January, 2017

• 23 January

  Saudi shines, Kuwait bull run slows; Egypt rebounds

  

    DUBAI / Reuters Saudi Arabia outperformed other Gulf stock markets on Monday as several major stocks bounced after poor earnings earlier this week, while a bull run in Kuwait slowed and Egypt rebounded sharply from a slide triggered by tax fears. The Saudi index rose 1.7 percent in the highest trading volume since Jan. 2. Food maker Savola, which …

  Read More »
• 23 January

  European stocks hit three-week low as Trump reality sets in

    Bloomberg European stocks and bond yields dropped on Monday and the dollar hit a six-week low after U.S. President Donald Trump began his term in office with a protectionist speech that pushed a nervous market into safe-haven assets. World stocks hit multi-year highs earlier this month on expectations Trump would boost growth and inflation with extraordinary fiscal spending measures. …

  Read More »
• 23 January

  National Bank of Kuwait posts $248.9mn profit in Q4

  

    DUBAI / Reuters National Bank of Kuwait (NBK) , the Gulf Arab state’s largest commercial lender, posted a 40 percent rise in fourth-quarter net profit, according to Reuters’ calculations, as the bank continued to benefit from government spending. The bank made a net profit of 75.9 million dinars ($248.9 million) in the three months to Dec. 31, compared with …

  Read More »
• 23 January

  Citigroup says it’s different for Europe profit growth

  

    Bloomberg Equity strategists are yet again predicting that this will finally be the year European profits deliver. This time, it’s Citigroup Inc.’s Jonathan Stubbs forecasting the region’s earnings will jump at least 10 percent to end a three-year dry spell. His bullishness on Europe is reminiscent of early 2015 and 2016, when strategists and investors doubled down on the …

  Read More »
• 23 January

  PBOC conducts 60bn yuan China open market operations

  

    Bloomberg China’s central bank added funds to the financial system through open-market operations, after injecting a record amount of cash last week and offering liquidity support to some lenders. The monetary authority added a net 60 billion yuan ($8.7 billion) using 14-day and 28-day reverse-repurchase agreements. There are no contracts maturing. The People’s Bank of China pumped in a …

  Read More »
• 23 January

  Angola banks appeal for bailout as oil slump cuts liquidity

  

    Bloomberg Angolan banks are appealing to the government to help put together a bailout package to protect account holders as lenders reel from low oil prices that make up almost all of the nation’s foreign-exchange earnings. Financial assistance could come from the administration of President Jose Eduardo dos Santos or be shared by all of the southwest African country’s …

  Read More »
• 23 January

  Investors bet on oil rebound

  

    Bloomberg Hedge funds are showing they have some faith in OPEC. Their bets on rising West Texas Intermediate crude prices reached the highest since June 2014 as the Organization of Petroleum Exporting Countries and other producers reduce output to balance the market. Saudi Arabia, Algeria and Kuwait have already made deeper cuts than required, while Russia has been able …

  Read More »
• 23 January

  Saudi inflation drop reflects government fight to tame deficit

    Reuters A plunge in Saudi Arabia’s inflation rate, to its lowest level in more than 10 years, is good news for the kingdom’s efforts to reduce a huge state budget deficit without stifling economic growth. Annual consumer price inflation slowed to 1.7 percent in December from 2.3 percent in November, the Central Department of Statistics reported on Monday. On …

  Read More »
• 23 January

  Iraq cuts 180,000 bpd as part of OPEC oil deal

  

    Reuters Iraq has reduced its oil production by around 180,000 barrels per day and plans to cut a further 30,000 bpd before the end of the month, the OPEC member’s oil minister said on Monday. The cut came from a 4.75 million bpd level, Jabar Ali al-Luaibi told reporters at an industry event at Chatham House in London. “We …

  Read More »
• 23 January

  Kurdistan pays dues as oil rally boosts funds

  

    Bloomberg The government of Iraqi Kurdistan paid international oil companies for the first time in seven weeks, as rising crude prices gave a much-needed boost to the region’s coffers. DNO ASA, Genel Energy Plc and Gulf Keystone Petroleum Ltd. received a combined $53.9 million for oil sold in October as well as arrears, they said Monday. The Kurdistan Regional …

  Read More »