DEWA IPO: BlackRock, Vanguard Invest in $6.1 Billion DEWA Listing - Bloomberg
Dubai Electricity & Water Authority’s $6.1 billion initial public offering attracted global investors including BlackRock Inc. and Vanguard Group Inc., people familiar with the matter said.
Dubai’s main utility also drew in Fidelity Investments, Franklin Templeton and Singapore sovereign wealth fund GIC Pte, the people said, asking not to be identified as the information is private. T. Rowe Price also submitted orders, one of the people said.
Investors from the United Arab Emirates accounted for half of DEWA’s order book, the company said. About 30% went to international investors and the rest to those from the wider Gulf region.
DEWA received orders worth $86 billion for its IPO. The deal helped Dubai break into the world’s top five listing venues this year, marking a turnaround for its bourse that’s barely seen any action since 2017. Shares in the company jumped as much as 23% on debut Tuesday.
BlackRock, Vanguard and GIC declined to comment. T. Rowe Price, Franklin Templeton and Fidelity didn’t immediately respond to requests for comment.
DEWA’s IPO is the world’s second-biggest this year and the first of 10 planned privatizations in Dubai. The city aims to list firms including road-toll collection system Salik and business park operator Tecom Group, to revive its bourse and catch up with Abu Dhabi and Riyadh.
While markets around the world have been roiled by Russia’s invasion of Ukraine, the Middle East has sidestepped the worst of the volatility. DEWA almost tripled the size of its offer to 18% and priced the sale at the top end of a marketed range.
Wednesday, 13 April 2022
Oil prices settle up 4% despite big U.S. crude inventory build | Reuters
Oil prices settle up 4% despite big U.S. crude inventory build | Reuters
Oil prices jumped on Wednesday, as a large increase in U.S. crude inventories failed to soothe worries about tight global supply, with major oil traders expected to shun Russian barrels.
Brent crude settled up $4.14, or 4%, to $108.78. U.S. West Texas Intermediate (WTI) crude futures ended up $3.65, or 3.7%, to $104.25.
The gains came a day after both benchmarks climbed more than 6%. The oil market has swung wildly as end-users and traders have tried to quantify the disruption in Russia's daily exports following its invasion of Ukraine. Most estimates range from 1 million to 3 million barrels per day.
"At the end of the day the market is running on some of these headlines out of Russia, which is becoming more threatening, and that continues to be more of a risk," said Phil Flynn, analyst at Price Futures Group. "There's still a debate of what impact this is going to have."
Oil prices jumped on Wednesday, as a large increase in U.S. crude inventories failed to soothe worries about tight global supply, with major oil traders expected to shun Russian barrels.
Brent crude settled up $4.14, or 4%, to $108.78. U.S. West Texas Intermediate (WTI) crude futures ended up $3.65, or 3.7%, to $104.25.
The gains came a day after both benchmarks climbed more than 6%. The oil market has swung wildly as end-users and traders have tried to quantify the disruption in Russia's daily exports following its invasion of Ukraine. Most estimates range from 1 million to 3 million barrels per day.
"At the end of the day the market is running on some of these headlines out of Russia, which is becoming more threatening, and that continues to be more of a risk," said Phil Flynn, analyst at Price Futures Group. "There's still a debate of what impact this is going to have."
Oil prices extend gains with falling supplies in focus | Reuters
Oil prices extend gains with falling supplies in focus | Reuters
Oil prices extended gains on Wednesday after Moscow said peace talks with Ukraine had reached a dead end, heightening concerns of supply disruption, while weak economic data from China and Japan limited the rise.
Brent crude was up $1.62, or 1.6%, to $106.26 a barrel by 1418 GMT and U.S. West Texas Intermediate (WTI) crude futures gained $1.25, or 1.2%, to $101.85. Both benchmarks climbed more than 6% on Tuesday.
"The downside for oil prices is limited," said OANDA senior market analyst Jeffrey Halley.
The Russian comments on peace talks and U.S. President Joe Biden accusing Russia of genocide reinforced the view "the Ukraine-Russia situation will not be de-escalating any time soon," Halley said.
Oil prices extended gains on Wednesday after Moscow said peace talks with Ukraine had reached a dead end, heightening concerns of supply disruption, while weak economic data from China and Japan limited the rise.
Brent crude was up $1.62, or 1.6%, to $106.26 a barrel by 1418 GMT and U.S. West Texas Intermediate (WTI) crude futures gained $1.25, or 1.2%, to $101.85. Both benchmarks climbed more than 6% on Tuesday.
"The downside for oil prices is limited," said OANDA senior market analyst Jeffrey Halley.
The Russian comments on peace talks and U.S. President Joe Biden accusing Russia of genocide reinforced the view "the Ukraine-Russia situation will not be de-escalating any time soon," Halley said.
Gulf markets end mixed, #Saudi slips after 7-day rally | Reuters
Gulf markets end mixed, Saudi slips after 7-day rally | Reuters
Dubai and Qatar indexes edged up on Wednesday, in tandem with global markets, as investors digested a mixed inflation picture, while Saudi Arabia eased after rallying for seven sessions.
Global shares were little changed, while supply concerns amid Russia's ongoing invasion of Ukraine helped push oil prices higher.
Data on Wednesday showed no let-up for Britain after inflation hit a 30-year high of 7%, although this came a day after a lower-than-expected U.S. print had given some traders cause to hope policy would be tightened more slowly.
Saudi Arabia's benchmark index (.TASI) fell 0.7% as financial stocks dragged. The index had risen more than 4% over the past seven sessions.
"The increases have prompted investors to move to secure their gains. However, the market remains on a strong course and could record new increases in the coming days," said Daniel Takieddine, chief executive officer at MENA BDSwiss.
Alaseel (4012.SE) and Arab Bank (1080.SE) fell 1.6% and 0.3%, respectively, after the stocks began trading ex-dividend.
Dubai's main share index (.DFMGI) closed up 0.3%, with shares of Dewa Electricity and Water Authority (DEWAA.DU) falling 2.1% on their second day on the stock exchange.
The stock's stellar debut valued it at 149 billion dirhams ($40.57 billion) on Tuesday and is expected to heat up Dubai's IPO pipeline. read more
The Abu Dhabi (.FTFADGI) index was flat.
The Qatari index (.QSI) rose 0.5% and has risen in seven of the past eight sessions.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.5%, with index heavyweight Commercial International Egypt Bank (COMI.CA) weighing on sentiment with its 1.1% drop.
Dubai and Qatar indexes edged up on Wednesday, in tandem with global markets, as investors digested a mixed inflation picture, while Saudi Arabia eased after rallying for seven sessions.
Global shares were little changed, while supply concerns amid Russia's ongoing invasion of Ukraine helped push oil prices higher.
Data on Wednesday showed no let-up for Britain after inflation hit a 30-year high of 7%, although this came a day after a lower-than-expected U.S. print had given some traders cause to hope policy would be tightened more slowly.
Saudi Arabia's benchmark index (.TASI) fell 0.7% as financial stocks dragged. The index had risen more than 4% over the past seven sessions.
"The increases have prompted investors to move to secure their gains. However, the market remains on a strong course and could record new increases in the coming days," said Daniel Takieddine, chief executive officer at MENA BDSwiss.
Alaseel (4012.SE) and Arab Bank (1080.SE) fell 1.6% and 0.3%, respectively, after the stocks began trading ex-dividend.
Dubai's main share index (.DFMGI) closed up 0.3%, with shares of Dewa Electricity and Water Authority (DEWAA.DU) falling 2.1% on their second day on the stock exchange.
The stock's stellar debut valued it at 149 billion dirhams ($40.57 billion) on Tuesday and is expected to heat up Dubai's IPO pipeline. read more
The Abu Dhabi (.FTFADGI) index was flat.
The Qatari index (.QSI) rose 0.5% and has risen in seven of the past eight sessions.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.5%, with index heavyweight Commercial International Egypt Bank (COMI.CA) weighing on sentiment with its 1.1% drop.
#Dubai’s Home Sales Smash Record on Higher Local, Russian Demand - Bloomberg
Dubai’s Home Sales Smash Record on Higher Local, Russian Demand - Bloomberg
Dubai’s housing market had its best ever start to the year driven by higher demand from local residents and bigger flows from outside buyers including Russians, according to real estate adviser CBRE Group Inc.
Total transactions reached 19,009 in the first three months of the year, which “is the highest total ever recorded in the first quarter,” according to the CBRE report. The only other period to see higher transaction volumes was the second and third quarters of 2009, when around 33,000 and 23,000 properties changed ownership, said Taimur Khan, head of research at CBRE.
Dubai’s property market is recovering from a seven-year slump helped by a combination of factors including European investors worried about a potential surge in taxes at home and an increase in Russian buyers looking to safeguard their wealth.
Russians have long been big buyers of luxury homes in the glitzy emirate, traditionally featuring among the top 10 nationalities to invest in its real estate. Brokers say they’ve been snapping up property in recent months as their country faces sanctions over its invasion of Ukraine. The Middle East business hub has also emerged as one of the favorite destinations for some international firms, including Goldman Sachs Group Inc., seeking to relocate staff from Russia.
Dubai’s housing market had its best ever start to the year driven by higher demand from local residents and bigger flows from outside buyers including Russians, according to real estate adviser CBRE Group Inc.
Total transactions reached 19,009 in the first three months of the year, which “is the highest total ever recorded in the first quarter,” according to the CBRE report. The only other period to see higher transaction volumes was the second and third quarters of 2009, when around 33,000 and 23,000 properties changed ownership, said Taimur Khan, head of research at CBRE.
Dubai’s property market is recovering from a seven-year slump helped by a combination of factors including European investors worried about a potential surge in taxes at home and an increase in Russian buyers looking to safeguard their wealth.
Russians have long been big buyers of luxury homes in the glitzy emirate, traditionally featuring among the top 10 nationalities to invest in its real estate. Brokers say they’ve been snapping up property in recent months as their country faces sanctions over its invasion of Ukraine. The Middle East business hub has also emerged as one of the favorite destinations for some international firms, including Goldman Sachs Group Inc., seeking to relocate staff from Russia.
#UAE Investors Weigh Projects in Syria as Ties Warm: Al-Watan - Bloomberg
UAE Investors Weigh Projects in Syria as Ties Warm: Al-Watan - Bloomberg
Investors from the United Arab Emirates are looking at pumping money into Syria’s renewable energy sector, Al-Watan reported, citing the head of Syrian Investment Authority.
Syrian and Emirati investors have teamed up to submit project proposals to the country’s electricity ministry, Madian Diab was cited as saying by the pro-government newspaper. It didn’t provide further details.
Syria, backed by the UAE’s regional rival Iran, had been a pariah in the Arab world since the breakout of its civil war a decade ago. But in recent years, Gulf Arab governments have been restoring relations with the country, with the UAE reopening its embassy in Damascus in December 2018.
In March, President Bashar al-Assad visited the UAE, his first official visit to an Arab country since civil war, and met with the de facto ruler of the UAE, Sheikh Mohammed bin Zayed, and Prime Minister Sheikh Mohammed bin Rashid.
Last year, Syria’s state-run SANA news agency reported that UAE firms and the country’s electricity ministry signed an agreement to build a photovoltaic power station in the Damascus suburb.
Diab told Al-Watan that Syria is also discussing investments with Iranian firms in the industrial sector, mainly recycling waste to produce renewable energy. Russian firms are also studying potential investments, he said.
Investors from the United Arab Emirates are looking at pumping money into Syria’s renewable energy sector, Al-Watan reported, citing the head of Syrian Investment Authority.
Syrian and Emirati investors have teamed up to submit project proposals to the country’s electricity ministry, Madian Diab was cited as saying by the pro-government newspaper. It didn’t provide further details.
Syria, backed by the UAE’s regional rival Iran, had been a pariah in the Arab world since the breakout of its civil war a decade ago. But in recent years, Gulf Arab governments have been restoring relations with the country, with the UAE reopening its embassy in Damascus in December 2018.
In March, President Bashar al-Assad visited the UAE, his first official visit to an Arab country since civil war, and met with the de facto ruler of the UAE, Sheikh Mohammed bin Zayed, and Prime Minister Sheikh Mohammed bin Rashid.
Last year, Syria’s state-run SANA news agency reported that UAE firms and the country’s electricity ministry signed an agreement to build a photovoltaic power station in the Damascus suburb.
Diab told Al-Watan that Syria is also discussing investments with Iranian firms in the industrial sector, mainly recycling waste to produce renewable energy. Russian firms are also studying potential investments, he said.
Oil prices extend gains with falling supplies in focus | Reuters
Oil prices extend gains with falling supplies in focus | Reuters
Oil prices rose by more than 2% on Wednesday after Moscow said that peace talks with Ukraine had hit a dead end, fuelling supply worries, while weak economic data from China and Japan kept a lid on gains.
Brent crude rose by $2.26, or 2.2%, to $106.90 a barrel by 1126 GMT while U.S. West Texas Intermediate (WTI) crude futures gained $2.02, or 2%, to $102.62. Both benchmarks had surged by more than 6% on Tuesday.
"The downside for oil prices is limited," said OANDA senior market analyst Jeffrey Halley, citing the Russian comments on peace talks and U.S. President Joe Biden accusing Russia of genocide. These "are reinforcing that the Ukraine-Russia situation will not be de-escalating any time soon".
Russian President Vladimir Putin on Tuesday blamed Ukraine for derailing peace talks and said Moscow would not let up on what it calls a "special operation" to disarm its neighbour. read more
Oil prices rose by more than 2% on Wednesday after Moscow said that peace talks with Ukraine had hit a dead end, fuelling supply worries, while weak economic data from China and Japan kept a lid on gains.
Brent crude rose by $2.26, or 2.2%, to $106.90 a barrel by 1126 GMT while U.S. West Texas Intermediate (WTI) crude futures gained $2.02, or 2%, to $102.62. Both benchmarks had surged by more than 6% on Tuesday.
"The downside for oil prices is limited," said OANDA senior market analyst Jeffrey Halley, citing the Russian comments on peace talks and U.S. President Joe Biden accusing Russia of genocide. These "are reinforcing that the Ukraine-Russia situation will not be de-escalating any time soon".
Russian President Vladimir Putin on Tuesday blamed Ukraine for derailing peace talks and said Moscow would not let up on what it calls a "special operation" to disarm its neighbour. read more
Israeli retailer Shufersal rejects Delek #Israel merger offer | Reuters
Israeli retailer Shufersal rejects Delek Israel merger offer | Reuters
The board of Israeli retailer Shufersal (SAE.TA) on Wednesday rejected an offer to merge with Delek Israel, with the company saying the proposal did not comply with the strategy of Shufersal and its shareholders.
Last week, Delek Israel -- an operator of gas stations and convenience stores -- proposed to merge with the country's largest supermarket chain, Shufersal, and buy additional shares that could give it close to 20% ownership of Shufersal.
Delek Israel shareholders were offering to merge 100% of their company in return for an approximate 10% stake in Shufersal while its shareholders would then pay 100 million shekels ($31 million) for options that could bring their stake in Shufersal to 19.99%.
In a statement, Shufersal said Delek operates stores that are open on the Sabbath while Shufersal does not, and deviating from its principle may lead to economic harm.
It also cited the uncertainty in the industry Delek operates, including use of electric vehicles. "There's much doubt about the added value that a merging of these activities would bring to the company. Subsequently, it does not fit the company's strategy," Shufersal said.
The board of Israeli retailer Shufersal (SAE.TA) on Wednesday rejected an offer to merge with Delek Israel, with the company saying the proposal did not comply with the strategy of Shufersal and its shareholders.
Last week, Delek Israel -- an operator of gas stations and convenience stores -- proposed to merge with the country's largest supermarket chain, Shufersal, and buy additional shares that could give it close to 20% ownership of Shufersal.
Delek Israel shareholders were offering to merge 100% of their company in return for an approximate 10% stake in Shufersal while its shareholders would then pay 100 million shekels ($31 million) for options that could bring their stake in Shufersal to 19.99%.
In a statement, Shufersal said Delek operates stores that are open on the Sabbath while Shufersal does not, and deviating from its principle may lead to economic harm.
It also cited the uncertainty in the industry Delek operates, including use of electric vehicles. "There's much doubt about the added value that a merging of these activities would bring to the company. Subsequently, it does not fit the company's strategy," Shufersal said.
Vegas, Macau...#Dubai? Global casinos raise bets on gambling in the Gulf | Reuters
Vegas, Macau...Dubai? Global casinos raise bets on gambling in the Gulf | Reuters
It's been the subject of quiet speculation among diplomats and executives for years, but now global casino bosses are setting their sights on a once improbable prize: gambling in the United Arab Emirates
Ras Al Khaimah (RAK), one of the smaller and lesser-known of the seven emirates, said earlier this year that it planned to regulate gaming in some resorts. On the same day, Las Vegas casino giant Wynn Resorts (WYNN.O) said it would build a resort licensed for gaming, or gambling, on a man-made island. read more
The announcements could mark a watershed moment for the Gulf, a region that has traditionally imposed stricter Islamic rules than other parts of the Middle East, and one where gambling has long been off-limits.
Currently, those seeking a flutter head to the likes of Lebanon's Casino du Liban or some upmarket Egyptian hotels.
Yet times may be changing.
Two sources familiar with the matter told Reuters that gambling in some form would be permitted in the UAE, but that it would be up to each emirate to decide whether and how to regulate it, similar to how Sharjah prohibits alcohol sales unlike other emirates. The sources said it would happen soon, without providing a specific timeframe.
It's been the subject of quiet speculation among diplomats and executives for years, but now global casino bosses are setting their sights on a once improbable prize: gambling in the United Arab Emirates
Ras Al Khaimah (RAK), one of the smaller and lesser-known of the seven emirates, said earlier this year that it planned to regulate gaming in some resorts. On the same day, Las Vegas casino giant Wynn Resorts (WYNN.O) said it would build a resort licensed for gaming, or gambling, on a man-made island. read more
The announcements could mark a watershed moment for the Gulf, a region that has traditionally imposed stricter Islamic rules than other parts of the Middle East, and one where gambling has long been off-limits.
Currently, those seeking a flutter head to the likes of Lebanon's Casino du Liban or some upmarket Egyptian hotels.
Yet times may be changing.
Two sources familiar with the matter told Reuters that gambling in some form would be permitted in the UAE, but that it would be up to each emirate to decide whether and how to regulate it, similar to how Sharjah prohibits alcohol sales unlike other emirates. The sources said it would happen soon, without providing a specific timeframe.
#AbuDhabi's ADQ Invests in Egyptian Firms to Help Shore Up Economy - Bloomberg
Abu Dhabi's ADQ Invests in Egyptian Firms to Help Shore Up Economy - Bloomberg
An Abu Dhabi wealth fund is snapping up stakes in key Egyptian companies, including the country’s largest listed bank, as part of efforts to shore up the North African nation’s economy.
ADQ said it’s buying into Commercial International Bank, Fawry for Banking & Payment Technology Services SAE, Alexandria Container & Cargo Handling Company, Misr Fertilizers Production Company and Abu Qir Fertilizers & Chemical Industries.
The fund didn’t specify how much it will spend, but Bloomberg has previously reported ADQ plans to invest about $2 billion in Egypt, including a stake of about 18% in Commercial International Bank. The Egyptian bourse reported block trades worth $1.82 billion in the five firms on Tuesday, without disclosing the buyer’s identity.
Such funding is welcome for Egypt, where the economy is being put under increasing pressure from the shockwaves of Russia’s invasion of Ukraine. The central bank held a special policy meeting in March and hiked interest rates for the first time since 2017, and allowed the currency to weaken sharply.
An Abu Dhabi wealth fund is snapping up stakes in key Egyptian companies, including the country’s largest listed bank, as part of efforts to shore up the North African nation’s economy.
ADQ said it’s buying into Commercial International Bank, Fawry for Banking & Payment Technology Services SAE, Alexandria Container & Cargo Handling Company, Misr Fertilizers Production Company and Abu Qir Fertilizers & Chemical Industries.
The fund didn’t specify how much it will spend, but Bloomberg has previously reported ADQ plans to invest about $2 billion in Egypt, including a stake of about 18% in Commercial International Bank. The Egyptian bourse reported block trades worth $1.82 billion in the five firms on Tuesday, without disclosing the buyer’s identity.
Such funding is welcome for Egypt, where the economy is being put under increasing pressure from the shockwaves of Russia’s invasion of Ukraine. The central bank held a special policy meeting in March and hiked interest rates for the first time since 2017, and allowed the currency to weaken sharply.
Why Gulf Dollar Currency Pegs Survive Through Wars, Oil Shocks: QuickTake - Bloomberg
Why Gulf Dollar Currency Pegs Survive Through Wars, Oil Shocks: QuickTake - Bloomberg
Gulf Arab nations have pegged their currencies to the dollar for decades. There’s a reason for that: they reduce foreign-exchange risk for states in the region because so much of their revenue comes from oil, which is priced internationally in the U.S. currency. Periodically the mechanisms are tested, as they were in 2020 when a price war sent crude plummeting below $20 a barrel. With oil back around $100 in 2022, they appear to be in good shape, despite questions about the dollar’s role in the global economy.
1. Who has currency pegs and why?
The six members of the Gulf Cooperation Council -- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates -- have been running currency pegs or managed foreign-exchange regimes since the 1970s and 1980s. Kuwait’s dinar tracks the value of a basket of currencies believed to be dominated by the dollar, while others are linked solely to the greenback. The pegs have helped to shield the region’s economies from the volatility of energy markets and allowed central banks to accumulate reserves in the good times. Those reserves, along with foreign assets held by the region’s sovereign wealth funds, are used in turn to defend the pegs.
2. What could put the pegs under stress?
Fixed exchange-rate regimes in Asia were swept away during the currency crisis of the late 1990s, when speculators forced the likes of Thailand and South Korea to abandon their links with the dollar. They’re now largely confined to the major oil producers in the Middle East along with Hong Kong, whose dollar has been pegged to the U.S. currency since 1983. The Gulf pegs mean local central banks often take a cue on monetary policy from the U.S. Federal Reserve, which creates the risk of policy misalignment when business cycles are out of step. Today, the Gulf region is grappling with heightened inflation and the prospect of global interest-rate increases led by the Fed. There is disquiet about global dollar dominance, and the U.S.’s willingness to use the dollar as a weapon in sanctions to punish Russia for its invasion of Ukraine.
Gulf Arab nations have pegged their currencies to the dollar for decades. There’s a reason for that: they reduce foreign-exchange risk for states in the region because so much of their revenue comes from oil, which is priced internationally in the U.S. currency. Periodically the mechanisms are tested, as they were in 2020 when a price war sent crude plummeting below $20 a barrel. With oil back around $100 in 2022, they appear to be in good shape, despite questions about the dollar’s role in the global economy.
1. Who has currency pegs and why?
The six members of the Gulf Cooperation Council -- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates -- have been running currency pegs or managed foreign-exchange regimes since the 1970s and 1980s. Kuwait’s dinar tracks the value of a basket of currencies believed to be dominated by the dollar, while others are linked solely to the greenback. The pegs have helped to shield the region’s economies from the volatility of energy markets and allowed central banks to accumulate reserves in the good times. Those reserves, along with foreign assets held by the region’s sovereign wealth funds, are used in turn to defend the pegs.
2. What could put the pegs under stress?
Fixed exchange-rate regimes in Asia were swept away during the currency crisis of the late 1990s, when speculators forced the likes of Thailand and South Korea to abandon their links with the dollar. They’re now largely confined to the major oil producers in the Middle East along with Hong Kong, whose dollar has been pegged to the U.S. currency since 1983. The Gulf pegs mean local central banks often take a cue on monetary policy from the U.S. Federal Reserve, which creates the risk of policy misalignment when business cycles are out of step. Today, the Gulf region is grappling with heightened inflation and the prospect of global interest-rate increases led by the Fed. There is disquiet about global dollar dominance, and the U.S.’s willingness to use the dollar as a weapon in sanctions to punish Russia for its invasion of Ukraine.
Most Gulf shares rebound; DEWA extends gains from strong debut | Reuters
Most Gulf shares rebound; DEWA extends gains from strong debut | Reuters
Major Gulf bourses rose on Wednesday, with global investors relieved as U.S. inflation data was not as bad as feared and oil prices eased.
U.S. monthly consumer prices increased by the most in 16-1/2 years in March as war in Ukraine boosted the cost of gasoline to record highs, cementing the case for a 50 basis point interest rate hike from the Federal Reserve next month. read more
Russian President Vladimir Putin said that on-and-off peace negotiations with Ukraine "have again returned to a dead-end situation for us", while U.S. President Joe Biden said for the first time that Moscow's invasion of Ukraine amounts to genocide. read more
Asian shares and U.S. futures rose, but gains were capped by higher oil and commodity prices.
Dubai's main share index (.DFMGI) advanced 0.3% with shares of Dewa Electricity and Water Authority (DEWAA.DU) up 0.7% on their second day on the stock exchange.
The stock's stellar debut valued it at 149 billion dirhams ($40.57 billion) on Tuesday and is expected to heat up Dubai's IPO pipeline. read more
Saudi Arabia's benchmark index (.TASI) edged up marginally, headed for its eighth session of gains as financials boosted sentiment.
Alaseel (4012.SE) and Arab Bank (1080.SE) were among the top percentage losers with their nearly 2% fall after both stocks began trading ex-dividend.
In Abu Dhabi (.FTFADGI), the index was flat.
The Qatari index (.QSI) rose 0.7% and has gained for seven of the previous eight sessions.
Major Gulf bourses rose on Wednesday, with global investors relieved as U.S. inflation data was not as bad as feared and oil prices eased.
U.S. monthly consumer prices increased by the most in 16-1/2 years in March as war in Ukraine boosted the cost of gasoline to record highs, cementing the case for a 50 basis point interest rate hike from the Federal Reserve next month. read more
Russian President Vladimir Putin said that on-and-off peace negotiations with Ukraine "have again returned to a dead-end situation for us", while U.S. President Joe Biden said for the first time that Moscow's invasion of Ukraine amounts to genocide. read more
Asian shares and U.S. futures rose, but gains were capped by higher oil and commodity prices.
Dubai's main share index (.DFMGI) advanced 0.3% with shares of Dewa Electricity and Water Authority (DEWAA.DU) up 0.7% on their second day on the stock exchange.
The stock's stellar debut valued it at 149 billion dirhams ($40.57 billion) on Tuesday and is expected to heat up Dubai's IPO pipeline. read more
Saudi Arabia's benchmark index (.TASI) edged up marginally, headed for its eighth session of gains as financials boosted sentiment.
Alaseel (4012.SE) and Arab Bank (1080.SE) were among the top percentage losers with their nearly 2% fall after both stocks began trading ex-dividend.
In Abu Dhabi (.FTFADGI), the index was flat.
The Qatari index (.QSI) rose 0.7% and has gained for seven of the previous eight sessions.
Oil prices edge higher with falling supplies in focus | Reuters
Oil prices edge higher with falling supplies in focus | Reuters
Oil prices edged higher on Wednesday after Moscow said that peace talks with Ukraine had hit a dead end, fuelling supply worries, while weak economic data from China and Japan kept a lid on gains.
Brent crude rose by 48 cents, or 0.5%, to $105.12 a barrel by 0808 GMT while U.S. West Texas Intermediate (WTI) crude futures gained 28 cents, or 0.3%, to $100.88. Both benchmarks had surged by more than 6% on Tuesday.
"The downside for oil prices is limited," said OANDA senior market analyst Jeffrey Halley, citing the Russian comments on peace talks and U.S. President Joe Biden accusing Russia of genocide. These "are reinforcing that the Ukraine-Russia situation will not be de-escalating any time soon".
Russian President Vladimir Putin on Tuesday blamed Ukraine for derailing peace talks and said Moscow would not let up on what it calls a "special operation" to disarm its neighbour. read more
Oil prices edged higher on Wednesday after Moscow said that peace talks with Ukraine had hit a dead end, fuelling supply worries, while weak economic data from China and Japan kept a lid on gains.
Brent crude rose by 48 cents, or 0.5%, to $105.12 a barrel by 0808 GMT while U.S. West Texas Intermediate (WTI) crude futures gained 28 cents, or 0.3%, to $100.88. Both benchmarks had surged by more than 6% on Tuesday.
"The downside for oil prices is limited," said OANDA senior market analyst Jeffrey Halley, citing the Russian comments on peace talks and U.S. President Joe Biden accusing Russia of genocide. These "are reinforcing that the Ukraine-Russia situation will not be de-escalating any time soon".
Russian President Vladimir Putin on Tuesday blamed Ukraine for derailing peace talks and said Moscow would not let up on what it calls a "special operation" to disarm its neighbour. read more
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