Oil prices gain nearly 2% after drop in U.S. crude inventories - Reuters:
Oil prices rose nearly 2% on Wednesday after a larger-than-expected decline in U.S. crude stockpiles helped ease worries about weakening oil demand caused by the trade war between Washington and Beijing.
Brent crude LCOc1 futures settled 98 cents, or 1.7%, higher at $60.49 a barrel. West Texas Intermediate crude CLc1 ended at $55.78 a barrel, rising 85 cents, or 1.6%.
U.S. crude oil inventories fell last week by 10 million barrels, compared with analysts’ expectations for a decrease of 2.1 million barrels, as imports slowed, the Energy Information Administration said.
Wednesday 28 August 2019
Singapore's Hyflux says no definitive deal reached with #UAE's Utico - Reuters
Singapore's Hyflux says no definitive deal reached with UAE's Utico - Reuters:
Singapore’s indebted Hyflux Ltd (HYFL.SI) said no definitive restructuring deal with Utico FZC has been reached yet after the United Arab Emirates-based utility company said a deal had been agreed where it would take 88% of the water treatment firm.
Both companies are, however, in advanced discussions and were trying to resolve some final issues before a definitive deal could be signed, Hyflux said in a statement to the Singapore Exchange late on Wednesday.
At the start of the week, Utico said a deal had been reached without disclosing financial details.
Singapore’s indebted Hyflux Ltd (HYFL.SI) said no definitive restructuring deal with Utico FZC has been reached yet after the United Arab Emirates-based utility company said a deal had been agreed where it would take 88% of the water treatment firm.
Both companies are, however, in advanced discussions and were trying to resolve some final issues before a definitive deal could be signed, Hyflux said in a statement to the Singapore Exchange late on Wednesday.
At the start of the week, Utico said a deal had been reached without disclosing financial details.
MIDEAST STOCKS- #Saudi stocks slide as funds turn bearish - Agricultural Commodities - Reuters
MIDEAST STOCKS-Saudi stocks slide as funds turn bearish - Agricultural Commodities - Reuters:
Saudi Arabia's stock market fell sharply
on Wednesday with all its banking shares dropping as receding
fund inflows dampened investor appetite on a day when second
phase of Saudi stocks joined the MSCI emerging markets index.
EFG Hermes said in a note on Wednesday the investment case
for Saudi banks is no longer 'compelling' in their view on the
backdrop of receding passive flows, rates becoming a headwind,
and the emergence of credit quality concerns.
"We think Saudi can drift lower, before finding a support
above the 8k mark. Stock picking would be the name of the game
hereon and companies that deliver good results shall outperform
the broader Index," said Vrajesh Bhandari, senior portfolio
manager at Al Mal Capital.
Saudi Arabia's stock market fell sharply
on Wednesday with all its banking shares dropping as receding
fund inflows dampened investor appetite on a day when second
phase of Saudi stocks joined the MSCI emerging markets index.
EFG Hermes said in a note on Wednesday the investment case
for Saudi banks is no longer 'compelling' in their view on the
backdrop of receding passive flows, rates becoming a headwind,
and the emergence of credit quality concerns.
"We think Saudi can drift lower, before finding a support
above the 8k mark. Stock picking would be the name of the game
hereon and companies that deliver good results shall outperform
the broader Index," said Vrajesh Bhandari, senior portfolio
manager at Al Mal Capital.
Liquidity Fears Stalk the $4 Trillion ETF Market. Here's One Fix - Bloomberg
Liquidity Fears Stalk the $4 Trillion ETF Market. Here's One Fix - Bloomberg:
Market mayhem this month has re-ignited fears about how the $4 trillion U.S. ETF industry will react in a liquidity crunch. Europe may have an answer for averting disaster.
The nightmare scenario: volatility prompts market-makers to withdraw when they’re needed most, blowing out transaction costs and freezing trading. It’s an outcome that’s been raised by the likes of Moody’s Investors Service Inc. and T. Rowe Price Group Inc. this year as late-cycle swings convulse markets.
Some see a potential cure in a practice that’s commonplace from Italy to the U.K. but banned in America: ETF providers paying market-makers directly. The argument goes that conflict-of-interest concerns are misplaced -- and that traders under contract to keep transacting in passive instruments will do so come hell or high water.
Market mayhem this month has re-ignited fears about how the $4 trillion U.S. ETF industry will react in a liquidity crunch. Europe may have an answer for averting disaster.
The nightmare scenario: volatility prompts market-makers to withdraw when they’re needed most, blowing out transaction costs and freezing trading. It’s an outcome that’s been raised by the likes of Moody’s Investors Service Inc. and T. Rowe Price Group Inc. this year as late-cycle swings convulse markets.
Some see a potential cure in a practice that’s commonplace from Italy to the U.K. but banned in America: ETF providers paying market-makers directly. The argument goes that conflict-of-interest concerns are misplaced -- and that traders under contract to keep transacting in passive instruments will do so come hell or high water.
Oil prices rise on drop in U.S. crude inventories - Reuters
Oil prices rise on drop in U.S. crude inventories - Reuters:
Oil prices rose on Wednesday after industry data showing a fall in stockpiles of U.S. crude somewhat eased worries about subdued demand due to the China-U.S. trade war.
Brent crude futures LCOc1 climbed 70 cents to $60.21 a barrel by 1204 GMT. West Texas Intermediate (WTI) crude futures CLc1 gained 79 cents to $55.72 a barrel.
The two benchmarks are headed for monthly losses of around 8% and 5%, respectively, weighed down by trade barriers between the world’s two biggest oil consumers.
Oil prices rose on Wednesday after industry data showing a fall in stockpiles of U.S. crude somewhat eased worries about subdued demand due to the China-U.S. trade war.
Brent crude futures LCOc1 climbed 70 cents to $60.21 a barrel by 1204 GMT. West Texas Intermediate (WTI) crude futures CLc1 gained 79 cents to $55.72 a barrel.
The two benchmarks are headed for monthly losses of around 8% and 5%, respectively, weighed down by trade barriers between the world’s two biggest oil consumers.
MENA fund managers to boost Egypt, #UAE investments, still bearish on #Saudi: Reuters poll - Reuters
MENA fund managers to boost Egypt, UAE investments, still bearish on Saudi: Reuters poll - Reuters:
Middle Eastern funds plan to increase their investments in Egypt and UAE and decrease allocations in Saudi Arabia, while keeping their exposure to other countries in the region at current levels, according to a Reuters poll.
Six of 10 managers polled said they would increase their investments in Egypt, noting falling inflation and interest rates.
Earlier this month, Egypt reported its lowest headline inflation rate in nearly four years, and its central bank cut interest rates by 150 basis points.
Middle Eastern funds plan to increase their investments in Egypt and UAE and decrease allocations in Saudi Arabia, while keeping their exposure to other countries in the region at current levels, according to a Reuters poll.
Six of 10 managers polled said they would increase their investments in Egypt, noting falling inflation and interest rates.
Earlier this month, Egypt reported its lowest headline inflation rate in nearly four years, and its central bank cut interest rates by 150 basis points.
MENA Equities: Best and worst performers in H1 2019 | ZAWYA MENA Edition
MENA Equities: Best and worst performers in H1 2019 | ZAWYA MENA Edition:
Stock markets in the region performed well in H1 2019, as oil and world stocks surged during the first six months of the year.
Zawya has compiled data on the top and worst performing stocks in the UAE, Saudi Arabia and Egypt the first half of the year and calculated the change in market capitalisation in each of the listed countries, based on data from Refintiv’s Eikon.
Sharing views on MENA markets’ performance in H1 2019, Charles-Henry Monchau, head of investment management at Dubai-based Al Mal Capital said: “When looking back at macro numbers over H1 in the region, we can see clear signs of a divergence in local business cycles. Encouragingly, some of the largest regional economies – including Saudi Arabia, the UAE and Egypt – are all showing signs of an acceleration in consumption and investment.”
Stock markets in the region performed well in H1 2019, as oil and world stocks surged during the first six months of the year.
Zawya has compiled data on the top and worst performing stocks in the UAE, Saudi Arabia and Egypt the first half of the year and calculated the change in market capitalisation in each of the listed countries, based on data from Refintiv’s Eikon.
Sharing views on MENA markets’ performance in H1 2019, Charles-Henry Monchau, head of investment management at Dubai-based Al Mal Capital said: “When looking back at macro numbers over H1 in the region, we can see clear signs of a divergence in local business cycles. Encouragingly, some of the largest regional economies – including Saudi Arabia, the UAE and Egypt – are all showing signs of an acceleration in consumption and investment.”
Oil rises after inventory draw eases recession worries - Reuters
Oil rises after inventory draw eases recession worries - Reuters:
Oil prices rose on Wednesday, with U.S. crude gaining 1.3% after an industry report showed stockpiles in the United States, the world’s biggest oil user, fell more than expected, easing worries about economic growth due to the China-U.S. trade war.
Brent crude futures LCOc1 climbed 59 cents, or 1.0%, to $60.10 a barrel by 0652 GMT. West Texas Intermediate (WTI) crude futures CLc1 gained 70 cents, or 1.3%, to $55.63 a barrel.
U.S. crude stockpiles fell sharply last week as imports dropped, plummeting by 11.1 million barrels, compared with expectations for a 2 million-barrel draw, data from industry group the American Petroleum Institute (API), showed.
Oil prices rose on Wednesday, with U.S. crude gaining 1.3% after an industry report showed stockpiles in the United States, the world’s biggest oil user, fell more than expected, easing worries about economic growth due to the China-U.S. trade war.
Brent crude futures LCOc1 climbed 59 cents, or 1.0%, to $60.10 a barrel by 0652 GMT. West Texas Intermediate (WTI) crude futures CLc1 gained 70 cents, or 1.3%, to $55.63 a barrel.
U.S. crude stockpiles fell sharply last week as imports dropped, plummeting by 11.1 million barrels, compared with expectations for a 2 million-barrel draw, data from industry group the American Petroleum Institute (API), showed.
MIDEAST STOCKS- #Saudi stocks fall as second batch joins MSCI index - Reuters
MIDEAST STOCKS-Saudi stocks fall as second batch joins MSCI index - Reuters:
Saudi stocks fell sharply in early trading on Wednesday, as almost all the kingdom’s banks dropped at the start of the second phase of introducing Saudi stocks into the MSCI emerging markets index.
The inclusion of Saudi stocks in the MSCI and FTSE indexes has attracted billions of dollars from foreign investors, who have been net buyers every month this year, sending the Saudi index up nearly 20% at its peak in May.
But since then, geopolitical and trade tensions have reduced the Saudi index’s year-to-date gains to 4.4%.
Saudi stocks fell sharply in early trading on Wednesday, as almost all the kingdom’s banks dropped at the start of the second phase of introducing Saudi stocks into the MSCI emerging markets index.
The inclusion of Saudi stocks in the MSCI and FTSE indexes has attracted billions of dollars from foreign investors, who have been net buyers every month this year, sending the Saudi index up nearly 20% at its peak in May.
But since then, geopolitical and trade tensions have reduced the Saudi index’s year-to-date gains to 4.4%.
Swiss fintech start-up backed by #Dubai is valued at $1bln | ZAWYA MENA Edition
Swiss fintech start-up backed by Dubai is valued at $1bln | ZAWYA MENA Edition:
Swiss financial technology company, Numbrs, backed by the Investment Corporation of Dubai and Josef Ackermann, has taken its value to $1 billion by raising further funding.
Numbrs, available as an app, helps users to manage their existing bank accounts, credit card information, and conduct mobile banking along with personal financial planning.
The Zurich-based fintech start-up raised an additional €36 million ($40 million), bringing the total amount raised to over €200 million ($222.1 million) and its valuation to over $1 billion, making it Europe’s newest unicorn, Bloomberg reported.
Swiss financial technology company, Numbrs, backed by the Investment Corporation of Dubai and Josef Ackermann, has taken its value to $1 billion by raising further funding.
Numbrs, available as an app, helps users to manage their existing bank accounts, credit card information, and conduct mobile banking along with personal financial planning.
The Zurich-based fintech start-up raised an additional €36 million ($40 million), bringing the total amount raised to over €200 million ($222.1 million) and its valuation to over $1 billion, making it Europe’s newest unicorn, Bloomberg reported.
#Kuwait Petroleum to raise $1 billion revolving loan: sources - Reuters
Kuwait Petroleum to raise $1 billion revolving loan: sources - Reuters:
Kuwait Petroleum Corp (KPC) is finalizing a $1 billion loan with a small group of international banks, three sources familiar with the deal said.
The loan, a revolving credit facility, comes amid a slowdown in the regional loan market, as borrowers have increasingly raised financing through bonds to take advantage of lower rates.
The state-owned oil company, which did not respond to a request for comment, plans to invest hundreds of billions of dollars by 2040 as it aims to boost its crude oil production capacity to 4.75 million barrels per day by that date.
Kuwait Petroleum Corp (KPC) is finalizing a $1 billion loan with a small group of international banks, three sources familiar with the deal said.
The loan, a revolving credit facility, comes amid a slowdown in the regional loan market, as borrowers have increasingly raised financing through bonds to take advantage of lower rates.
The state-owned oil company, which did not respond to a request for comment, plans to invest hundreds of billions of dollars by 2040 as it aims to boost its crude oil production capacity to 4.75 million barrels per day by that date.
Remittances: the hidden engine of globalisation
Remittances: the hidden engine of globalisation:
Every month Joy Kyakwita presses a button on her phone and does something in common with millions of other people across the globe: she sends money home.
Ms Kyakwita, a London-based lawyer, gives a third of her salary to her family back home in Uganda, including paying money for school fees for her brothers and nephews.
“I believe that when you pay for them to go on a good course, then there is a good chance of them becoming employable,” she says. “And if they are employed then they will be able to help their siblings as well.”
Every month Joy Kyakwita presses a button on her phone and does something in common with millions of other people across the globe: she sends money home.
Ms Kyakwita, a London-based lawyer, gives a third of her salary to her family back home in Uganda, including paying money for school fees for her brothers and nephews.
“I believe that when you pay for them to go on a good course, then there is a good chance of them becoming employable,” she says. “And if they are employed then they will be able to help their siblings as well.”
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