Middle East Stock Markets: Latest News for May 17, 2020 - Bloomberg:
The main equity index in Kuwait led gains in the Gulf after crude advanced for a third consecutive week amid output cuts and signs of recovery in demand.
The Kuwaiti gauge closed 2.4% higher with lenders Kuwait Finance House and National Bank of Kuwait adding the most. Saudi Arabia’s Tadawul All Share Index rose 1.6%, with Al Rajhi Bank, petrochemicals maker Saudi Basic Industries and oil giant Saudi Aramco boosting the index the most.
Brent crude rose 4.9% last week to finish at the highest price in more than a month. The commodity is an important source of revenue for countries in the Gulf, and is finding some support as economies globally begin to reopen, while major producers cut output.
“Oil prices continue their upward move as Saudi and U.S. companies cut further production in support of OPEC+ deal,” said Marie Salem, head of institutions at Daman Securities in Dubai. In the United Arab Emirates, markets should “witness some recovery following Thursday’s losses supported by real estate names and banks,” she said.
Sunday 17 May 2020
#Saudi's PIF denies media report of loan backed by SoftBank investment - Reuters
Saudi's PIF denies media report of loan backed by SoftBank investment - Reuters:
Saudi Arabia’s sovereign wealth fund is not planning for or even considering a margin loan backed by its investment in SoftBank Group Corp’s (9984.T) Vision Fund, it said on Sunday in response to a media report.
Bloomberg News reported on Saturday that the $300 billion Public Investment Fund (PIF) was planning to borrow about $10 billion by pledging some of its investment in the fund.
“PIF has ample liquidity and has not been engaged with anyone to raise margin loans against its Vision Fund stake”, the sovereign wealth fund said in an emailed statement.
SoftBank’s finances are being squeezed after a disastrous bet on co-working firm WeWork and souring portfolio bets on start-ups.
Saudi Arabia’s sovereign wealth fund is not planning for or even considering a margin loan backed by its investment in SoftBank Group Corp’s (9984.T) Vision Fund, it said on Sunday in response to a media report.
Bloomberg News reported on Saturday that the $300 billion Public Investment Fund (PIF) was planning to borrow about $10 billion by pledging some of its investment in the fund.
“PIF has ample liquidity and has not been engaged with anyone to raise margin loans against its Vision Fund stake”, the sovereign wealth fund said in an emailed statement.
SoftBank’s finances are being squeezed after a disastrous bet on co-working firm WeWork and souring portfolio bets on start-ups.
Emirates Considers Cutting 30,000 Jobs, Retire A380s Faster - Bloomberg
Emirates Flight Schedules: Carrier Considers Job Cuts, A380 End - Bloomberg:
Emirates Group is considering slashing about 30,000 jobs, the deepest cuts yet in a global airline industry that’s been forced into near-hibernation by the coronavirus pandemic.
The world’s biggest long-haul carrier could shrink a payroll that stood at 105,000 in March by as much as 30% as it reduces costs and realigns its operation to cope with a travel downturn expected to last for years, according to people familiar with the matter. The state-owned group raised $1.2 billion in new financing in the first quarter and is seeking aid from Dubai.
Emirates is also considering accelerating the retirement of its fleet of A380s, the massive double-decker jets that can seat more than 500 passengers, some of the people said, asking not to be identified because the information hasn’t been made public.
Emirates, the biggest operator of the Airbus SE super-jumbo aircraft, said it is reviewing “costs and resourcing” levels against projections as it prepares to resume service after an almost two-month grounding.
Emirates Group is considering slashing about 30,000 jobs, the deepest cuts yet in a global airline industry that’s been forced into near-hibernation by the coronavirus pandemic.
The world’s biggest long-haul carrier could shrink a payroll that stood at 105,000 in March by as much as 30% as it reduces costs and realigns its operation to cope with a travel downturn expected to last for years, according to people familiar with the matter. The state-owned group raised $1.2 billion in new financing in the first quarter and is seeking aid from Dubai.
Emirates is also considering accelerating the retirement of its fleet of A380s, the massive double-decker jets that can seat more than 500 passengers, some of the people said, asking not to be identified because the information hasn’t been made public.
Emirates, the biggest operator of the Airbus SE super-jumbo aircraft, said it is reviewing “costs and resourcing” levels against projections as it prepares to resume service after an almost two-month grounding.
First #AbuDhabi Bank puts talks to acquire Bank Audi's Egyptian business on hold: sources - Reuters
First Abu Dhabi Bank puts talks to acquire Bank Audi's Egyptian business on hold: sources - Reuters:
First Abu Dhabi Bank (FAB.AD) (FAB) has put on hold discussions to acquire the Egyptian assets of Lebanon’s Bank Audi (AUDI.BY) due to difficult market conditions, two sources told Reuters.
FAB, the United Arab Emirates’ biggest lender, communicated the request a few days ago to Bank Audi, sources with direct knowledge of the matter told Reuters, declining to be identified due to commercial sensitivities.
Neither FAB nor Bank Audi were immediately available to comment. FAB said in February it would decide on the deal in the second quarter.
Bank Audi Egypt has grown from a three-branch operation acquired by Bank Audi in 2005 to 50 branches with total assets of $4.4 billion at the end of September.
First Abu Dhabi Bank (FAB.AD) (FAB) has put on hold discussions to acquire the Egyptian assets of Lebanon’s Bank Audi (AUDI.BY) due to difficult market conditions, two sources told Reuters.
FAB, the United Arab Emirates’ biggest lender, communicated the request a few days ago to Bank Audi, sources with direct knowledge of the matter told Reuters, declining to be identified due to commercial sensitivities.
Neither FAB nor Bank Audi were immediately available to comment. FAB said in February it would decide on the deal in the second quarter.
Bank Audi Egypt has grown from a three-branch operation acquired by Bank Audi in 2005 to 50 branches with total assets of $4.4 billion at the end of September.
European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar close
European, Middle Eastern & African Stocks - Bloomberg:
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
#Saudi stocks lead gains in the Gulf on higher oil - Arabianbusiness
Saudi stocks lead gains in the Gulf on higher oil - Arabianbusiness:
The main equity index in Saudi Arabia led gains in the Gulf after crude advanced for a third consecutive week as the kingdom and other main producers cut output while demand shows signs of recovery.
The Tadawul All Share Index rose 1.3 percent as of 11:30am in Riyadh, with petrochemicals maker Saudi Basic Industries and oil giant Saudi Aramco boosting the index the most. Gauges in Dubai, Kuwait, Bahrain and Oman also climbed, while those in Qatar and Abu Dhabi dropped.
Brent crude rose 4.9 percent last week, the third consecutive weekly rise, to finish at the highest price in more than a month. The commodity is an important source of revenue for countries in the Gulf, and is finding some support as economies globally begin to reopen, while major producers cut output.
“Oil prices continue their upward move as Saudi and US companies cut further production in support of OPEC+ deal,” said Marie Salem, head of institutions at Daman Securities in Dubai. In the United Arab Emirates, markets should “witness some recovery following Thursday’s losses supported by real estate names and banks”, she said.
The main equity index in Saudi Arabia led gains in the Gulf after crude advanced for a third consecutive week as the kingdom and other main producers cut output while demand shows signs of recovery.
The Tadawul All Share Index rose 1.3 percent as of 11:30am in Riyadh, with petrochemicals maker Saudi Basic Industries and oil giant Saudi Aramco boosting the index the most. Gauges in Dubai, Kuwait, Bahrain and Oman also climbed, while those in Qatar and Abu Dhabi dropped.
Brent crude rose 4.9 percent last week, the third consecutive weekly rise, to finish at the highest price in more than a month. The commodity is an important source of revenue for countries in the Gulf, and is finding some support as economies globally begin to reopen, while major producers cut output.
“Oil prices continue their upward move as Saudi and US companies cut further production in support of OPEC+ deal,” said Marie Salem, head of institutions at Daman Securities in Dubai. In the United Arab Emirates, markets should “witness some recovery following Thursday’s losses supported by real estate names and banks”, she said.
European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar mid-session
European, Middle Eastern & African Stocks - Bloomberg:
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
MIDEAST STOCKS-Major Gulf stocks gain in early trade amid rising oil prices - Agricultural Commodities - Reuters
MIDEAST STOCKS-Major Gulf stocks gain in early trade amid rising oil prices - Agricultural Commodities - Reuters:
Major Gulf stock markets opened higher on Sunday amid rising oil prices, with Saudi Arabia getting an additional boost from corporate earnings.
U.S. crude prices jumped 7% on Friday and Brent crude settled 4.4% up at $32.50 a barrel as demand shows signs of picking with countries easing travel restrictions.
Saudi Arabia’s benchmark index was up 1.1% led by Saudi Aramco which rose 1.4% to 31.85 riyals, nearing its initial public offering price of 32 riyals. Saudi Basic Industries increased 2.6%.
National Commercial Bank gained 2.3% after reporting a 2.1% rise in first-quarter profit and Riyad Bank rose 2.4% as its net special commission and fee income increased 7.3% to 2.61 billion riyals ($695 million).
Major Gulf stock markets opened higher on Sunday amid rising oil prices, with Saudi Arabia getting an additional boost from corporate earnings.
U.S. crude prices jumped 7% on Friday and Brent crude settled 4.4% up at $32.50 a barrel as demand shows signs of picking with countries easing travel restrictions.
Saudi Arabia’s benchmark index was up 1.1% led by Saudi Aramco which rose 1.4% to 31.85 riyals, nearing its initial public offering price of 32 riyals. Saudi Basic Industries increased 2.6%.
National Commercial Bank gained 2.3% after reporting a 2.1% rise in first-quarter profit and Riyad Bank rose 2.4% as its net special commission and fee income increased 7.3% to 2.61 billion riyals ($695 million).