Oil prices slide 2% on oversupply, weaker US demand | Reuters

Oil prices slide 2% on oversupply, weaker US demand | Reuters

Oil prices slid about 2% on Thursday on concerns over softening U.S. demand and broad oversupply that offset threats to output from the conflict in the Middle East and the war in Ukraine.

Brent crude futures were down $1.11, or 1.6%, to $66.38 a barrel at 11:34 a.m. EDT (1534 GMT), while U.S. West Texas Intermediate (WTI) crude fell $1.20, or 1.9%, to $62.47.

Middle East markets rise as Fed rate cut hopes offset regional tensions | Reuters

Middle East markets rise as Fed rate cut hopes offset regional tensions | Reuters

Middle East markets were mixed on Thursday as investors looked past initial jitters from Israel’s strike in Qatar and priced in a potential U.S. Federal Reserve rate cut later this month, while Saudi Arabia’s main index slipped 0.4% to near a two-year low amid broad sector losses and softer oil prices.

Qatar's benchmark index (.QSI), opens new tab rose 0.1%, snapping a three-day losing streak, with buying concentrated in industrials. However, the gauge notched a fourth straight weekly loss, underscoring persistent pressure.

Industries Qatar (IQCD.QA), opens new tab gained more than 2%, ending a four-week slide as traders bargain-hunted after recent weakness.

Saudi's main share index (.TASI), opens new tab fell 0.2% to nearly a two-year low, with all sectors closing in the red as oil prices eased on worries over weaker U.S. demand and oversupply.

Sulaiman Al Habib (4013.SE), opens new tab slipped 2.4%, while Saudi Aramco (2222.SE), opens new tab eased 0.2%, extending recent losses after its sharpest daily decline in more than five years.

Kingdom-owned oil giant Aramco raised $3 billion in a dual-tranche Islamic bond (sukuk) sale, as the tapping debt markets to shore up its balance sheet amid softer oil prices.

Elsewhere, newly listed real estate firm Dar Al Majid (4326.SE), opens new tab fell 8.2%, extending declines since its debut.

Dubai's main index <.DFMGI> added 0.6%, rebounding from its steepest level in nearly two months, supported by a 2.7% rise in Emirates NBD Bank (ENBD.DU), opens new tab as sentiment toward financials stabilised.

Abu Dhabi index (.FTFADGI), opens new tab gained 0.3%, halting a four-day decline, boosted by a 3.6% jump in Aldar Properties (ALDAR.AD), opens new tab — its biggest single-day gain in nearly two months.

The bourse welcomed the primary listing of Orascom Construction , which surged 8% in its debut session. The company will maintain its secondary listing on the Egyptian Exchange.

However, the UAE markets still need further momentum to support a sustained recovery, said George Pavel, General Manager at Naga.com Middle East.

Investors continue to keep a close watch on the U.S. Federal Reserve after a benign reading on U.S. producer prices led markets to price in a greater chance of three interest rate cuts this year.

The Fed's stance carries heavy clout in the Gulf, where most currencies are pegged to the U.S. dollar, anchoring regional monetary policy.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab trended up XX%, boosted by a 1.2% rise in Commercial International Bank (COMI.CA), opens new tab, and as annual urban inflation eased to 12% in August, extending a two-year downward trend amid tight monetary policy.

The successful debut of Orascom Construction on the Abu Dhabi exchange had a positive spillover effect, contributing to sustaining momentum in the Egyptian market, Pavel added.

#SaudiArabia’s FII Summit Heads to Tokyo in Latest Sign of Deepening Asia Ties - Bloomberg

Saudi Arabia’s FII Summit Heads to Tokyo in Latest Sign of Deepening Asia Ties - Bloomberg

The organizer of Saudi Arabia’s biggest investment summit plans to take a new version of the event to Tokyo as the kingdom seeks to deepen ties with Japanese financial institutions.

The Future Investment Initiative Institute plans to hold the FII Priority Asia Summit in Japan’s capital from Nov. 30-Dec. 1, according to a spokesperson for FII. The event — dubbed by some as “Davos in the desert” — is expected to gather top firms including Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc., FII said.

Officials from both governments and the $1 trillion Saudi sovereign wealth fund are also slated to participate. The Tokyo conference would be the second FII event in Asia and is set to take place about a month after the flagship FII gathering in Riyadh.

Executives including Citigroup Inc.’s Jane Fraser, BlackRock Inc.’s Larry Fink and Goldman Sachs Group Inc.’s David Solomon have become regulars at that event. SoftBank’s Masayoshi Son, who has drawn huge investments from the Public Investment Fund, was a headline speaker at FII in Riyadh last year.

The PIF signed some $51 billion worth of agreements with Japanese institutions including Mizuho Financial Group at that event, where the first Japanese exchange-traded funds linked to Saudi stocks were also launched.

FII’s selection of Japan as a venue comes as Saudi Arabia looks to deepen partnerships and investments from and into Asia that can help the kingdom drive its local economic diversification plan.

Already, Asian banks have emerged as major financiers for Saudi entities and are becoming more active players in the local market, with some setting up offices in Riyadh in recent years.

Mitsubishi UFJ, Sumitomo and Mitsui are among lenders that recently backed a $10 billion financing package for BlackRock Inc.’s investment in gas infrastructure of oil behemoth Saudi Aramco, Bloomberg News reported this week.

The organization hosted a conference earlier this year in Miami, which was headlined by US President Donald Trump.

Covestro shares climb as ADNOC plans EU concessions | Reuters

Covestro shares climb as ADNOC plans EU concessions | Reuters

Shares in German chemicals maker Covestro (1COVG.DE), opens new tab rose on Thursday after Reuters reported that ADNOC was preparing to make concessions in response to an EU subsidy investigation of its 14.7 billion euro ($17.2 billion) bid for Covestro.

Shares in Covestro were up 5.5% at 0924 GMT, on track for their best day in over a year.

The remedies would likely see ADNOC, the Abu Dhabi state oil giant that bid for the German company last year, convert a proposed 1.2 billion euro capital hike to a shareholder loan, people familiar with the matter had said.

"These are incrementally positive developments that support the stock, as they increase the likelihood of a near-term agreement between the parties and a successful closing of the acquisition," Metzler analyst Thomas Schulte-Vorwick said.

Last week ADNOC was still slamming EU regulators for what it called disproportionate and invasive requests for information that it warned could jeopardise the deal.

Up to the previous session's close, Covestro shares were down 3.1%​ in the year to date.

#SaudiArabia's Vision Invest enters Africa with ARISE IIP investment | Reuters

Saudi Arabia's Vision Invest enters Africa with ARISE IIP investment | Reuters

Saudi Arabia's Vision Invest took part in a $700 million capital raise by pan-African industrial zone developer ARISE Integrated Industrial Platforms, ARISE IIP said on Wednesday.

The capital raise is one of the largest private infrastructure transactions in Africa to date, Dubai-headquartered ARISE IIP said. The deal includes both primary and secondary components.

It is the Saudi holding company's first foray into Africa. The investment is earmarked for the continued development of what the company calls "green, inclusive, and sustainable industrial ecosystems".

ARISE IIP aims to accelerate its expansion into new African countries, building on its existing presence on the continent.

Standard Chartered and Norton Rose Fulbright advised ARISE IIP on the transaction. Vision Invest was advised by EFG Hermes and Linklaters.