Crude steady as rising European COVID-19 cases offset U.S. oil stock draw | Reuters:
Oil prices were steady on Thursday as a new wave of coronavirus cases in Europe led several countries to reimpose travel restrictions, offsetting a bullish drop in U.S. crude and fuel inventories.
Brent futures LCOc1 settled 17 cents, or 0.4%, higher at $41.94 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 gained 38 cents, or 1.0%, to end at $40.31.
That cut Brent's premium over WTI WTCLc1-LCOc1 to its smallest closing level since late May when WTI settled higher than Brent on one day.
“Oil prices (are) stable for now but downside pressure remains ... due to rising COVID numbers across Europe,” said Craig Erlam, senior analysts at OANDA.
Thursday 24 September 2020
#Dubai leads most Gulf indexes lower as COVID-19 cases spike | Reuters
Dubai leads most Gulf indexes lower as COVID-19 cases spike | Reuters:
Most Gulf markets ended lower on Thursday, with Dubai taking the hardest hit from losses in real estate shares, a day after the United Arab Emirates reported its sharpest daily spike in coronavirus cases.
The Gulf Arab state on Wednesday reported 1,083 new cases, with authorities attributing the recent surge of infections to people not adhering to social distancing measures.
Dubai's main share index .DFMGI declined 1.5%, weighed down by a 2.4% fall in blue-chip developer Emaar Properties EMAR.DU and a 1.4% decrease in Emirates NBD Bank ENBD.DU.
In Abu Dhabi, the index .ADI slipped 0.5%, driven down by a 0.9% fall in the country's largest lender First Abu Dhabi Bank FAB.AD and a 1.5% fall in Aldar Properties ALDAR.AD.
The UAE has recorded 87,530 infections and 406 deaths from COVID-19 so far. The government does not disclose where in the country of seven emirates infections or deaths occurred.
The benchmark index .TASI in Saudi Arabia, which traded after a day's break, was down 0.1%. Petrochemical maker Saudi Basic Industries 2010.SE dropped 0.9%, while Samba Financial Group 1090.SE retreated 1.5%.
Najran Cement 3002.SE, however, surged 9.9% after it proposed first-half dividend of 0.75 riyal per share.
Kuwait's index .BKP fell 0.3%, as most of the stocks on the index were in negative territory.
Moody’s downgraded Kuwait’s rating citing higher liquidity risks and weaker governance and institutional strength, as the Gulf state, battered by low oil prices, struggles to pass a law allowing it to issue international debt.
Most Gulf markets ended lower on Thursday, with Dubai taking the hardest hit from losses in real estate shares, a day after the United Arab Emirates reported its sharpest daily spike in coronavirus cases.
The Gulf Arab state on Wednesday reported 1,083 new cases, with authorities attributing the recent surge of infections to people not adhering to social distancing measures.
Dubai's main share index .DFMGI declined 1.5%, weighed down by a 2.4% fall in blue-chip developer Emaar Properties EMAR.DU and a 1.4% decrease in Emirates NBD Bank ENBD.DU.
In Abu Dhabi, the index .ADI slipped 0.5%, driven down by a 0.9% fall in the country's largest lender First Abu Dhabi Bank FAB.AD and a 1.5% fall in Aldar Properties ALDAR.AD.
The UAE has recorded 87,530 infections and 406 deaths from COVID-19 so far. The government does not disclose where in the country of seven emirates infections or deaths occurred.
The benchmark index .TASI in Saudi Arabia, which traded after a day's break, was down 0.1%. Petrochemical maker Saudi Basic Industries 2010.SE dropped 0.9%, while Samba Financial Group 1090.SE retreated 1.5%.
Najran Cement 3002.SE, however, surged 9.9% after it proposed first-half dividend of 0.75 riyal per share.
Kuwait's index .BKP fell 0.3%, as most of the stocks on the index were in negative territory.
Moody’s downgraded Kuwait’s rating citing higher liquidity risks and weaker governance and institutional strength, as the Gulf state, battered by low oil prices, struggles to pass a law allowing it to issue international debt.
Oil steadies as frail demand outlook offsets U.S. stock fall | Reuters
Oil steadies as frail demand outlook offsets U.S. stock fall | Reuters:
Oil prices steadied on Thursday, as the bullish impact of a fall in U.S. inventories was offset by a stronger dollar and a renewed wave of coronavirus cases in Europe that led several countries to reimpose travel restrictions.
Brent crude LCOc1 futures rose 8 cents, or 0.2%, to $41.85 a barrel by 1408 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 futures gained 17 cents, or 0.4%, to $40.1 per barrel.
Both benchmarks traded lower earlier in the session.
On Wednesday, prices climbed slightly after government data showed U.S. oil inventories fell last week.
Oil prices steadied on Thursday, as the bullish impact of a fall in U.S. inventories was offset by a stronger dollar and a renewed wave of coronavirus cases in Europe that led several countries to reimpose travel restrictions.
Brent crude LCOc1 futures rose 8 cents, or 0.2%, to $41.85 a barrel by 1408 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 futures gained 17 cents, or 0.4%, to $40.1 per barrel.
Both benchmarks traded lower earlier in the session.
On Wednesday, prices climbed slightly after government data showed U.S. oil inventories fell last week.
#Dubai Chamber and Tel Aviv Chamber sign agreement to foster businesses, startups | ZAWYA MENA Edition
Dubai Chamber and Tel Aviv Chamber sign agreement to foster businesses, startups | ZAWYA MENA Edition:
Dubai Chamber of Commerce and Industry and Tel Aviv Chamber of Commerce, represented by the Federation of Israeli Chambers of Commerce, have signed a strategic partnership agreement that paves the way for bilateral cooperation.
Under the terms of the agreement, both chambers will produce a joint study identifying synergies and sectors of mutual interest; create a roadmap of virtual events; commit to organising a business delegation and mutual visits; host a joint business forum; and support new businesses, startups, and scale-ups with readily available resources and programmes.
Other aspects of the partnership cover the chambers’ current activities, initiatives, and programmes in areas such as research, networking, arbitration, mediation, education, training, women-in-business, best-practices, sustainability and advocacy.
The partnership also brings benefits for the public and private sector across the Middle East region by opening the door for cross-border collaboration across economic fields. The agreement between the two sides is part of a broader engagement between the UAE and Israel to further peace, dialogue and stability and promote sustainable development .
Dubai Chamber of Commerce and Industry and Tel Aviv Chamber of Commerce, represented by the Federation of Israeli Chambers of Commerce, have signed a strategic partnership agreement that paves the way for bilateral cooperation.
Under the terms of the agreement, both chambers will produce a joint study identifying synergies and sectors of mutual interest; create a roadmap of virtual events; commit to organising a business delegation and mutual visits; host a joint business forum; and support new businesses, startups, and scale-ups with readily available resources and programmes.
Other aspects of the partnership cover the chambers’ current activities, initiatives, and programmes in areas such as research, networking, arbitration, mediation, education, training, women-in-business, best-practices, sustainability and advocacy.
The partnership also brings benefits for the public and private sector across the Middle East region by opening the door for cross-border collaboration across economic fields. The agreement between the two sides is part of a broader engagement between the UAE and Israel to further peace, dialogue and stability and promote sustainable development .
#AbuDhabi, #Qatar Join Wealth Funds Shaking Up Boutique World of Direct Lending - Bloomberg
Abu Dhabi, Qatar Join Wealth Funds Shaking Up Boutique World of Direct Lending - Bloomberg:
A series of mammoth investor tie-ups aimed at financing corporate buyouts is upending the world of direct lending, a corner of the credit market once dominated by boutique funds.
Tuesday’s announcement of Mubadala Investment Company’s new $3.5 billion direct lending partnership with Barings follows the Abu Dhabi sovereign wealth fund’s earlier $12 billion venture with Apollo Global Management. Last week also saw Credit Suisse reveal its new multi-billion dollar direct lending partnership with the Qatar Investment Authority.
Growing scale, driven by voracious investor appetite, is what has seen private credit balloon into an $850 billion market. The tie-ups guarantee investors access to private credit, while the managers get an immediate burst of firepower. In the case of Credit Suisse, and to a lesser extent Apollo, it’s a way of accelerating from an almost standing start to rivaling the size of the biggest direct lenders. Many private credit shops have spent a decade building up the capacity to make $1 billion loans.
“It’s an absolutely natural development,” said Jeff Griffiths, principal and co-head of private credit at Campbell Lutyens, which advises managers on raising capital from investors. “I’m surprised actually we haven’t seen more of it earlier with respect to larger investors taking an ownership position in a manager and then giving that manager capital to invest.”
A series of mammoth investor tie-ups aimed at financing corporate buyouts is upending the world of direct lending, a corner of the credit market once dominated by boutique funds.
Tuesday’s announcement of Mubadala Investment Company’s new $3.5 billion direct lending partnership with Barings follows the Abu Dhabi sovereign wealth fund’s earlier $12 billion venture with Apollo Global Management. Last week also saw Credit Suisse reveal its new multi-billion dollar direct lending partnership with the Qatar Investment Authority.
Growing scale, driven by voracious investor appetite, is what has seen private credit balloon into an $850 billion market. The tie-ups guarantee investors access to private credit, while the managers get an immediate burst of firepower. In the case of Credit Suisse, and to a lesser extent Apollo, it’s a way of accelerating from an almost standing start to rivaling the size of the biggest direct lenders. Many private credit shops have spent a decade building up the capacity to make $1 billion loans.
“It’s an absolutely natural development,” said Jeff Griffiths, principal and co-head of private credit at Campbell Lutyens, which advises managers on raising capital from investors. “I’m surprised actually we haven’t seen more of it earlier with respect to larger investors taking an ownership position in a manager and then giving that manager capital to invest.”
European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait close; #Israel #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.
#UAE central bank urges banks to step up anti-money laundering efforts | Reuters
UAE central bank urges banks to step up anti-money laundering efforts | Reuters:
The United Arab Emirates central bank said banks should increase anti-money laundering efforts to safeguard financial stability in the country.
“To mitigate the risk of financial crimes ...banks are urged to put more efforts towards combating money laundering and financing of terrorism,” it said in a statement.
The United Arab Emirates central bank said banks should increase anti-money laundering efforts to safeguard financial stability in the country.
“To mitigate the risk of financial crimes ...banks are urged to put more efforts towards combating money laundering and financing of terrorism,” it said in a statement.
Mercuria Says Market Can’t Handle OPEC Production Increase - Bloomberg
Mercuria Says Market Can’t Handle OPEC Production Increase - Bloomberg:
Global oil markets won’t be able to absorb planned production increases by OPEC+ members as demand remains weaker than expected, said the head of commodities trader Mercuria Energy Group.
Oil stockpiles have been building in September and won’t draw down enough in the remainder of the year to be in balance if the cartel follows through with its plan to taper production cuts early next year, Marco Dunand, Mercuria’s co-founder and chief executive, said in an interview.
“We do not need the extra oil,” Dunand said from the firm’s headquarters in Geneva.
The forecast, by one of the world’s biggest independent oil traders, is ominous for Saudi Arabia, Russia and the rest of OPEC+ who have made historic output cuts this year in an effort to save a market battered by the coronavirus pandemic. With the cartel due to discuss further easing some of those curbs from January 2021, the warning that stockpiles have been building again could force OPEC+ to reconsider.
Global oil markets won’t be able to absorb planned production increases by OPEC+ members as demand remains weaker than expected, said the head of commodities trader Mercuria Energy Group.
Oil stockpiles have been building in September and won’t draw down enough in the remainder of the year to be in balance if the cartel follows through with its plan to taper production cuts early next year, Marco Dunand, Mercuria’s co-founder and chief executive, said in an interview.
“We do not need the extra oil,” Dunand said from the firm’s headquarters in Geneva.
The forecast, by one of the world’s biggest independent oil traders, is ominous for Saudi Arabia, Russia and the rest of OPEC+ who have made historic output cuts this year in an effort to save a market battered by the coronavirus pandemic. With the cartel due to discuss further easing some of those curbs from January 2021, the warning that stockpiles have been building again could force OPEC+ to reconsider.
#SaudiArabia's BinDawood Holding to delay IPO retail offering | Reuters
Saudi Arabia's BinDawood Holding to delay IPO retail offering | Reuters:
Saudi Arabia’s BinDawood Holding said on Thursday a development relating to the supermarket retailer which requires disclosure in a supplementary prospectus would result in a delay of the retail part of a planned initial public offering (IPO).
BinDawood Holding said a supplementary prospectus, to be approved by the Capital Market Authority, will contain “certain additional information regarding, among others, the institutional book-building and the retail offering period, which will no longer begin on September 27.”
The company and the joint financial advisers expect to provide updates next week, BinDawood said in a statement on its website.
Saudi Arabia’s BinDawood Holding said on Thursday a development relating to the supermarket retailer which requires disclosure in a supplementary prospectus would result in a delay of the retail part of a planned initial public offering (IPO).
BinDawood Holding said a supplementary prospectus, to be approved by the Capital Market Authority, will contain “certain additional information regarding, among others, the institutional book-building and the retail offering period, which will no longer begin on September 27.”
The company and the joint financial advisers expect to provide updates next week, BinDawood said in a statement on its website.
Oil falls as demand growth concerns outweigh U.S. stock drawdown | Reuters
Oil falls as demand growth concerns outweigh U.S. stock drawdown | Reuters:
Oil prices dropped on Thursday, weighed down by concerns that U.S. economic recovery is slowing as the coronavirus outbreak lingers, while a renewed wave of COVID-19 cases in Europe have led to reimposed travel restrictions in several countries.
The jitters over demand and economic outlook due to the coronavirus resurgence have prompted a rally in the dollar as investors turned to safer assets, adding pressure to oil prices. A stronger dollar makes oil, priced in U.S. dollars, less attractive to global buyers.
U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 37 cents, or 0.9%, to $39.56 a barrel at 0650 GMT, while Brent crude LCOc1 futures dropped 34 cents, or 0.8%, to $41.43 a barrel.
Both benchmarks climbed slightly on Wednesday after government data showed U.S. crude and fuel stockpiles dropped last week. Gasoline inventories fell more than expected, sliding by 4 million barrels, and distillate stockpiles posted a surprise drawdown of 3.4 million barrels.
Oil prices dropped on Thursday, weighed down by concerns that U.S. economic recovery is slowing as the coronavirus outbreak lingers, while a renewed wave of COVID-19 cases in Europe have led to reimposed travel restrictions in several countries.
The jitters over demand and economic outlook due to the coronavirus resurgence have prompted a rally in the dollar as investors turned to safer assets, adding pressure to oil prices. A stronger dollar makes oil, priced in U.S. dollars, less attractive to global buyers.
U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 37 cents, or 0.9%, to $39.56 a barrel at 0650 GMT, while Brent crude LCOc1 futures dropped 34 cents, or 0.8%, to $41.43 a barrel.
Both benchmarks climbed slightly on Wednesday after government data showed U.S. crude and fuel stockpiles dropped last week. Gasoline inventories fell more than expected, sliding by 4 million barrels, and distillate stockpiles posted a surprise drawdown of 3.4 million barrels.
MIDEAST STOCKS-Most Gulf markets inch lower as #UAE reports sharpest virus spike | Nasdaq
MIDEAST STOCKS-Most Gulf markets inch lower as UAE reports sharpest virus spike | Nasdaq:
Most major stock markets in the Gulf region fell in early trade on Thursday, after the United Arab Emirates reported its sharpest daily spike in coronavirus cases.
The United Arab Emirates on Wednesday reported its highest daily number of infections since the start of the pandemic at 1,083 new cases.
Dubai's main share index .DFMGI dropped 0.8%, dragged down by a 0.9% fall in Emirates NBD Bank ENBD.DU and a 1.3% retreat in Dubai Islamic Bank DISB.DU.
The Abu Dhabi index .ADI eased 0.3%, hurt by a 0.2% decrease in First Abu Dhabi Bank FAB.AD and a 2.5% decline in energy firm Dana Gas DANA.AD.
The UAE has recorded 87,530 infections and 406 deaths from COVID-19 so far. The government does not disclose where in the country of seven emirates the infections or deaths occurred.
The benchmark index .TASI in Saudi Arabia, which traded after a day's break, edged up 0.1% with Jabal Omar Development 4250.SE rising 2.1%, while Najran Cement 3002.SE soared 9.9% after it proposed first-half dividend of 0.75 riyal per share.
In Qatar, the index .QSI lost 0.6%, as most of the stocks were in negative territory including the Gulf's largest lender Qatar National Bank QNBK.QA, which was down 1.1%
Most major stock markets in the Gulf region fell in early trade on Thursday, after the United Arab Emirates reported its sharpest daily spike in coronavirus cases.
The United Arab Emirates on Wednesday reported its highest daily number of infections since the start of the pandemic at 1,083 new cases.
Dubai's main share index .DFMGI dropped 0.8%, dragged down by a 0.9% fall in Emirates NBD Bank ENBD.DU and a 1.3% retreat in Dubai Islamic Bank DISB.DU.
The Abu Dhabi index .ADI eased 0.3%, hurt by a 0.2% decrease in First Abu Dhabi Bank FAB.AD and a 2.5% decline in energy firm Dana Gas DANA.AD.
The UAE has recorded 87,530 infections and 406 deaths from COVID-19 so far. The government does not disclose where in the country of seven emirates the infections or deaths occurred.
The benchmark index .TASI in Saudi Arabia, which traded after a day's break, edged up 0.1% with Jabal Omar Development 4250.SE rising 2.1%, while Najran Cement 3002.SE soared 9.9% after it proposed first-half dividend of 0.75 riyal per share.
In Qatar, the index .QSI lost 0.6%, as most of the stocks were in negative territory including the Gulf's largest lender Qatar National Bank QNBK.QA, which was down 1.1%