U.S. refiners limit crude processing amid slack fuel demand: Kemp - Reuters:
U.S. refineries have cut the volume of crude processed so far this year, but stocks of gasoline and distillates remain ample, highlighting the slack demand for transportation fuels.
Fuel consumption has stalled, part of a worldwide slowdown in oil demand associated with the slackening of manufacturing and freight activity.
U.S. refineries have reduced crude input by an average of 247,000 barrels per day since the start of the year compared with the same period in 2018, according to data from the U.S. Energy Information Administration (EIA).
Thursday 22 August 2019
Oil eases as Fed's Jackson Hole meeting gets underway - Reuters
Oil eases as Fed's Jackson Hole meeting gets underway - Reuters:
Oil prices weakened on Thursday on worries about the global economy and as equity markets were on edge over the uncertain outlook for U.S. interest rate cuts.
Traders are awaiting a speech from Federal Reserve Chair Jerome Powell on Friday in Jackson Hole, Wyoming, that could indicate whether the U.S. central bank will continue to cut interest rates.
Brent crude LCOc1 settled down 38 cents, or 0.6%, at $59.92 a barrel by 12:34 p.m. ET (1634 GMT), while U.S. West Texas Intermediate crude CLc1 ended the session 33 cents, or 0.6% lower at $55.35.
“The market will be shifting focus today to broader based macro headlines with comments out of Jackson Hole likely to be prioritized in this regard,” said Jim Ritterbusch, president of Ritterbusch and Associates.
Oil prices weakened on Thursday on worries about the global economy and as equity markets were on edge over the uncertain outlook for U.S. interest rate cuts.
Traders are awaiting a speech from Federal Reserve Chair Jerome Powell on Friday in Jackson Hole, Wyoming, that could indicate whether the U.S. central bank will continue to cut interest rates.
Brent crude LCOc1 settled down 38 cents, or 0.6%, at $59.92 a barrel by 12:34 p.m. ET (1634 GMT), while U.S. West Texas Intermediate crude CLc1 ended the session 33 cents, or 0.6% lower at $55.35.
“The market will be shifting focus today to broader based macro headlines with comments out of Jackson Hole likely to be prioritized in this regard,” said Jim Ritterbusch, president of Ritterbusch and Associates.
#Qatar banking sector shifts towards digital technology: OBG
Qatar banking sector shifts towards digital technology: OBG:
Qatar’s banking sector is undergoing broader changes, including a shift towards digital banking, which will likely see a reduction in branches and physical presence in the coming years, a new report has shown.
This will impact all aspects of the industry, from retail and private banking, to investment and international banking, Oxford Business Group (OBG) said quoting Dr R Seetharaman, Doha Bank CEO, and added it could prompt further consolidation in the sector.
“Consolidation is a game-changer in the market,” Seetharaman told OBG. “Globalisation and new cost structures, as well as digitalisation and consumerism, are pushing banks to redefine the business model in order to address pressures and sustain growth.”
Qatar’s banking sector is undergoing broader changes, including a shift towards digital banking, which will likely see a reduction in branches and physical presence in the coming years, a new report has shown.
This will impact all aspects of the industry, from retail and private banking, to investment and international banking, Oxford Business Group (OBG) said quoting Dr R Seetharaman, Doha Bank CEO, and added it could prompt further consolidation in the sector.
“Consolidation is a game-changer in the market,” Seetharaman told OBG. “Globalisation and new cost structures, as well as digitalisation and consumerism, are pushing banks to redefine the business model in order to address pressures and sustain growth.”
Main index gains 42 points as trading volumes jump on QSE
Main index gains 42 points as trading volumes jump on QSE:
The Qatar Stock Exchange on Thursday witnessed a huge jump in trading volumes and its key index gained 42 points to cross the 9,900 levels.
Domestic institutions were increasingly net buyers as the 20-stock Qatar Index settled 0.42% higher at 9,918.6 points.
Gulf institutions were seen bearish in the market, whose key benchmark closed 3.69% lower year-to-date.
The Qatar Stock Exchange on Thursday witnessed a huge jump in trading volumes and its key index gained 42 points to cross the 9,900 levels.
Domestic institutions were increasingly net buyers as the 20-stock Qatar Index settled 0.42% higher at 9,918.6 points.
Gulf institutions were seen bearish in the market, whose key benchmark closed 3.69% lower year-to-date.
Egypt Cuts Rates First Time in Six Months After Inflation Relief - Bloomberg
Egypt Cuts Rates First Time in Six Months After Inflation Relief - Bloomberg:
Egypt cut interest rates for the first time in six months as slowing inflation and a stable currency allowed the central bank to shrug off the risk of contagion from an emerging-market selloff.
The Monetary Policy Committee reduced its benchmark deposit rate by 150 basis points to 14.25% and its lending rate to 15.25%, the bank said Thursday in a statement. Ten of 12 analysts surveyed by Bloomberg had predicted a cut of at least 100 basis points.
“As incoming data continued to confirm the moderation of underlying inflationary pressures, the MPC decided to cut key policy rates,” the central bank said. “This remains consistent with achieving the inflation target of 9%, plus or minus 3 percentage points, in 2020 Q4 and price stability over the medium term.”
Egypt cut interest rates for the first time in six months as slowing inflation and a stable currency allowed the central bank to shrug off the risk of contagion from an emerging-market selloff.
The Monetary Policy Committee reduced its benchmark deposit rate by 150 basis points to 14.25% and its lending rate to 15.25%, the bank said Thursday in a statement. Ten of 12 analysts surveyed by Bloomberg had predicted a cut of at least 100 basis points.
“As incoming data continued to confirm the moderation of underlying inflationary pressures, the MPC decided to cut key policy rates,” the central bank said. “This remains consistent with achieving the inflation target of 9%, plus or minus 3 percentage points, in 2020 Q4 and price stability over the medium term.”
Battle for Aramco IPO Heats Up as Exchanges Vie for Supremacy - Bloomberg
Battle for Aramco IPO Heats Up as Exchanges Vie for Supremacy - Bloomberg:
The largest global stock exchanges have restarted efforts to court Saudi Aramco as the battle to host the world’s biggest-ever initial public offering heats up again, people with knowledge of the matter said.
Top officials from London Stock Exchange Group Plc, the New York Stock Exchange and Hong Kong Exchanges & Clearing Ltd. have been actively pitching the oil giant in recent weeks, according to the people. LSE Chief Executive Officer David Schwimmer is among those who visited Saudi Arabia in the past month to woo Aramco officials, the people said, asking not to be identified because the information is private.
Securing the listing, which Saudi Arabia expects to raise as much as $100 billion in proceeds, would be a coup for the bourses as they tackle low volumes and increased volatility in financial markets. While Aramco is planning a local listing on the Saudi stock exchange as part of the IPO, it hasn’t made a decision on other venues, according to the people.
The largest global stock exchanges have restarted efforts to court Saudi Aramco as the battle to host the world’s biggest-ever initial public offering heats up again, people with knowledge of the matter said.
Top officials from London Stock Exchange Group Plc, the New York Stock Exchange and Hong Kong Exchanges & Clearing Ltd. have been actively pitching the oil giant in recent weeks, according to the people. LSE Chief Executive Officer David Schwimmer is among those who visited Saudi Arabia in the past month to woo Aramco officials, the people said, asking not to be identified because the information is private.
Securing the listing, which Saudi Arabia expects to raise as much as $100 billion in proceeds, would be a coup for the bourses as they tackle low volumes and increased volatility in financial markets. While Aramco is planning a local listing on the Saudi stock exchange as part of the IPO, it hasn’t made a decision on other venues, according to the people.
MIDEAST STOCKS-Banks drag #Saudi market lower amid uncertainty over Fed policy - Reuters
MIDEAST STOCKS-Banks drag Saudi market lower amid uncertainty over Fed policy - Reuters:
Saudi Arabian stocks were dragged lower by declining
financial stocks on Thursday amid uncertainty over Federal Reserve policy
following the release of minutes from the Fed's July meeting, while other Gulf
markets were mixed.
The minutes showed Fed policymakers were divided over whether to cut
interest rates last month, but were united in wanting to signal they were not on
a preset path to more cuts.
Currencies of Saudi Arabia, the United Arab Emirates and Qatar are pegged to
the U.S. dollar and they follow the Fed on interest rate moves.
In Saudi Arabia, the index fell 0.7% as Samba Financial Group
lost 2.6% and National Commercial Bank slipped 0.8%.
Saudi Arabian stocks were dragged lower by declining
financial stocks on Thursday amid uncertainty over Federal Reserve policy
following the release of minutes from the Fed's July meeting, while other Gulf
markets were mixed.
The minutes showed Fed policymakers were divided over whether to cut
interest rates last month, but were united in wanting to signal they were not on
a preset path to more cuts.
Currencies of Saudi Arabia, the United Arab Emirates and Qatar are pegged to
the U.S. dollar and they follow the Fed on interest rate moves.
In Saudi Arabia, the index fell 0.7% as Samba Financial Group
lost 2.6% and National Commercial Bank slipped 0.8%.
OPEC plan to balance the oil market hinges on third quarter - Bloomberg
OPEC plan to balance the oil market hinges on third quarter - Bloomberg:
The current quarter will be key in shaping the oil supply/demand balances for 2019, according to the latest outlooks from the world’s three major oil-forecasting agencies. If the big inventory draws they expect fail to materialize, OPEC’s goal of pulling down excess stockpiles will be delayed again.
The International Energy Agency, the U.S. Energy Information Administration and the Organization of Petroleum Exporting Countries all see the biggest oil inventory draws for the year happening now, during the period of peak demand and before non-OPEC supply surges seasonally, as the summer maintenance season at fields in the Northern Hemisphere comes to an end.
There are big differences between the ways the three agencies 1 see the global oil supply/demand balance evolving this year. OPEC is much more bullish than either of the others about the size of the stockdraw that we can expect. The producer group now sees global stockpiles falling at an average rate of 780,000 barrels a day in 2019, driven by a draw of more than 2 million barrels a day in the third quarter.
The current quarter will be key in shaping the oil supply/demand balances for 2019, according to the latest outlooks from the world’s three major oil-forecasting agencies. If the big inventory draws they expect fail to materialize, OPEC’s goal of pulling down excess stockpiles will be delayed again.
The International Energy Agency, the U.S. Energy Information Administration and the Organization of Petroleum Exporting Countries all see the biggest oil inventory draws for the year happening now, during the period of peak demand and before non-OPEC supply surges seasonally, as the summer maintenance season at fields in the Northern Hemisphere comes to an end.
There are big differences between the ways the three agencies 1 see the global oil supply/demand balance evolving this year. OPEC is much more bullish than either of the others about the size of the stockdraw that we can expect. The producer group now sees global stockpiles falling at an average rate of 780,000 barrels a day in 2019, driven by a draw of more than 2 million barrels a day in the third quarter.
Oil rises further above $60, Jackson Hole summit in focus - Reuters
Oil rises further above $60, Jackson Hole summit in focus - Reuters:
Oil rose further above $60 a barrel on Thursday, supported by a drop in U.S. crude inventories and OPEC-led supply cuts, although worries about the global economy weighed.
U.S. crude inventories fell by 2.7 million barrels last week, more than analysts expected. Still, the U.S. Energy Information Administration also said gasoline and distillate inventories rose.
Brent crude LCOc1 rose 46 cents to $60.76 a barrel by 1017 GMT. U.S. West Texas Intermediate crude CLc1 added 40 cents to $56.08.
Oil rose further above $60 a barrel on Thursday, supported by a drop in U.S. crude inventories and OPEC-led supply cuts, although worries about the global economy weighed.
U.S. crude inventories fell by 2.7 million barrels last week, more than analysts expected. Still, the U.S. Energy Information Administration also said gasoline and distillate inventories rose.
Brent crude LCOc1 rose 46 cents to $60.76 a barrel by 1017 GMT. U.S. West Texas Intermediate crude CLc1 added 40 cents to $56.08.
OPEC's market share sinks - and no sign of wavering on supply cuts - Reuters
OPEC's market share sinks - and no sign of wavering on supply cuts - Reuters:
OPEC’s share of the global oil market has sunk to 30%, the lowest in years, as a result of supply restraint and involuntary losses in Iran and Venezuela, and there is little sign yet producers are wavering on their output-cut strategy.
Crude oil from the Organization of the Petroleum Exporting Countries made up 30% of world oil supply in July 2019, down from more than 34% a decade ago and a peak of 35% in 2012, according to OPEC data.
Despite OPEC-led supply cuts, oil LCOc1 has tumbled from April’s 2019 peak above $75 a barrel to $60, pressured by slowing economic activity amid concerns about the U.S.-China trade dispute and Brexit.
OPEC’s share of the global oil market has sunk to 30%, the lowest in years, as a result of supply restraint and involuntary losses in Iran and Venezuela, and there is little sign yet producers are wavering on their output-cut strategy.
Crude oil from the Organization of the Petroleum Exporting Countries made up 30% of world oil supply in July 2019, down from more than 34% a decade ago and a peak of 35% in 2012, according to OPEC data.
Despite OPEC-led supply cuts, oil LCOc1 has tumbled from April’s 2019 peak above $75 a barrel to $60, pressured by slowing economic activity amid concerns about the U.S.-China trade dispute and Brexit.
NMC Health shares jump on report of Chinese interest in stake | Financial Times
NMC Health shares jump on report of Chinese interest in stake | Financial Times:
Shares in NMC Health shot up as much as 42 per cent on Thursday morning after a media report that two groups, including one backed by China’s Fosun, had made competing offers to buy a significant stake in the private healthcare group.
According to Reuters, the bidders are offering up to £1.5bn for a 40 per cent holding in the UAE-based company. The stake is currently jointly owned by the chairman of Abu Dhabi-based investment firm KBBO Group, Khalifa Butti Bin Omeir, UAE-based businessman Saeed Bin Butti Al Qebaisi, and Infinite Investment, a vehicle linked to the two men, the report said.
NMC declined to comment on the matter.
Shares in NMC Health shot up as much as 42 per cent on Thursday morning after a media report that two groups, including one backed by China’s Fosun, had made competing offers to buy a significant stake in the private healthcare group.
According to Reuters, the bidders are offering up to £1.5bn for a 40 per cent holding in the UAE-based company. The stake is currently jointly owned by the chairman of Abu Dhabi-based investment firm KBBO Group, Khalifa Butti Bin Omeir, UAE-based businessman Saeed Bin Butti Al Qebaisi, and Infinite Investment, a vehicle linked to the two men, the report said.
NMC declined to comment on the matter.
DP World's shares surge on rising profit and revenue | ZAWYA MENA Edition
DP World's shares surge on rising profit and revenue | ZAWYA MENA Edition:
DP World, one of the world’s largest port operators, reported a higher net profit at $753 million for the first half of the year 2019, triggering a rally in the company’s shares.
The company’s net profit attributable to owners rose to $753 million compared to $593 million in H1 2018, a 26.98 percent increase. Its shares rose 5.04 percent in early trading on Thursday by 10:40 GST.
DP World’s H1 2019 revenue increased 31.56 percent to $3.46 billion, compared to $2.63 billion for the same time last year.
DP World, one of the world’s largest port operators, reported a higher net profit at $753 million for the first half of the year 2019, triggering a rally in the company’s shares.
The company’s net profit attributable to owners rose to $753 million compared to $593 million in H1 2018, a 26.98 percent increase. Its shares rose 5.04 percent in early trading on Thursday by 10:40 GST.
DP World’s H1 2019 revenue increased 31.56 percent to $3.46 billion, compared to $2.63 billion for the same time last year.
MIDEAST STOCKS-Banks push #Saudi lower, DP World gains on earnings - Reuters
MIDEAST STOCKS-Banks push Saudi lower, DP World gains on earnings - Reuters:
Saudi Arabian stock market fell in early trade on Thursday pulled lower by its banking shares while other Gulf stocks traded higher.
In Saudi Arabia, the index fell 0.5% as Al Rajhi Bank dropped 0.6% and Samba Financial Group lost 1.3%.
Banking stocks have come under pressure in recent weeks from the Saudi central bank’s decision to follow the U.S. Federal Reserve in cutting interest rates, which analysts expect to squeeze lenders’ profit margins.
Saudi Arabian stock market fell in early trade on Thursday pulled lower by its banking shares while other Gulf stocks traded higher.
In Saudi Arabia, the index fell 0.5% as Al Rajhi Bank dropped 0.6% and Samba Financial Group lost 1.3%.
Banking stocks have come under pressure in recent weeks from the Saudi central bank’s decision to follow the U.S. Federal Reserve in cutting interest rates, which analysts expect to squeeze lenders’ profit margins.
Swiss Fintech Turns Into Unicorn as Valuation Exceeds $1 Billion - Bloomberg
Swiss Fintech Turns Into Unicorn as Valuation Exceeds $1 Billion - Bloomberg: A
Zurich-based fintech firm whose investors include Josef Ackermann has raised additional money to value the company at more than $1 billion as it prepares to expand outside its main market of Germany.
Numbrs Personal Finance raised $40 million to bring the total capital invested to almost $200 million, Chief Executive Officer Martin Saidler said in an interview. Numbrs offers an app that enables users to manage their existing bank accounts in one place and to buy financial products.
The company has become a so-called unicorn by focusing mostly on private investors. “Venture capital and private equity funds tend to have less patience. They get nervous when it takes longer for a startup to earn money,” Saidler said in an interview. Investment Corporation of Dubai, which invested in 2017, is an exception, he said.
Zurich-based fintech firm whose investors include Josef Ackermann has raised additional money to value the company at more than $1 billion as it prepares to expand outside its main market of Germany.
Numbrs Personal Finance raised $40 million to bring the total capital invested to almost $200 million, Chief Executive Officer Martin Saidler said in an interview. Numbrs offers an app that enables users to manage their existing bank accounts in one place and to buy financial products.
The company has become a so-called unicorn by focusing mostly on private investors. “Venture capital and private equity funds tend to have less patience. They get nervous when it takes longer for a startup to earn money,” Saidler said in an interview. Investment Corporation of Dubai, which invested in 2017, is an exception, he said.
Hot August for Egypt's World-Beating Stocks May Get Even Hotter - Bloomberg
Hot August for Egypt's World-Beating Stocks May Get Even Hotter - Bloomberg:
It’s already been a great August for Egyptian stocks and things could be about to get even better should the north African nation cut interest rates as expected on Thursday.
The EGX 30 Index has gained more than 7% so far this month, making it the world’s best performing major gauge of those tracked by Bloomberg. That’s in stark contrast to declines in peers, with the MSCI Emerging Markets Index falling 5% month-to-date on the back of a more general risk-off sentiment.
Optimism for lower rates has been just one of the reasons that the Cairo bourse has been insulated from tensions gripping markets in most other parts of the world. Egypt’s lowest inflation in four years and a successful trading debut for the country’s first initial public offering of 2019 have also aided sentiment.
It’s already been a great August for Egyptian stocks and things could be about to get even better should the north African nation cut interest rates as expected on Thursday.
The EGX 30 Index has gained more than 7% so far this month, making it the world’s best performing major gauge of those tracked by Bloomberg. That’s in stark contrast to declines in peers, with the MSCI Emerging Markets Index falling 5% month-to-date on the back of a more general risk-off sentiment.
Optimism for lower rates has been just one of the reasons that the Cairo bourse has been insulated from tensions gripping markets in most other parts of the world. Egypt’s lowest inflation in four years and a successful trading debut for the country’s first initial public offering of 2019 have also aided sentiment.
Oil prices fall on economic worries after U.S. fuel stocks climb - Reuters
Oil prices fall on economic worries after U.S. fuel stocks climb - Reuters:
Oil prices dipped on Thursday, paring earlier gains, weighed down by worries about the global economy and bigger-than-expected builds in oil product inventories in the United States, the world’s biggest oil consumer.
Brent crude futures LCOc1 dropped 16 cents, or 0.3%, to $60.14 a barrel by 0634 GMT on Thursday.
West Texas Intermediate (WTI) crude CLc1 futures slipped 10 cents, or 0.2% to $55.58 per barrel.
“Oil markets continue to move lower after the gloomy surprise build in U.S. fuel inventories,” said Stephen Innes, managing partner at Valour Markets.
Oil prices dipped on Thursday, paring earlier gains, weighed down by worries about the global economy and bigger-than-expected builds in oil product inventories in the United States, the world’s biggest oil consumer.
Brent crude futures LCOc1 dropped 16 cents, or 0.3%, to $60.14 a barrel by 0634 GMT on Thursday.
West Texas Intermediate (WTI) crude CLc1 futures slipped 10 cents, or 0.2% to $55.58 per barrel.
“Oil markets continue to move lower after the gloomy surprise build in U.S. fuel inventories,” said Stephen Innes, managing partner at Valour Markets.
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