Despite a mixed month for the stock prices of listed exchange group this February, which declined 0.8% according to the latest analysis based on the FTSE Mondo Visione Exchanges Index, the 28-constituent index is up around 20% in a year, Dubai Financial Market took the yellow jersey for the month.
Amid talk that the oil-rich countries of the Gulf Cooperation Council (GCC) enjoy a certain immunity to low oil prices—at least enough to keep the big boys of OPEC from becoming desperate enough to cut production—Gulf stock markets are not immune, and they’re falling right along with oil—hard and fast. Since crude oil prices started their downward spiral in mid-June 2014, the Saudi Arabian TASI has dropped 39 percent, the Dubai Financial Market General Index (DFMGI) has lost 34 percent and the Kuwaiti exchange is down 28.7…
Фондовый рынок ОАЭ начал новую торговую неделю рекордным падением индексов. Основной индекс биржи Дубая (Dubai Financial Market General Index - DFM) открыл торги падением на пять процентов. Об этом сообщила газета Галф ньюс . Подробнее читайте на нашем сайте www.oilru.com
United Arab Emirates stocks were lower after the close on Tuesday, as losses in the Consumer Staples, Finance&Investment and Real Estate&Construction sectors led shares lower. At the close in Dubai, the DFM General fell 2.53% to hit a new 3-months low, while the ADX General index declined 1.97%. The best performers of the session on the DFM General were Takaful House (DU:DTKF), which rose 2.77% or 0.016 points to trade at 0.594 at the close. Meanwhile, Dubai National Insurance (DU:DNIN) added 1.79% or 0.050 points to end at 2.850 and Emirate Integrated Telecom Co PJSC (DU:DU) was up 0.19% or 0.010 points to 5.290 in late trade. The worst performers of the session were SHUAA Capital PSC (DU:SHUA), which fell 5.26% or 0.030 points to trade at 0.540 at the close. Arabtec Holding PJSC (DU:ARTC) declined 4.63% or 0.100 points to end at 2.060 and Dubai Financial Market PJSC (DU:DFM) was down 4.52% or 0.080 points to 1.690. The top performers on the ADX General were Ad Shipbldg Co (AD:ADSB) which rose 4.74% to 3.98, Al-Qaiwain Cmn (AD:QCEM) which was unchanged 0.00% to settle at 1.10 and Gulf Medical Projects Co PSC (AD:GMPC) which unchanged 0.00% to close at 2.80. The worst performers were Ad Natl Ins Co (AD:ADNI) which was down 10.00% to 4.32 in late trade, Union Natl Bk (AD:UNB) which lost 5.19% to settle at 6.21 and Sharjah Cement AD (AD:SCID) which was down 4.76% to 1.00 at the close. Falling stocks outnumbered advancing ones on the Dubai Stock Exchange by 23 to 3 and 1 ended unchanged; on the Abu Dhabi Stock Exchange, 27 fell and 1 advanced, while 2 ended unchanged. Shares in SHUAA Capital PSC (DU:SHUA) fell to 52-week lows; losing 5.26% or 0.030 to 0.540. Shares in Arabtec Holding PJSC (DU:ARTC) fell to 52-week lows; falling 4.63% or 0.100 to 2.060. Shares in Ad Shipbldg Co (AD:ADSB) rose to 52-week highs; gaining 4.74% or 0.18 to 3.98. Shares in Ad Natl Ins Co (AD:ADNI) fell to all time lows; down 10.00% or 0.48 to 4.32. Shares in Al-Qaiwain Cmn (AD:QCEM) unchanged to 52-week lows; unchanged 0.00% or 0.00 to 1.10. Crude oil for October delivery was down 0.48% or 0.20 to $42.20 a barrel. Elsewhere in commodities trading, Brent oil for delivery in October fell 0.39% or 0.19 to hit $48.55 a barrel, while the December Gold contract rose 0.08% or 0.90 to trade at $1119.30 a troy ounce. USD/AED was unchanged 0.00% to 3.6731, while EUR/AED fell 0.13% to 4.0648. The US Dollar Index was down 0.03% at 96.80.
United Arab Emirates stocks were lower after the close on Sunday, as losses in the Services, Insurance and Finance&Investment sectors led shares lower. At the close in Dubai, the DFM General declined 0.94%, while the ADX General index lost 0.90%. The best performers of the session on the DFM General were Damac Properties Dubai Co PSC (DU:DAMAC), which rose 2.58% or 0.08 points to trade at 3.18 at the close. Meanwhile, Air Arabia PJSC (DU:AIRA) added 0.62% or 0.010 points to end at 1.610 and Dubai Financial Market PJSC (DU:DFM) was up 0.52% or 0.010 points to 1.930 in late trade. The worst performers of the session were Drake&Scull International PJSC (DU:DSI), which fell 4.74% or 0.038 points to trade at 0.763 at the close. Takaful House (DU:DTKF) declined 4.08% or 0.026 points to end at 0.611 and Gulf Navigation Holding PJSC (DU:GNAV) was down 3.66% or 0.017 points to 0.447. The top performers on the ADX General were Ad Natl Energy (AD:TAQA) which rose 2.94% to 0.680, United Arab Bk (AD:UAB) which was up 1.82% to settle at 5.60 and Bank Of Sharja (AD:BOS) which gained 1.26% to close at 1.61. The worst performers were Methaq (AD:METH) which was down 9.52% to 1.140 in late trade, Int Fish Farmi (AD:ASMK) which lost 8.61% to settle at 6.58 and Natl Co Bldg M (AD:BILD) which was down 5.80% to 0.650 at the close. Falling stocks outnumbered advancing ones on the Dubai Stock Exchange by 24 to 4 and 1 ended unchanged; on the Abu Dhabi Stock Exchange, 15 fell and 7 advanced, while 2 ended unchanged. Crude oil for September delivery was down 3.54% or 1.72 to $46.80 a barrel. Elsewhere in commodities trading, Brent oil for delivery in September fell 2.81% or 1.50 to hit $51.81 a barrel, while the December Gold contract rose 0.57% or 6.20 to trade at $1094.90 a troy ounce. USD/AED was down 0.00% to 3.6730, while EUR/AED rose 0.48% to 4.0341. The US Dollar Index was down 0.30% at 97.32.
Media coverage of the nuclear talks will often take the opposition of Israel, Saudi Arabia and Gulf States to Iran nuclear diplomacy as a given. It's an easy way to boil things down into a "he said, she said" tale of two opposing sides. For the deal's opponents in Congress, it provides a group of worried allies to take up the mantle for. Congressional critics, as well as Republican presidential hopefuls, have blasted the deal based on this frame. Wisconsin Gov. Scott Walker took this tack arguing, "President Obama's deal ... risks provoking a nuclear arms race in the most volatile region of the world, one that threatens the survival of our closest regional ally Israel and our key Arab partners." But recent events have pulled the rug out from that narrative. In a phone call with President Obama after the framework was announced, Saudi Arabia's recently enthroned King Salman was conciliatory in his remarks, saying he hoped for a final deal that would "reinforce the stability and security of the region and the world." The Saudi cabinet reinforced that viewpoint today in a statement that "welcomed" the agreement. The statement goes on to say that Saudi Arabia seeks a Middle East free of all weapons of mass destruction -- clearly referring to Israel's unacknowledged nuclear weapons stockpile. Meanwhile, business leaders in the United Arab Emirates greeted the news of the framework with optimism. Stock prices on the Dubai Financial Market shot up. These facts don't only undermine the narrative of regional opposition. They put the lie to the notion that a nuclear deal automatically creates an incentive for neighboring states to build their own weapons. Fawaz A. Gerges, professor of Middle Eastern politics at the London School of Economics, told the Washington Post Iran's nuclear programs make the Gulf states anxious but said "I doubt very much whether Saudi Arabia or the United Arab Emirates would go nuclear. It would be a costly and risky option." As long as there are civilian nuclear programs in the region there is the danger of nuclear proliferation. But a comprehensive agreement that effectively and verifiably constrains Iran's nuclear programs could have a positive effect on neighboring countries. As one administration official told the Daily Beast: The logical response by any of Iran's neighbors to an agreement that severely restricted Iran's program to the point that we have confidence they would never pursue nuclear weapons, the logical response is not to build up a proto-military capability in enrichment, it's rather to go in the opposite direction. U.S. specialists in nuclear non-proliferation agree. Today 30 leading national security experts release a statement praising the deal saying that, "the agreement reduces the likelihood of destabilizing nuclear weapons competition in the Middle East, and strengthens global efforts to prevent proliferation, including the Nuclear Nonproliferation Treaty." It's not just the Gulf States. The framework announcement got a better than expected reception in Israel as well. At this point, you'd have to live under a rock not to know that Bibi Netanyahu just hates nuclear diplomacy with Iran. But people may be less familiar with what other Israelis are saying. In an editorial today titled "Obama was right, Iran capitulated", former Mossad (Israeli intelligence) chief Efraim Halevy praised the specifics of the framework saying no one who has followed the issue would have "believed Iran would ever agree to discuss these issues, let alone agree to each of the" restrictive provisions of the framework. He slams Netanyahu for his kneejerk opposition and argues that Israel should instead focus on making sure the final agreement is strong. He even cautioned against Israeli lobbying of Congress: You can't have your cake and eat it too; you can't conduct an all-out war against the president to thwart his historic achievement and, in the same breath, hold talks with him to improve the product. Moreover, taking the fight to Congress would require deeper Israeli intervention in the approaching elections in the United States. Other members of the Israeli security establishment concur. Amos Yadlin, an Israeli general and former head of military intelligence, also expressed cautious optimism about the deal: There's no reason for panic. Israel's fate has not been sealed, our freedom is not in danger and all in all, we're talking about an agreement with quite a few achievements. Israel's press also gave positive reviews to the framework announcement. In Haaretz, diplomacy reporter Barak Ravid wrote that Israeli officials would be surprised by how strong the agreement is even though they might never admit it: Israel will have a hard time fighting this agreement, or portraying it as bad. One of the reasons for this is that it's clear to anyone that reads the agreement will understand that if Iran indeed upholds it, the threat of an Iranian nuclear weapon will be severely reduced over the next two decades, at least. Also, it is now clear that the military strike that Netanyahu was pushing for will not be able to achieve the same things as the agreement. It's doubtful if Netanyahu, who tried to enlist Congress' support against the agreement, will be able to find 13 Democratic senators who would vote against Obama. Ron Ben-Yishal, a veteran Israeli war and military affairs correspondent, heralded the framework as a "better deal than we expected." He too points out that the military option that John McCain recently invited Israel to take would, unlike the peaceful agreement, do little to prevent a nuclear Iran: We could not have achieved a better outcome even if Israel, the United States, and other countries had carried out military strikes on the nuclear sites in Iran. Even if the attack had been successful, the delay caused to the Iranian nuclear weapon program would have been shorter than 10 years. Needless to say, the regional politics around the Iran deal will remain thorny. The U.S. will have to engage in careful diplomacy to navigate the anxiousness that some in the region are experiencing about a partial détente with Iran. The U.S. should also avoid its tendency to sweeten the pot with military support and instead win hearts and minds through cultural exchange, public diplomacy and economic aid. Parallel to the politics of the deal, there is an urgent need for diplomatic solutions to regional conflicts such as the fighting in Yemen, the stalemate over Syria and the Palestinian question. An agreement on nuclear issues won't be a panacea that makes Iran and the U.S. the best of geopolitical buddies. But neither is it an obstacle for regional diplomacy and peacemaking. Quite the contrary. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.
Решение Организации стран-экспортеров нефти (ОПЕК) сохранить уровень производства вызвало не только дальнейшее падение цен на «черное золото», но и серьезное падение индексов на биржах стран Персидского залива, передает ТАСС. По итогам торгов все площадки оказались в серьезном минусе. Больше всего потерял совокупный индекс крупнейшей на Ближнем Востоке Саудовской фондовой биржи «Тадавуль», он снизился на 4,8% до 8624,89 пункта. В процентном соотношении на втором месте оказался Финансовый рынок Дубая (Dubai Financial Market, DFM), индекс которого упал на 4,7%, достигнув 4281,43 пункта. Следом идет Дохийская биржа ценных бумаг (Doha Securities Market, DSM, где главный индекс уменьшился на 4,3, установившись на отметке 12760,46 пункта. Здесь стоит отметить, что в целом за три месяца параллельно с ценами на нефть индекс «Тадавуль» снизился на 21,5%. Как пишет 1 декабря издание «Аш-Шарк аль-Аусат», ранее в текущем году главный индекс достигал уровня 11200 пунктов…
U.S. and UK Test Big Bank Collapse - Risk Of Bail-ins Regulators from the U.S. and the UK are in a “war room” today to see if they can cope with any possible fall-out when the next big bank topples over, the two countries said on Friday according to Reuters. Treasury Secretary Jack Lew and the UK's Chancellor of the Exchequer, George Osborne, on Monday will run a joint exercise simulating how they would prop up a large bank with operations in both countries that has landed in trouble. Also taking part are Federal Reserve Chair Janet Yellen and Bank of England Governor Mark Carney, and the heads of a large number of other regulators, in a meeting hosted by the U.S. Federal Deposit Insurance Corporation. "We are going to make sure that we can handle an institution that previously would have been regarded as too big to fail. We're confident that we now have choices that did not exist in the past," Osborne said at the International Monetary Fund's annual meeting. Six years after the financial crisis, politicians and regulators around the globe are keen to prove they have created rules that will allow them to let a large bank go under without spending billions in taxpayer dollars. They have forced banks to ramp up equity and debt capital buffers to protect taxpayers against losses, and have told them to write plans that lay out how they can go through ordinary bankruptcy. The plans are so-called living wills. Yet salvaging a bank with operations in several countries - which is the norm for most of the world's largest banks such as Deutsche Bank, Citigroup Inc and JPMorgan - has proven to be a particularly thorny issue. Because the failure of a big bank is such a rare event, regulators may not be used to talking to each other. There have also been suspicions that supervisors would first look to save the domestic operations of a bank, and would worry less about units abroad. The exercise comes as regulators are about to bring to fruition further initiatives to make banking safer. The first would force banks to have more long-term bonds that investors know can lose their value during a crisis, on top of their equity capital, to double their so-called Total Loss-Absorbing Capacity (TLAC). A second measure, expected to be announced this weekend, will force through a change in derivative contracts, which in their current form protect investors, and complicate the winding down of a bank across borders. Gold in U.S. Dollars (Thomson Reuters) It is now the case that in the event of bank failure, your deposits could be confiscated. Let's be crystal clear: The EU, UK, the U.S., Canada, Australia and New Zealand all have plans for bail-ins in the event of banks and other large financial institutions getting into difficulty. Are your deposits safe? Are you prepared for Bail-Ins? Special Report on Bail-ins Here GOLDCORE MARKET UPDATE Today’s AM fix was USD 1,228.00, EUR 969.14 and GBP 763.82 per ounce. Friday’s AM fix was USD 1,222.25, EUR 964.38 and GBP 761.01 per ounce. Gold and silver both remained unchanged on Friday at $1,223.70 and $17.35. Last week, gold and silver both climbed 2.7% and 3.2%, respectively. Silver in U.S. Dollars (Thomson Reuters) Gold jumped sharply in the early Asian trading Monday as a safe haven bid came into the market. Gold in Singapore rose as high as $1,235 an ounce prior to concentrated selling in London pushed prices lower again. At the open in London, gold climbed to $1,237.30 an ounce, near a 4 week high, prior to selling saw gold fall back to $1,225/oz. Last week gold bullion saw its largest weekly gain in 4 months as safe haven buying was seen due to concerns about the Eurozone and continuing ultra loose monetary policies. Poor economic data from Europe, slow growth in China and concerns about Ebola have prompted investors to sell equities. Asian stocks stumbled to seven-month lows on today while crude oil prices were pinned near a four-year trough. Stocks in Dubai fell 6.5% on Sunday, the biggest drop in four months to bring the Dubai Financial Market General Index to its lowest level since July 20. Gold is a proven hedging instrument and safe haven asset to riskier assets such as equities. Last week the IMF cut its global economic forecast, and the U.S. Fed’s very dovish comments have made investors think that an interest rate hike is coming later than they expected. Fed officials also expressed concern over the global economy, which could further delay a rise in U.S. interest rates. Most notably, Fed Vice Chairman Stanley Fischer said the effort to normalise radical U.S. monetary policy after years of extraordinary stimulus may be hampered by the global outlook. A delay in raising interest rates is positive for gold, a non-interest-bearing asset, and negative for the dollar and other interest yielding assets. Today, Japanese markets are closed and the U.S. and Canada will be partially, or fully, shut for holidays as well. Singapore launched physically-settled kilobar gold trading today or contracts for 25kg or 804 ounces each. Singapore has stated its intent to become an Asian gold hub with a goal of setting a regional benchmark price. The contract which expires tomorrow was priced at $39.685/gram at close of trade. The contracts trade at 830-1130 am Singapore time. Receive GoldCore's Award Winning Research Here www.GoldCore.com
It appears the weakness in US equity markets (the last of the hot money flow darlings to be hit) is now rippling back down the bubble-complex of world equity markets. Dubai, infamous for its huge surge in the last 2 years and 36x over-subscribed IPO of a company with no actual operations - which marked the top before a 30% collapse - was open for business today and crashed 6.5%. This the Dubai Financial Markets General Index biggest daily drop in 14 months... the ripple effect is beginning. It appears the hot money trades are slowly being unwound... commodities, EM FX, HY credit, and now US equities... And are now blowing-back to the rest of the world's most bubblicious markets... Charts: Bloomberg
The US stock market may be at record highs but, it's nowhere near the best performing market in the world. That's because the Dubai Financial Market General Index has made over 56% since the start of 2014.
In August 2012, when isolating one of the various reasons for the latest housing bubble, we suggested that a primary catalyst for the price surge in the ultra-luxury housing segment and the seemingly endless supply of "all cash" buyers (standing at an unprecedented 60% of all buyers lately as reported by Goldman) is a very simple one: crime. Or rather, the use of US real estate as a means to launder illegal offshore-procured money. We also identified the one key permissive feature which allowed this: the National Association of Realtors' exemption from Anti-Money Laundering provisions. In other words, all a foreign oligarch - who may or may not have used chemical weapons in their past: all depends on how recently they took their picture with the Secretary of State - had to do to buy a $47 million Florida house, was to get the actual cash to the US. Well good thing there are private jets whose cargo is never checked. This is how we framed the problem last August: ... a foreigner who may or may not have engaged in massive criminal activity and/or dealt with Iran, Afghanistan, or any other bogeyman du jour at some point in their past, and is using US real estate merely as a money-laundering front perhaps? Sadly, we will never know. Why? As explained before, it is all thanks to the National Association of Realtors - those wonderful people who bring you the existing home sales update every month (with a documented upward bias every single time) - which just so happens is the only organization that actively lobbied for and received an exemption from AML regulation compliance. In other words, unlike HSBC, the NAR is untouchable, even if it were to sell a triplex to Ahmedinejad on West 57th street. As a reminder, here is where the NAR stands on the issue of its most generous clients possibly being some of the worst criminal known to man, courtesy of Elanus Capital: Many of you reading this will undoubtedly have spent time in an international bank and been forced to sit through countless hours of “know your client” and AML training. Fascinating to note that the National Association of Realtors lobbied for and received a waiver from such regulation. That’s right, realtors actually went to the U.S. government and said: we want to be able to help foreign business oligarchs and other nefarious business people launder money through the real estate markets of the United States – and prevailed. Here's their official position: "NAR supports continued efforts to combat money laundering and the financing of terrorism through the regulation of entities using a risk-based analysis. Any risk-based assessment would likely find very little risk of money laundering involving real estate agents or brokers. Regulations that would require real estate agents and brokers to adopt anti-money laundering programs may prove to be burdensome and unnecessary given the existing ML/TF regulations that already apply to United States financial institutions." Hat’s off to the NAR – that is some serious doublespeak. My translation: We’ll support you as long as we don’t have to support you. If after skimming the above, readers are still confused what the reason is for the luxury segment of the US housing market continuing to rise in price even as all other segments of the quadruplicate US housing market as explained here languish, we suggest rereading it as many times as necessary. It appears that a year later this too hypothesis has been proven. Earlier today the Post reported that "U.S. authorities announced Tuesday that they are seeking forfeiture of pricey Manhattan real estate linked to a fraud they say was uncovered by a whistleblowing Russian lawyer before he died behind bars. A civil forfeiture complaint filed against the assets of a Cyprus-based real estate corporation and other holding companies alleges that some of the proceeds from the $230 million tax fraud in Russia were laundered through the purchase of four luxury condominiums located in a Wall Street doorman building and two commercial spaces in prime locations in midtown and Chelsea." The lately ubiquitous was quick to take credit: “Today’s forfeiture action is a significant step toward uncovering and unwinding a complex money-laundering scheme arising from a notorious foreign fraud,” U.S. Attorney Preet Bharara said in a statement. “While New York is a world financial capital, it is not a safe haven for criminals seeking to hide their loot, no matter how and where their fraud took place.” Oh but it is because quite simply nobody cares where the money comes from, the NAR is exempt from doing even the most cursory background check, and as long as the prevailing average home price rises, everyone is happy. What is curious is where the source of the info came from: The whistleblower, Sergei Magnitsky, was a lawyer for U.S.-born British investor William Browder. He alleged in 2008 that organized criminals colluded with corrupt Russian Interior Ministry officials to claim a fraudulent $230 million tax rebate after illegally seizing subsidiaries of Browder’s Hermitage Capital investment company. He subsequently was arrested on tax evasion charges and died in prison in November 2009 of untreated pancreatitis at age 37. His death prompted widespread criticism from human rights activists, and the Russian presidential human rights council found in 2011 that he had been beaten and deliberately denied medical treatment. Browder, who has campaigned to bring those responsible for Magnitsky’s death to justice, has claimed that one of the corrupt tax officials bought luxury real estate in Moscow, Dubai and Montenegro and wired money through her husband’s bank accounts worth $39 million. That this is the first of many such money laundering schemes to be exposed is obvious to anyone. With the recent witchhunt of Russian, and other billionaires, in Europe following the Cyprus debacle, it is only logical that the vast majority parked their cash in what until now, was the last safe use of illicit funds: US real estate, where the policy don't ask, don't tell is more alive now than ever, and has spawned countless HGTV (and CNBC) shows highlighting the resurgent New York City (and other high end cities') housing market. The bigger question is just how far will Bharara take this, and comparable such future actions. And more importantly, how will the panicked NAR lobby respond if suddenly a key source of "all cash, sight unseen" buyers disappears. Finally, if indeed money laundering is no longer possible into US real estate, kiss yet another of the several key spokes (alongside foreclosure stuffing, the private equity REO-to-Rent investment wave and the Emerging Market capital flow crisis) of the artificial housing recovery goodbye. Why? Apartments in the luxury 35-story Manhattan high-rise can sell for more than $3 million, according to real estate websites. Amenities include a gym, a pool and rooftop deck. Now take this single example and multiple by hundreds and thousands of times.
Among global financial exchanges Dubai Financial Market provided the strongest performance, quarter against quarter, experiencing an increase in share price of 62.1 per cent in Q2 against 3.6 per cent in Q1.