Oil slumps to three-week low after Fed minutes, big IEA reserve release announcement | Reuters
Oil futures fell sharply on Wednesday after large consuming nations said they would release oil from reserves to counter tightening supplyand hawkish minutes from the U.S. central bank that bolstered the dollar.
Selling accelerated into the close, leaving both the Brent and West Texas Intermediate benchmarks at their lowest closing levels since March 16. Brent crude futures settled down $5.57, or 5.2%, at $101.07 a barrel, while U.S. crude fell $5.73, or 5.6%, to $96.23 a barrel.
Member states of the International Energy Agency (IEA) will release 120 million barrels from strategic reserves to try to quell price gains. The release will include 60 million from the United States, according to two sources familiar with the matter. That commitment forms part of the previous U.S. announcement of a 180 million-barrel reserve release. read more
This is the second time the IEA has released reserves this year and effectively boosts worldwide supply by roughly 2 million barrels a day for at least the next two months as the world tries to overcome the potential loss of Russian oil. The group collectively has about 1.5 billion barrels in strategic reserves.
Wednesday 6 April 2022
Oil drops as IEA nations ready big release from reserves | Reuters
Oil drops as IEA nations ready big release from reserves | Reuters
Oil futures fell sharply on Wednesday following a surprising rise in U.S. crude stocks and after large consuming nations said they would release oil from reserves in conjunction with the United States to counter tightening supply.
Member states of the International Energy Agency (IEA) will release 120 million barrels from strategic reserves, including 60 million from the United States, according to two sources familiar with the matter. That U.S. 60 million commitment is part of Washington's previously announced plans to release a million barrels a day for the next six months for a rough total of 180 million barrels. read more
This is the second time the IEA, which includes big consumers like Japan, France and South Korea, has released barrels from its reserves this year. The group collectively has about 1.5 billion barrels in strategic reserves.
Brent crude futures fell $2.78, or 2.7%, to $103.86 as of 12:31 p.m. EST (1631 GMT). U.S. crude fell $2.93, or 2.9%, to $99.04 a barrel.
Crude markets have been through weeks of volatility, with prices surging on supply concerns after Russia's invasion of Ukraine and subsequent sanctions on Moscow by the United States and its allies.
Oil futures fell sharply on Wednesday following a surprising rise in U.S. crude stocks and after large consuming nations said they would release oil from reserves in conjunction with the United States to counter tightening supply.
Member states of the International Energy Agency (IEA) will release 120 million barrels from strategic reserves, including 60 million from the United States, according to two sources familiar with the matter. That U.S. 60 million commitment is part of Washington's previously announced plans to release a million barrels a day for the next six months for a rough total of 180 million barrels. read more
This is the second time the IEA, which includes big consumers like Japan, France and South Korea, has released barrels from its reserves this year. The group collectively has about 1.5 billion barrels in strategic reserves.
Brent crude futures fell $2.78, or 2.7%, to $103.86 as of 12:31 p.m. EST (1631 GMT). U.S. crude fell $2.93, or 2.9%, to $99.04 a barrel.
Crude markets have been through weeks of volatility, with prices surging on supply concerns after Russia's invasion of Ukraine and subsequent sanctions on Moscow by the United States and its allies.
#Dubai lures clutch of big crypto firms with tailored regulations | Financial Times
Dubai lures clutch of big crypto firms with tailored regulations | Financial Times
Crypto firms are rushing to set up shop in Dubai after it started to offer virtual asset licences, making the Gulf state the latest jurisdiction to seek to become a haven for the global crypto industry.
Exchange ByBit, which last week said it would relocate its global headquarters from Singapore to Dubai, joins major industry players Crypto.com, FTX and Binance in establishing a foothold in the city.
Enthusiasm for Dubai among crypto companies comes as their hopes for Singapore as a digital asset hub have faded. While Singapore has approved just a handful of crypto groups that applied for licences, Dubai has attracted several industry heavyweights in the few weeks since launching its licensing scheme.
Singapore had been viewed as a budding crypto hub in Asia, after China cracked down on digital assets last year. Now, the crypto caravan has moved on as some companies turn their sights to a more receptive regulatory regime in the Gulf.
Mideast Stocks: Markets mixed on hawkish Fed, fresh Russian sanctions; #Qatar gains
Mideast Stocks: Markets mixed on hawkish Fed, fresh Russian sanctions; Qatar gains
Gulf bourses were mixed on Wednesday as hawkish comments from the U.S. Federal Reserve sent global equities lower, while Qatar ended 1.5% higher.
Fed Governor Lael Brainard on Tuesday said she expects a combination of interest rate increases and a rapid balance sheet runoff to bring U.S. monetary policy to a "more neutral position" later this year.
The dollar hit its highest in almost two years, while expectations of new sanctions on Russia raised oil supply concerns, sending crude prices higher. The Qatari index gained 1.5%, its best day in over a month, after the exchange said on Tuesday it signed a deal with the London Stock Exchange Group for a new trading system.
Dubai's benchmark index reversed early gains to end the session flat. Investors paused following the rally last week after the subscription for state-run Dubai Electricity and Water's initial public offering opened.
DEWA is set to raise 22.32 billion dirhams ($6.1 billion) after pricing its shares at the top end of the range of 2.25 dirhams to 2.48 dirhams, in the Gulf's biggest IPO since Saudi Aramco's record deal in 2019.
"The market could return to the upside next week as DEWA's trading launch could attract investors again," said Daniel Takieddine, CEO at MENA BDSwiss. Emirates Refreshments jumped nearly 15% after it sought shareholder approval to increase issued share capital to 330 million dirhams. Saudi Arabia's benchmark index ended 0.4% higher, while the Abu Dhabi index inched lower to 0.2%.
Egypt's main share index ended 0.3% lower, weighed by material and consumer stocks.
Gulf bourses were mixed on Wednesday as hawkish comments from the U.S. Federal Reserve sent global equities lower, while Qatar ended 1.5% higher.
Fed Governor Lael Brainard on Tuesday said she expects a combination of interest rate increases and a rapid balance sheet runoff to bring U.S. monetary policy to a "more neutral position" later this year.
The dollar hit its highest in almost two years, while expectations of new sanctions on Russia raised oil supply concerns, sending crude prices higher. The Qatari index gained 1.5%, its best day in over a month, after the exchange said on Tuesday it signed a deal with the London Stock Exchange Group for a new trading system.
Dubai's benchmark index reversed early gains to end the session flat. Investors paused following the rally last week after the subscription for state-run Dubai Electricity and Water's initial public offering opened.
DEWA is set to raise 22.32 billion dirhams ($6.1 billion) after pricing its shares at the top end of the range of 2.25 dirhams to 2.48 dirhams, in the Gulf's biggest IPO since Saudi Aramco's record deal in 2019.
"The market could return to the upside next week as DEWA's trading launch could attract investors again," said Daniel Takieddine, CEO at MENA BDSwiss. Emirates Refreshments jumped nearly 15% after it sought shareholder approval to increase issued share capital to 330 million dirhams. Saudi Arabia's benchmark index ended 0.4% higher, while the Abu Dhabi index inched lower to 0.2%.
Egypt's main share index ended 0.3% lower, weighed by material and consumer stocks.
Oil rises as new Russia sanctions outweigh demand worries | Reuters
Oil rises as new Russia sanctions outweigh demand worries | Reuters
Oil futures rose on Wednesday as the threat of new sanctions on Russia raised supply concerns, countering fears of weaker demand following a build in U.S. crude stockpiles and Shanghai's extended lockdown.
Brent crude futures were up 78 cents, or 0.7%, at $107.42 a barrel as of 1242 GMT. U.S. West Texas Intermediate futures climbed $1.10, or 1.1%, to $103.06 a barrel
The United States and its allies on Wednesday prepared new sanctions on Moscow over civilian killings in northern Ukraine, which President Volodymyr Zelenskiy described as "war crimes." Russia denied targeting civilians. read more
"With allegations ramping up and new Western sanctions against Russia in the pipeline, further Russian economic retaliation looks inevitable," said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown "These concerns have no doubt fed into the oil price trending higher, with volatility expected to continue as the geopolitical situation unfolds."
Oil futures rose on Wednesday as the threat of new sanctions on Russia raised supply concerns, countering fears of weaker demand following a build in U.S. crude stockpiles and Shanghai's extended lockdown.
Brent crude futures were up 78 cents, or 0.7%, at $107.42 a barrel as of 1242 GMT. U.S. West Texas Intermediate futures climbed $1.10, or 1.1%, to $103.06 a barrel
The United States and its allies on Wednesday prepared new sanctions on Moscow over civilian killings in northern Ukraine, which President Volodymyr Zelenskiy described as "war crimes." Russia denied targeting civilians. read more
"With allegations ramping up and new Western sanctions against Russia in the pipeline, further Russian economic retaliation looks inevitable," said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown "These concerns have no doubt fed into the oil price trending higher, with volatility expected to continue as the geopolitical situation unfolds."
Americana hires Rothschild to advise on possible #Saudi or #UAE IPO-sources | Reuters
Americana hires Rothschild to advise on possible Saudi or UAE IPO-sources | Reuters
The Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut has hired investment bank Rothschild & Co (ROTH.PA) to advise on a potential initial public offering (IPO), two sources told Reuters.
Americana Group, which is considering a public share sale in the United Arab Emirates or Saudi Arabia, is expected to invite banks to pitch for other top roles in the transaction in coming weeks, said the sources, declining to be named as the matter is not public.
Americana is owned by Saudi Arabia's Public Investment Fund and an investment consortium led by Dubai businessman Mohammed Alabbar, founder of Dubai-listed Emaar Properties (EMAR.DU).
Americana and Alabbar did not immediately respond to a request for comment when contacted by Reuters on Wednesday. Rothschild declined to comment.
The shareholders may also consider a dual listing for the company, the sources said.
The Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut has hired investment bank Rothschild & Co (ROTH.PA) to advise on a potential initial public offering (IPO), two sources told Reuters.
Americana Group, which is considering a public share sale in the United Arab Emirates or Saudi Arabia, is expected to invite banks to pitch for other top roles in the transaction in coming weeks, said the sources, declining to be named as the matter is not public.
Americana is owned by Saudi Arabia's Public Investment Fund and an investment consortium led by Dubai businessman Mohammed Alabbar, founder of Dubai-listed Emaar Properties (EMAR.DU).
Americana and Alabbar did not immediately respond to a request for comment when contacted by Reuters on Wednesday. Rothschild declined to comment.
The shareholders may also consider a dual listing for the company, the sources said.
#Dubai's DEWA Raises $6.1 Billion in EMEA’s Biggest IPO Since 2019 - Bloomberg
Dubai's DEWA Raises $6.1 Billion in EMEA’s Biggest IPO Since 2019 - Bloomberg
Dubai’s main power and water company raised $6.1 billion in the biggest initial public offering in Europe and the Middle East in more than two years.
Government-owned Dubai Electricity & Water Authority sold 9 billion shares at 2.48 dirhams each, the top end of the range. That gives it a market value of $33.8 billion and makes it one of the world’s biggest utilities. The stock is expected to start trading in Dubai around April 12.
DEWA almost tripled the size of the stake it sold to 18%. It’s the latest sign of feverish appetite for share offerings in the Persian Gulf even as listings dry up in the rest of the world.
DEWA boosted the number of shares on offer amid high demand from both institutional and retail investors. Orders totaled almost $86 billion, according to the Dubai government.
Dubai’s main power and water company raised $6.1 billion in the biggest initial public offering in Europe and the Middle East in more than two years.
Government-owned Dubai Electricity & Water Authority sold 9 billion shares at 2.48 dirhams each, the top end of the range. That gives it a market value of $33.8 billion and makes it one of the world’s biggest utilities. The stock is expected to start trading in Dubai around April 12.
DEWA almost tripled the size of the stake it sold to 18%. It’s the latest sign of feverish appetite for share offerings in the Persian Gulf even as listings dry up in the rest of the world.
DEWA boosted the number of shares on offer amid high demand from both institutional and retail investors. Orders totaled almost $86 billion, according to the Dubai government.
Markets trade mixed, #Qatar jumps nearly 2% | Reuters
Markets trade mixed, Qatar jumps nearly 2% | Reuters
Major Gulf bourses traded mixed on Wednesday, tracking muted sentiment in Asia following hawkish comments by the U.S. Federal Reserve, while the Qatari index jumped about 1.7%.
Possible aggressive monetary tightening by the Fed to fight inflation weighed on Asian shares, with focus being on new Western sanctions against Russia over its invasion of Ukraine.
Fed Governor Lael Brainard said on Tuesday she expects a combination of interest rate increases and a rapid balance sheet runoff to bring U.S. monetary policy to a "more neutral position" later this year, with further tightening to follow as needed. read more
Meanwhile, oil futures rose as the sanctions' threat offset fears of weaker demand from a build-up of U.S. crude stockpiles and Shanghai's extended lockdown.
The Qatari index (.QSI) jumped 1.7% and was on track for its best daily percentage gain since March 2.
The exchange said on Tuesday it signed a deal with London Stock Exchange Group for a new trading system.
Qatar Islamic Bank (QISB.QA) and Masraf Al Rayan (MARK.QA) were the top percentage gainers, both up 2.5%.
Saudi Arabia's benchmark index (.TASI) was flat.
In Dubai, the main share index (.DFMGI) rose 0.1%, boosted by real estate sector heavyweight Emaar Properties (EMAR.DU).
Emirates Refreshments (ERC.DU) surged about 15% after it sought shareholder approval to increase issued share capital to 330 million dirhams ($89.85 million).
The Abu Dhabi index (.FTFADGI) edged lower at 0.2%.
Major Gulf bourses traded mixed on Wednesday, tracking muted sentiment in Asia following hawkish comments by the U.S. Federal Reserve, while the Qatari index jumped about 1.7%.
Possible aggressive monetary tightening by the Fed to fight inflation weighed on Asian shares, with focus being on new Western sanctions against Russia over its invasion of Ukraine.
Fed Governor Lael Brainard said on Tuesday she expects a combination of interest rate increases and a rapid balance sheet runoff to bring U.S. monetary policy to a "more neutral position" later this year, with further tightening to follow as needed. read more
Meanwhile, oil futures rose as the sanctions' threat offset fears of weaker demand from a build-up of U.S. crude stockpiles and Shanghai's extended lockdown.
The Qatari index (.QSI) jumped 1.7% and was on track for its best daily percentage gain since March 2.
The exchange said on Tuesday it signed a deal with London Stock Exchange Group for a new trading system.
Qatar Islamic Bank (QISB.QA) and Masraf Al Rayan (MARK.QA) were the top percentage gainers, both up 2.5%.
Saudi Arabia's benchmark index (.TASI) was flat.
In Dubai, the main share index (.DFMGI) rose 0.1%, boosted by real estate sector heavyweight Emaar Properties (EMAR.DU).
Emirates Refreshments (ERC.DU) surged about 15% after it sought shareholder approval to increase issued share capital to 330 million dirhams ($89.85 million).
The Abu Dhabi index (.FTFADGI) edged lower at 0.2%.
Oil rises as new Russia sanctions outweigh demand worries | Reuters
Oil rises as new Russia sanctions outweigh demand worries | Reuters
Oil futures rose on Wednesday, paring early losses, as the threat of new sanctions on Russia raised supply concerns, countering fears of weaker demand following a build in U.S. crude stockpiles and Shanghai's extended lockdown.
Brent crude futures were up $1.07, or 1%, at $107.71 a barrel as of 0905 GMT, having fallen to $105.06 earlier in the session.
U.S. West Texas Intermediate futures climbed $1.21, or 1.2%, to $103.17 a barrel, after dipping to as low as $103.17 in early trade.
The United States and its allies on Wednesday prepared new sanctions on Moscow over civilian killings in northern Ukraine, which President Volodymyr Zelenskiy described as "war crimes." Russia denied targeting civilians. read more
Oil futures rose on Wednesday, paring early losses, as the threat of new sanctions on Russia raised supply concerns, countering fears of weaker demand following a build in U.S. crude stockpiles and Shanghai's extended lockdown.
Brent crude futures were up $1.07, or 1%, at $107.71 a barrel as of 0905 GMT, having fallen to $105.06 earlier in the session.
U.S. West Texas Intermediate futures climbed $1.21, or 1.2%, to $103.17 a barrel, after dipping to as low as $103.17 in early trade.
The United States and its allies on Wednesday prepared new sanctions on Moscow over civilian killings in northern Ukraine, which President Volodymyr Zelenskiy described as "war crimes." Russia denied targeting civilians. read more
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