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Noha Makram – Live- Oil prices stabilized broadly on Tuesday, as investors awaited whether US Secretary of State Anthony Blinken’s tour of the Middle East would result in an end to the Gaza war, which has raised concerns about supplies from the main oil-producing region.

Brent crude futures fell by 8 cents to $77.91 per barrel, at 09:14 GMT, while West Texas Intermediate crude futures fell by 13 cents to $72.65.

Both contracts rose by about 1% yesterday, Monday, to record their first rise in four sessions.

Philip Nova, chief market analyst at Priyanka Sakdeva, said that signs of calming tensions in the Middle East are fading, leaving some support for oil prices.

The United States continued its campaign against the Houthis who launched attacks on ships in the Red Sea, sparking unrest in the global oil trade corridor.

However, concerns about the demand outlook are limiting price gains.

Analysts explained that expectations of maintaining high interest rates in the United States and other countries would limit consumption, along with indicators of the continued suffering of the Chinese economy.

BMI analysts expect the oil market to remain broadly balanced within a year and oil prices to rise moderately by 3.4%.

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China is pressuring Iran to curb Houthi attacks in the Red Sea

Oil is about to record its largest weekly rise since the outbreak of the Gaza war

Oil prices rose at the end of Monday trading

2024-02-06 10:01:53
#Oil #prices #stabilize #anticipation #Blinkens #visit #Middle #East

Mustafa Reda – Mubasher: American stock indices closed trading on Friday, on the rise, driven by strong gains from shares of major technology companies such as Meta, Amazon, Microsoft, and Nvidia.

The Standard & Poor’s 500 and Dow Jones Industrial Average recorded new record closings, the seventh and ninth in a row for this year, while the Nasdaq index recorded a new closing high in 52 weeks.

The Standard & Poor’s 500 Index rose by more than 52 points, or 1.1 percent, to the level of 4,958 points, and the Dow Jones Index rose by 0.4 percent, with a gain of 134.78 points, recording a level of 38,654 points.

The Nasdaq index increased 267.31 points, or 1.7 percent, reaching the level of 15,628 points.

Today’s gains were largely concentrated in giant technology stocks, with communications services stocks in the S&P 500 index seeing their best day since April, while discretionary consumer information technology stocks also saw strong gains, and industrial, financial, and energy stocks also ended higher. .

Shares of Meta, the parent company of Facebook, rose today after the company announced a three-fold jump in its profits in the fourth quarter and announced its first ever dividend distribution.

Meta shares jumped by about 20 percent by the end of trading.

The company’s revenues increased by 25 percent in the fourth quarter, from $32.2 billion on an annual basis, which is the fastest pace of growth since mid-2021.

Economic data

The performance of American stocks comes with an increase in non-farm payrolls by 353,000 during the month, which is better than Dow Jones estimates of adding 185,000 jobs, according to the report issued by the Department of Labor today, while unemployment rates stabilized at 3.7 percent, compared to expectations of 3.8 percent.

Wage growth also showed a strong pace with average hourly earnings rising by 0.6 percent, double the monthly estimate, and on an annual basis, wages jumped by 4.5 percent, higher than expectations for 4.1 percent growth.

New orders for goods manufactured in the United States recorded a slight increase in December, and are likely to rise in the coming months as unfinished orders continue to accumulate.

According to the US Department of Commerce’s Census Bureau, factory orders rose 0.2 percent after rebounding by about 2.6 percent in November, and orders rose 0.8 percent on an annual basis in December.

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Nominations

Gold declines at the end of daily trading… but it breaks the series of weekly losses

Oil prices fell by more than 2% with the settlement of Friday transactions

Global food prices fall in January to their lowest levels in 3 years

The performance of European stock indices varied at the end of the week’s trading

“iSagha” continues to suspend gold prices in Egypt, with the metal losing $18 globally

Egyptian official: We export “only” the goods that exceed the needs of the local market

2024-02-02 22:06:45
#Technology #stocks #push #Dow #Jones #highs #close

Live: Oil prices jumped at the close of trading on Thursday, with demand expectations rising thanks to strong economic growth in the United States.

Brent crude prices rose by 97 cents, or 3.05 percent, which is equivalent to $82.48 per barrel, and US West Texas Intermediate crude oil increased by $3.06, or 2.29 percent, which is equivalent to $77.38 per barrel.

The rise in prices came due to fears of supply shortages, after US crude inventory data showed a decline of 9.2 million barrels last week.

Tensions in the Middle East region contributed to increasing demand for purchases. Also due to expectations of economic recovery and more stimulus measures in China, as the Chinese Central Bank announced yesterday, Wednesday, a reduction in banks’ reserve requirements. This would pump about $140 billion into the banking system, sending a strong signal to support the faltering economy and declining stock markets.

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Nominations

Minister of Housing: 1,920 units are being finished in the Jannah project in Sheikh Zayed City expansions

Clarification from the New Administrative Capital regarding the transfer of ministries and agencies

Appointment of Naguib Sawiris as CEO of the Orascom Investment Board of Directors

Rahmi: Egyptian Enterprise Development is the first development institution to launch environmentally friendly financing initiatives

2024-01-25 20:52:35
#Oil #rose #Thursdays #close #highest #level #November

Live: Three US Federal Reserve officials said that the data that will be issued in the coming period will guide their decision on when to cut interest rates, explaining that they have not yet seen sufficient evidence to begin monetary easing.

According to Bloomberg East Economy, San Francisco Federal Reserve Bank President Mary Daly said in an interview on Fox Business: “Although I think it is appropriate for us to look ahead and ask when monetary policy adjustments will be necessary, so as not to put pressure on… “Economically, it’s really too early to think that this is around the corner.”

“Do I find consistent evidence that inflation is falling, or do I find any early signs that the labor market is starting to falter? None of these things currently lead me to believe that an adjustment is necessary,” added Daly, who votes on monetary policy decisions this year. “.

The odds of a March rate cut have declined sharply in the past few days, falling below 50 percent on Friday, and Federal Reserve officials, including Daly, have disputed market expectations of imminent and deep interest rate cuts this year.

Although Atlanta Federal Reserve President Rafael Bostic is open to changing his expectations, he still expects the first interest rate cut will not be made before the third quarter.

He also said in an interview with Fox Business: “I would be open to changing that forecast and my view on when we need to start lowering interest rates.” But he added that he wanted to “make sure we are on our way to 2 percent (inflation rate) before we abandon our restrictive stance.”

Policymakers’ quarterly expectations starting in December implied three interest rate cuts in 2024, or cuts of about 75 basis points.

Data is the standard.

“If we continue to make surprising, faster-than-expected progress on inflation, we have to take that into account when determining the level of restriction,” Chicago Federal Reserve President Austin Goolsbee said in an interview with CNBC. He added that with inflation declining, “it is clear that we are evaluating the response.”

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Nominations:

Al-Jadaan: Saudi Arabia does not plan to impose income tax on individuals

Global Tourism: Saudi Arabia achieves a 156% recovery in the number of tourists during 2023

Infographic: Saudi Arabia’s daily production rate of crude oil in 2023

2024-01-21 17:14:40
#Reserve #officials #indications #rate #cut #imminent

Muhammad Shaker – Mubasher: UAE financial market indices declined at the end of the week’s trading, in light of data indicating that the cycle of reducing interest rates may not begin early, and tensions continuing to escalate in the Middle East region.

According to data from the UAE financial markets, the Dubai Financial Market recorded losses during the week estimated at 409 million dirhams, and the losses of the Abu Dhabi Securities Market amounted to 23 billion dirhams, with a total loss amounting to 23.409 billion dirhams.

At the end of this week’s trading, the Dubai Financial Market Index declined by about 0.56 percent, reaching the level of 4081 points at the end of this week’s trading, compared to about 4104 points at the end of the previous week’s trading.

The market value of Dubai shares recorded 698.225 billion dirhams by the end of the week, compared to about 698.634 billion dirhams the previous week, with losses amounting to 409 million dirhams.

The Abu Dhabi Securities Market index also declined by 0.80 percent, recording 9,712 points at the end of this week’s trading, compared to about 9,791 points the previous week.

The market value of Abu Dhabi shares reached 2.876 trillion dirhams by the end of the week, compared to a value of 2.890 trillion dirhams the previous week, with losses amounting to 23 billion dirhams.

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Nominations:

The Abu Dhabi Stock Exchange index rose to its highest level in 3 months in mid-trading

2024-01-19 11:52:43
#market #UAE #stock #exchanges #loses #billion #dirhams #week

Abu Dhabi – Mubasher: Profit-taking operations continued to pressure the path of UAE financial market indices for the third session in a row.

The Dubai Securities Market index fell by 0.46% to 4,082.34 points, with BMH Capital topping the list of decliners by 10% to 3.51 dirhams, Dubai National Insurance by 9.091% to 4.5 dirhams, and National International by 7.246% to 1.28 dirhams.

Shuaa also fell by 6.356% to 0.221 dirhams, and Aramex fell by 3.721% to 2.07 dirhams.

While the stocks that rose the most were Aman, 3.261% at 0.475 dirhams, Empower 2.703%, at 1.9 dirhams, Ittaba, 1.969%, to 0.259 dirhams, and Tecom, 1.465%, to 2.77 dirhams.

For its part, the Abu Dhabi Market Index fell by 0.17% to 9,761.36 points, with Baldco shares falling by 9.86% to 0.256 dirhams, Insurance House by 8.39% to 0.819 dirhams, and Hayah Insurance by 8.33% to 1.10 dirhams.

Foodco shares also fell by 6.33% to 1.48 dirhams, and Fujairah Cement shares fell by 5.19% to 0.365 dirhams.

The highest gainers in the Abu Dhabi market were Gulf Investment Bank, which rose 14.85% to 2.63 dirhams, Commercial International Bank, 6.06%, to 0.7 dirhams, and Americana Restaurants, 3.68%, to 3.38 dirhams.

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2024-01-16 12:18:10
#UAE #financial #markets #decline #consecutive #session