to a four-month low in July, partly because of some weakness in demand, a survey of companies showed on Monday.
The seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI), which covers manufacturing and services, fell to 55.1 in July, down from 57.7 a month earlier.
The non-oil sector remained firmly in growth territory -- figures above 50 indicate expansion and below that, contraction -- but the reading was the lowest since February.
The seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI), which covers manufacturing and services, fell to 55.1 in July, down from 57.7 a month earlier.
The non-oil sector remained firmly in growth territory -- figures above 50 indicate expansion and below that, contraction -- but the reading was the lowest since February.
Right time to invest? #UAE equities attractive on low valuations, positive indicators | ZAWYA MENA Edition
Right time to invest? UAE equities attractive on low valuations, positive indicators | ZAWYA MENA Edition:
Investors waiting for the right moment to invest in the UAE markets need not wait any longer, as several key catalysts such as the increase in foreign ownership limit, government spending, and consolidation in banks have created a landscape of positive economic indicators that is favourable to investors, experts said.
Speaking at a forum on Sunday, Ali Al Adou, head of asset management at Daman Investments, said that while UAE markets have underperformed, key catalysts such as increasing liquidity and lower interest rates will help the market rebound. The macroeconomic slowdown, he said, was due to several reasons, including the escalation in geopolitical tensions; Saudi Arabia and Kuwait's MSCI and FTSE inclusions; and a lack of diversification and liquidity.
In addition, real GDP growth has trended downwards due to a slowdown in key sectors during the 2015-18 period. Government spending as a percentage of the GDP has decreased during this period.
Investors waiting for the right moment to invest in the UAE markets need not wait any longer, as several key catalysts such as the increase in foreign ownership limit, government spending, and consolidation in banks have created a landscape of positive economic indicators that is favourable to investors, experts said.
Speaking at a forum on Sunday, Ali Al Adou, head of asset management at Daman Investments, said that while UAE markets have underperformed, key catalysts such as increasing liquidity and lower interest rates will help the market rebound. The macroeconomic slowdown, he said, was due to several reasons, including the escalation in geopolitical tensions; Saudi Arabia and Kuwait's MSCI and FTSE inclusions; and a lack of diversification and liquidity.
In addition, real GDP growth has trended downwards due to a slowdown in key sectors during the 2015-18 period. Government spending as a percentage of the GDP has decreased during this period.
#Saudi non-oil private sector growth slips to five-month low in July -PMI | ZAWYA MENA Edition
Saudi non-oil private sector growth slips to five-month low in July -PMI | ZAWYA MENA Edition:
Growth in Saudi Arabia's non-oil private sector lost momentum and slipped to a five-month low in July partly because of lower growth rates in output and new orders, a monthly survey of companies showed on Monday.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) ticked down to 56.6 in July from to 57.4 in June, well above the 50 mark indicating expansion, but at its lowest level since February.
Growth in Saudi Arabia's non-oil private sector was weak last year, hurt by fuel price hikes and the introduction of a 5% value-added tax.
Growth in Saudi Arabia's non-oil private sector lost momentum and slipped to a five-month low in July partly because of lower growth rates in output and new orders, a monthly survey of companies showed on Monday.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) ticked down to 56.6 in July from to 57.4 in June, well above the 50 mark indicating expansion, but at its lowest level since February.
Growth in Saudi Arabia's non-oil private sector was weak last year, hurt by fuel price hikes and the introduction of a 5% value-added tax.
Oil prices fall as trade tensions hit demand outlook - Reuters
Oil prices fall as trade tensions hit demand outlook - Reuters:
Oil prices fell on Monday amid renewed global economic growth concerns after U.S. President Donald Trump vowed to escalate the trade war with China with more tariffs, which would likely limit fuel demand in the world’s two biggest crude consumers.
Brent crude futures LCOc1 had dropped 92 cents, or 1.5%, to $60.97 a barrel by 0640 GMT.
U.S. West Texas Intermediate (WTI) crude futures CLc1 declined 73 cents, or 1.3%, to $54.93 a barrel.
Both crude benchmarks fell last week, with Brent down 2.5% and U.S. crude falling 1%.
Oil prices fell on Monday amid renewed global economic growth concerns after U.S. President Donald Trump vowed to escalate the trade war with China with more tariffs, which would likely limit fuel demand in the world’s two biggest crude consumers.
Brent crude futures LCOc1 had dropped 92 cents, or 1.5%, to $60.97 a barrel by 0640 GMT.
U.S. West Texas Intermediate (WTI) crude futures CLc1 declined 73 cents, or 1.3%, to $54.93 a barrel.
Both crude benchmarks fell last week, with Brent down 2.5% and U.S. crude falling 1%.
Banque #Saudi Fransi quarterly net profit down 4.4% on Islamic tax provision - Reuters
Banque Saudi Fransi quarterly net profit down 4.4% on Islamic tax provision - Reuters:
Banque Saudi Fransi on Monday posted a 4.4% decline in quarterly profit, citing higher provision for zakat, an Islamic tax in Saudi Arabia.
The drop came despite a 2.5% rise in operating income due to higher net special commission income, gain on non-trading investments and fee income.
The lender reported a net profit of 804 million riyals ($214 million) in the second quarter that ended on June 30, down from 841 million in the same period a year earlier.
Banque Saudi Fransi on Monday posted a 4.4% decline in quarterly profit, citing higher provision for zakat, an Islamic tax in Saudi Arabia.
The drop came despite a 2.5% rise in operating income due to higher net special commission income, gain on non-trading investments and fee income.
The lender reported a net profit of 804 million riyals ($214 million) in the second quarter that ended on June 30, down from 841 million in the same period a year earlier.
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