Emerging-Market ETF Flows on Brink of Turning Negative for Year - Bloomberg:
Emerging-market exchange-traded funds flows are on the brink of turning negative for the year after investors extended a sell-off for a seventh consecutive week.
Outflows from U.S.-listed ETFs that invest across developing nations as well as those that target specific countries totaled $972.3 million in the week ended Aug. 23, according to data compiled by Bloomberg. The current run of outflows has drained $12.3 billion from the market, compared with a $7.8 billion loss during a six-week sell-off that started in May. This year’s net inflow now stands at a mere $109.9 million.
Outflows continued to be led by stock funds last week, while bond ETFs posted a small inflow. The $24.4 billion iShares MSCI Emerging Markets ETF was the biggest loser among developing-nation equity funds, dropping $556 million in the fifth straight week of outflows. The $52 billion iShares Core MSCI Emerging Markets ETF, meanwhile, was unchanged after four weeks of withdrawals.
Monday, 26 August 2019
OPEC supply cuts fail to ignite prices - Bloomberg
OPEC supply cuts fail to ignite prices - Bloomberg:
The consortium of oil-producing nations has seen few tangible results from the production cuts begun in January. Although prices moved slightly northward in April to $66 per barrel, WTI crude has actually fallen 19.5% since then, and some OPEC+ members are getting cold feet. Saudi Arabia has agreed to shoulder most of the burden of cuts until September, but slowing global demand may see the entire strategy abandoned. Insights via @CMEGroup (Source: TicToc)
The consortium of oil-producing nations has seen few tangible results from the production cuts begun in January. Although prices moved slightly northward in April to $66 per barrel, WTI crude has actually fallen 19.5% since then, and some OPEC+ members are getting cold feet. Saudi Arabia has agreed to shoulder most of the burden of cuts until September, but slowing global demand may see the entire strategy abandoned. Insights via @CMEGroup (Source: TicToc)
Oil falls 1% as U.S.-Iran optimism faces U.S.-China trade deal hopes - Reuters
Oil falls 1% as U.S.-Iran optimism faces U.S.-China trade deal hopes - Reuters:
Oil prices fell 1% on Monday on the outlook for increased supply of Iranian crude after France’s president lifted hopes for a deal between Washington and Tehran, but losses were limited by optimism surrounding a U.S.-China trade deal.
Brent crude lost 64 cents, or 1.1%, to settle at $58.70 a barrel, after hitting a session high of $60.17.
U.S. West Texas Intermediate (WTI) crude futures settled 53 cents, or 1%, lower at $53.64 a barrel.
Prices fell after French President Emmanuel Macron said preparations were underway for a meeting between Iranian President Hassan Rouhani and U.S. President Donald Trump in the coming weeks to find a solution to a nuclear standoff.
Oil prices fell 1% on Monday on the outlook for increased supply of Iranian crude after France’s president lifted hopes for a deal between Washington and Tehran, but losses were limited by optimism surrounding a U.S.-China trade deal.
Brent crude lost 64 cents, or 1.1%, to settle at $58.70 a barrel, after hitting a session high of $60.17.
U.S. West Texas Intermediate (WTI) crude futures settled 53 cents, or 1%, lower at $53.64 a barrel.
Prices fell after French President Emmanuel Macron said preparations were underway for a meeting between Iranian President Hassan Rouhani and U.S. President Donald Trump in the coming weeks to find a solution to a nuclear standoff.
Oil steadies as U.S.-Iran optimism faces U.S.-China trade deal hopes - Reuters
Oil steadies as U.S.-Iran optimism faces U.S.-China trade deal hopes - Reuters:
Oil prices steadied on Monday after France’s president lifted hopes for a deal between the United States and Iran, while optimism for easing U.S.-China trade tensions supported prices.
Brent crude fell 13 cents to $59.21 a barrel by 11:35 a.m. EDT (1535 GMT), after earlier hitting a session high of $60.17.
U.S. West Texas Intermediate (WTI) crude futures rose 16 cents to $54.33 a barrel, after reaching $55.26 a barrel.
Prices fell after French President Emmanuel Macron said preparations were underway for a meeting between Iranian President Hassan Rouhani and U.S. President Donald Trump in the coming weeks to find a solution to a nuclear standoff.
Oil prices steadied on Monday after France’s president lifted hopes for a deal between the United States and Iran, while optimism for easing U.S.-China trade tensions supported prices.
Brent crude fell 13 cents to $59.21 a barrel by 11:35 a.m. EDT (1535 GMT), after earlier hitting a session high of $60.17.
U.S. West Texas Intermediate (WTI) crude futures rose 16 cents to $54.33 a barrel, after reaching $55.26 a barrel.
Prices fell after French President Emmanuel Macron said preparations were underway for a meeting between Iranian President Hassan Rouhani and U.S. President Donald Trump in the coming weeks to find a solution to a nuclear standoff.
#Saudi Aramco IPO Holds Biggest Prize for World's Top Banks - Bloomberg
Saudi Aramco IPO Holds Biggest Prize for World's Top Banks - Bloomberg:
Global banks are set to start making their case to Saudi Aramco this week in the hopes of being hired for what looks to be the world's largest initial public offering. Bloomberg's Sonali Basak and Bloomberg Opinion columnist Brooke Sutherland have the details on "Bloomberg Daybreak: Americas." Sutherland's opinions are her own. (Source: Bloomberg)
Global banks are set to start making their case to Saudi Aramco this week in the hopes of being hired for what looks to be the world's largest initial public offering. Bloomberg's Sonali Basak and Bloomberg Opinion columnist Brooke Sutherland have the details on "Bloomberg Daybreak: Americas." Sutherland's opinions are her own. (Source: Bloomberg)
BP, Chevron among approved bidders for Brazil October oil auction: ANP - Reuters
BP, Chevron among approved bidders for Brazil October oil auction: ANP - Reuters:
BP PLC (BP.L), Chevron Corp (CVX.N) and China’s CNOOC (0883.HK) are among 12 companies cleared to bid in an October exploration rights auction in Brazil, oil regulator ANP said on Monday.
Exxon Mobil Corp (XOM.N), Colombia’s Ecopetrol SA (ECO.CN), Norway’s Equinor ASA (EQNR.OL), Australia’s Karoon (KAR.AX), Qatar’s QPI, Spain’s Repsol SA (REP.MC), Royal Dutch Shell PLC (RDSa.L), France’s Total SA (TOTF.PA) and Brazil’s state-controlled Petroleo Brasileiro SA (PETR4.SA) also won approval to bid in the auction.
BP PLC (BP.L), Chevron Corp (CVX.N) and China’s CNOOC (0883.HK) are among 12 companies cleared to bid in an October exploration rights auction in Brazil, oil regulator ANP said on Monday.
Exxon Mobil Corp (XOM.N), Colombia’s Ecopetrol SA (ECO.CN), Norway’s Equinor ASA (EQNR.OL), Australia’s Karoon (KAR.AX), Qatar’s QPI, Spain’s Repsol SA (REP.MC), Royal Dutch Shell PLC (RDSa.L), France’s Total SA (TOTF.PA) and Brazil’s state-controlled Petroleo Brasileiro SA (PETR4.SA) also won approval to bid in the auction.
MIDEAST STOCKS- #Saudi inches up as trade tensions ease, cheaper valuations lift #UAE - Reuters
MIDEAST STOCKS-Saudi inches up as trade tensions ease, cheaper valuations lift UAE - Reuters:
Saudi Arabia's stocks bounced back from
earlier losses on Monday with the United States and China
seeking to soothe trade tensions, while markets in the United
Arab Emirates rose after recent sell-offs made stock valuations
more attractive.
Beijing called for calm and U.S. President Donald Trump
predicted a trade deal between the world's two largest economies
after markets fell in response to new tariffs from both
countries.
Oil prices also rose on the concillatory signs, following
losses incurred after both the sides had levelled more tariffs
on each other's exports.
Saudi Arabia's stocks bounced back from
earlier losses on Monday with the United States and China
seeking to soothe trade tensions, while markets in the United
Arab Emirates rose after recent sell-offs made stock valuations
more attractive.
Beijing called for calm and U.S. President Donald Trump
predicted a trade deal between the world's two largest economies
after markets fell in response to new tariffs from both
countries.
Oil prices also rose on the concillatory signs, following
losses incurred after both the sides had levelled more tariffs
on each other's exports.
Emerging Bond Investors Haven’t Been This Defensive Since Lehman - Bloomberg
Emerging Bond Investors Haven’t Been This Defensive Since Lehman - Bloomberg:
With the U.S. and China’s trade war appearing to take a new turn every day, emerging-market investors are getting more cautious. By one measure, they are the most defensive they have been in more than a decade.
High-grade bonds in developing nations have returned 3% this month, while junk-rated securities in emerging markets have lost 2.7%, according to JPMorgan Chase & Co.’s indexes. The last time the outperformance of the former was so big was in October 2008, the month after Lehman Brothers collapsed.
It was a different story earlier in the year as investors piled into riskier countries in a hunt for higher yields.
With the U.S. and China’s trade war appearing to take a new turn every day, emerging-market investors are getting more cautious. By one measure, they are the most defensive they have been in more than a decade.
High-grade bonds in developing nations have returned 3% this month, while junk-rated securities in emerging markets have lost 2.7%, according to JPMorgan Chase & Co.’s indexes. The last time the outperformance of the former was so big was in October 2008, the month after Lehman Brothers collapsed.
It was a different story earlier in the year as investors piled into riskier countries in a hunt for higher yields.
Oil rises on hopes of easing U.S.-China trade tension - Reuters
Oil rises on hopes of easing U.S.-China trade tension - Reuters:
Oil prices rose on Monday after the United States and China both suggested they could ease up in a trade war that has undermined the outlook for the global economy and crude demand.
Brent was up 38 cents, or 0.64%, at $59.72 a barrel by 1200 GMT, while U.S. oil was up 54 cents, or 1%, at $54.71 a barrel.
U.S. President Donald Trump said on Monday he believed China was seeking a trade deal after he said Beijing contacted U.S. officials overnight to say it wanted a return to dialogue, adding on Twitter: “talks are continuing!”
Oil prices rose on Monday after the United States and China both suggested they could ease up in a trade war that has undermined the outlook for the global economy and crude demand.
Brent was up 38 cents, or 0.64%, at $59.72 a barrel by 1200 GMT, while U.S. oil was up 54 cents, or 1%, at $54.71 a barrel.
U.S. President Donald Trump said on Monday he believed China was seeking a trade deal after he said Beijing contacted U.S. officials overnight to say it wanted a return to dialogue, adding on Twitter: “talks are continuing!”
#Dubai's GEMS Education says #Saudi venture buys Ma'arif - Reuters
Dubai's GEMS Education says Saudi venture buys Ma'arif - Reuters:
Dubai-based school operator GEMS Education said on Monday its joint venture in Saudi Arabia had completed the acquisition of Ma’arif, the largest education company in the kingdom.
Blackstone-backed GEMS did not give a value for the purchase by its joint venture, which is co-owned by Saudi Arabia’s General Organization for Social Insurance.
Dubai-based school operator GEMS Education said on Monday its joint venture in Saudi Arabia had completed the acquisition of Ma’arif, the largest education company in the kingdom.
Blackstone-backed GEMS did not give a value for the purchase by its joint venture, which is co-owned by Saudi Arabia’s General Organization for Social Insurance.
#Dubai FDI CEO Fahad Al Gergawi on Dubai FDI - Bloomberg
Dubai FDI CEO Fahad Al Gergawi on Dubai FDI - Bloomberg:
Fahad Al Gergawi, chief executive officer at Dubai FDI, discusses foreign direct investment in Dubai and where he’s targeting. He speaks exclusively on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)
Fahad Al Gergawi, chief executive officer at Dubai FDI, discusses foreign direct investment in Dubai and where he’s targeting. He speaks exclusively on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)
#Saudi Share Trading Set to Jump on MSCI as Trade Woes Dominate - Bloomberg
Saudi Share Trading Set to Jump on MSCI as Trade Woes Dominate - Bloomberg:
It’s set to be a busy week for Saudi stocks, with volumes likely to surge as index compiler MSCI Inc. completes the country’s promotion to an emerging market just as trade tensions dominate investor sentiment.
Saudi Arabia’s weighting on the New York-based company’s MSCI Emerging Markets Index will increase to 2.83% from 1.45%, based on Aug. 27 closing prices, the compiler said in a statement earlier this month. When the first part of the upgrade took place in May, share trading in the country leapt to almost $8 billion in a single day, the most in almost 13 years.
The heightened interest expected for Tuesday would be driven mostly by foreign investors who passively track MSCI indexes. Their purchases from abroad have helped the index in Riyadh outperform equities markets in developing markets this year.
It’s set to be a busy week for Saudi stocks, with volumes likely to surge as index compiler MSCI Inc. completes the country’s promotion to an emerging market just as trade tensions dominate investor sentiment.
Saudi Arabia’s weighting on the New York-based company’s MSCI Emerging Markets Index will increase to 2.83% from 1.45%, based on Aug. 27 closing prices, the compiler said in a statement earlier this month. When the first part of the upgrade took place in May, share trading in the country leapt to almost $8 billion in a single day, the most in almost 13 years.
The heightened interest expected for Tuesday would be driven mostly by foreign investors who passively track MSCI indexes. Their purchases from abroad have helped the index in Riyadh outperform equities markets in developing markets this year.
#SaudiArabia's Red Sea Development Seeks to Raise $3.5 Billion - Bloomberg
Saudi Arabia's Red Sea Development Seeks to Raise $3.5 Billion - Bloomberg:
The firm that’s transforming an archipelago, desert and mountains -- an area about the size of Belgium -- on Saudi Arabia’s Red Sea coast into a global tourism destination is talking to banks to raise $3.5 billion, according to people with knowledge of the matter.
The Red Sea Development Co. started discussions with local lenders for a 13 billion-riyal loan in what would be its first borrowing, the people said, asking not to be identified because the matter is private. The loan may have a 15-year tenor and is likely to be backed by the kingdom’s sovereign wealth fund, the Public Investment Fund, some of the people said.
The terms of the financing may change and the company hopes to complete a deal by the end of the year, the people said.
The firm that’s transforming an archipelago, desert and mountains -- an area about the size of Belgium -- on Saudi Arabia’s Red Sea coast into a global tourism destination is talking to banks to raise $3.5 billion, according to people with knowledge of the matter.
The Red Sea Development Co. started discussions with local lenders for a 13 billion-riyal loan in what would be its first borrowing, the people said, asking not to be identified because the matter is private. The loan may have a 15-year tenor and is likely to be backed by the kingdom’s sovereign wealth fund, the Public Investment Fund, some of the people said.
The terms of the financing may change and the company hopes to complete a deal by the end of the year, the people said.
Michael Reininger, CEO of Qiddiya Investment Co., on #SaudiArabia's First Mega Entertainment City - Bloomberg
Michael Reininger, CEO of Qiddiya Investment Co., on Saudi Arabia's First Mega Entertainment City - Bloomberg:
Michael Reininger, chief executive officer of Qiddiya Investment Co., talks about the first mega entertainment and sports city that’s being developed as part of Saudi Arabia’s plans for life after oil. Qiddiya, backed by the kingdom’s sovereign wealth fund, will cover 334 square kilometers outside of Riyadh and have a Six Flags Entertainment Corp. theme park, private race track and an off-road zone. Reininger speaks on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Michael Reininger, chief executive officer of Qiddiya Investment Co., talks about the first mega entertainment and sports city that’s being developed as part of Saudi Arabia’s plans for life after oil. Qiddiya, backed by the kingdom’s sovereign wealth fund, will cover 334 square kilometers outside of Riyadh and have a Six Flags Entertainment Corp. theme park, private race track and an off-road zone. Reininger speaks on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
MIDEAST STOCKS- #Saudi drops further as trade war intensifies - Reuters
MIDEAST STOCKS-Saudi drops further as trade war intensifies - Reuters:
Saudi Arabia’s stocks dropped further on Monday after suffering their biggest single-day loss in three and a half months in the previous session as global trade jitters kept the market on the backfoot.
U.S. President Donald Trump on Friday slapped an additional 5% duty on some $550 billion in targeted Chinese goods in the latest tit-for-tat that followed China’s retaliatory tariffs on $75 billion worth of U.S. goods.
The escalation stoked concerns about the global economy, already on the edge of recession, and squeezed demand for oil, prices of which remained under pressure on Monday.
The Saudi index was down 0.6%, declining for its fourth straight session, with lenders acting as the biggest drag on the index.
Saudi Arabia’s stocks dropped further on Monday after suffering their biggest single-day loss in three and a half months in the previous session as global trade jitters kept the market on the backfoot.
U.S. President Donald Trump on Friday slapped an additional 5% duty on some $550 billion in targeted Chinese goods in the latest tit-for-tat that followed China’s retaliatory tariffs on $75 billion worth of U.S. goods.
The escalation stoked concerns about the global economy, already on the edge of recession, and squeezed demand for oil, prices of which remained under pressure on Monday.
The Saudi index was down 0.6%, declining for its fourth straight session, with lenders acting as the biggest drag on the index.
#UAE's FAB rejects #Qatar's financial regulatory authority allegations | ZAWYA MENA Edition
UAE's FAB rejects Qatar's financial regulatory authority allegations | ZAWYA MENA Edition:
Abu Dhabi's First Abu Dhabi Bank, FAB, today rejected allegations by the Qatar Financial Centre Regulatory Authority, QFCRA, that its branch in the Qatar Financial Centre had failed to provide appropriate financial disclosures.
The full text of an FAB statement issued today follows.
As stated previously, the allegations by the Qatar Financial Center Regulatory Authority, QFCRA, in the QFC Courts are entirely false, and First Abu Dhabi Bank, FAB, unequivocally denies them.
Abu Dhabi's First Abu Dhabi Bank, FAB, today rejected allegations by the Qatar Financial Centre Regulatory Authority, QFCRA, that its branch in the Qatar Financial Centre had failed to provide appropriate financial disclosures.
The full text of an FAB statement issued today follows.
As stated previously, the allegations by the Qatar Financial Center Regulatory Authority, QFCRA, in the QFC Courts are entirely false, and First Abu Dhabi Bank, FAB, unequivocally denies them.
Oil drops as recession risks mount with trade war tariffs - Reuters
Oil drops as recession risks mount with trade war tariffs - Reuters:
Oil prices fell on Monday, pushing U.S. crude to the lowest in more than two weeks, as an intensifying trade war between the U.S. and China undermined confidence in global economic growth.
Brent crude was down 52 cents, or 0.9%, at $58.82 a barrel by 0645 GMT, having earlier touched $58.24, the lowest since Aug. 15.
U.S. oil was down 62 cents, or 1.1%, at $53.55 a barrel, having earlier fallen to $52.96, the lowest since Aug. 9.
Oil prices fell on Monday, pushing U.S. crude to the lowest in more than two weeks, as an intensifying trade war between the U.S. and China undermined confidence in global economic growth.
Brent crude was down 52 cents, or 0.9%, at $58.82 a barrel by 0645 GMT, having earlier touched $58.24, the lowest since Aug. 15.
U.S. oil was down 62 cents, or 1.1%, at $53.55 a barrel, having earlier fallen to $52.96, the lowest since Aug. 9.
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