Oil steadies as investors question reserve release | Reuters
Oil prices were largely steady on Wednesday as investors questioned the effectiveness of a U.S.-led release of oil from strategic reserves and turned their focus to how producers will respond.
Brent crude settled down 6 cents, or 0.07%, at $82.25 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 11 cents, or 0.14%, at $78.39.
The United States said it would release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain to try to cool prices after OPEC+ ignored calls to pump more. read more
Japan will release "a few hundred thousand kilolitres" of oil from its national reserve, but timing has not been decided, its industry minister Koichi Hagiuda said on Wednesday.
Wednesday 24 November 2021
#UAE Sets Up $10 Billion Fund to Support #Turkey as Ties Warm - Bloomberg
UAE Sets Up $10 Billion Fund to Support Turkey as Ties Warm - Bloomberg
The United Arab Emirates outlined plans to launch a $10 billion fund to support investments in Turkey as the countries signed a string of accords Wednesday during one of the highest-level visits in years between the old Middle East foes.
The fund will focus on strategic sectors such as energy, food and healthcare, the UAE’s state-run WAM news agency reported. The UAE, a small but influential Persian Gulf oil-and-business powerhouse, and Turkey also signed cooperation deals for their wealth funds, stock exchanges and central banks.
UAE de facto ruler Sheikh Mohammed Bin Zayed Al Nahyan was received in Ankara by President Recep Tayyip Erdogan, who’s facing turmoil in currency markets as he relentlessly pursues lower interest rates, and fading popularity ahead of 2023 elections.
The lira strengthened during the visit, the clearest sign yet of efforts to patch up frosty relations that have shaped parts of the Middle East. The currency was trading up 4.8% at 12.2380 per dollar at 7:18 p.m. in Istanbul, after slumping as much as 15% the day before.
The United Arab Emirates outlined plans to launch a $10 billion fund to support investments in Turkey as the countries signed a string of accords Wednesday during one of the highest-level visits in years between the old Middle East foes.
The fund will focus on strategic sectors such as energy, food and healthcare, the UAE’s state-run WAM news agency reported. The UAE, a small but influential Persian Gulf oil-and-business powerhouse, and Turkey also signed cooperation deals for their wealth funds, stock exchanges and central banks.
UAE de facto ruler Sheikh Mohammed Bin Zayed Al Nahyan was received in Ankara by President Recep Tayyip Erdogan, who’s facing turmoil in currency markets as he relentlessly pursues lower interest rates, and fading popularity ahead of 2023 elections.
The lira strengthened during the visit, the clearest sign yet of efforts to patch up frosty relations that have shaped parts of the Middle East. The currency was trading up 4.8% at 12.2380 per dollar at 7:18 p.m. in Istanbul, after slumping as much as 15% the day before.
OPEC+ not in talks on pausing oil output rises -sources | Reuters
OPEC+ not in talks on pausing oil output rises -sources | Reuters
OPEC+ is not currently discussing pausing oil output increases despite the United States and others releasing stocks, three OPEC+ sources told Reuters.
The United States and several other nations agreed to release stocks after failing to convince OPEC to pump more oil as U.S gasoline prices soared adding to pressures on President Joe Biden amid high inflation and low approval ratings. read more
OPEC has argued the world will soon face a new glut despite oil prices climbing toward their peaks since 2014 above $85 per barrel.
The Organization of the Petroleum Exporting Countries and its allies including Russia, a group known as OPEC+, meet next week to discuss oil demand and supply dynamics.
OPEC+ is not currently discussing pausing oil output increases despite the United States and others releasing stocks, three OPEC+ sources told Reuters.
The United States and several other nations agreed to release stocks after failing to convince OPEC to pump more oil as U.S gasoline prices soared adding to pressures on President Joe Biden amid high inflation and low approval ratings. read more
OPEC has argued the world will soon face a new glut despite oil prices climbing toward their peaks since 2014 above $85 per barrel.
The Organization of the Petroleum Exporting Countries and its allies including Russia, a group known as OPEC+, meet next week to discuss oil demand and supply dynamics.
Oil steadies as investors question reserve release | Reuters
Oil steadies as investors question reserve release | Reuters
Oil prices were largely steady on Wednesday as investors questioned the effectiveness of a U.S.-led release of oil from strategic reserves and turned their focus to how producers will respond.
Brent crude was up 17 cents, or 0.2%, at $82.48 a barrel by 1605 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 7 cents, or 0.1%, to $78.56.
The United States said it would release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain to try to cool prices after OPEC+ ignored calls to pump more. read more
Japan will release "a few hundred thousand kilolitres" of oil from its national reserve, but timing has not been decided, its industry minister Koichi Hagiuda said on Wednesday.
Oil prices were largely steady on Wednesday as investors questioned the effectiveness of a U.S.-led release of oil from strategic reserves and turned their focus to how producers will respond.
Brent crude was up 17 cents, or 0.2%, at $82.48 a barrel by 1605 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 7 cents, or 0.1%, to $78.56.
The United States said it would release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain to try to cool prices after OPEC+ ignored calls to pump more. read more
Japan will release "a few hundred thousand kilolitres" of oil from its national reserve, but timing has not been decided, its industry minister Koichi Hagiuda said on Wednesday.
Turkish cenbank governor in talks with #UAE over potential swap deal -sources | Reuters
Turkish cenbank governor in talks with UAE over potential swap deal -sources | Reuters
Turkish Central Bank Governor Sahap Kavcioglu was meeting United Arab Emirates officials at the Turkish presidency for preliminary talks regarding a potential swap agreement, two sources told Reuters on Wednesday.
Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan, the UAE's de facto ruler, was in Ankara for talks with President Tayyip Erdogan, in the first such visit in years as the regional rivals work to mend ties.
Turkey's central bank declined to comment on Kavcioglu's meeting. The bank has previously sought swap deals with other countries as a source of hard currency to build reserves and support the lira, which has declined as much as 45% this year.
Turkish Central Bank Governor Sahap Kavcioglu was meeting United Arab Emirates officials at the Turkish presidency for preliminary talks regarding a potential swap agreement, two sources told Reuters on Wednesday.
Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan, the UAE's de facto ruler, was in Ankara for talks with President Tayyip Erdogan, in the first such visit in years as the regional rivals work to mend ties.
Turkey's central bank declined to comment on Kavcioglu's meeting. The bank has previously sought swap deals with other countries as a source of hard currency to build reserves and support the lira, which has declined as much as 45% this year.
Oil steady as investors question reserve release | Reuters
Oil steady as investors question reserve release | Reuters
Oil prices were steady on Wednesday as investors questioned the effectiveness of a U.S.-led release of oil from strategic reserves and turned their focus to how producers will respond.
Brent crude futures were down 15 cents or 0.1% at $82.16 a barrel by 1311 GMT, having jumped by 3.3% on Tuesday.
U.S. West Texas Intermediate (WTI) crude futures fell 16 cents, or 0.2%, to $78.34 after a 2.3% gain the previous day.
The United States said it would release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain to try to cool prices after OPEC+ ignored calls to pump more. read more
Oil prices were steady on Wednesday as investors questioned the effectiveness of a U.S.-led release of oil from strategic reserves and turned their focus to how producers will respond.
Brent crude futures were down 15 cents or 0.1% at $82.16 a barrel by 1311 GMT, having jumped by 3.3% on Tuesday.
U.S. West Texas Intermediate (WTI) crude futures fell 16 cents, or 0.2%, to $78.34 after a 2.3% gain the previous day.
The United States said it would release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain to try to cool prices after OPEC+ ignored calls to pump more. read more
#Saudi bourse outperforms most Gulf markets | Reuters
Saudi bourse outperforms most Gulf markets | Reuters
Saudi Arabia's stock market ended higher on Wednesday, buoyed by gains in financial shares, while the Dubai index snapped three sessions of losses.
Saudi Arabia's benchmark index (.TASI) advanced 1%, extending gains from the previous day, boosted by a 2.9% rise in Al Rajhi Bank (1120.SE) and a 4.7% leap in SABIC Agri-Nutrients (2020.SE).
On Tuesday, the index ended three sessions of declines triggered by tensions with Yemen's Iran-aligned Houthis, who claimed responsibility on Nov. 20 for drone attacks in several parts of the kingdom, including at Saudi Aramco facilities in Jeddah. read more
On Wednesday, the Saudi-led coalition said it was launching air strikes on "legitimate" military targets in Yemen's capital Sanaa and asked civilians not to approach the targeted areas. read more
Among other gainers, Amana Cooperative Insurance Co (8310.SE) surged 10% after it received Saudi Central Bank's approval on a potential merger with Enaya Cooperative Insurance (8311.SE). Enaya shares closed 10% higher.
Dubai's main share index (.DFMGI) gained 0.4%, driven by a 5.7% jump in Dubai Financial Market (DFM.DU).
Dubai Financial Market's share price has more than doubled this month following the emirate's plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings of state-backed companies.
The listing plans are aimed at making Dubai a more competitive market against bigger bourses in the region, such those in Saudi Arabia and neighbouring Abu Dhabi, that are seeing larger flotations and strong liquidity.
In Abu Dhabi, the index (.ADI) eased 0.1%, weighed by a 1% fall in conglomerate International Holding (IHC.AD).
The Qatari index (.QSI) slipped 0.1%, with petrochemical maker Industries Qatar (IQCD.QA) losing 0.6%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) lost 0.2%, weighed down by a 0.6% decline in top lender Commercial International Bank Egypt (COMI.CA).
Meanwhile, Egypt's economy grew by 9.8% in the first quarter of the fiscal year 2021-22 that began in July, compared with 0.7% in the same period last year, a cabinet statement quoted the planning minister as saying on Wednesday. read more
Saudi Arabia's stock market ended higher on Wednesday, buoyed by gains in financial shares, while the Dubai index snapped three sessions of losses.
Saudi Arabia's benchmark index (.TASI) advanced 1%, extending gains from the previous day, boosted by a 2.9% rise in Al Rajhi Bank (1120.SE) and a 4.7% leap in SABIC Agri-Nutrients (2020.SE).
On Tuesday, the index ended three sessions of declines triggered by tensions with Yemen's Iran-aligned Houthis, who claimed responsibility on Nov. 20 for drone attacks in several parts of the kingdom, including at Saudi Aramco facilities in Jeddah. read more
On Wednesday, the Saudi-led coalition said it was launching air strikes on "legitimate" military targets in Yemen's capital Sanaa and asked civilians not to approach the targeted areas. read more
Among other gainers, Amana Cooperative Insurance Co (8310.SE) surged 10% after it received Saudi Central Bank's approval on a potential merger with Enaya Cooperative Insurance (8311.SE). Enaya shares closed 10% higher.
Dubai's main share index (.DFMGI) gained 0.4%, driven by a 5.7% jump in Dubai Financial Market (DFM.DU).
Dubai Financial Market's share price has more than doubled this month following the emirate's plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings of state-backed companies.
The listing plans are aimed at making Dubai a more competitive market against bigger bourses in the region, such those in Saudi Arabia and neighbouring Abu Dhabi, that are seeing larger flotations and strong liquidity.
In Abu Dhabi, the index (.ADI) eased 0.1%, weighed by a 1% fall in conglomerate International Holding (IHC.AD).
The Qatari index (.QSI) slipped 0.1%, with petrochemical maker Industries Qatar (IQCD.QA) losing 0.6%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) lost 0.2%, weighed down by a 0.6% decline in top lender Commercial International Bank Egypt (COMI.CA).
Meanwhile, Egypt's economy grew by 9.8% in the first quarter of the fiscal year 2021-22 that began in July, compared with 0.7% in the same period last year, a cabinet statement quoted the planning minister as saying on Wednesday. read more
Flush With Cash, #Saudi Prince Snubs Biden and Sends a Message - Bloomberg
Flush With Cash, Saudi Prince Snubs Biden and Sends a Message - Bloomberg
President Joe Biden sounded deeply frustrated. Inflation was heading toward a 30-year high and Americans, rich and poor, could see the price of gasoline going up almost daily. Politically, oil was toxic for the White House.
"The idea that Russia and Saudi Arabia and other major producers are not going to pump more oil so people can have gasoline to get to and from work, for example, is not right," Biden said in late October.
First in private and later more publicly, American envoys had spent weeks trying to convince the Saudis to pump more crude -- and quickly, according to officials on both sides. The diplomatic pressure was ultimately directed at a 36-year-old man who has the capacity to change the price of oil -- and the fortune of politicians in consuming nations -- on a whim: Saudi Crown Prince Mohammed bin Salman.
But the kingdom’s day-to-day ruler didn't budge despite the overtures from American diplomats. Prince Mohammed was more worried about oil’s supply and demand fundamentals than the political needs of Washington. But if Biden wanted cheaper gasoline, the prince had his own wish list, including something he hasn’t yet got from the current White House -- access.
President Joe Biden sounded deeply frustrated. Inflation was heading toward a 30-year high and Americans, rich and poor, could see the price of gasoline going up almost daily. Politically, oil was toxic for the White House.
"The idea that Russia and Saudi Arabia and other major producers are not going to pump more oil so people can have gasoline to get to and from work, for example, is not right," Biden said in late October.
First in private and later more publicly, American envoys had spent weeks trying to convince the Saudis to pump more crude -- and quickly, according to officials on both sides. The diplomatic pressure was ultimately directed at a 36-year-old man who has the capacity to change the price of oil -- and the fortune of politicians in consuming nations -- on a whim: Saudi Crown Prince Mohammed bin Salman.
But the kingdom’s day-to-day ruler didn't budge despite the overtures from American diplomats. Prince Mohammed was more worried about oil’s supply and demand fundamentals than the political needs of Washington. But if Biden wanted cheaper gasoline, the prince had his own wish list, including something he hasn’t yet got from the current White House -- access.
#UAE, #Turkey to Sign Financial Cooperation Deals as Ties Warm - Bloomberg
UAE, Turkey to Sign Financial Cooperation Deals as Ties Warm - Bloomberg
Turkey and the United Arab Emirates will sign cooperation pacts for their wealth funds and stock exchanges during one of the highest-level visits in years between the old Middle East foes.
UAE de facto ruler Sheikh Mohammed Bin Zayed Al Nahyan was received in Ankara by President Recep Tayyip Erdogan who is facing turmoil in currency markets and fading popularity ahead of 2023 elections.
Abu Dhabi’s sovereign wealth fund ADQ will sign a cooperation deal with Turkey Wealth Fund, or TWF, according to an official familiar with the talks. ADQ and TWF will also sign a deal to establish a venture fund to invest in technology companies.
The lira strengthened ahead of the visit, the clearest sign yet of efforts to patch up frosty relations that have shaped parts of the Middle East.
Turkey and the United Arab Emirates will sign cooperation pacts for their wealth funds and stock exchanges during one of the highest-level visits in years between the old Middle East foes.
UAE de facto ruler Sheikh Mohammed Bin Zayed Al Nahyan was received in Ankara by President Recep Tayyip Erdogan who is facing turmoil in currency markets and fading popularity ahead of 2023 elections.
Abu Dhabi’s sovereign wealth fund ADQ will sign a cooperation deal with Turkey Wealth Fund, or TWF, according to an official familiar with the talks. ADQ and TWF will also sign a deal to establish a venture fund to invest in technology companies.
The lira strengthened ahead of the visit, the clearest sign yet of efforts to patch up frosty relations that have shaped parts of the Middle East.
#AbuDhabi private equity firm Gulf Capital bets on Asia to outperform U.S., Europe | Reuters
Abu Dhabi private equity firm Gulf Capital bets on Asia to outperform U.S., Europe | Reuters
Gulf Capital is taking companies in its portfolio East as the Abu Dhabi-headquartered private equity firm bets on growth in Asia to outperform U.S. and European markets, its chief executive Karim El Solh said on Wednesday.
Gulf Capital, which manages more than $2.5 billion in assets, has been expanding its companies' exposure to Asia through organic growth, joint ventures and new market entries, El Solh told reporters.
The firm, a big investor in healthcare, technology, fintech and business services, navigated the pandemic well, with its investments growing during the health crisis, he said.
"We are just looking at the latest financial results, as of September 31, across all our portfolio companies our profitability is up 74% on the previous year.
Gulf Capital is taking companies in its portfolio East as the Abu Dhabi-headquartered private equity firm bets on growth in Asia to outperform U.S. and European markets, its chief executive Karim El Solh said on Wednesday.
Gulf Capital, which manages more than $2.5 billion in assets, has been expanding its companies' exposure to Asia through organic growth, joint ventures and new market entries, El Solh told reporters.
The firm, a big investor in healthcare, technology, fintech and business services, navigated the pandemic well, with its investments growing during the health crisis, he said.
"We are just looking at the latest financial results, as of September 31, across all our portfolio companies our profitability is up 74% on the previous year.
Fitch places Qatari banks' ratings on negative watch | ZAWYA MENA Edition
Fitch places Qatari banks' ratings on negative watch | ZAWYA MENA Edition
Fitch Ratings has placed all Qatari banks on ratings watch list citing concerns over the sector's increasing reliance on external funding.
The credit ratings agency placed all banks’ long-term issuer default ratings (IDRs) on rating watch negative (RWN) in October as they are the most dependent among the Gulf Cooperation Council banks on non-domestic funding.
Their increasing reliance on external funding makes them more vulnerable to external shocks and investor sentiment and could moderately weaken the sovereign's ability to support the sector, if needed, the agency said.
Foreign liabilities accounted for 48 percent of the sector’s funding at end-Q3-21 (38 percent at end-2018) and net external debt increased to a substantial 80 percent of Qatar’s forecast 2021 GDP at end-Q3-21 (30 percent at end-2018).
This dependence, coupled with the growing size of the banking system, could weaken the authorities’ ability to support the sector. Banking sector assets increased to 303 percent of forecast 2021 GDP at end-Q3-21 from 212 percent of 2018 GDP, Fitch said.
However, it noted that near-term downside risks to Qatari banks’ credit profiles from the impact of the pandemic have been contained. The sector’s credit growth remained healthy at 7 percent in M9-21 (2020: 8.5 percent) despite cuts to government capital spending. Fitch recently revised the outlook on its operating environment score for the sector to stable from negative.
The government’s fiscal and monetary response to the pandemic has also helped to limit the impact on the banks’ financial profiles. "We expect the near-term risks to asset quality to remain largely contained, even when credit deferrals expire, given the recovering economy and the banks’ strong provisioning levels."
According to the IMF, Qatar, the world’s biggest exporter of liquefied natural gas, is set to grow at 3 percent this year.
Fitch Ratings has placed all Qatari banks on ratings watch list citing concerns over the sector's increasing reliance on external funding.
The credit ratings agency placed all banks’ long-term issuer default ratings (IDRs) on rating watch negative (RWN) in October as they are the most dependent among the Gulf Cooperation Council banks on non-domestic funding.
Their increasing reliance on external funding makes them more vulnerable to external shocks and investor sentiment and could moderately weaken the sovereign's ability to support the sector, if needed, the agency said.
Foreign liabilities accounted for 48 percent of the sector’s funding at end-Q3-21 (38 percent at end-2018) and net external debt increased to a substantial 80 percent of Qatar’s forecast 2021 GDP at end-Q3-21 (30 percent at end-2018).
This dependence, coupled with the growing size of the banking system, could weaken the authorities’ ability to support the sector. Banking sector assets increased to 303 percent of forecast 2021 GDP at end-Q3-21 from 212 percent of 2018 GDP, Fitch said.
However, it noted that near-term downside risks to Qatari banks’ credit profiles from the impact of the pandemic have been contained. The sector’s credit growth remained healthy at 7 percent in M9-21 (2020: 8.5 percent) despite cuts to government capital spending. Fitch recently revised the outlook on its operating environment score for the sector to stable from negative.
The government’s fiscal and monetary response to the pandemic has also helped to limit the impact on the banks’ financial profiles. "We expect the near-term risks to asset quality to remain largely contained, even when credit deferrals expire, given the recovering economy and the banks’ strong provisioning levels."
According to the IMF, Qatar, the world’s biggest exporter of liquefied natural gas, is set to grow at 3 percent this year.
#Dubai ENBD REIT posts 8.8% decline in net asset value, lower rental income | ZAWYA MENA Edition
Dubai ENBD REIT posts 8.8% decline in net asset value, lower rental income | ZAWYA MENA Edition
The value of total assets and real estate holdings of Dubai real estate investment trust ENBD REIT has declined on the back of sustained pressures on valuation and rental income, the company reported on Wednesday.
As of September 30, 2021, net asset value stood at $164 million, down by 8.8 percent from $180 million in March 31, 2021 due to “valuation pressures”, while the value of property portfolio dropped 3.8 percent to $346 million, reflecting the “prolonged soft real estate conditions” and decline in rental yields in the office sector.
The trust is managed by the asset management unit of Dubai’s largest bank Emirates NBD. Its portfolio is predominantly invested in the office market, which has softened since the onset of the coronavirus pandemic.
Loan-to-value ratio went up to 54 percent, which is also due to “downward pressure on valuations”, but overall occupancy across the portfolio remains stable at 76 percent compared to the levels seen in March 31, 2021.
“Our occupancy rate has remained stable during the first half of the year against a backdrop of sustained pressures on valuations and rental income,” said Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management.
“We are investing in our office portfolio and successfully completed two refurbishments below budget during the period while we are also on track to finalise the upgrades at Al Thuraya Tower 1 which will support improved lettings.”
The value of total assets and real estate holdings of Dubai real estate investment trust ENBD REIT has declined on the back of sustained pressures on valuation and rental income, the company reported on Wednesday.
As of September 30, 2021, net asset value stood at $164 million, down by 8.8 percent from $180 million in March 31, 2021 due to “valuation pressures”, while the value of property portfolio dropped 3.8 percent to $346 million, reflecting the “prolonged soft real estate conditions” and decline in rental yields in the office sector.
The trust is managed by the asset management unit of Dubai’s largest bank Emirates NBD. Its portfolio is predominantly invested in the office market, which has softened since the onset of the coronavirus pandemic.
Loan-to-value ratio went up to 54 percent, which is also due to “downward pressure on valuations”, but overall occupancy across the portfolio remains stable at 76 percent compared to the levels seen in March 31, 2021.
“Our occupancy rate has remained stable during the first half of the year against a backdrop of sustained pressures on valuations and rental income,” said Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management.
“We are investing in our office portfolio and successfully completed two refurbishments below budget during the period while we are also on track to finalise the upgrades at Al Thuraya Tower 1 which will support improved lettings.”
More investors turning sour on emerging markets - HSBC survey | Reuters
More investors turning sour on emerging markets - HSBC survey | Reuters
More than one in four investors feel 'bearish' about emerging markets, an HSBC survey showed on Wednesday, as slowing economic growth and the spectre of tighter monetary policy in the United States clouds the outlook.
In July fewer than one in 10 investors surveyed were bearish, while the proportion of investors feeling bullish has dropped to 27% from 40%, HSBC said.
Markets have ramped up their expectations for interest rate hikes from the Federal Reserve and other central banks next year to keep a lid on inflation. The investors surveyed said tighter policy in developed economies was the single biggest risk to the outlook for emerging markets.
"The global economy has faced a series of negative supply-side shocks that are causing downside risks to growth and upside risks to inflation," said Murat Ulgen, Global Head of EM Research at HSBC.
More than one in four investors feel 'bearish' about emerging markets, an HSBC survey showed on Wednesday, as slowing economic growth and the spectre of tighter monetary policy in the United States clouds the outlook.
In July fewer than one in 10 investors surveyed were bearish, while the proportion of investors feeling bullish has dropped to 27% from 40%, HSBC said.
Markets have ramped up their expectations for interest rate hikes from the Federal Reserve and other central banks next year to keep a lid on inflation. The investors surveyed said tighter policy in developed economies was the single biggest risk to the outlook for emerging markets.
"The global economy has faced a series of negative supply-side shocks that are causing downside risks to growth and upside risks to inflation," said Murat Ulgen, Global Head of EM Research at HSBC.
Oil steady as investors question reserve release effect | Reuters
Oil steady as investors question reserve release effect | Reuters
Oil prices were steady on Wednesday as investors questioned the effectiveness of a U.S.-led release of oil from strategic reserves and turned their focus to how producers will respond.
Brent crude futures were down 27 cents, or 0.3%, to $82.04 a barrel at 1000 GMT, after rising 3.3% on Tuesday.
U.S. West Texas Intermediate (WTI) crude futures fell 23 cents, or 0.2%, to $78.27 a barrel, following a 2.3% gain in the previous day.
The United States said it would release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to try to cool prices after OPEC+ ignored calls to pump more. read more
Oil prices were steady on Wednesday as investors questioned the effectiveness of a U.S.-led release of oil from strategic reserves and turned their focus to how producers will respond.
Brent crude futures were down 27 cents, or 0.3%, to $82.04 a barrel at 1000 GMT, after rising 3.3% on Tuesday.
U.S. West Texas Intermediate (WTI) crude futures fell 23 cents, or 0.2%, to $78.27 a barrel, following a 2.3% gain in the previous day.
The United States said it would release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to try to cool prices after OPEC+ ignored calls to pump more. read more
#Saudi index leads major Gulf bourses higher in early trade | Reuters
Saudi index leads major Gulf bourses higher in early trade | Reuters
Major stock markets in the Gulf rose in early trading on Wednesday with the Saudi index leading the gains on the back of its financial shares.
Saudi Arabia's benchmark index (.TASI) was up 0.9%, on track to extend gains from the previous session.
On Tuesday, the index snapped three sessions of declines triggered by tensions with Yemen's Iran-aligned Houthis, who claimed responsibility for drone attacks in several parts of the kingdom, including at Saudi Aramco facilities in Jeddah. read more
Al Rajhi Bank (1120.SE) rose 1.2%, while the kingdom's largest lender Saudi National Bank (1180.SE) climbed 1.4%.
On Wednesday, the Saudi-led coalition said it was launching air strikes on "legitimate" military targets in Yemen's capital Sanaa and asked civilians not to approach the targeted areas. read more
Dubai's main share index (.DFMGI) rebounded 0.6%, with blue-chip developer Emaar Properties (EMAR.DU) putting on 2.1%.
The Abu Dhabi index (.ADI) edged 0.1% higher, helped by a 2.3% rise in Abu Dhabi Islamic Bank (ADIB.AD).
Oil prices, a key catalyst for the Gulf's financial markets, inched higher as investors remained sceptical about the effectiveness of a U.S.-led release of strategic oil reserves and turned their focus to big oil producers.
All eyes are on how the Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies, together called OPEC+, will react to the joint reserve release when they meet on Dec. 2 to discuss production policy.
In Qatar, the benchmark (.QSI) added 0.1%, with Islamic lender Masraf Al Rayan (MARK.QA) gaining 0.2%.
Major stock markets in the Gulf rose in early trading on Wednesday with the Saudi index leading the gains on the back of its financial shares.
Saudi Arabia's benchmark index (.TASI) was up 0.9%, on track to extend gains from the previous session.
On Tuesday, the index snapped three sessions of declines triggered by tensions with Yemen's Iran-aligned Houthis, who claimed responsibility for drone attacks in several parts of the kingdom, including at Saudi Aramco facilities in Jeddah. read more
Al Rajhi Bank (1120.SE) rose 1.2%, while the kingdom's largest lender Saudi National Bank (1180.SE) climbed 1.4%.
On Wednesday, the Saudi-led coalition said it was launching air strikes on "legitimate" military targets in Yemen's capital Sanaa and asked civilians not to approach the targeted areas. read more
Dubai's main share index (.DFMGI) rebounded 0.6%, with blue-chip developer Emaar Properties (EMAR.DU) putting on 2.1%.
The Abu Dhabi index (.ADI) edged 0.1% higher, helped by a 2.3% rise in Abu Dhabi Islamic Bank (ADIB.AD).
Oil prices, a key catalyst for the Gulf's financial markets, inched higher as investors remained sceptical about the effectiveness of a U.S.-led release of strategic oil reserves and turned their focus to big oil producers.
All eyes are on how the Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies, together called OPEC+, will react to the joint reserve release when they meet on Dec. 2 to discuss production policy.
In Qatar, the benchmark (.QSI) added 0.1%, with Islamic lender Masraf Al Rayan (MARK.QA) gaining 0.2%.
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