Oil slides as U.S., China add more tariffs in trade war - Reuters:
Oil prices weakened on Monday after new import tariffs imposed by the United States and China came into force, raising concerns about a further hit to global economic growth and demand for crude.
International Brent crude futures settled down 59 cents to $58.66 a barrel, after trading as low as $58.10 during the day. U.S. benchmark WTI crude was down 33 cents at $54.77 a barrel. Activity was thin because of the U.S. Labor Day public holiday.
Monday 2 September 2019
Oil Falls as Deepening Trade War Stokes Growth Concerns - Bloomberg
Oil Falls as Deepening Trade War Stokes Growth Concerns - Bloomberg:
Oil fell again Monday after its first monthly decline since May as a deepening trade war further stoked fears that fading global economic growth will hurt fuel demand.
Futures sank below $55 a barrel in New York, having lost 5.9% in August. U.S. tariffs on a further $110 billion of Chinese imports took effect on Sunday, and additional Chinese levies on American products -- including oil for the first time -- also kicked in. Oil went as low as $54.34 after people familiar with the matter said officials are struggling to agree on the schedule to continue trade talks.
Oil fell again Monday after its first monthly decline since May as a deepening trade war further stoked fears that fading global economic growth will hurt fuel demand.
Futures sank below $55 a barrel in New York, having lost 5.9% in August. U.S. tariffs on a further $110 billion of Chinese imports took effect on Sunday, and additional Chinese levies on American products -- including oil for the first time -- also kicked in. Oil went as low as $54.34 after people familiar with the matter said officials are struggling to agree on the schedule to continue trade talks.
#Qatar-based Aventicum Capital acquires new funds from Amwal - Reuters
Qatar-based Aventicum Capital acquires new funds from Amwal - Reuters:
Aventicum Capital Management Qatar (ACMQ), part of a joint venture between Credit Suisse and the Qatar Investment Authority, said on Monday it had acquired “selected funds and mandates” from Qatari asset manager Amwal LLC.
The company did not disclose the value of the deal but said in a statement it would “take responsibility for a broad range of Amwal’s managed investment funds in equities and fixed income across active and passive strategies in both conventional and Sharia-compliant products.”
As part of the deal, ACMQ also took ownership of a Doha Bank-sponsored exchange traded fund, the QE index ETF , according to a disclosure made to the Qatar stock exchange on Sunday.
Aventicum Capital Management Qatar (ACMQ), part of a joint venture between Credit Suisse and the Qatar Investment Authority, said on Monday it had acquired “selected funds and mandates” from Qatari asset manager Amwal LLC.
The company did not disclose the value of the deal but said in a statement it would “take responsibility for a broad range of Amwal’s managed investment funds in equities and fixed income across active and passive strategies in both conventional and Sharia-compliant products.”
As part of the deal, ACMQ also took ownership of a Doha Bank-sponsored exchange traded fund, the QE index ETF , according to a disclosure made to the Qatar stock exchange on Sunday.
#Dubai to curb pace of construction projects as prices fall
Dubai to curb pace of construction projects as prices fall:
Dubai’s ruler issued a directive on Monday that would curb the pace of new real estate construction projects as property prices fall and the sheer scale of developments threatens to outstrip demand.
Sheikh Mohammed bin Rashid Al Maktoum ordered the creation of a committee to study the needs of the real estate market, evaluate all future projects and control the pace of projects, a statement by Dubai’s Media Office said.
The move comes amid a slowdown in Dubai’s economy and a slump in real estate prices.
Dubai’s ruler issued a directive on Monday that would curb the pace of new real estate construction projects as property prices fall and the sheer scale of developments threatens to outstrip demand.
Sheikh Mohammed bin Rashid Al Maktoum ordered the creation of a committee to study the needs of the real estate market, evaluate all future projects and control the pace of projects, a statement by Dubai’s Media Office said.
The move comes amid a slowdown in Dubai’s economy and a slump in real estate prices.
#SaudiArabia replaces Aramco chairman with MBS ally ahead of IPO | Financial Times
Saudi Arabia replaces Aramco chairman with MBS ally ahead of IPO | Financial Times:
Saudi Arabia has removed its energy minister as chairman of Saudi Aramco and appointed Yasir al-Rumayyan, a close ally of crown prince Mohammed bin Salman, to the role ahead of its planned blockbuster stock market listing.
Mr Rumayyan, who is on the board of Saudi Aramco, has gained in stature and influence in recent years as the head of the country’s sovereign wealth fund, the main vehicle through which Prince Mohammed has sought to diversify the kingdom’s economy away from oil.
The Public Investment Fund is scrambling for cash to fund Prince Mohammed’s domestic bet and international investments in ride-hailing company Uber, electric carmaker Tesla and SoftBank’s Vision Fund.
Saudi Arabia has removed its energy minister as chairman of Saudi Aramco and appointed Yasir al-Rumayyan, a close ally of crown prince Mohammed bin Salman, to the role ahead of its planned blockbuster stock market listing.
Mr Rumayyan, who is on the board of Saudi Aramco, has gained in stature and influence in recent years as the head of the country’s sovereign wealth fund, the main vehicle through which Prince Mohammed has sought to diversify the kingdom’s economy away from oil.
The Public Investment Fund is scrambling for cash to fund Prince Mohammed’s domestic bet and international investments in ride-hailing company Uber, electric carmaker Tesla and SoftBank’s Vision Fund.
Aramco IPO News: #SaudiArabia Picks New Chairman for Oil Company - Bloomberg
Aramco IPO News: Saudi Arabia Picks New Chairman for Oil Company - Bloomberg:
Saudi Arabia has removed Energy Minister Khalid Al-Falih from his position as Chairman of Saudi Aramco as the government prepares to sell shares in the state-owned oil company.
Al-Falih will be replaced by Yasir Al-Rumayyan, head of the country’s sovereign wealth fund, a Saudi source said, speaking on condition of anonymity. The appointment of Al-Rumayyan, already an Aramco board member, is intended to separate the Ministry of Energy from Aramco and avoid any conflicts of interest as the company prepares for the upcoming IPO, the source said.
“All this shows that in Saudi Arabia there has been some dissatisfaction at the highest levels on how things have been going,” said Olivier Jakob, managing director at consultant Petromatrix GmbH in Zug, Switzerland. “Al-Falih has not really fully delivered on oil prices. He hasn’t delivered the price that’s required by the Saudi budget. There’s speculation that prices and the IPO are linked and they need higher prices to get the valuation they want for the IPO.’’
Saudi Arabia has removed Energy Minister Khalid Al-Falih from his position as Chairman of Saudi Aramco as the government prepares to sell shares in the state-owned oil company.
Al-Falih will be replaced by Yasir Al-Rumayyan, head of the country’s sovereign wealth fund, a Saudi source said, speaking on condition of anonymity. The appointment of Al-Rumayyan, already an Aramco board member, is intended to separate the Ministry of Energy from Aramco and avoid any conflicts of interest as the company prepares for the upcoming IPO, the source said.
“All this shows that in Saudi Arabia there has been some dissatisfaction at the highest levels on how things have been going,” said Olivier Jakob, managing director at consultant Petromatrix GmbH in Zug, Switzerland. “Al-Falih has not really fully delivered on oil prices. He hasn’t delivered the price that’s required by the Saudi budget. There’s speculation that prices and the IPO are linked and they need higher prices to get the valuation they want for the IPO.’’
#Dubai’s Biggest Bank Joins Rivals to Draw Foreign Investors - Bloomberg
Dubai’s Biggest Bank Joins Rivals to Draw Foreign Investors - Bloomberg:
Dubai’s biggest bank is joining Gulf competitors in an attempt to attract more foreign money.
Emirates NBD PJSC raised the cap on foreign ownership from 5% to 20% on Monday and said it will seek shareholders’ approval to double the new limit. Shares jumped to the highest level since 2007.
Lenders in the six-nation Gulf Cooperation Council are trying to broaden the base of their investors as a combination of low oil prices, slowing economic growth and geopolitical upheavals drain inflows. Shares of Qatar National Bank, the region’s largest by assets, gained almost 50% since raising foreign ownership to 49% last year. First Abu Dhabi Bank PJSC, the biggest bank in the United Arab Emirates, proposed removing the limit after raising it to 40% in February.
Dubai’s biggest bank is joining Gulf competitors in an attempt to attract more foreign money.
Emirates NBD PJSC raised the cap on foreign ownership from 5% to 20% on Monday and said it will seek shareholders’ approval to double the new limit. Shares jumped to the highest level since 2007.
Lenders in the six-nation Gulf Cooperation Council are trying to broaden the base of their investors as a combination of low oil prices, slowing economic growth and geopolitical upheavals drain inflows. Shares of Qatar National Bank, the region’s largest by assets, gained almost 50% since raising foreign ownership to 49% last year. First Abu Dhabi Bank PJSC, the biggest bank in the United Arab Emirates, proposed removing the limit after raising it to 40% in February.
OPEC Output Rises for First Time Since Start of 2019 Cuts - Bloomberg
OPEC Output Rises for First Time Since Start of 2019 Cuts - Bloomberg:
OPEC’s crude production rose last month, the first increase since the group and its allies started a new round of output cutbacks at the start of the year to shore up a weak global market.
Nigeria and Saudi Arabia led the boost by the Organization of Petroleum Exporting Countries, which collectively increased by 200,000 barrels a day to 29.99 million a day, according to a Bloomberg survey. The survey is based on estimates from officials, ship-tracking data and consultants including Rystad Energy and JBC Energy GmbH.
OPEC and its partners, a 24-nation coalition known as OPEC+, agreed to reduce output by 1.2 million barrels a day at the beginning of 2019 as a faltering global economy and booming U.S. shale-oil production threatened to leave world markets with a glut. That deal replaced a previous round of curbs that began in January 2017.
OPEC’s crude production rose last month, the first increase since the group and its allies started a new round of output cutbacks at the start of the year to shore up a weak global market.
Nigeria and Saudi Arabia led the boost by the Organization of Petroleum Exporting Countries, which collectively increased by 200,000 barrels a day to 29.99 million a day, according to a Bloomberg survey. The survey is based on estimates from officials, ship-tracking data and consultants including Rystad Energy and JBC Energy GmbH.
OPEC and its partners, a 24-nation coalition known as OPEC+, agreed to reduce output by 1.2 million barrels a day at the beginning of 2019 as a faltering global economy and booming U.S. shale-oil production threatened to leave world markets with a glut. That deal replaced a previous round of curbs that began in January 2017.
SME focus: The big Middle East startup investors this August | ZAWYA MENA Edition
SME focus: The big Middle East startup investors this August | ZAWYA MENA Edition:
A number of funding deals and start-up investments made it to the headlines in the region this month, and Zawya has rounded up the top investments (in no particular order) we think you should know about.
Vy Capital Funds UrbanClap
UrbanClap, an online Indian home services marketplace, raised $75 million in a Series E round led by investment firm Tiger Global. Founded in 2014, UrbanClap operates in 10 cities in India and as well as in Dubai and Abu Dhabi.
A number of funding deals and start-up investments made it to the headlines in the region this month, and Zawya has rounded up the top investments (in no particular order) we think you should know about.
Vy Capital Funds UrbanClap
UrbanClap, an online Indian home services marketplace, raised $75 million in a Series E round led by investment firm Tiger Global. Founded in 2014, UrbanClap operates in 10 cities in India and as well as in Dubai and Abu Dhabi.
#UAE's Bank of #Sharjah hires banks for 5-year bond - Reuters
UAE's Bank of Sharjah hires banks for 5-year bond - Reuters:
Bank of Sharjah has hired banks to arrange a series of fixed income investor meetings ahead of a planned issue of five-year U.S. dollar-denominated bonds, a document issued by one of the banks showed.
The Abu Dhabi-listed lender, which is 17.2% owned by the government of the emirate of Sharjah, has appointed Bank ABC , Emirates NBD Capital, First Abu Dhabi Bank and JPMorgan to arrange meetings in the Middle East, Asia and the UK starting on September 3.
It has also invited holders of its outstanding $500 million bonds due in 2020 to tender the notes for purchase by Bank of Sharjah for cash after the settlement of the new bonds, the document said.
Bank of Sharjah has hired banks to arrange a series of fixed income investor meetings ahead of a planned issue of five-year U.S. dollar-denominated bonds, a document issued by one of the banks showed.
The Abu Dhabi-listed lender, which is 17.2% owned by the government of the emirate of Sharjah, has appointed Bank ABC , Emirates NBD Capital, First Abu Dhabi Bank and JPMorgan to arrange meetings in the Middle East, Asia and the UK starting on September 3.
It has also invited holders of its outstanding $500 million bonds due in 2020 to tender the notes for purchase by Bank of Sharjah for cash after the settlement of the new bonds, the document said.
#Kuwait to launch IPO of Az-Zour water and power project in October - Reuters
Kuwait to launch IPO of Az-Zour water and power project in October - Reuters:
Kuwait plans to list shares in the Az-Zour North Independent Water & Power Project on Oct. 1, the Kuwait Authority For Partnership Projects said on Monday in local newspaper Al Rai.
The shares - representing 50% of the power project’s equity, will come from the stake held by the Kuwait Authority for Partnership Projects.
The sovereign wealth fund, the Kuwait Investment Authority, and the country’s pension fund, the Public Institution for Social Security each hold a 5% stake, while the remaining 40% of the project is held by a consortium including Engie, Sumitomo and Abdullah Hamad Al Saqer & Brothers Company.
Kuwait plans to list shares in the Az-Zour North Independent Water & Power Project on Oct. 1, the Kuwait Authority For Partnership Projects said on Monday in local newspaper Al Rai.
The shares - representing 50% of the power project’s equity, will come from the stake held by the Kuwait Authority for Partnership Projects.
The sovereign wealth fund, the Kuwait Investment Authority, and the country’s pension fund, the Public Institution for Social Security each hold a 5% stake, while the remaining 40% of the project is held by a consortium including Engie, Sumitomo and Abdullah Hamad Al Saqer & Brothers Company.
Oil slips as U.S., China add more tariffs in trade war - Reuters
Oil slips as U.S., China add more tariffs in trade war - Reuters:
Oil prices weakened on Monday after new tariffs imposed by the United States and China came into force, raising concerns about a further hit to global growth and demand for crude.
Brent crude slipped 55 cents to $58.70 a barrel by 1338 GMT, while U.S. benchmark WTI crude was down 38 cents at $54.72 a barrel. Activity was thin due to the U.S. Labor Day public holiday.
The United States began imposing 15% tariffs on a variety of Chinese goods on Sunday - including footwear, smart watches and flat-panel televisions - as China put new duties on U.S. crude, the latest escalation in a bruising trade war.
Oil prices weakened on Monday after new tariffs imposed by the United States and China came into force, raising concerns about a further hit to global growth and demand for crude.
Brent crude slipped 55 cents to $58.70 a barrel by 1338 GMT, while U.S. benchmark WTI crude was down 38 cents at $54.72 a barrel. Activity was thin due to the U.S. Labor Day public holiday.
The United States began imposing 15% tariffs on a variety of Chinese goods on Sunday - including footwear, smart watches and flat-panel televisions - as China put new duties on U.S. crude, the latest escalation in a bruising trade war.
MIDEAST STOCKS-Emirates NBD hits 12-year high, leads #Dubai higher - Agricultural Commodities - Reuters
MIDEAST STOCKS-Emirates NBD hits 12-year high, leads Dubai higher - Agricultural Commodities - Reuters:
The Dubai stock market rose sharply on
Monday, for its biggest one-day gain in three and half years,
boosted by top lender Emirates NBD which closed at a
12-year high.
In Dubai, which had been one of the worst performing Gulf
stocks in August, the index jumped 4.8%, to its biggest
intra-day gain since January 2016, on back of Emirates NBD,
which swelled 14.9%.
The lender reached to its highest level since October 2007,
after it raised foreign ownership limit to 20% from 5% with
immediate effect.
The Dubai stock market rose sharply on
Monday, for its biggest one-day gain in three and half years,
boosted by top lender Emirates NBD which closed at a
12-year high.
In Dubai, which had been one of the worst performing Gulf
stocks in August, the index jumped 4.8%, to its biggest
intra-day gain since January 2016, on back of Emirates NBD,
which swelled 14.9%.
The lender reached to its highest level since October 2007,
after it raised foreign ownership limit to 20% from 5% with
immediate effect.
UPDATE 1- #Dubai establishes committee to oversee slumping real state market - Reuters
UPDATE 1-Dubai establishes committee to oversee slumping real state market - Reuters:
Dubai has set up a committee to balance supply and demand in the real estate sector and guard against competition between semi-government companies and private firms, the emirate’s ruler said on Monday.
Property prices have steadily contracted by at least a quarter over the past five years due to continued gap between supply and demand.
Sheikh Mohammed bin Rashid al-Maktoum wrote on Twitter the committee would include major developers and be headed by his deputy and son, Sheikh Maktoum bin Mohammed.
Dubai has set up a committee to balance supply and demand in the real estate sector and guard against competition between semi-government companies and private firms, the emirate’s ruler said on Monday.
Property prices have steadily contracted by at least a quarter over the past five years due to continued gap between supply and demand.
Sheikh Mohammed bin Rashid al-Maktoum wrote on Twitter the committee would include major developers and be headed by his deputy and son, Sheikh Maktoum bin Mohammed.
Sheikh Ahmed: the man who put #Dubai on the global aviation map | Financial Times
Sheikh Ahmed: the man who put Dubai on the global aviation map | Financial Times:
12th September, 2014
But officials are convinced that banks will line up to finance Dubai World Central, the location of the hub.
Sceptics point to the risk of too many airports in the Gulf, as Dubai’s better-funded neighbours, Abu Dhabi and Qatar, also build large hubs.
But Sheikh Ahmed is likely to proceed with typical quiet confidence on the Al Maktoum project. He has already put Dubai International airport, currently the city state’s main facility, on a course to usurp Heathrow as the world’s largest hub by number of international passengers.
12th September, 2014
But officials are convinced that banks will line up to finance Dubai World Central, the location of the hub.
Sceptics point to the risk of too many airports in the Gulf, as Dubai’s better-funded neighbours, Abu Dhabi and Qatar, also build large hubs.
But Sheikh Ahmed is likely to proceed with typical quiet confidence on the Al Maktoum project. He has already put Dubai International airport, currently the city state’s main facility, on a course to usurp Heathrow as the world’s largest hub by number of international passengers.
Five reasons to live in Muscat, #Oman | FT Property Listings
Five reasons to live in Muscat, Oman | FT Property Listings:
Oman, like other Gulf Co-operation Council (GCC) states, depends on oil and gas sales, which account for about 70 per cent of government revenue. However, Sultan Qaboos bin Said al Said’s government is attempting to diversify the economy. Under the Tanfeedh initiative, 160 private and public organisations are investing in various sectors, including OR10m ($26m) in manufacturing, nearly OR2m in tourism and OR1.5m in logistics.
Tourism alone is expected to have generated 45,000 new jobs by 2020, up 80 per cent compared with 2016, when the project launched.
Muscat itself is the site of the Mall of Oman, a 145,000 sq m shopping centre due to open in 2021 and seen as a milestone in Oman 2040, another modernising initiative.
Oman, like other Gulf Co-operation Council (GCC) states, depends on oil and gas sales, which account for about 70 per cent of government revenue. However, Sultan Qaboos bin Said al Said’s government is attempting to diversify the economy. Under the Tanfeedh initiative, 160 private and public organisations are investing in various sectors, including OR10m ($26m) in manufacturing, nearly OR2m in tourism and OR1.5m in logistics.
Tourism alone is expected to have generated 45,000 new jobs by 2020, up 80 per cent compared with 2016, when the project launched.
Muscat itself is the site of the Mall of Oman, a 145,000 sq m shopping centre due to open in 2021 and seen as a milestone in Oman 2040, another modernising initiative.
#Saudi Stocks' Fundamentals Not Particularly Encouraging: Nomura - Bloomberg
Saudi Stocks' Fundamentals Not Particularly Encouraging: Nomura - Bloomberg:
Tarek Fadlallah, chief executive officer of the Middle East unit of Nomura Asset Management, talks about international investors' participation in U.A.E. and Saudi Arabian markets, and the outlook for Saudi stocks. He speaks with Manus Cranny and Tracy Alloway on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Tarek Fadlallah, chief executive officer of the Middle East unit of Nomura Asset Management, talks about international investors' participation in U.A.E. and Saudi Arabian markets, and the outlook for Saudi stocks. He speaks with Manus Cranny and Tracy Alloway on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Geopolitical tensions to set GCC markets’ trend in September | ZAWYA MENA Edition
Geopolitical tensions to set GCC markets’ trend in September | ZAWYA MENA Edition:
The performance of the GCC stock markets is likely to vary in September amid the positive indicators of the US-China trade war being recently resolved with a calm attitude, analysts told Mubasher.Info.
By the end of August, the bourses in the Gulf region have seen a mixed performance, with the Saudi Stock Exchange (Tadawul) leading the decliners after hitting its lowest level in eight months and the Abu Dhabi Securities Exchange (ADX) rising marginally.
The GCC markets are expected to begin September with limited upticks amid investors’ anticipation of new updates regarding the US-china trade dispute, economist Ibrahim Al-Failakawi told Mubasher.
The performance of the GCC stock markets is likely to vary in September amid the positive indicators of the US-China trade war being recently resolved with a calm attitude, analysts told Mubasher.Info.
By the end of August, the bourses in the Gulf region have seen a mixed performance, with the Saudi Stock Exchange (Tadawul) leading the decliners after hitting its lowest level in eight months and the Abu Dhabi Securities Exchange (ADX) rising marginally.
The GCC markets are expected to begin September with limited upticks amid investors’ anticipation of new updates regarding the US-china trade dispute, economist Ibrahim Al-Failakawi told Mubasher.
UPDATE 1-Emirates NBD raises foreign ownership limit to 20%, aims for 40% - Reuters
UPDATE 1-Emirates NBD raises foreign ownership limit to 20%, aims for 40% - Reuters:
Emirates NBD, Dubai’s largest bank, on Monday said it had raised its foreign ownership limit to 20% from 5%, pushing its stock to a 12-year high as markets opened.
The bank also announced its intention to raise its foreign ownership limit to 40% in the future after seeking approvals from its shareholders and the relevant regulatory authorities.
The move follows a similar decision by First Abu Dhabi Bank , the largest lender in the United Arab Emirates, which in July proposed removing the foreign ownership limit cap of 40% to attract more foreign capital.
Emirates NBD, Dubai’s largest bank, on Monday said it had raised its foreign ownership limit to 20% from 5%, pushing its stock to a 12-year high as markets opened.
The bank also announced its intention to raise its foreign ownership limit to 40% in the future after seeking approvals from its shareholders and the relevant regulatory authorities.
The move follows a similar decision by First Abu Dhabi Bank , the largest lender in the United Arab Emirates, which in July proposed removing the foreign ownership limit cap of 40% to attract more foreign capital.
Sanctions choke #Iran's crude sales, but oil product exports booming - Reuters
Sanctions choke Iran's crude sales, but oil product exports booming - Reuters:
While U.S. sanctions on Iran’s oil industry have slashed the OPEC member’s crude exports by more than 80%, oil product sales from the Islamic Republic remain strong at nearly $500 million a month, shipping data and Reuters calculations show.
Sanctions have barely affected Iran’s exports of oil products, primarily fuel oil used for power generation and shipping as well as liquefied petroleum gas (LPG) used as cooking gas and petrochemical feed.
Iran’s product exports reached their highest level in August, oil minister Bijan Zanganeh was quoted as saying by a lawmaker after a parliamentary meeting on Aug. 27. “In exports of products we have no problem,” Zanganeh was cited as saying.
While U.S. sanctions on Iran’s oil industry have slashed the OPEC member’s crude exports by more than 80%, oil product sales from the Islamic Republic remain strong at nearly $500 million a month, shipping data and Reuters calculations show.
Sanctions have barely affected Iran’s exports of oil products, primarily fuel oil used for power generation and shipping as well as liquefied petroleum gas (LPG) used as cooking gas and petrochemical feed.
Iran’s product exports reached their highest level in August, oil minister Bijan Zanganeh was quoted as saying by a lawmaker after a parliamentary meeting on Aug. 27. “In exports of products we have no problem,” Zanganeh was cited as saying.
Oil falls as U.S., China add more tariffs in trade war - Reuters
Oil falls as U.S., China add more tariffs in trade war - Reuters:
Oil prices weakened on Monday after new tariffs imposed by the United States and China came into force, raising concerns about a further hit to global growth and demand for crude.
Brent crude slipped 22 cents, or 0.4%, to $59.03 a barrel by 0620 GMT, while U.S. oil was down 2 cents at $55.083 at barrel.
The United States began imposing 15% tariffs on a variety of Chinese goods on Sunday - including footwear, smart watches and flat-panel televisions - as China put new duties on U.S. crude, the latest escalation in a bruising trade war.
Oil prices weakened on Monday after new tariffs imposed by the United States and China came into force, raising concerns about a further hit to global growth and demand for crude.
Brent crude slipped 22 cents, or 0.4%, to $59.03 a barrel by 0620 GMT, while U.S. oil was down 2 cents at $55.083 at barrel.
The United States began imposing 15% tariffs on a variety of Chinese goods on Sunday - including footwear, smart watches and flat-panel televisions - as China put new duties on U.S. crude, the latest escalation in a bruising trade war.
MIDEAST STOCKS- #Dubai jumps as Emirates NBD hits 12-year high - Reuters
MIDEAST STOCKS-Dubai jumps as Emirates NBD hits 12-year high - Reuters:
The Dubai stock market saw its strongest day in three and a half years on Monday as top bank Emirates NBD soared to a 12-year high after it raised the limit on foreign ownership of its shares.
In Dubai, the index surged 4.1%, its biggest intra-day gain since January 2016, boosted by its largest lender Emirates NBD.
Emirates NBD surged 14.9% to its highest level since October 2007, after the bank raised foreign ownership limit to 20% from 5% with immediate effect.
The Dubai stock market saw its strongest day in three and a half years on Monday as top bank Emirates NBD soared to a 12-year high after it raised the limit on foreign ownership of its shares.
In Dubai, the index surged 4.1%, its biggest intra-day gain since January 2016, boosted by its largest lender Emirates NBD.
Emirates NBD surged 14.9% to its highest level since October 2007, after the bank raised foreign ownership limit to 20% from 5% with immediate effect.
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