Oil jumps 2% to near 10-month high as OPEC predicts tight supplies | Reuters
Oil prices jumped about 2% to a near 10-month high on Tuesday on a tighter supply outlook and OPEC optimism over the resilience of energy demand in major economies.
Brent futures rose $1.42 or 1.6%, to settle at $92.06 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.55, or 1.8%, to settle at $88.84.
Both benchmarks remained technically overbought for an eighth straight day, and closed at their highest levels since November 2022.
Tuesday 12 September 2023
Most Gulf markets fall ahead of US inflation data | Reuters
Most Gulf markets fall ahead of US inflation data | Reuters
Most stock markets in the Gulf ended lower on Tuesday, with investors focusing on macroeconomic data that could indicate whether interest rates will rise further in the United States.
The U.S. Consumer Price Index (CPI) data, due on Wednesday, is expected to rise 0.6% month-on-month for August, likely taking the year-on-year rate to 3.6%, according to a Wells Fargo research note.
The Federal Reserve is widely expected to leave interest rates unchanged at a policy meeting next week, though views are split over whether the central bank will hike or pause again in November.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI) dropped 0.7%, with oil behemoth Saudi Aramco (2222.SE) losing 1.5% and Dr Sulaiman Al-Habib Medical Services (4013.SE) falling 1.3%.
Dubai's main share index (.DFMGI) fell 0.2%, weighed down by a 0.9% fall in toll operator Salik Company (SALIK.DU).
The Qatari index (.QSI) eased 0.2%, snapping five sessions of gains, hit by a 1% fall in Qatar Islamic Bank (QISB.QA).
In Abu Dhabi, the index (.FTFADGI), however, bucked the trend to close 0.4% higher.
Oil prices rose about 1%, boosted by a tighter supply outlook, and as producer group OPEC said major economies were faring better than expected despite rising interest rates.
Outside the Gulf, Egypt's blue-chip index (.EGX30) finished 0.7% lower.
Egypt's annual urban consumer price inflation rate surged to a higher-than-expected record 37.4% in August from 36.5% in July, data from the country's statistics agency CAPMAS showed on Sunday.
Most stock markets in the Gulf ended lower on Tuesday, with investors focusing on macroeconomic data that could indicate whether interest rates will rise further in the United States.
The U.S. Consumer Price Index (CPI) data, due on Wednesday, is expected to rise 0.6% month-on-month for August, likely taking the year-on-year rate to 3.6%, according to a Wells Fargo research note.
The Federal Reserve is widely expected to leave interest rates unchanged at a policy meeting next week, though views are split over whether the central bank will hike or pause again in November.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI) dropped 0.7%, with oil behemoth Saudi Aramco (2222.SE) losing 1.5% and Dr Sulaiman Al-Habib Medical Services (4013.SE) falling 1.3%.
Dubai's main share index (.DFMGI) fell 0.2%, weighed down by a 0.9% fall in toll operator Salik Company (SALIK.DU).
The Qatari index (.QSI) eased 0.2%, snapping five sessions of gains, hit by a 1% fall in Qatar Islamic Bank (QISB.QA).
In Abu Dhabi, the index (.FTFADGI), however, bucked the trend to close 0.4% higher.
Oil prices rose about 1%, boosted by a tighter supply outlook, and as producer group OPEC said major economies were faring better than expected despite rising interest rates.
Outside the Gulf, Egypt's blue-chip index (.EGX30) finished 0.7% lower.
Egypt's annual urban consumer price inflation rate surged to a higher-than-expected record 37.4% in August from 36.5% in July, data from the country's statistics agency CAPMAS showed on Sunday.
Mubadala, Hedge Fund Tycoons Finance Longevity Biotech Rejuveron - Bloomberg
Mubadala, Hedge Fund Tycoons Finance Longevity Biotech Rejuveron - Bloomberg
Swiss biotech firm Rejuveron Life Sciences AG has attracted backing from sovereign fund Mubadala Investment Co. to help bankroll its development of drugs targeting the effects of aging, people familiar with the matter said.
Rejuveron has raised about $75 million from a series B funding round and convertible loan deal, the people said. Investors in the fundraising include Catalio Capital Management, the life sciences-focused firm backed by hedge fund billionaires Stan Druckenmiller and Alan Howard, the people said.
German entrepreneur Christian Angermayer, a founding investor in Rejuveron, is also providing more funds alongside Mubadala’s asset management arm Mubadala Capital and various family offices, the people said. The fundraising values Rejuveron at nearly $400 million, the people said.
Rejuveron is developing therapies to prevent or reverse diseases of aging and extend people’s lifespans. It’s running clinical trials for treatments targeting retinitis pigmentosa, a group of rare eye diseases that cause progressive vision loss, as well as sarcopenia, a condition that causes muscle loss as a person gets older.
Swiss biotech firm Rejuveron Life Sciences AG has attracted backing from sovereign fund Mubadala Investment Co. to help bankroll its development of drugs targeting the effects of aging, people familiar with the matter said.
Rejuveron has raised about $75 million from a series B funding round and convertible loan deal, the people said. Investors in the fundraising include Catalio Capital Management, the life sciences-focused firm backed by hedge fund billionaires Stan Druckenmiller and Alan Howard, the people said.
German entrepreneur Christian Angermayer, a founding investor in Rejuveron, is also providing more funds alongside Mubadala’s asset management arm Mubadala Capital and various family offices, the people said. The fundraising values Rejuveron at nearly $400 million, the people said.
Rejuveron is developing therapies to prevent or reverse diseases of aging and extend people’s lifespans. It’s running clinical trials for treatments targeting retinitis pigmentosa, a group of rare eye diseases that cause progressive vision loss, as well as sarcopenia, a condition that causes muscle loss as a person gets older.
OPEC sticks to oil demand growth view citing resilient economy | Reuters
OPEC sticks to oil demand growth view citing resilient economy | Reuters
OPEC on Tuesday stuck to its forecasts for robust growth in global oil demand in 2023 and 2024 citing signs that major economies are faring better than expected despite headwinds such as high interest rates and elevated inflation.
World oil demand will rise by 2.25 million barrels per day (bpd) in 2024, compared with growth of 2.44 million bpd in 2023, the Organization of the Petroleum Exporting Countries said in a monthly report. Both forecasts were unchanged from last month.
A lifting of pandemic lockdowns in China has helped oil demand rise in 2023. OPEC has maintained a relatively upbeat view on 2024, seeing stronger demand growth than other forecasters such as the International Energy Agency.
"The ongoing global economic growth is forecast to drive oil demand, especially given the recovery in tourism, air travel and steady driving mobility," OPEC said in the report. "Pre-COVID-19 levels of total global oil demand will be surpassed in 2023."
OPEC and its allies, known as OPEC+, began limiting supplies in 2022 to bolster the market. Global benchmark Brent crude breached $90 a barrel last week for the first time in 2023 after Saudi Arabia and Russia extended voluntary cuts until the end of the year.
Even so, the OPEC report also showed OPEC oil production rose in August driven by a recovery in Iran's production despite U.S. sanctions remaining in place on Tehran and Saudi Arabia's voluntary cuts.
OPEC on Tuesday stuck to its forecasts for robust growth in global oil demand in 2023 and 2024 citing signs that major economies are faring better than expected despite headwinds such as high interest rates and elevated inflation.
World oil demand will rise by 2.25 million barrels per day (bpd) in 2024, compared with growth of 2.44 million bpd in 2023, the Organization of the Petroleum Exporting Countries said in a monthly report. Both forecasts were unchanged from last month.
A lifting of pandemic lockdowns in China has helped oil demand rise in 2023. OPEC has maintained a relatively upbeat view on 2024, seeing stronger demand growth than other forecasters such as the International Energy Agency.
"The ongoing global economic growth is forecast to drive oil demand, especially given the recovery in tourism, air travel and steady driving mobility," OPEC said in the report. "Pre-COVID-19 levels of total global oil demand will be surpassed in 2023."
OPEC and its allies, known as OPEC+, began limiting supplies in 2022 to bolster the market. Global benchmark Brent crude breached $90 a barrel last week for the first time in 2023 after Saudi Arabia and Russia extended voluntary cuts until the end of the year.
Even so, the OPEC report also showed OPEC oil production rose in August driven by a recovery in Iran's production despite U.S. sanctions remaining in place on Tehran and Saudi Arabia's voluntary cuts.
#SaudiArabia’s Airline Saudia, Tarabot Air Cargo to List 30% Stake in Cargo Firm - Bloomberg
Saudi Arabia’s Airline Saudia, Tarabot Air Cargo to List 30% Stake in Cargo Firm - Bloomberg
Saudi Arabia’s biggest airline and another shareholder will list a 30% stake in cargo firm SAL Saudi Logistics Services Co. in a Riyadh initial public offering, as the kingdom’s market for listings picks up after a slow start to the year.
Saudi Arabian Airlines Corp., also known as Saudia, and Tarabot Air Cargo Services Ltd. are offering 24 million shares in the cargo firm in the Tadawul listing, according to a statement on Tuesday. Saudia currently owns 70% of SAL while Tarabot owns 30% of the firm.
SAL joins a growing pipeline of companies looking to list in the Persian Gulf’s biggest market, buoyed by a 12% rally in the benchmark index since a March low on more stable oil prices and optimism from earnings.
Oil driller ADES Holding Co., backed by the kingdom’s sovereign wealth fund, started taking investor orders for its IPO of as much as $1.2 billion on Sunday, set to be Saudi Arabia’s biggest of the year. Meanwhile car rental firm Lumi Rental Co. drew orders of about $27 billion for its $290 million listing last week, underscoring continued appetite for Saudi share sales.
Saudi Arabia’s biggest airline and another shareholder will list a 30% stake in cargo firm SAL Saudi Logistics Services Co. in a Riyadh initial public offering, as the kingdom’s market for listings picks up after a slow start to the year.
Saudi Arabian Airlines Corp., also known as Saudia, and Tarabot Air Cargo Services Ltd. are offering 24 million shares in the cargo firm in the Tadawul listing, according to a statement on Tuesday. Saudia currently owns 70% of SAL while Tarabot owns 30% of the firm.
SAL joins a growing pipeline of companies looking to list in the Persian Gulf’s biggest market, buoyed by a 12% rally in the benchmark index since a March low on more stable oil prices and optimism from earnings.
Oil driller ADES Holding Co., backed by the kingdom’s sovereign wealth fund, started taking investor orders for its IPO of as much as $1.2 billion on Sunday, set to be Saudi Arabia’s biggest of the year. Meanwhile car rental firm Lumi Rental Co. drew orders of about $27 billion for its $290 million listing last week, underscoring continued appetite for Saudi share sales.
#Dubai Real Estate: Apartment Prices Jump Most in a Decade as Home Boom Widens - Bloomberg
Dubai Real Estate: Apartment Prices Jump Most in a Decade as Home Boom Widens - Bloomberg
Dubai apartment values surged by the most in nearly a decade in August, broadening a property rally that’s transformed the city into one of the world’s hottest housing markets.
The city’s housing boom, so far largely driven by larger single-family homes, is now pushing up prices for apartments that make up about 85% of the housing supply in the Middle East’s business and tourism hub.
Prices for apartments rose 20% on average in the year through August, marking the best performance since November 2014, according to real estate adviser CBRE Group Inc. The gains outpaced price increases of 17.3% for single family homes, known locally as villas, according to CBRE.
Dubai’s real estate rebound comes after a seven year slump, fueled by an influx of newcomers — from crypto millionaires and bankers relocating from Asia to wealthy Russians seeking to shield assets. The government has also brought in a slew of reforms, relaxing visa laws and introducing visas for job seekers and freelancers.
Dubai apartment values surged by the most in nearly a decade in August, broadening a property rally that’s transformed the city into one of the world’s hottest housing markets.
The city’s housing boom, so far largely driven by larger single-family homes, is now pushing up prices for apartments that make up about 85% of the housing supply in the Middle East’s business and tourism hub.
Prices for apartments rose 20% on average in the year through August, marking the best performance since November 2014, according to real estate adviser CBRE Group Inc. The gains outpaced price increases of 17.3% for single family homes, known locally as villas, according to CBRE.
Dubai’s real estate rebound comes after a seven year slump, fueled by an influx of newcomers — from crypto millionaires and bankers relocating from Asia to wealthy Russians seeking to shield assets. The government has also brought in a slew of reforms, relaxing visa laws and introducing visas for job seekers and freelancers.
Watch Franklin Templeton on GCC Bond Issuance, Oil Demand - Bloomberg video
Watch Franklin Templeton on GCC Bond Issuance, Oil Demand - Bloomberg
Dino Kronfol, chief investment officer for global sukuk and MENA fixed income at Franklin Templeton discusses his regional markets outlook. He speaks with Bloomberg's Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East and Africa." (Source: Bloomberg)
Dino Kronfol, chief investment officer for global sukuk and MENA fixed income at Franklin Templeton discusses his regional markets outlook. He speaks with Bloomberg's Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East and Africa." (Source: Bloomberg)
Major Gulf markets in the red ahead of US inflation data | Reuters
Major Gulf markets in the red ahead of US inflation data | Reuters
Major stock markets in the Gulf fell in early trade on Tuesday with investors focusing on macroeconomic data that could indicate whether interest rates will rise further in the United States.
The U.S. Consumer Price Index (CPI) data, due on Wednesday, is expected to rise 0.6% month-on-month for August, likely taking the year-on-year rate to 3.6%, according to a Wells Fargo research note.
The Federal Reserve is widely expected to leave interest rates unchanged at a policy meeting next week, though views are split over whether the Fed will hike or pause again in November.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI) dropped 0.3%, with Dr Sulaiman Al Habib Medical Services (4013.SE) losing 3%, while oil giant Saudi Aramco (2222.SE) declined 0.7%.
Dubai's main share index (.DFMGI) eased 0.3%, with toll operator Salik (SALIK.DU) losing 1.2%.
In Abu Dhabi, the index (.FTFADGI) was down 0.1%.
Separately, hypermarket chain and mall operator Lulu Group International expects to launch its initial public offering in the first half of 2024, its chairman said on Monday, adding that the company's shares will be listed in the Gulf.
The Qatari index (.QSI) lost 0.2%, on course to snap four sessions of gains, hit by a 0.9% fall in Qatar Islamic Bank (QISB.QA).
Major stock markets in the Gulf fell in early trade on Tuesday with investors focusing on macroeconomic data that could indicate whether interest rates will rise further in the United States.
The U.S. Consumer Price Index (CPI) data, due on Wednesday, is expected to rise 0.6% month-on-month for August, likely taking the year-on-year rate to 3.6%, according to a Wells Fargo research note.
The Federal Reserve is widely expected to leave interest rates unchanged at a policy meeting next week, though views are split over whether the Fed will hike or pause again in November.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI) dropped 0.3%, with Dr Sulaiman Al Habib Medical Services (4013.SE) losing 3%, while oil giant Saudi Aramco (2222.SE) declined 0.7%.
Dubai's main share index (.DFMGI) eased 0.3%, with toll operator Salik (SALIK.DU) losing 1.2%.
In Abu Dhabi, the index (.FTFADGI) was down 0.1%.
Separately, hypermarket chain and mall operator Lulu Group International expects to launch its initial public offering in the first half of 2024, its chairman said on Monday, adding that the company's shares will be listed in the Gulf.
The Qatari index (.QSI) lost 0.2%, on course to snap four sessions of gains, hit by a 0.9% fall in Qatar Islamic Bank (QISB.QA).
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