Dollar rises ahead of Jackson Hole meeting of senior bankers

The dollar rose against a basket of other major currencies on Tuesday as investors awaited the annual gathering of central bank bankers at Jackson Hole later this week to find evidence on how policymakers look at the economy. The dollar index, which measures the strength of the greenback against a basket of six major currencies, rose 0.23% to hit 93.40 by 3:21 am EDT (07:21 GMT). The dollar was up 0.4% at 109.42, down from last week’s low of 108.59,

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Egypt targets 5% GDP growth by end-2017/18

Egypt expects its gross domestic product to grow by 5 percent by the end of the fiscal year 2017/18 that began in July, the planning minister said on Monday, putting the figure at slightly higher than previously predicted by government. Finance Minister Amr El-Garhy said in a televised interview earlier this month that he expected GDP growth to reach 4.6-4.8 percent in the 2017/18 fiscal year. Egypt fiscal year begins in July and ends in June. Egypt’s economic growth has

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Oil prices edge up on signs of gradually tightening market

Oil prices inched up early on Tuesday, lifted by indications that supply is gradually tightening, especially in the United States. Brent crude futures, the international benchmark for oil prices, were at $51.78 per barrel at 0026 GMT, up 12 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $47.52 a barrel, up 15 cents. “U.S. crude oil stocks have been falling consistently in recent weeks. If the downtrend in oil inventories is maintained, then a

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Kuwait’s real estate market liquidity up 7% in July

Kuwait’s real estate market liquidity rose 7 percent in July to 190.2 million dinars (SR2.36 billion) from 177.7 dinars a month earlier, and 26.8 percent higher from year-ago levels. The country’s Ministry of Justice – Real Estate Registration and Authentications Department did not provide the value for July 2016. Property trading in July, which involved 430 deals, involved 163.3 million dinars worth of contracts and 57 for agencies, the government agency said. The Mubarak Al-Kabir and Ahmadi governorates registered the

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Abu Dhabi house prices continue to fall, but may soon hit a floor

Abu Dhabi’s residential property market continued to witness steep declines in the year to June, but may soon hit a price floor that most developers “will not be able to go below”, according to Core Savills’ chief executive David Godchaux. The company this week released an Abu Dhabi Mid-Year Snapshot report, which argued that prices have fallen more sharply than it had previously expected as a result of workforce redundancies and shrinking household incomes both in the public and private

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OPEC oil supply set for sharp drop in August – PetroLogistics

OPEC oil supply is set to fall by 419,000 barrels per day (bpd) this month, a company that tracks OPEC shipments forecast on Monday, reflecting plans for lower exports by Saudi Arabia and reductions by other producers. The 14-member Organization of the Petroleum Exporting Countries has agreed to cut output by about 1.2 million bpd until March 2018 in an effort to reduce inventories and support prices. Compliance with the deal has been high so far but OPEC production hit

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Dollar Drops Against Majors

The U.S. dollar traded lower against its key counterparts in the European session on Monday, as the dismissal of chief strategist Steve Bannon from the Trump team escalated worries about the President’s ability to push through his economic agenda. Trump fired Bannon on Friday, becoming the latest to depart from the president’s administration in turmoil. Although Bannon offered his resignation to Trump on August 7, it had been pushed back following the violence in a white nationalist rally in Charlottesville,

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If you think bitcoin value is high…wait for the next WAR

With bitcoin exploding in value since April 2017, social media has been abuzz with debate over the controversial currency. Many are shocked that the digital currency has increased in price for no good reason, and expect it to collapse on itself as quickly as it has risen. Others, however, expect the currency to continue its steady climb, with the decentralised, internet-based money eventually replacing the outdated and costly services banks provide. Zan Baldwin, a computer coder, was as surprised as

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UAE banks poised for robust H2 performance

Dubai: Financial results of UAE banks in the second quarter of this year point to improving profitability, modest balance sheet growth, margin expansion and improving costs, according to banking sector analysts. While the underlying trend of a turnaround in growth and profitability is in its early stages, analysts say these are sustainable. “The UAE banks generally reported good second-quarter results, driven by improving credit environment and some margin expansion, with Dubai banks showing relatively better balance-sheet growth than Abu Dhabi

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Oil stable as market conditions tighten despite rising US output

Oil markets were stable early on Monday, holding on to Friday’s big gains even though rising U.S. output weighed on hopes the market will tighten with crude inventories down 13 percent since March. Brent crude futures, the international benchmark for oil prices, were at $52.72 per barrel at 0139 GMT, unchanged from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $48.54 a barrel, up 3 cents form their last settlement. This came after an up-to-3 percent

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China key to modernizing Egypt’s railway infrastructure

Head of Egyptian Transport Association (ETA) Mohammed Shehata said yesterday that China can be a main player in developing Egypt’s railway system. “China is a leading country in this field,” Shehata told Xinhua, adding that China is always ready to help friendly countries improve their infrastructure. The ETA is a leading Egyptian NGO that monitors and issues reports on the transportation systems in the North African country. The NGO chief said that China has been helping many countries, mainly in

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Gold dips as investors seek riskier assets amid easing N.Korea tensions

Gold prices fell in early trade on Tuesday as easing tensions between the United States and North Korea saw investors seek riskier assets like equities. Spot gold was down 0.5 percent at $1,275.79 per ounce, as of 0315 GMT. U.S. gold futures for December delivery shed 0.7 percent to $1,281.40 per ounce. North Korean leader Kim Jong Un received a report from his army on its plans to fire missiles towards Guam and said he will watch the actions of

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Egyptian economy to rank 15th around world by 2050

The Egyptian economy is expected to rank 15th worldwide by 2050, out of a list of 32 countries, according to the gross domestic products expected through the purchasing power parity (PPP), an international report issued by PricewaterhouseCoopers, a multinational professional services network based in London. According to the report, the purchasing power of Egypt in 2050 will be $4.333 trillion. The report dubbed “The Long View, how will the global economic order change by 2050?” said that in 2050 the

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Oil prices steady after overnight tumble

Oil prices steadied in early Asian trade on Tuesday after sharp falls the session before when a stronger U.S. dollar and a drop in Chinese refining runs hit the market. Global benchmark Brent crude futures were up 6 cents, or 0.12 percent, at $50.79 at 0122 GMT. That was just above their 100-day moving average, briefly breached in the previous session. U.S. West Texas Intermediate crude futures were also up 6 cents, or 0.13 percent, at $47.65 a barrel. Oil

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U.S. Dollar Climbs Against Majors

The U.S. dollar firmed against its major opponents in pre-European deals on Tuesday. The greenback strengthened to weekly highs of 110.45 against the yen and 0.9755 against the franc, off its early lows of 109.61 and 0.9704, respectively. The greenback climbed to 4-day highs of 1.1752 against the euro, 1.2739 against the loonie and 0.7842 versus the aussie, up from its previous lows of 1.1793, 1.2718 and 0.7877, respectively. The greenback bounced off to 0.7291 against the kiwi, after having

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Yen, Swiss Franc Fall As Asian Stock Markets Rebound

The safe-haven currencies such as the Japanese yen and the Swiss franc weakened against their major currencies in the Asian session on Monday, as Asian stock markets rebounded after the previous session’s sell-off. Investors resorted to bargain hunting following the positive cues from Wall Street and worries about rising tensions between the U.S. and North Korea eased. Investor sentiment was also bolstered by better-than-expected Japanese GDP data, while a raft of Chinese economic data missed expectations. On the economic front,

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UAE consumer spending forecast to exceed $71.11bln in 2021

Consumer spending in the UAE, which amounted to nearly $183 billion in 2016, is forecast to rise at an annual rate of 7.5 per cent over the next five years to exceed $261 billion in 2021, analysis released by the Dubai Chamber of Commerce and Industry on Sunday showed. The report, based on recent data from Euromonitor International, revealed that consumer expenditure per household during 2016 was highest in the UAE when compared to other GCC countries, amounting to around

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Business conditions in KSA improve to the greatest extent in 3 months

Growth in the non-oil private sector picked up at the start of the third quarter on the back of sharper increases in output and new orders, according to a new survey. The Saudi Arabia PMI survey, sponsored by Emirates NBD and produced by IHS Markit, contains original data collected from a monthly survey of business conditions in the Saudi private sector. According to it, greater output requirements encouraged companies to purchase more inputs and stimulated job creation in the sector.

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Oil prices up amidst higher global demand, Nigeria instability

Oil prices rose slightly on Friday in volatile trading as the market weighed lower U.S. crude stocks, Nigerian instability and strong global demand growth against a persistently slow rebalancing. Brent crude LCOc1 settled up 20 cents or 0.39 percent to $52.10 a barrel. U.S. West Texas Intermediate crude CLc1 was up 23 cents or 0.47 percent to $48.82 a barrel. U.S. crude was down 1.5 percent on the week, while Brent was down 0.6 percent. The International Energy Agency said

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Gold buoyed by North Korea tensions, U.S. inflation data

Gold prices climbed to two-month highs on Friday as investors sought refuge from escalating tensions between North Korea and the United States, while bullion also received support from weak U.S. inflation data. U.S. President Donald Trump issued a new threat to North Korea, saying American weapons were “locked and loaded” as Pyongyang accused him of driving the Korean Peninsula to the brink of nuclear war. Spot gold was up 0.3 percent at $1,290.60 per ounce at 1240 GMT, set for

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Dollar falls after U.S. consumer price data misses expectations

The dollar fell against a basket of currencies on Friday, after data showed U.S. consumer prices rose less than expected in July, pointing to benign inflation that could make the Federal Reserve cautious about raising interest rates again this year. The U.S. consumer price index edged up 0.1 percent last month after being unchanged in June. Economists polled by Reuters had expected the CPI to rise 0.2 percent in July. “Taken in combination with yesterday’s weaker-than-forecast producer price report, it

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Real estate transactions in Dubai exceeded $106bln in 18 months

Dubai Land Department, DLD, has announced that the total value of real estate transactions exceeded AED390 billion across 95,000 transactions in the 18 months from 1st January 2016 to 31st July, 2017. Commenting on the results, Sultan Butti bin Mejren, Director General of DLD, said, “These figures demonstrate an atmosphere of optimism across the real estate market. They also support expert views that emphasise the substantial growth of the real estate market and the maturity it has achieved.” Bin Mejren

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Saudi Arabia favours New York for Aramco listing despite risks

Saudi Arabia favours New York for the main foreign listing of state oil giant Aramco, even though some financial and legal advisers have recommended London as a less problematic and risky option, people familiar with the matter told Reuters. A final decision on where to stage what could be the world’s largest initial public offering will be taken by Crown Prince Mohammad bin Salman – or MbS as he is known – who oversees the kingdom’s economic and energy policies,

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EUR/UAE

Real estate leads economic activity in Dubai

The real estate sector has grown into a significant component of the economy in Dubai and the number of companies engaged in real estate and related activities in Dubai has now reached 8,011, including more than 680 real estate developers. According to the Business Registration & Licensing (BRL) sector in Dubai Economy, the emirate’s real estate sector has expanded substantially since 2001 with a 22.4 per cent growth recorded within the last five years alone. Real estate brokerage accounts for

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T-BOND

Asian shares, dollar slip as U.S.-North Korea tensions escalate

Asian shares and U.S. stock futures slipped on Wednesday and investors piled into havens such as U.S. Treasuries, gold and the yen as tensions on the Korean peninsula escalated, with Pyongyang saying it is considering plans to attack Guam. A spokesman for the Korean People’s Army said in a statement that it was “carefully examining” plans for a missile attack on the U.S. Pacific territory, which has a large American military base. The comments came just hours after U.S. President

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Egypt looks to settle agricultural export problems and seeks to break into new markets

Egypt’s agricultural export council chairman Abdelhamid Dumdash said he was optimistic that the problems of exporting agricultural products to Arab markets could be resolved and said his country was seeking to penetrate new international markets for the export of vegetables and fruit. Arab countries have called for a “white list of Egyptian exporters” to ensure confidence when dealing directly with them and the safety of their products, he said. Egypt’s agricultural exports face problems after Western and Arab countries banned

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Moody’s: Qatari banks’ suffering is worsening as the crisis enters its third month

The Gulf crisis and the boycott of Qatar by the Saudi-led quadripartite alliance are tightening the pressure on Qatari banks and financial institutions, Moody’s said. Adding that the Gulf crisis is entering its third month, which makes the economic risks increase especially as the government’s ability to support the banking sector is weakened. Moody’s also reports several risks, mainly the flight of foreign deposits and foreign financing sources from Qatar, accounting for about 36% of total bank commitments in Doha.

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The dollar exchange rate is down against the Egyptian pound by more than 4% within two months

The exchange rate of the dollar in the Egyptian market fell from 18.50 pounds two months ago to about 17.70 pounds during trading today, amidst the stability of the country’s economy, losing the US dollar about 0.80 pounds, or 4.32% losing within two months. As demand for the dollar has increased, according to bankers who have confirmed that there has been a violent sell-off of the greenback since it started falling below 18 pounds in recent days. Egyptian Finance Minister

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Commodity Currencies Fall As Asian Stock Markets Traded Lower

Commodity currencies such as the Australian, the New Zealand, and the Canadian dollar weakened against their major counterparts in the Asian session on Tuesday, as Asian stock markets traded lower with some of the markets reversing early gains as investors digested the release of China’s trade data for the month of July, with the export and import figures falling short of analysts’ expectations. Data from the General Administration of Customs showed that China’s trade surplus increased in July despite a

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U.S. Private Sector Employment Increases By 178,000 Jobs In July

Employment in the U.S. private sector increased by less than expected in the month of July, according to a report released by payroll processor ADP on Wednesday. ADP said private sector employment climbed by 178,000 jobs in July after jumping by 191,000 jobs in June. Economists had expected an increase of about 185,000 jobs. “Job gains continued to be strong in the month of July,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “However, as the

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Egypt’s soaring inflation hits food and drinks companies’ profits

Egypt’s rising interest rates and soaring inflation have hit second-quarter profits at some of the country’s food and drinks companies, providing evidence that consumers’ purchasing power is being squeezed. Second-quarter net profits at Edita Food Industries , one of Egypt’s largest snack food producers, fell 88 percent to 5.73 million Egyptian pounds ($319,888.27) from 47.42 million in the same period last year, even though sales rose 11.2 percent. Juhayna Food Industries , Egypt’s biggest listed producer of packaged juice and

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MIDEAST STOCKS-Pullback in crude oil weighs on Gulf in early trade

A strong pullback in crude oil prices overnight and their continued decline early on Wednesday weighed on oil-linked sectors in the Gulf, while Dubai dropped on profit taking. Brent crude futures were down almost 1 percent at $51.30 per barrel as of 0740 GMT, after they settled 1.7 percent lower on Tuesday. The Riyadh index declined 0.4 percent as ten of the 14 listed petrochemical makers were down in the first 40 minutes of trade on Wednesday. Saudi Basic Industries

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Moody’s: Outlook on UK banking system raised to stable reflecting increased resilience

Moody’s Investors Service, published a latest report on the UK’s banks, explaining the recent outlook upgrade on the country’s banking system. Key Points: Moody’s Investors Service has raised its outlook on the UK’s banking system to stable from negative as banks’ stronger credit profiles have increased their resilience to weakening operating conditions. UK banks will remain healthy due to improved capital positions, strong loan quality and robust liquidity and funding positions. The outlook expresses Moody’s expectation of how bank creditworthiness

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Commodity Currencies Slide As Crude Oil Price Falls

Commodity currencies such as the Australian, the New Zealand and the Canadian dollars weakened against other major currencies in the Asian session on Wednesday, as crude oil price fell after a report said OPEC produce rose in June despite the cartel’s supply quota plan. Crude oil delivery for September is currently up by 0.33 percent or $48.83 per barrel. OPEC oil output jumped by 90,000 barrels per day (bpd) to a 2017 high, a Reuters survey found. Much of the

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NZD: bears take control towards 0.7400 after big miss in NZ employment change

Currently, NZD/USD is trading at 0.7426, up 0.05% on the day, having posted a daily high at 0.7476 and low at 0.7422. NZD/USD had stabilised in the early Asian session but took a hit on the NZ jobs data where the bird fell to complete a reversal of the 26th July rally to 0.7557 YTD high. The big miss in the Employment change q/q: -0.2% vs the expected 0.7%, and prior at 1.1% that was revised from 1.2% sent the

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Asia shares advance as investors look to data for proof of goldilocks

Asian shares rose on Tuesday as investors looked to a barrage of economic data around the world to confirm recent signs the global economy is in fine fettle with inflation staying well contained. Spreadbetters expected a mostly stronger start for European shares, forecasting Britain’s FTSE to open 0.5 percent higher, Germany’s DAX to start up 0.1 percent and France’s CAC to open little changed. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.7 percent, led by gains in

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OPEC oil output jumps to 2017 high on further Libya recovery

OPEC oil output has risen this month by 90,000 barrels per day (bpd) to a 2017 high, a Reuters survey found, led by a further recovery in supply from Libya, one of the countries exempt from a production-cutting deal. A dip in supply from Saudi Arabia and lower Angolan exports helped to boost OPEC’s adherence to its supply curbs to 84 percent. While this is up from a revised 77 percent in June, compliance in both months has fallen from

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Emaar Properties chairman Alabbar looking to invest in Egypt’s new capital project

Dubai billionaire and Emaar Properties chairman Mohamed Alabbar is looking to raise investments in Egypt. The Dubai property developer seeks to invest in several projects Egyptian government recently announced, including the new administrative capital city and New El Alamein city in addition to others in Cairo and South Sinai. Alabbar made his remarks during his meeting in Cairo on Monday with Egyptian Minister of Investment and International Cooperation Sahar Nasr. Egyptian government will start negotiations with Alabbar soon over the

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Optimistic forecasts for the Egyptian pound

The Pound should be trading at around LE15.7 per dollar in the current 2017-2018 fiscal year and at LE15.3 per dollar next year. In a note released on Tuesday, the investment bank advocated a gradual appreciation of the pound to eliminate overshooting by the first quarter of 2018, as “Egypt’s current account starts to reflect more sustainable foreign currency inflows, mainly driven by the oil trade balance and tourism receipts.” Overshooting has continued eight months into the pound’s floatation despite

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U.S. Pending Home Sales Rebound More Than Expected In June

Pending home sales rebounded by more than expected in the month of June, according to a report released by the National Association of Realtors on Monday. NAR said its pending home sales index jumped by 1.5 percent to 110.2 in June after falling to 108.6 in May. Economists had expected pending home sales to climb by 1.0 percent. A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six

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Chicago Business Barometer Drops More Than Expected In July

Growth in Chicago-area business activity slowed by more than anticipated in the month of July, MNI Indicators revealed in a report released on Monday. MNI Indicators said its Chicago business barometer tumbled to 58.9 in July from 65.7 in June. While a reading above 50 still indicates growth, economists had expected the index to drop to 61.0. The bigger than expected decrease by the index snapped a run of five straight monthly increases in business optimism. The pullback by the

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Eurozone Inflation Steady At 1.3%; Jobless Rate Lowest Since 2009

Draghi’s assertion that deflationary pressures have been replaced by reflationary ones. Another report showed that the unemployment rate fell to the lowest level in more than eight years in June as near decade-high economic confidence and robust economic activity generated more jobs. Inflation in the currency bloc held steady at 1.3 percent in July, while it was forecast to ease marginally to 1.2 percent, flash data from Eurostat showed Monday. Inflation continues to stay well below the ECB’s target of

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IMF says dollar overvalued; euro, yen, yuan broadly in line with fundamentals

The International Monetary Fund on Friday said that the U.S. dollar was overvalued by 10 percent to 20 percent, based on U.S. near-term economic fundamentals, while it viewed valuations of the euro, Japan’s yen, and China’s yuan as broadly in line with fundamentals. The IMF’s External Sector Report – an annual assessment of currencies and external surpluses and deficits of major economies – showed that external current account deficits were becoming more concentrated in certain advanced economies such as the

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Oil climbs for sixth day, near 8-wk highs on U.S. crude stock declines

Oil prices extended a rally into a sixth day on Friday, hovering near 8-week highs on a decline in U.S. inventories and OPEC’s ongoing efforts to curb production to ease a global glut. Brent crude futures were up 2 cents, or 0.04 percent, at $51.51 per barrel at 0059 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 3 cents, or 0.06 percent, at $49.07 per barrel. “Crude oil prices rose further as the focus remained on fundamentals. This

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Moody’s downgrades Oman’s ratings

Moody’s Investors Service downgraded Oman’s long-term bond rating to Baa2 from Baa1, citing the country’s limited-than-expected progress towards addressing “structural vulnerabilities”. The Oman government’s finances and external accounts remain highly vulnerable to oil price swings, Moody’s said, changing its outlook to “negative” from “stable”. “… While the government has started to implement fiscal consolidation measures, Moody’s believes the challenges are significant and that the plan is unlikely to address structural issues,” Moody’s said on Friday. () Oman’s financial and hydrocarbon

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Iran says new tensions between Revolutionary Guards and U.S. Navy

The Iranian Revolutionary Guards said on Saturday that U.S. Navy ships came close to their vessels in the Gulf and shot flares. The USS Nimitz and an accompanying warship drew close to a rocket-bearing Iranian vessel on Friday and sent out a helicopter near a number of Guards vessels close to the Resalat oil and gas platform, the Guards said in a statement published by their official news site Sepah News. “The Americans made a provocative and unprofessional move by

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Qatar seeks options at U.N to overcome Gulf rift

Qatar’s foreign minister on Thursday accused Arab states of violating international law in their boycott of the country and described the United Nations as the “right place” for Doha to seek options to overcome measures imposed against it. Saudi Arabia, Egypt, the United Arab Emirates (UAE) and Bahrain severed relations with Qatar on June 5, accusing the major gas-exporting Gulf state of financing terrorism and cozying up to their arch-rival Iran. Doha denies the charges. The four states have cut

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Arab States boycott of Qatar is considering new sanctions

Foreign ministers from Saudi Arabia, Egypt, the United Arab Emirates and Bahrain will discuss imposing new economic sanctions on Qatar when they meet on Sunday in Bahrain’s capital, Manama, Al Hayat reported. The four Arab states cut ties with Qatar on June 5 and accused them of supporting terrorist groups and supporting Iran. Doha denies this. Al-Hayat quoted unnamed Gulf sources as saying that the meeting of the foreign ministers of the four countries “will discuss further sanctions against Qatar

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Bitcoin up more than $200 on Friday, heads for flat weekly close

The digital currency Bitcoin gained traction on Friday after the rival Ether dropped more than 5% against the , and pushed the BTC/USD pair above the $2800 threshold for the first time since Monday. With this latest upsurge, the pair is about to close a volatile week little changed around that mentioned level. Commenting on this week’s price action, Coindesk’s Pete Rizzo, wrote, “while bitcoin’s long-raging scaling debate may soon reach a conclusion of sorts (with the integration of the

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Canadian Dollar Strengthens After Robust Canada GDP Data

The Canadian dollar firmed against its major counterparts in early New York deals on Friday, as a data showed that the Canadian economy expanded more than forecast in May, supporting hopes for another rate rise from the Bank of Canada this year. Data from Statistics Canada showed that the GDP rose 0.6 percent to C$1.73 trillion on a seasonally adjusted monthly basis, following a 0.2 percent uptick in April. Economists had forecast the index to match the April reading. Crude

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U.S. Consumer Sentiment Index Unexpectedly Upwardly Revised In July

A report released by the University of Michigan on Friday showed consumer sentiment in the U.S. deteriorated by slightly less than initially estimated in the month of July. The report said the consumer sentiment index for July was upwardly revised to 93.4 from the preliminary reading of 93.1. Economists had expected the index to be unrevised. Despite the unexpected upward revision, the consumer sentiment index is still down from the final June reading of 95.1. “The overall Sentiment Index has

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Crude Oil Up 8.6% For Biggest Weekly Gain Of The Year

Crude oil futures posted their biggest weekly gain of the year amid signs the global supply glut could be over within a year. U.S. stockpiles continued to fall this week, and OPEC insists it will curb supplies through 2018, if necessary. Supply interruptions from Venezuela also boosted oil. On the demand side of the equation, the U.S. economy grew at a 2.6% annual pace in second quarter, up sharply from 1.2% in the first three months of the year. September

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Treasuries Close Modestly Higher

After seeing considerable volatility early in the session, treasuries moved modestly higher over the course of the trading day on Friday. Bond prices hovered in positive territory in the afternoon after bouncing back and forth across the unchanged line in early trading. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 2.1 basis points to 2.289 percent. The higher close by treasuries may partly reflect concerns about news the U.S. detected

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Gold stable ahead of US GDP data

Gold settled on Friday after falling from a six-week high in the previous session as investors awaited second-quarter GDP data released later on Friday for signs of robust US economy . By 0656 GMT there was little change in spot gold to settle at $ 1259.10 an ounce, recording a slight rise since the beginning of this week in what may be the longest wave of weekly gains for precious metal since May. Gold futures for August delivery fell 0.1

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Commodity Currencies Slide As Asian Markets Markets Traded In Negative Territory

Commodity currencies such as the Australian, the New Zealand and the Canadian dollars weakened against their major counterparts in the Asian session on Friday. Asian stock markets are in negative territory on Friday following the mixed cues overnight from Wall Street and as investors focused on regional corporate earnings results. In other economic news, data from the Australian Bureau of Statistics showed that the final demand producer prices in Australia climbed 0.5 percent on quarter in the second quarter of

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Dollar Sinks To Near 2-Year Low Against Euro

The dollar lost ground against all of its major rivals Friday afternoon. The buck has been sinking against both the Euro and the Japanese Yen for the majority of the week and has now reached nearly a 2-year low against the Euro. Political concerns have contributed to the dollar’s slide this week, as well as hawkish comments from European Central Bank Chief Mario Draghi, suggesting a possible policy tweak. U.S. special counsel Robert Mueller is reportedly expanding the Russia probe

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Canadian Dollar Advances As CPI, Retail Sales Beat Forecasts

The Canadian dollar climbed against its major opponents in the European session on Friday, after better-than-expected domestic consumer price inflation for June and retail sales for May. Data from Statistics Canada showed that consumer price index was flat on a seasonally adjusted monthly basis, following a 0.2 percent slide in May. Economists were looking for a 0.1 percent drop. Core CPI, excluding food and energy, rose 0.2 percent on a seasonally adjusted monthly basis, from a 0.1 percent gain last

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Treasuries Move Higher Amid Drop In The Value Of The Dollar

Treasuries showed a notable move to the upside during trading on Friday after closing nearly flat for two straight days. Bond prices moved higher in morning trading and remained firmly positive throughout the afternoon. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 3.4 basis points to 2.232 percent. The decrease extended a recent downward trend by the ten-year yield, which fell to its lowest closing level in over three weeks.

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UAE welcomes Qatari decision to amend anti-terrorism laws

The United Arab Emirates on Friday welcomed Qatar’s decision to amend its anti-terrorism laws, in one of the first positive signs from the UAE and three other Arab countries since they imposed sanctions on Doha last month. In a move to counter their accusations of supporting terrorism, which it denies, Qatar has set rules for defining terrorism, freezing funding and terrorism financing and established national terrorism lists. “The Qatari decree to amend the anti-terrorism law is a positive step to

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Treasuries Close Nearly Flat For Second Straight Day

After an early move to the upside, treasuries pulled back in afternoon trading on Thursday to close roughly flat for the second straight day. Bond prices came under pressure in afternoon trading following a notable move to the upside in the morning. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by less than a basis point to 2.266 percent. The roughly flat close by treasuries came following the European Central Bank’s monetary

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China Home Prices Rise In June

House prices in majority of the Chinese cities increased in June, figures from the National Bureau of Statistics showed Tuesday. On a monthly basis, house prices climbed 60 cities out of 70 surveyed by the government. It fell in 6 cities and remained flat in 4 cities. The highest rise in house prices was noted in Luoyang, by 2.3 percent and the steepest decline was seen in Sanya, by 0.8 percent. On an annual basis, prices of new homes grew

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Qatar spent billions of dollars in support of specific individuals and organisations

Qatar spent billions of dollars in support of specific individuals and organisations, including those linked to Al Qaeda, Dr. Anwar bin Mohammed Gargash, Minister of State for Foreign Affairs, has said. Dr. Gargash made the remarks during his speech, on Monday, at the Royal Institute of International Affairs (Chatham House) in London. Speaking on the “UAE View of the GCC Crisis: What Happened and What Happens Next?” he said that the UAE was concerned about Qatar right from the early

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U.S. Dollar Falls Against Majors

The U.S. dollar weakened against other major currencies in the Asian session on Tuesday. The U.S. dollar fell to a 14-month low of 1.1538 against the euro, nearly a 3-week low of 111.99 against the yen and more than a 2-week low of 0.9588 from yesterday’s closing quotes of 1.1478, 112.61 and 0.9624, respectively. Against the pound and the Canadian dollar, the greenback edged down to 1.3099 and 1.2645 from yesterday’s closing quotes of 1.3052 and 1.2695, respectively. If the

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Australian Dollar Recovers After RBA Minutes

The Australian dollar recovered from recent lows against other major currencies in the Asian session on Tuesday, after the Reserve Bank of Australia released the minutes of the July 4 meeting that showed an upbeat assessment of the economy. The RBA minutes showed that the members of the policy board assessed the country’s economic recovery has slowed in recent months. That prompted the members to maintain a level of careful monitoring for economic conditions, although the depreciating currency rate continues

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UAE capital ranked second among world’s best cities

Abu Dhabi has been named as the second best city worldwide to visit, live and do business in, according to an international survey by market research firm Ipsos, moving up two places from last survey. New York maintained the world’s top spot in Ipsos City Index from a list of 60 cities that included Toronto, Sydney, Moscow and Hong Kong. The research firm interviewed more than 18,000 people in 26 countries worldwide for the index. Among the survey participants, 23

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U.S. Dollar Weakens Against Most Majors

The U.S. dollar declined against its most major opponents in European trading on Monday, weighed by lowering expectations for another Fed rate hike this year following weak inflation data released last week. The consumer price index was unchanged in June, contradicting expectations for an uptick of 0.1 percent, according to a report by the Labor Department. The CPI data coupled with weak retail sales and consumer sentiment figures dimmed prospects for a Fed rate hike later this year. Odds for

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Eurozone Inflation Slows As Estimated

Eurozone inflation slowed to a 6-month low in June as estimated, final data from Eurostat showed Monday. Inflation eased slightly to 1.3 percent in June from 1.4 percent in May. The rate came in line with the flash estimate published on June 30. This was the weakest rate seen so far this year. The European Central Bank targets inflation ‘below, but close to 2 percent’. On a monthly basis, the harmonized index of consumer prices remained flat in June. Core

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The Qatari crisis is worsening and interest rates become the highest in 7 years in banks

For fear of further sanctions, Qatari banks are selling their loans at a large discount, Gulf banking sources and Al Arabiya reported, with additional penalties likely to include strict controls in terms of banking transactions and remittances, A major shift in loan payments to them within the county states. On the basis of these sources, the sources said that the UAE banks are buying these loans granted by Qatari banks at low prices due to the discount on fees, and

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Indonesia Exports Fall Unexpectedly In June

Indonesia’s exports and imports contracted unexpectedly in June from a year ago, data published by the Central Statistical Agency showed Monday. Exports fell 11.82 percent year-over-year in June, confounding economists’ expectations for an increase of 7.28 percent. Similarly, imports plunged 17.21 percent annually in June, while it was forecast to rise by 9.25 percent. On a monthly basis, both exports and imports slumped by 18.82 percent and 27.26 percent, respectively in June. However, the trade balance showed a surplus of

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Denmark PPI Inflation Slows In June

Denmark’s producer price inflation eased sharply in June, after accelerating in the previous month, figures from Statistics Denmark showed Monday. The producer price index rose 0.5 percent year-over-year in June, much slower than the 4.0 percent climb in May. The measure has been rising since November last year. Both domestic and foreign market producer prices increased by 0.6 percent and 0.3 percent, respectively in June from a year ago. On a monthly basis, producer prices dropped 1.3 percent from May,

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Bitcoin slides to $1,900

Prices of Bitcoin and Ethereum extended their recent decline on Sunday, with both sinking to fresh multi-month lows amid ongoing chatter of a cryptocurrency bubble. Bitcoin fell below the $2,000-level for the first time in several weeks as investors remained wary of initiating large position amid several warnings from analysts that the digital currency has peaked since hitting $3,000 last month. The cryptocurrency was at $1,909.10 on the U.S.-based GDAX exchange operated by Coinbase in early trade North American trade,

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Global markets end the week higher

Most major global markets closed the week higher on Friday The Dow and S&P 500 both closed at new records capping a good week.The dollar weakened and government bond yields fell to multi-week lows on Friday after a benign reading of U.S. inflation in June and soft retail demand raised doubts the Federal Reserve would increase interest rates later this year. In the Middle East, stock markets extended gains on Thursday, helped by a rise in oil prices.In the United

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IMF strongly supports Egypt’s economic reforms

The International Monetary Fund (IMF) strongly supports Egypt’s economic reform programme. “Measures taken by the Egyptian government, such as increasing the prices of fuel and electricity and imposing the value-added tax, should have a positive impact on the budget. “Such measures help achieve initial surplus in the budget of the Egyptian government for the first time in 10 years,” he added, describing it as “an important achievement.” Increasing the prices of fuel and electricity was part of the Egyptian government’s

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PRECIOUS-Gold hits near 2-week high after U.S. data disappoints

Gold prices jumped 0.4 percent to the highest level in nearly two weeks on Friday after data pointed to weak U.S. inflation, reaffirming doubts that the U.S. central bank would again hike interest rates this year. U.S. consumer prices were unchanged in June and retail sales fell for a second straight month. Bond yields dipped and the dollar index slid to their lowest level since September 2016 after the weaker-than-expected figures. Spot gold gained 0.96 pct at $1,228.61 per ounce

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Egyptian economy grows 4.3% in third quarter of 2016/17

Egypt’s gross domestic product grew 4.3 percent in the third quarter of the 2016-17 fiscal year compared with the same period the previous year, said Planning Minister Hala al-Saeed on Thursday, predicting a growth rate of 4 percent by year-end. The climb is a result of growth in several industries, including communication, tourism and manufacturing, Saeed added at a press conference. Egypt’s economy has been struggling since a 2011 uprising drove foreign investors and tourists away, but the government hopes

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Dollar Lost Ground After Flood Of Economic Reports

The dollar is down against all of its major rivals Friday afternoon. Investors were confronted with a large number of U.S. economic reports this morning, the bulk of which proved disappointing. The flat inflation data and the unexpected drop in retail sales dampened expectations for a faster rate hike by the Federal Reserve. A report released by the Commerce Department on Friday showed U.S. retail sales unexpectedly decreased for the second consecutive month in June. The Commerce Department said retail

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Crude Oil Jumps 5.2% This Week

The rally in crude oil prices continued Friday on a weaker dollar and hopes the Federal Reserve will goose the U.S. economy with low interest rates for the foreseeable future. With inflation sagging, the Federal Reserve will find it hard to make the case for further interest rate hikes. The central bank has said it intends to raise rates once more this year and three times in 2018, but analysts now regard this as too ambitious. The Labor Department said

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Treasuries Close Higher Following Slew Of Economic Data

Following the pullback seen in the previous session, treasuries moved back to the upside during trading on Friday. Bond prices gave back some ground after an early rally but remained in positive territory. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 2.9 basis points to 2.319 percent. The higher close by treasuries came following the release of several key economic reports, with the data suggesting that the Federal Reserve will not be

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Most Asian Stock Markets Trade Higher, Australian Dollar Rises

The Australian dollar strengthened against other major currencies in the Asian session on Friday, as most Asian stock markets traded higher, though gains are modest in most markets. Dovish comments from Federal Reserve Chair Janet Yellen and optimism about corporate earnings lifted investor sentiment. Federal Reserve Chair Janet Yellen’s second day of testimony on Capitol Hill also attracted attention when she said gradual interest rate hikes are appropriate over the next few years. Crude oil delivery for August is up

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Qatargas asks suppliers to set up local offices amid Arab boycott

State-run Qatargas, the world’s largest producer of liquefied natural gas (LNG), has asked its suppliers to set up local operations in Qatar in an apparent bid to shield the Gulf state from further economic sanctions threatened by its neighbours. Saudi Arabia, Bahrain, the United Arab Emirates and Egypt cut diplomatic ties and severed transport links with Qatar in June, accusing Doha of supporting terrorism. Qatar denies this. The feud threatens to undermine the region’s efforts to position itself as an

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High living costs as food, travel prices shoot up in Qatar

Living costs in Qatar have become far more expensive following boycott by all of Saudi Arabia, the UAE, Bahrain and Egypt, Al Arabiya’s sister news channel, Al Hadath reported on Wednesday. Food prices have doubled and at times went up 10 times if compared to costs prior to the boycott, which started in early June. Airline tickets have also soared as it became compulsory for travelers to leave to a third country to reach their destinations. General Authority of Civil

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Top U.S. diplomat ends talks in Gulf; no sign Qatar crisis resolved

U.S. Secretary of State Rex Tillerson ended talks with ministers from Saudi Arabia and three Arab allies on Wednesday over how to end a month-long rift with Qatar, but there was no immediate word of any breakthrough. Tillerson returned to Kuwait, the mediator between the feuding Gulf countries, without making any statement on his talks in the Saudi Red Sea city of Jeddah. He had signed a U.S.-Qatari accord on terrorism financing on Wednesday, but Qatar’s opponents said it fell

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U.S. Dollar Falls On Trump Jr. Email Scandal

The U.S. dollar weakened against other major currencies in the Asian session on Wednesday on news that Donald Trump Jr. released a chain of emails that led to his meeting with a Russian lawyer and indicate the Kremlin’s support for President Donald Trump’s campaign. Traders also remain cautious ahead of Federal Reserve Chair Janet Yellen’s Congressional testimony later in the day. Her comments could have a significant impact on the outlook for interest rates ahead of the central bank’s monetary

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Oil prices jump on falling US fuel inventories

Oil prices rose more than 1.5 percent on Wednesday, extending gains from the previous day as the U.S. government cut its crude production outlook for next year and as fuel inventories plunged. Brent crude futures were up 76 cents, or 1.6 percent, at $48.28 per barrel by 0429 GMT, while U.S. West Texas Intermediate (WTI) crude futures were at $45.82 per barrel, up 78 cents, or 1.7 percent. Both settled about 1.4 percent higher on Tuesday. “The oil price… climbed

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Australian Dollar Rises Against Most Majors

The Australian dollar strengthened against most major currencies in the Asian session on Wednesday. The Australian dollar rose to a 1-1/2-month high of 1.0596 against the NZ dollar, from yesterday’s closing value of 1.0570. Against the U.S. and the Canadian dollars, the aussie advanced to 8-day highs of 0.7664 and 0.7664 from yesterday’s closing quotes of 0.7637 and 0.9860, respectively. The aussie edged up to 1.4978 against the euro, from yesterday’s closing value of 1.5013. If the aussie extends its

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Pound Declines Against Majors

The pound declined against its key counterparts in early New York deals on Tuesday, after the Bank of England Deputy Governor Ben Broadbent warned that a significant drop in trade with the Europe after Brexit would harm the U.K. and increase costs. “A significant curtailment of trade with Europe would force the U.K. to shift away from producing the things it’s been relatively good at, and therefore tends to export to the EU, and towards the things it currently imports

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Egypt’s production of new car launched

Toyota Egypt, in partnership with Arab Organization for Industrialization (AOI), launched on Monday10/7/2017 a line for assembling car parts for the Toyota Fortuner 2017 at the Arab American Vehicles Co. Toyota Egypt’s investments in the project hit $8.5 million. Attending the contract inking was minister of investment and international cooperation Sahar Nasr, who stated that the Toyota Fortuner investment was a result of the government’s economic programme. The deal asserts that the investment atmosphere in Egypt is improving, Nasr said.

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