Oil jumps 5% after 7 days of losses, boosted by weaker dollar | Reuters
Oil prices rose more than 5% on Monday, as a weaker dollar and strong global equities markets boosted crude futures after seven sessions of declines.
Brent crude climbed $3.57, or 5.5%, to end the session at $68.75 a barrel after touching its lowest since May 21 at $64.60 during the session.
U.S. West Texas Intermediate (WTI) crude for October delivery rose $3.50, or 5.6%, to settle at $65.64.
Both benchmarks marked their biggest week of losses in more than nine months last week, with Brent sliding about 8% and WTI about 9%.
But a drop in the U.S. dollar provided a boost on Monday, making crude less expensive for holders of other currencies.
Monday, 23 August 2021
#AbuDhabi wealth fund poised to take stake in CityFibre | Financial Times
Abu Dhabi wealth fund poised to take stake in CityFibre | Financial Times
An Abu Dhabi sovereign wealth fund and a part of the Ikea retail empire are poised to take stakes in the UK telecoms infrastructure group CityFibre in a deal that would value it at about £2bn.
Mubadala Investment Company and Interogo Holding, the investment arm of the group that owns the Ikea franchise, would be the latest investors to tap into alternative UK networks, which are trying to take on the two established operators, BT’s Openreach and Virgin Media.
The two funds are close to injecting £1bn of new equity into Goldman Sachs-backed CityFibre, people briefed on the matter said. They are also among several investors in talks to provide £500m of debt financing to the London-based company.
Dozens of so-called alt-nets are vying to shake-up the UK’s telecoms market, committing billions of pounds to replace ageing copper lines with fibre cables.
Mideast Stocks- #Dubai gains most among major Gulf bourses, #Saudi eases | ZAWYA MENA Edition
Mideast Stocks- Dubai gains most among major Gulf bourses, Saudi eases | ZAWYA MENA Edition
Most major stock markets in the Gulf ended higher on Monday amid rising oil prices, with Dubai's index gaining the most, although the Saudi shares gave up early gains to close lower.
"GCC markets were supported by a surge in oil prices thanks to a weaker dollar," said Daniel Takieddine, a senior market analyst at FXPrimus.
Dubai's main share index advanced 0.7%, buoyed by a 1.2% rise in sharia-compliant lender Dubai Islamic Bank.
Almost all shares on the property sector index finished higher, with blue-chip developer Emaar Properties adding 1%.
Dubai's residential property market is on a steady course, with prices expected to rise modestly over the next couple of years, according to a Reuters poll of housing analysts.
The Abu Dhabi index edged up 0.1%, as a rise in National Bank of Umm Al Qaiwain offset a 0.8% slide in telecoms firm Etisalat.
The Qatari benchmark gained 0.5%, driven by financial stocks, with Qatar Islamic Bank gaining 1.1%.
The Gulf state's cabinet approved lifting the percentage of non-Qatari ownership in the capital of Qatar National Bank, Qatar Islamic Bank, Commercial Bank and Al Rayan Bank to 100%, which could attract more liquidity to the bourse.
Saudi Arabia's benchmark index gave up early gains to end 0.1% lower, hit by a 2.4% drop in Saudi Telecom Company .
Kingdom Holding, controlled by Saudi Arabian prince Alwaleed bin Talal, added 1.4% after it swung to a quarterly net profit.
Outside the Gulf, Egypt's blue-chip index climbed more than 1%, with top lender Commercial International Bank gaining 3.8%
Egypt will vaccinate all 4.5 million state employees against COVID-19 in August and September as it seeks to accelerate vaccinations ahead of a likely fourth wave of infections.
Most major stock markets in the Gulf ended higher on Monday amid rising oil prices, with Dubai's index gaining the most, although the Saudi shares gave up early gains to close lower.
"GCC markets were supported by a surge in oil prices thanks to a weaker dollar," said Daniel Takieddine, a senior market analyst at FXPrimus.
Dubai's main share index advanced 0.7%, buoyed by a 1.2% rise in sharia-compliant lender Dubai Islamic Bank.
Almost all shares on the property sector index finished higher, with blue-chip developer Emaar Properties adding 1%.
Dubai's residential property market is on a steady course, with prices expected to rise modestly over the next couple of years, according to a Reuters poll of housing analysts.
The Abu Dhabi index edged up 0.1%, as a rise in National Bank of Umm Al Qaiwain offset a 0.8% slide in telecoms firm Etisalat.
The Qatari benchmark gained 0.5%, driven by financial stocks, with Qatar Islamic Bank gaining 1.1%.
The Gulf state's cabinet approved lifting the percentage of non-Qatari ownership in the capital of Qatar National Bank, Qatar Islamic Bank, Commercial Bank and Al Rayan Bank to 100%, which could attract more liquidity to the bourse.
Saudi Arabia's benchmark index gave up early gains to end 0.1% lower, hit by a 2.4% drop in Saudi Telecom Company .
Kingdom Holding, controlled by Saudi Arabian prince Alwaleed bin Talal, added 1.4% after it swung to a quarterly net profit.
Outside the Gulf, Egypt's blue-chip index climbed more than 1%, with top lender Commercial International Bank gaining 3.8%
Egypt will vaccinate all 4.5 million state employees against COVID-19 in August and September as it seeks to accelerate vaccinations ahead of a likely fourth wave of infections.
Oil jumps 5% on weaker dollar after seven days of losses | Reuters
Oil jumps 5% on weaker dollar after seven days of losses | Reuters
Oil prices rose more than 5% on Monday, recovering from a seven-day losing streak due to a weaker dollar and strength in global equities markets.
Brent crude climbed $3.27, or 5%, to $68.45 a barrel by 10:40 a.m. ET (1640 GMT) after touching its lowest since May 21 at $64.60 earlier in the session.
U.S. West Texas Intermediate (WTI) crude for October delivery rose $3.31, or 5.3%, to $65.45.
Both benchmarks marked their biggest week of losses in more than nine months last week, with Brent sliding about 8% and WTI about 9%.
But a drop in the U.S. dollar provided a boost on Monday, making crude less expensive for holders of other currencies.
Oil prices rose more than 5% on Monday, recovering from a seven-day losing streak due to a weaker dollar and strength in global equities markets.
Brent crude climbed $3.27, or 5%, to $68.45 a barrel by 10:40 a.m. ET (1640 GMT) after touching its lowest since May 21 at $64.60 earlier in the session.
U.S. West Texas Intermediate (WTI) crude for October delivery rose $3.31, or 5.3%, to $65.45.
Both benchmarks marked their biggest week of losses in more than nine months last week, with Brent sliding about 8% and WTI about 9%.
But a drop in the U.S. dollar provided a boost on Monday, making crude less expensive for holders of other currencies.
UPDATE 1-Bank of #Israel holds rates, sees economic risks from Delta variant | Reuters
UPDATE 1-Bank of Israel holds rates, sees economic risks from Delta variant | Reuters
The Bank of Israel left its benchmark interest rate at 0.1% for an 11th straight policy meeting on Monday, citing higher inflation but uncertainty over economic activity due to an increase in COVID-19 infections from the Delta variant.
All 15 economists polled by Reuters had said they expected the monetary policy committee to keep rates steady after doing so ever since cutting them from 0.25% more than a year ago. The next policy move is widely expected to be a rate hike in 2022 or 2023.
The economy grew an annualised 15.4% in the second quarter from the prior three months after a small first-quarter contraction.
“There are still challenges to economic activity in view of the increased health risks in Israel and abroad,” the central bank said, adding it would “continue to conduct a very accommodative monetary policy for a prolonged time.”
The Bank of Israel left its benchmark interest rate at 0.1% for an 11th straight policy meeting on Monday, citing higher inflation but uncertainty over economic activity due to an increase in COVID-19 infections from the Delta variant.
All 15 economists polled by Reuters had said they expected the monetary policy committee to keep rates steady after doing so ever since cutting them from 0.25% more than a year ago. The next policy move is widely expected to be a rate hike in 2022 or 2023.
The economy grew an annualised 15.4% in the second quarter from the prior three months after a small first-quarter contraction.
“There are still challenges to economic activity in view of the increased health risks in Israel and abroad,” the central bank said, adding it would “continue to conduct a very accommodative monetary policy for a prolonged time.”
Aventicum's Samhouri Sees Qatari Market as Biggest Bet - Bloomberg video
Aventicum's Samhouri Sees Qatari Market as Biggest Bet - Bloomberg
Talal Samhouri, senior portfolio manager at Aventicum Capital Management, discusses his investment outlook for the Qatari market, as the country’s cabinet approved raising their foreign ownership limit to 100%. He speaks with Bloomberg's Manus Cranny on "Bloomberg Daybreak: Middle East." (This interview aired on August 22, 2021.) (Source: Bloomberg)
Column: Hedge funds’ bullishness on oil ebbs away: Kemp | Reuters
Column: Hedge funds’ bullishness on oil ebbs away: Kemp | Reuters
Hedge funds sold petroleum for the seventh time in nine weeks, as rising coronavirus infections in the major oil-consuming markets dampened hopes for an early resumption of long-haul passenger aviation.
Hedge funds and other money managers sold the equivalent of 40 million barrels in the six most important futures and options contracts in the week to Aug. 17, taking total sales to 253 million barrels since June 15.
In the most recent week, funds were sellers across the board of Brent (-25 million barrels), NYMEX and ICE WTI (-9 million), U.S. gasoline (-3 million), U.S. diesel (-1 million) and European gas oil (-3 million).
Most sales were profit-taking on existing bullish long positions (-28 million barrels) but there was also some new bearish short-selling (+12 million), as the outlook for oil consumption in the second half of the year worsened.
Hedge funds sold petroleum for the seventh time in nine weeks, as rising coronavirus infections in the major oil-consuming markets dampened hopes for an early resumption of long-haul passenger aviation.
Hedge funds and other money managers sold the equivalent of 40 million barrels in the six most important futures and options contracts in the week to Aug. 17, taking total sales to 253 million barrels since June 15.
In the most recent week, funds were sellers across the board of Brent (-25 million barrels), NYMEX and ICE WTI (-9 million), U.S. gasoline (-3 million), U.S. diesel (-1 million) and European gas oil (-3 million).
Most sales were profit-taking on existing bullish long positions (-28 million barrels) but there was also some new bearish short-selling (+12 million), as the outlook for oil consumption in the second half of the year worsened.
Oil jumps 3% on weaker dollar after seven days of losses | Reuters
Oil jumps 3% on weaker dollar after seven days of losses | Reuters
Oil prices jumped 3% on Monday, recovering from a seven-day losing streak, with gains driven by a weaker dollar despite demand concerns stoked by rising cases of the Delta coronavirus variant.
Brent crude climbed $2.08, or 3%, to $67.26 a barrel by 1052 GMT after touching its lowest since May 21 at $64.60.
U.S. West Texas Intermediate (WTI) crude for October delivery rose $1.90, or 3%, to $64.04.
Both benchmarks marked their biggest week of losses in more than nine months last week, with Brent sliding about 8% and WTI about 9%.
Many nations are responding to the rising coronavirus infection rate by introducing new travel restrictions.
Oil prices jumped 3% on Monday, recovering from a seven-day losing streak, with gains driven by a weaker dollar despite demand concerns stoked by rising cases of the Delta coronavirus variant.
Brent crude climbed $2.08, or 3%, to $67.26 a barrel by 1052 GMT after touching its lowest since May 21 at $64.60.
U.S. West Texas Intermediate (WTI) crude for October delivery rose $1.90, or 3%, to $64.04.
Both benchmarks marked their biggest week of losses in more than nine months last week, with Brent sliding about 8% and WTI about 9%.
Many nations are responding to the rising coronavirus infection rate by introducing new travel restrictions.
#Qatar's Commercial Bank raises $875 mln loan | Reuters
Qatar's Commercial Bank raises $875 mln loan | Reuters
Qatar's Commercial Bank (COMB.QA) has borrowed $875 million to refinance existing debt and support general funding requirements, it said in a stock exchange filing on Monday.
The three-year syndicated loan was arranged by Bank of America and Mizuho Bank.
Commercial Bank originally aimed to raise $750 million but retained a higher amount after the loan was oversubscribed, receiving up to $1.44 billion, it said.
Qatar's Commercial Bank (COMB.QA) has borrowed $875 million to refinance existing debt and support general funding requirements, it said in a stock exchange filing on Monday.
The three-year syndicated loan was arranged by Bank of America and Mizuho Bank.
Commercial Bank originally aimed to raise $750 million but retained a higher amount after the loan was oversubscribed, receiving up to $1.44 billion, it said.
#Dubai sets up money laundering court | Reuters
Dubai sets up money laundering court | Reuters
Dubai has established a specialised court focused on combating money laundering, in a move to "strengthen the integrity of the financial system", the emirate's media office said on Sunday.
The UAE, home to the Middle East financial hub Dubai, has worked over the last few years to overcome a perception it is a hot spot for illicit money. In February the government created an Executive Office for Anti-Money Laundering and Counter Terrorism Financing.
"The establishment of the court is aimed at further raising the UAE's and Dubai's global competitiveness by reinforcing the rule of law and upholding the values of justice and transparency," the media office said.
Dubai has established a specialised court focused on combating money laundering, in a move to "strengthen the integrity of the financial system", the emirate's media office said on Sunday.
The UAE, home to the Middle East financial hub Dubai, has worked over the last few years to overcome a perception it is a hot spot for illicit money. In February the government created an Executive Office for Anti-Money Laundering and Counter Terrorism Financing.
"The establishment of the court is aimed at further raising the UAE's and Dubai's global competitiveness by reinforcing the rule of law and upholding the values of justice and transparency," the media office said.
Middle East's largest mall operator reports rise in earnings amid economic recovery
Middle East's largest mall operator reports rise in earnings amid economic recovery
Majid Al Futtaim, the Middle East's largest mall-operator, said first-half earnings climbed 2 per cent as the region's economic recovery continued despite the impact of the Covid-19 pandemic on its business.
Earnings before interest, taxes, depreciation and amortisation rose to Dh1.6 billion ($436 million) in the first six months of the year, the privately-held company, which discloses its performance, said on Monday.
Net profit after tax for the period stood at Dh662m and its total equity rose marginally, it said without giving year-on-year comparative figures. Revenue in the period fell 10 per cent to Dh15.6bn.
“Despite the prolonged impact of the Covid-19 pandemic, Majid Al Futtaim has delivered a robust performance over the first half of the year, driven by prudent financial management and a diversified portfolio,” said Alain Bejjani, chief executive of Majid Al Futtaim Holding.
“While we continue to feel the impact from continued disruption, our strong financial position has enabled us to remain resilient to that pressure and agile in how we respond to the stressors within our operating environment.”
Majid Al Futtaim, the Middle East's largest mall-operator, said first-half earnings climbed 2 per cent as the region's economic recovery continued despite the impact of the Covid-19 pandemic on its business.
Earnings before interest, taxes, depreciation and amortisation rose to Dh1.6 billion ($436 million) in the first six months of the year, the privately-held company, which discloses its performance, said on Monday.
Net profit after tax for the period stood at Dh662m and its total equity rose marginally, it said without giving year-on-year comparative figures. Revenue in the period fell 10 per cent to Dh15.6bn.
“Despite the prolonged impact of the Covid-19 pandemic, Majid Al Futtaim has delivered a robust performance over the first half of the year, driven by prudent financial management and a diversified portfolio,” said Alain Bejjani, chief executive of Majid Al Futtaim Holding.
“While we continue to feel the impact from continued disruption, our strong financial position has enabled us to remain resilient to that pressure and agile in how we respond to the stressors within our operating environment.”
Sainsbury (SBRY:LN) Shares Rise on Speculation of Buyout Interest - Bloomberg
Sainsbury (SBRY:LN) Shares Rise on Speculation of Buyout Interest - Bloomberg
Shares in J Sainsbury Plc rose almost 7% after a report that Apollo Global Management Inc. could be taking a look at Britain’s second-largest grocer amid wider consolidation in the sector.
Apollo, which has $88 billion of assets under management, is interested in the U.K. supermarket industry, having previously lost out on the chance to take control of Asda, the country’s third-biggest grocer, to the Issa brothers and TDR Capital.
The U.S. private equity firm is also in discussions to join a consortium led by Fortress Investment Group to buy Wm Morrison Supermarkets Plc. If it joins the Fortress consortium, that could rule out any potential involvement in a bid for Sainsbury.
The U.K.’s Sunday Times reported that Apollo “is said to be running the rule over” Sainsbury.
Representatives for Apollo and Sainsbury declined to comment.
Sainsbury has been attracting speculation since its attempt to merge with Asda was blocked by U.K. antitrust regulators. Shares in Sainsbury have risen by almost a third this year. The grocer’s two largest shareholders are the Qatar Investment Authority and Daniel Kretinsky, a Czech billionaire, who between them own almost a quarter of the stock.
Shares in J Sainsbury Plc rose almost 7% after a report that Apollo Global Management Inc. could be taking a look at Britain’s second-largest grocer amid wider consolidation in the sector.
Apollo, which has $88 billion of assets under management, is interested in the U.K. supermarket industry, having previously lost out on the chance to take control of Asda, the country’s third-biggest grocer, to the Issa brothers and TDR Capital.
The U.S. private equity firm is also in discussions to join a consortium led by Fortress Investment Group to buy Wm Morrison Supermarkets Plc. If it joins the Fortress consortium, that could rule out any potential involvement in a bid for Sainsbury.
The U.K.’s Sunday Times reported that Apollo “is said to be running the rule over” Sainsbury.
Representatives for Apollo and Sainsbury declined to comment.
Sainsbury has been attracting speculation since its attempt to merge with Asda was blocked by U.K. antitrust regulators. Shares in Sainsbury have risen by almost a third this year. The grocer’s two largest shareholders are the Qatar Investment Authority and Daniel Kretinsky, a Czech billionaire, who between them own almost a quarter of the stock.
China Muscles In on Middle East Renewables With Alcazar Takeover - Bloomberg
China Muscles In on Middle East Renewables With Alcazar Takeover - Bloomberg
China is making one of its biggest pushes yet into Middle Eastern renewable energy.
A group led by state power firm China Three Gorges Corp. is buying Alcazar Energy Partners, a Dubai-based wind and solar developer. The announcement on Monday confirmed a Bloomberg News report last week on the acquisition plans.
While financial details weren’t disclosed, Bloomberg reported earlier that a deal could value Alcazar at about $1 billion, including debt.
“The region has really high growth prospects,” Daniel Calderon, Alcazar’s co-founder and chief executive officer, said in an interview with Bloomberg Television. Alcazar and its backers saw a large number of bidders and selected a “blue-chip investor” with a strategy to grow the portfolio in the region.
The deal could serve as a springboard for China to increase clean energy investments in the Middle East. Chinese companies have put their money into oil and gas in the likes of Iraq and the United Arab Emirates for years, but have only recently taken an interest in renewables in the region.
China is making one of its biggest pushes yet into Middle Eastern renewable energy.
A group led by state power firm China Three Gorges Corp. is buying Alcazar Energy Partners, a Dubai-based wind and solar developer. The announcement on Monday confirmed a Bloomberg News report last week on the acquisition plans.
While financial details weren’t disclosed, Bloomberg reported earlier that a deal could value Alcazar at about $1 billion, including debt.
“The region has really high growth prospects,” Daniel Calderon, Alcazar’s co-founder and chief executive officer, said in an interview with Bloomberg Television. Alcazar and its backers saw a large number of bidders and selected a “blue-chip investor” with a strategy to grow the portfolio in the region.
The deal could serve as a springboard for China to increase clean energy investments in the Middle East. Chinese companies have put their money into oil and gas in the likes of Iraq and the United Arab Emirates for years, but have only recently taken an interest in renewables in the region.
#Dubai house prices to rise modestly, stay affordable in coming years | Reuters
Dubai house prices to rise modestly, stay affordable in coming years | Reuters
Dubai's residential property market is on a steady course, with prices expected to rise modestly over the next couple of years, according to a Reuters poll of housing analysts who say property prices there will remain affordable during that time.
The economy has bounced back sharply from the pandemic in the city-state following a successful vaccination drive, and that has spilled into the real estate market, with a continued increase in sales, according to Dubai Land Department records.
Dubai's house prices were forecast to rise 3.0% this year and 2.5% in 2022, compared with 1.1% and 2.8% expected three months ago, according to a Reuters survey of 11 property analysts taken Aug. 11-19.
That modest outlook stands in stark contrast with other world property markets like Canada, Australia and New Zealand where already record-high house prices were expected to rise in double digits this year, stretching the limits of affordability. read more
"Prices overall are still about 36% down from their last peak in 2014, so relatively speaking we are still a long way off from the previous peak," said Faisal Durrani, head of Middle East research at Knight Frank.
Dubai's residential property market is on a steady course, with prices expected to rise modestly over the next couple of years, according to a Reuters poll of housing analysts who say property prices there will remain affordable during that time.
The economy has bounced back sharply from the pandemic in the city-state following a successful vaccination drive, and that has spilled into the real estate market, with a continued increase in sales, according to Dubai Land Department records.
Dubai's house prices were forecast to rise 3.0% this year and 2.5% in 2022, compared with 1.1% and 2.8% expected three months ago, according to a Reuters survey of 11 property analysts taken Aug. 11-19.
That modest outlook stands in stark contrast with other world property markets like Canada, Australia and New Zealand where already record-high house prices were expected to rise in double digits this year, stretching the limits of affordability. read more
"Prices overall are still about 36% down from their last peak in 2014, so relatively speaking we are still a long way off from the previous peak," said Faisal Durrani, head of Middle East research at Knight Frank.
Oil prices snap seven-day losing streak, helped by weaker dollar | Reuters
Oil prices snap seven-day losing streak, helped by weaker dollar | Reuters
Oil prices rose on Monday, recovering from a seven-day losing streak with support from a weakerdollar, although concern about surging cases of the Delta coronavirus variant led to cautious trading.
Brent crude climbed $1.23, or 1.9%, to $66.41 a barrel by 0701 GMT, after dipping to $64.60 earlier in the session, its lowest level since May 21.
U.S. West Texas Intermediate (WTI) crude for October delivery rose $1.13, or 1.8%, to $63.27 a barrel, recovering from $61.74, also a low since May 21, hit in early Asia trade.
Both benchmarks marked their biggest week of losses in more than nine months last week - Brent slid about 8% and WTI fell about 9% - as markets braced for weakened fuel demand worldwide due to the surge in the pandemic.
"Oil prices took a breather (on Monday) after their steep drops last week," said Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd.
Oil prices rose on Monday, recovering from a seven-day losing streak with support from a weakerdollar, although concern about surging cases of the Delta coronavirus variant led to cautious trading.
Brent crude climbed $1.23, or 1.9%, to $66.41 a barrel by 0701 GMT, after dipping to $64.60 earlier in the session, its lowest level since May 21.
U.S. West Texas Intermediate (WTI) crude for October delivery rose $1.13, or 1.8%, to $63.27 a barrel, recovering from $61.74, also a low since May 21, hit in early Asia trade.
Both benchmarks marked their biggest week of losses in more than nine months last week - Brent slid about 8% and WTI fell about 9% - as markets braced for weakened fuel demand worldwide due to the surge in the pandemic.
"Oil prices took a breather (on Monday) after their steep drops last week," said Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd.
Oil Market News and Prices: Brent Oil Steady at Open After Longest Losing Streak Since 2018 - Bloomberg
Oil Market News and Prices: Brent Futures in London Steady - Bloomberg
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