GCC/ MENA macro outlook. Khatija Haque, Head of MENA Research March 2018
|
|
- Dylan Norman
- 5 years ago
- Views:
Transcription
1 GCC/ MENA macro outlook Khatija Haque, Head of MENA Research March 18 1
2 % y/y GCC: Is the worst behind us? Average GCC GDP growth 1 and 17 have been challenging on a number of fronts for the GCC. Lower oil prices forced fiscal reform across the region to varying degrees Oil production cuts pushed some countries into recession last year Non-oil sector growth slowed, businesses forced to become more efficient and productive Strong growth in output and new work largely due to selling price cuts, no employment or wage growth Households under strain from higher living costs as well,,, 3,, 1,,, 3, 3, 3, 3,3,,8, f 18f 19f Saudi PMI components UAE PMI components 3 Output Prices New Orders Employment 3 New Orders Employment Output Prices Jan-1 Jun-1 Nov-1 Apr-17 Sep-17 Feb-18 Jan-1 Jun-1 Nov-1 Apr-17 Sep-17 Feb-18
3 (m b/d) Oil outlook: Risks balanced to the downside Brent futures will average around USD /b in 18 with Q1 representing the high. External factors (USD, correction in risk assets) pose a substantial nearterm risk. Fundamentals point to softness ahead. The US will add more than 1m b/d y/y each quarter in 18 and will capture all the incremental increase in demand. OPEC output will be higher in 18 than 17 thanks to increases from Libya and Nigeria, along with slipping compliance from MENA producers. A roughly balanced market will keep inventories from growing but they won t draw down much either. When measured against demand, stocks still at ample levels. Prices to drift lower from Q Jän.1 Jul.1 Jän.1 Jul.1 Jän.1 Jul.1 Jän.17 Jul.17 Jän.18 Jul.18 WTI (USD/b) Brent (USD/b) as supply response from US will be large and prevent inventories from declining 3,, 1,, -, -1, -, Jan-1 Jul-1 Jan-1 Jul-1 Jan-1 Jul-1 Jan-17 Jul-17 Jan-18 Jul-18 Non-OPEC supply OPEC supply Total supply growth OECD commercial stocks: days of demand cover Source: EIKON, IEA, Emirates NBD Research. 3
4 USD bn % y/y % GDP Fiscal and external balances supported by higher oil prices in 18 Average GCC budget and external balances Higher oil prices allow governments to spend more to support the real economy But budgets to remain in deficit Significant fiscal stimulus announced in Saudi Arabia, but all GCC countries are likely to see higher government spending this year Public sector wages rise to compensate for subsidy cuts and VAT Infrastructure spending set to rise current account budget balance e 18f Saudi Arabia budget spending (USD bn) Growth in GCC budget spending (18 over 17) e 18f KSA UAE Qatar Kuwait Oman Bahrain Total GCC budget spending
5 mn b/d Growth outlook is constructive Saudi Arabia oil production vs target GCC oil exporters have room to increase oil production this year while remaining compliant with OPEC targets. Oil sector growth will contribute positively to headline GDP growth this year, after being a drag in 17 Non-oil sector growth to accelerate as governments increase spending. Household demand is likely to be constrained by higher taxes and energy/ fuel subsidy cuts Key sectors to benefit: construction (infrastructure), tourism (UAE and KSA), oil & gas 1,8 1, 1, 1, 1, 9,8 Saudi Arabia oil output KSA production target 9, 9, Jän.1 Apr.1 Jul.1 Okt.1 Jän.17 Apr.17 Jul.17 Okt.17 Jän.18 Oil sector growth Non oil sector growth KSA UAE Qatar* Kuwait Oman Bahrain KSA UAE Qatar Kuwait Oman Bahrain 1 17e 18f 1 17e 18f
6 USD bn % Risks 3m EIBOR spread over 3m USD LIBOR Geopolitics not just in MENA! Downside risk to oil prices fundamentals suggest oil prices should be lower than where they are. Increased financial market volatility Higher US rates will translate to higher borrowing costs in the region GCC budgets to remain in deficit, increased reliance on debt financing poses risks for the medium term. Higher US rates mean higher borrowing costs for GCC sovereigns and companies sharp rise in stock of public debt could be a cause for concern by,,,,3,,1, -,1 3m EIBOR spread over 3m LIBOR -, Jan-1 May-1 Sep-1 Jan-17 May-17 Sep-17 Jan-18 GCC CDS spreads Total new debt issued by the GCC 1 Abu Dhabi Qatar Saudi Arabia Bahrain (rhs) Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan YTD Source: Haver Analytics, Emirates NBD Research Source : Haver Analytics, SAMA, Emirates NBD Research
7 Egypt: Improving macro fundamentals Egypt s PMI is improving steadily. The headline figure has remained predominately below the neutral. level, but is high above recent annual averages. Inflation will fall steadily over the next several months, in the sweet spot between the passthrough of November 1 s currency depreciation, and the implementation of further subsidy cuts in July. Diminishing inflationary pressures will enable the CBE to enact three further 1bps cuts over the remainder of 18. This will support growth in private domestic consumption, which has lagged to date. The CBE would be comfortable if reserves fall from current levels, and the USD11bn assets not reflected in the official reserves levels provide a further cushion from swings in hot money inflows. Inflation is easing PMI components 1 PMI Index New Export Orders Overall Input Prices Jän.1 Apr.1 Jul.1 Okt.1 Jän.17 Apr.17 Jul.17 Okt.17 Jän.18 Source: IHS Markit, Emirates NBD Research FX reserves position is much stronger 3 CPI inflation, % y/y Core inflation, % y/y 3 EGP/USD 1 1 Jan-11 Jul-1 Jan-1 Jul-1 Jan Reserves Foreigners' holdings of t-bills Jan-11 Jul-1 Jan-1 Jul-1 Jan-17 Source : IHS Markit, Emirates NBD Research Source : IHS Markit, Emirates NBD Research 7
8 Important Information Disclaimer The material in this presentation is general background information about Emirates NBD's activities current at the date of the presentation. It is information given in summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take in to account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice when deciding if an investment is appropriate. The information contained here in has been prepared by Emirates NBD. Some of the information relied on by Emirates NBD is obtained from sources believed to be reliable but does not guarantee its accuracy or completeness. Forward Looking Statements It is possible that this presentation could or may contain forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as anticipate, target, expect, estimate, intend, plan, goal, believe, will, may, should, would, could or other words of similar meaning. Undue reliance should not be placed on any such statements because, by their very nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and the Group s plans and objectives, to differ materially from those expressed or implied in the forward-looking statements. There are several factors which could cause actual results to differ materially from those expressed or implied in forward looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are changes in the global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax rates and future business combinations or dispositions. Emirates NBD undertakes no obligation to revise or update any forward looking statement contained within this presentation, regardless of whether those statements are affected as a result of new information, future events or otherwise. 8
Emirates NBD Research UAE Sector Chart Pack
Emirates NBD Research UAE Sector Chart Pack Thanos Tsetsonis athanasiost@emiratesnbd.com May 218 1 mn b/d USD / b UAE: Downside risks to 218 growth forecast due to lower oil production estimates Highlights
More informationGCC Quarterly. Quarterly. 18 April GCC oil production and price
USD per barrel mn barrels per day GCC Quarterly Oil production in the GCC declined by more than 4% in Q1 213, according to Bloomberg estimates, on the back of weaker global demand. Although we retain our
More informationGCC Quarterly. Quarterly. 4 April GCC oil production and OPEC reference price
USD per barrel mn barrels per day GCC Quarterly Higher than expected oil prices in Q1 will benefit the GCC in the short term, boosting budget revenues and accumulated reserves. However, in the absence
More informationSaudi Chartbook. Summary. December 2014
December 1 Saudi Chartbook Summary Real Economy: Economic data for October showed signs of cooling. The non-oil PMI fell following a 39-month peak in the previous month. Data on consumer spending showed
More informationGCC Quarterly: Q4 2017
GCC Quarterly: Q4 2017 Quarterly 26 October 2017 Against an improving global macroeconomic backdrop, the outlook for the GCC economies is also broadly constructive, notwithstanding the impact of lower
More informationEconomic Update 4 July 2017
Economic Update July 17 Macroeconomic outlook UAE: Growth set to moderate slightly in 17 amid crude oil cuts > Dana Al-Fakir Economist +9 9 373, danafakir@nbk.com > Nemr Kanafani Senior Economist +9 9
More informationNigeria Economic Update QNB Group. September 2014
Nigeria Economic Update QNB Group September 21 Nigeria Overview A rebasing of GDP in 213 has made Nigeria the biggest economy in Africa with the largest population; the economy is growing rapidly but remains
More informationINVESTING PROFESSIONALLY IN THE MIDDLE EAST
INVESTING PROFESSIONALLY IN THE MIDDLE EAST Monthly Outlook April 2018 Page: 1 1 1. Global and Regional Asset Allocation 1. Global and Regional Asset Allocation Page: 2 2 Global Asset Allocation Asset
More informationMENA Quarterly. Quarterly. 21 January MENA in 2014: A tale of two regions
MENA Quarterly The dichotomy in economic performance between oil exporters and oil importers in the MENA region is expected to continue in 214. GCC governments are expected to maintain relatively high
More informationGCC Economic Overview
GCC Economic Overview CIO-OFFICE I Q2 2016 WHAT S HAPPENING IN THE GCC? Table 1: The GCC economy real GDP growth (%) 2012 2013 2014 2015 2016f 2017F Saudi Arabia 5.4 2.7 5.4 3.4 1.5 2.1 UAE 7.2 4.3 4.6
More informationRussia: Macro Outlook for 2019
October 2018 Russia: Macro Outlook for 2019 Natalia Orlova Head of Alfa Bank Macro Insights +7 495 795 36 77 norlova@alfabank.ru Egypt Saudi Arabia Brazil S. Africa UAE Iraq China Japan US Mexico UK Russia
More informationGCC Economics: Kuwait s Economic & Fiscal position October 2017
SICO Research October 31, 2017 : Kuwait s Economic & Fiscal position October 2017 Kuwait s economic growth may take another downturn in 2017, likely registering at the best case flat growth over last year,
More informationOPEC extends oil output cut through March 2018
Economics Research Desk Market Highlights: Oil & Gas update 25 May 2017 OPEC extends oil output cut through March 2018 Oil prices swung between sharp gains and losses in volatile trade on Thursday, after
More informationSaudi Economic Chartbook
Saudi Economic Chartbook Hans-Peter Huber, PhD Chief Investment Officer Riyad Capital 6775 Takhassusi St. Olaya Riyadh 12331-3712 rcciooffice@riyadcapital.com Subdued Economic Activity but Fiscal Consolidation
More informationGlobal Data Watch 28 August 1 September 28 August 2017
Economic Research The Week Ahead: Key US data releases and 2Q India GDP in focus US: Labour, personal spending and PCE data releases The US will see a number of important releases at the end of this week.
More informationMonthly Monitor. CPI Inflation QNB Economics recently published Will global trade finally recover in 2017?
12 June217 Executive Summary Inflation fell to.7% year on year in April Brent crude prices fell to USD5.3/b in May Qatar s population rose to 2.7m in May from 2.68m the previous month The trade surplus
More informationGlobal Markets Update QNB Economics 19 February 2017
Global Markets Update QNB Economics 19 February 2017 Executive Summary Key Takeaways Yields in advanced economies were stable while local factors dominated emerging market performance The Egyptian pound
More informationGlobal Markets Weekly Report 17 th December Ehsan Khoman Head of MENA Research and Strategy
Global Markets Weekly Report 17 th December 218 Ehsan Khoman Head of MENA Research and Strategy ehsan.khoman@ae.mufg.jp 1 8 6 4 2-2 -6-8 -1 Global Bond Yields Global bond yields were mixed as first a risk-on
More informationSaudi Economic Chartbook
Saudi Economic Chartbook Hans-Peter Huber, PhD Chief Investment Officer Riyad Capital 6775 Takhassusi St. Olaya Riyadh 12331-3712 rccioof ice@riyadcapital.com *This report is Issued by Riyad Capital Saudi
More informationSaudi Arabian economy
Research Department ARC Research Team Tel 966 11 211 9370, research@alrajhi-capital.com Saudi Arabian economy Saudi Arabian Economy The IMF executive board maintained the Kingdom s real GDP growth outlook
More informationGlobal Markets Update QNB Economics 12 November 2017
Global Markets Update QNB Economics 12 November 2017 Executive Summary Key Takeaways Advanced economy 10-year yields rose on expectations of reduced quantitative easing; Saudi Arabia s corruption probe
More informationGCC Overview. Equity Focus. Fixed Income Focus. improved liquidity in the system is benefiting both the public and private sector.
GCC Overview CIO-OFFICE Q1 2017 Equity Focus The oil rally supported GCC equities in the last quarter of 2016, with Saudi Arabia being the outperformer. Oil staged a strong run into the year end with a
More informationMiddle East and North Africa Regional Economic Outlook
Regional Economic Outlook Morocco Algeria Tunisia Libya Lebanon Egypt Syria Iraq Iran Jordan Saudi Kuwait Arabia Bahrain Afghanistan Pakistan Mauritania Sudan Djibouti Qatar Yemen Oman United Arab Emirates
More informationMacroVoices Oil Discussion: OPEC Can t Fix The Problem of Low Oil Prices
MacroVoices Oil Discussion: OPEC Can t Fix The Problem of Low Oil Prices Art Berman November 30, 2016 Slide 1 Overview: OPEC Can t Fix The Problem of Low Oil Prices OPEC may reach some agreement today
More informationMENA Quarterly: Q4 2018
% GDP MENA Quarterly: Q4 218 Quarterly 11 October 218 OPEC production is increasing but not significantly enough to prevent prices from spiking up to over USD 85/b. Despite growing international pressure
More informationMiddle East and North Africa Regional Economic Outlook Oil, Conflicts, and Transitions
Middle East and North Africa Regional Economic Outlook Oil, Conflicts, and Transitions May 5, 2015 Agenda Global Environment MENAP Oil Exporters MENAP Oil Importers Global growth remains moderate and uneven
More informationGlobal Markets Update QNB Economics 30 October 2016
Global Markets Update QNB Economics 30 October 2016 Executive Summary Key Takeaways Global bond yields jumped on stronger than expected global activity data No major movements in global currencies Japanese
More informationSwitzerland Economic Update QNB Group. September 2014
Switzerland Economic Update QNB Group September 14 Switzerland Overview Switzerland s efficient capital markets, highly skilled human capital and low corporate tax rates make it the world's most competitive
More informationEmirates NBD Investor Presentation. May/June 2016
Emirates NBD Investor Presentation May/June 2016 2 Important Information Disclaimer The material in this presentation is general background information about the activities of Emirates NBD Bank PJSC (Emirates
More informationNigeria: Economic Outlook Top 10 themes for 2018
PwC Nigeria Economics Top 10 themes for 2018 February 2018 Disclaimer This document has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You
More informationSAIBOR eases marginally. Crude oil slips
Research Department ARC Research Team Tel 966 11 211 9370, research@alrajhi-capital.com Saudi Arabian Economy - Liquidity easing Saudi Arabian economy Liquidity improving owing to the government initiatives
More informationSaudi Chartbook. Summary. November Real Economy: Economic data for September showed a downward trend in economic activity.
Saudi Chartbook Summary Real Economy: Economic data for September showed a downward trend in economic activity. Government Finance: The net monthly change in government accounts with SAMA remained negative
More informationSaudi Arabian economy
Research Department ARC Research Team Tel 966 11 211 9370, research@alrajhi-capital.com Saudi Arabian economy Saudi Arabian Economy The Kingdom s Q1 2016 GDP grew at the slowest pace in three years as
More informationGlobal Markets Update QNB Economics 7 August 2016
Global Markets Update QNB Economics 7 August 2016 Executive Summary Key Takeaways US yields rose on strong jobs data, raising expectations of possible Federal Reserve action; Saudi rates increased on concerns
More informationSaudi Arabia Economic Update 26 April 2017
Economic Research Saudi Arabia Economic Update 26 April 217 Saudi Arabia: No change to our non-oil GDP growth forecast following wage cut reversal Limited support to consumption from wage cut reversal
More informationEconomic Update 18 September 2016
Economic Update September Macroeconomic outlook Kuwait: Non-oil growth resilient on investment, as fiscal measures reassure > Nemr Kanafani Senior Economist +, nemrkanafani@nbk.com Overview and outlook
More informationSaudi Business & Economic Report
Saudi Business & Economic Report Summary In H15 1, the global economy was sluggish, owing to an unexpected output contraction in the US in Q15 1 and weakening domestic demand in emerging economies. The
More informationWeekly Economic Update
Weekly Economic Update Sunday, 13 May 2012 1 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 % US$ Bn Weekly Economic Update Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 Sunday, 13 May
More informationGULF WisdomTree Middle East Dividend Fund
WisdomTree Middle East Dividend Fund ETF.com segment: Equity: Frontier Middle East & Africa - Total Market Competing ETFs: N/A Related ETF Channels: Frontier Middle East & Africa, Smart-Beta ETFs, Dividend,
More informationOil Markets: Where next?
Oil Markets: Where next? Christof Rühl, Global Head of Research Singapore September 2016 1 Content Oil and the economy: Recap Why did lower oil prices not support economic growth? OPEC vs. US two sides
More informationGlobal Data Watch September 20 September 2015
Economic Research The Week Ahead: Fed stays put, but leaves door open for hike in 2015 US: Fed stays put, citing global weakness and low inflation The Fed left the target range for the federal funds target
More informationGlobal Data Watch 1-5 February 1 February 2016
Economic Research The Week Ahead: US nonfarm payrolls the key data release US: Labour and manufacturing data in focus This week brings numerous important US data releases, including NFPs, ISM manufacturing
More informationMarket Update. 14 May 2015 BANK MUSCAT ASSET MANAGEMENT
Market Update 14 May 2015 BANK MUSCAT ASSET MANAGEMENT GCC Equity Markets Most of the regional markets have witnessed negative performance so far this month, except Qatar, Oman, and Bahrain up 2.9%, 0.6%,
More informationGlobal Markets Update QNB Economics 29 October 2017
Global Markets Update QNB Economics 29 October 2017 Executive Summary Key Takeaways US yields rose due to strong Q3 GDP and durable goods data The Euro slid after the ECB announced that it would reduce
More informationSeptember KAMCO Investment Research. GCC Economic Report
September 2015 KAMCO Investment Research GCC Economic Report Presentation Table of Contents Table of Contents Section Contents Page 1 World Economic Trends 3 2 MENA Economic Trends 22 3 GCC Economic Trends
More informationGlobal Markets Update QNB Economics 28 August 2016
Global Markets Update QNB Economics 28 August 2016 Executive Summary Key Takeaways Yields rose in Brazil and South Africa on political concerns; Indonesian rates jumped on worries about the cost of cleaning
More informationThe Malaysian Economy
The Malaysian Economy Prospects and critical issues in 2011-20122012 Presentation for ISIS PRAXIS Seminar Nor Zahidi Alias Chief Economist March 3 rd, 2011 In a nutshell US economy is emitting more positive
More informationSaudi Chartbook. Summary. March 2017
March 7 Saudi Chartbook Summary Real Economy: Data for January showed a generally positive picture in economic activity. While cash withdrawals from ATMs and POS transactions fell slightly, month-on-month,
More informationGlobal Markets Update QNB Economics 01 May 2016
Global Markets Update QNB Economics 1 May 16 Executive Summary Key Takeaways Weaker than expected US GDP led to lower US sovereign bond yields while better than expected Eurozone GDP led to higher European
More informationInvest in the World s Leading Energy Region FMG MENA FUND
Invest in the World s Leading Energy Region 2019 The Opportunity The value of proven oil reserves in the Middle East & North Africa (MENA) region exceeds the market capitalization of the world s publicly
More informationGlobal Data Watch 29 February 4 March 29 February 2016
Economic Research The Week Ahead: US labour data and India budget in focus US: January nonfarm payrolls the key release Consensus forecasts that a solid 193K jobs were created in February, up from 151K
More informationThe euro area economy: an update Euro Challenge November 2016
The euro area economy: an update Euro Challenge November 2016 Delegation of the European Union to the United States www.euro-challenge.org What this presentation will cover A. Update on the economic situation
More informationWeekly Economic Update
Weekly Economic Update Sunday, 18 March 2012 1 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11
More informationMiddle East and North Africa Economic outlook
MENA Economics Middle East and North Africa Economic outlook Simon Williams Chief Economist, HSBC Middle East Simon.Williams@hsbc.com +9714 423 6925 March 2014 Disclaimer and Disclosures This report must
More informationGlobal Data Watch March 23 March 2015
Economic Research Global Data Watch 23-27 March 23 March 2015 The Week Ahead: US inflation in the spotlight, especially post-fomc US data: Core inflation expected to remain weak in February The focus will
More informationGCC Overview UNUSUAL ACTIVITIES THIS SUMMER FOR GCC MARKETS
GCC Overview CIO-OFFICE Q3 2016 UNUSUAL ACTIVITIES THIS SUMMER FOR GCC MARKETS Surge in GCC primary bond issuance GCC bond spreads poses for weakness Potential bank mergers boost UAE banking shares Oil
More informationEconomic activity gathers pace
Produced by the Economic Research Unit October 2014 A quarterly analysis of trends in the Irish economy Economic activity gathers pace Positive data flow Recovery broadening out GDP growth revised up to
More informationGlobal Markets Update QNB Economics 12 March 2017
Global Markets Update QNB Economics 12 March 2017 Executive Summary Key Takeaways US yields rose on a highly likely Fed rate hike this week; Eurozone yields rose after the ECB president lowered expectations
More informationGlobal Markets Update QNB Economics 19 June 2016
Global Markets Update QNB Economics 19 June 16 Executive Summary Key Takeaways Most advanced economy sovereign bond yields fell on heightened risk aversion due to a worse US outlook and data and rising
More informationOIL-EXPORTING COUNTRIES: KEY STRUCTURAL FEATURES, ECONOMIC DEVELOPMENTS AND OIL REVENUE RECYCLING
OIL-EXPORTING COUNTRIES: KEY STRUCTURAL FEATURES, ECONOMIC DEVELOPMENTS AND OIL REVENUE RECYCLING This article reviews key structural features and recent economic developments in ten major oilexporting
More informationQatar Diplomatic Cut and its Impact
Qatar Diplomatic Cut and its Impact Date: 6 th June, 2017 Diplomatic Ties Cut with Qatar Saudi Arabia, the United Arab Emirates, Egypt and Bahrain have cut diplomatic ties with Qatar, in the region s most
More informationChart 1. U.S. Personal Saving Rate and Household Debt (consu plus mortgage) as a % of Disposable Personal Incom
Chart 1 U.S. Personal Saving Rate and Household Debt (consu plus mortgage) as a % of Disposable Personal Incom 16% 14% 12% 10% 8% 6% 4% Last Points 4Q 2015- Saving Rate, 5.4%; HH Debt, 1 140% 130% 120%
More informationEmerging Markets Debt: Outlook for the Asset Class
Emerging Markets Debt: Outlook for the Asset Class By Steffen Reichold Emerging Markets Economist May 2, 211 Emerging market debt has been one of the best performing asset classes in recent years due to
More informationMonitorING Turkey ING BANK A.Ş. Further fiscal support in the Medium Term Plan. Emerging Markets 4 October 2017
q ING BANK A.Ş. ECONOMIC RESEARCH GROUP MonitorING Turkey October 17 Emerging Markets October 17 USD/TRY MonitorING Turkey Further fiscal support in the Medium Term Plan In 17, accelerated spending and
More informationMiddle East and North Africa Regional Economic Outlook. November 12, 2013
Middle East and North Africa Regional Economic Outlook November 12, 213 Outline Global Outlook MENAP: Recent Developments, Outlook, and Risks Oil Exporters Oil Importers Key Takeaways 2 Global Outlook
More informationGlobal Markets Update QNB Economics 03 July 2016
Global Markets Update QNB Economics 03 July 2016 Executive Summary Key Takeaways Sovereign bond yields fell globally as the continued fallout from Brexit raised expectations for widespread monetary easing
More informationFIXED INCOME UPDATE AUGUST 17
1 FIXED INCOME UPDATE AUGUST 17 Aug-16 Aug-16 Sep-16 Sep-16 Oct-16 Oct-16 Nov-16 Nov-16 Dec-16 Dec-16 Jan-17 Jan-17 Feb-17 Feb-17 Mar-17 Mar-17 Apr-17 Apr-17 May-17 May-17 Jun-17 Jun-17 Jul-17 Jul-17 Aug-17
More informationGlobal Data Watch February 19 February 2018
Economic Research The Week Ahead: Central banks in focus - Fed minutes and Carney s testimony US: January FOMC minutes and Fed speakers Focus this week will be on the FOMC minutes and speeches by key Fed
More informationInvestor Relations Presentation December 2012
Investor Relations Presentation December 2012 Contents 1. QNB at a Glance 2. QNB Comparative Positioning Qatar and MENA 3. Financial Highlights December 2012 4. Economic Overview 2 QNB at a Glance QNB
More informationInflation Update. Mild pick-up in inflation rates
December 8 Saudi CPI inflation Monthly change Annual change October 8 -.3. September 8 -.. Year-to-October average.3. Inflation rates in trade partners (latest) Kuwait Bahrain Oman Japan UAE S. Korea Euro
More informationGlobal Data Watch September 11 September 2017
Economic Research Global Data Watch 11-15 September 11 September 2017 The Week Ahead: BoE meeting and CPI data in focus UK: BoE to remain on hold, communication key The BoE is expected to keep monetary
More informationQ Budget Statement
218 Budget Statement Social benefits contribute to higher expenditure For comments and queries please contact: Fahad M. Alturki Chief Economist and Head of Research falturki@jadwa.com The 218 quarterly
More informationEurozone Economic Watch. November 2017
Eurozone Economic Watch November 2017 Eurozone: improved outlook, still subdued inflation Our MICA-BBVA model for growth estimates for the moment a quarterly GDP figure of around -0.7% in, after % QoQ
More informationA Glance: About Multiples:
About @ A Glance: This report is intended to shed light on general macroeconomic trends of four economies in the MENA region that could impact investors decisions and the financial performance of businesses.
More information[ ] WEEKLY CHANGES AGAINST THE USD
January 22, 2018 [ ] MACRO & MARKETS COMMENTARY» The U.S economy and inflation expanded at a Modest to Moderate pace during December 2017, while wages continued to push higher according to the Federal
More informationKuwait Debt Update. Credit Note 14 May Kuwait Debt. Kuwait Sovereign Debt. USD mm
USD mm Kuwait Debt Update Situated in the Arabian Peninsula, the State of Kuwait, is a small and relatively open economy with proven crude oil reserves. As at 2017, it had population of circa 4 million
More informationMonthly Insights. Monthly. 21 June Fed raises rates but bond yields fall again
,. Monthly Insights The middle of the year sees the market focus turning to central bank policy decisions with the Fed continuing to raise interest rates this month. Political issues are also demanding
More informationUAE: Card spending up 14.8% in 2017
UAE: Card spending up 14.8% in 217 Card spending in the UAE was 14.8% higher in 217 compared with the previous year, according to data compiled by Network International. Most of the growth in spending
More informationMONTHLY FACT SHEETS May 2016
MONTHLY FACT SHEETS May Al Mal UAE Equity Al Mal MENA Equity Al Mal Saudi Shariah Equity Al Mal MENA Income Al Mal Liquidity 48 Burj Gate, Downtown Dubai, Sheikh Zayed Road, Office 901, P.O. Box 119930,
More informationGCC Budgets GCC Budget
GCC Budgets 2018 Date: 4 th Feb, 2018 Expansionary budget announcements by all GCC members Revenue budgeted at USD345bn, compared with USD311bn in 2017, increase of 11% Revenue budgeted by most at USD
More informationMarkets Have De-Valued Oil Prices: How Long Will It Last?
Markets Have De-Valued Oil Prices: How Long Will It Last? Art Berman MacroVoices September 2, 218 Slide 1 Comparative inventory: The most important approach to oil & gas price formation Ivnetories of Crude
More informationGlobal Data Watch 2-6 November 2 November 2015
Economic Research The Week Ahead: US nonfarm payrolls the key data release, critical for Fed US: October payroll data the week s key release Jobs data will be central to the Fed s decision on whether to
More information2017 1Q Results. May 2017
217 1Q Results May 217 Agenda 1. Financials 2. Market Fundamental 3. Industry Outlook 4. Plant Operation 5.Expansion 2 Financial Status (Unit: NTD Million) 4Q16 1Q17 QoQ 1Q16 YoY Revenues 152,287 164,486
More informationGlobal Data Watch May 14 May 2018
Economic Research The Week Ahead: Busy data week, further rate cut by Central Bank of Egypt Global: US retail sales and Japan 1Q GDP data Fed vice chair nominee Richard Clarida and Fed governor nominee
More informationThe Weekly Market View Aug
Commodity decline supports global equities despite growth concerns Global equity markets gained moderately last week despite the global growth concerns remained even as the decline in commodity prices
More informationUpdate: Opening the Tadawul up to Foreign Investors. Overview. CMA draft proposals. April 2015
Update: Opening the Tadawul up to Foreign Investors Overview Last week the Capital Markets Authority (CMA) confirmed that the region s largest, diverse and most mature capital market, the Saudi Stock Exchange
More informationAl Masah Capital: MENA Yearbook 2018
Al Masah Capital: 2018 A YEAR OF SYNCHRONIZED GROWTH... 2 THE WORST MIGHT BE OVER FOR MENA ECONOMIES... 7 SAUDI ARABIA... 14 UNITED ARAB EMIRATES (UAE)... 19 EGYPT... 24 KUWAIT... 28 OMAN... 32 BAHRAIN...
More informationEgypt Resilience and Potential
Egypt Resilience and Potential INTERNATIONAL BANKING FORUM 2011 Brescia, 16-17 June 2011 Issa, Ahmed Head of Financial Institutions Group Commercial International Bank Agenda o January 25 th February 11
More informationEconomic Outlook Economic Intelligence Center 27 th November 2015
Economic Outlook 2016 Economic Intelligence Center 27 th November 2015 Global outlook Domestic outlook 2 In 2016, recovery pace in most regions are expected to pick up except for China Eurozone 2.0 1.5
More informationLatin America Outlook. 2nd QUARTER 2017
Latin America Outlook 2nd QUARTER Latin America Outlook 2Q17 Main messages 1. Global growth keeps increasing, and uncertainty about US policies starts to fade. Nevertheless, global risks remain. 2. The
More informationIntroduction to SAUDI ARABIA
Introduction to SAUDI ARABIA Saudi Arabia is the world s largest oil producer and exporter with almost one-fifth of the word s proven oil reserves. Benefiting from abundant and cheap energy, the industrial
More informationThe Weekly Market View Aug
Diverging expectations for central banks action across Atlantic Strong headline job data in the US pushed market expectations for September rate hike higher, as reflected through implied probabilities
More informationMonthly Monitor. New Data Balance of payments The balance of payments (BoP) deficit narrowed for the third consecutive quarter, reaching a deficit of
5 January 217 Executive Summary The balance of payments deficit narrowed to near balance in Q3 216 Crude oil prices rallied as more non-opec members agreed to join the production cuts Inflation decelerated
More informationSaudi Economy: still shining
Saudi Economy: still shining - - - For comments and queries please contact the author: Fahad Alturki Senior Economist falturki@jadwa.com Real GDP growth 199 1 F Saudi Arabia World Advanced economies Head
More informationThe External Environment for Developing Countries
d Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized The External Environment for Developing Countries July 2009 The World Bank Development Economics Prospects Group
More informationGlobal Data Watch 27 February 3 March 27 February 2017
Economic Research The Week Ahead: President Trump s address to Congress and GDP data in focus US: President Trump s address to Congress the key event The upcoming week will be busy for US data and events,
More informationIran deal looms over oil market
Iran deal looms over oil market OPEC recorded another month of over-delivering on its agreed oil production cuts as collective output fell to 32.12m b/d, according to market surveys, its lowest level since
More information2017 FIRST QUARTER ECONOMIC REVIEW
2017 FIRST QUARTER ECONOMIC REVIEW MAY 2017 0 P a g e Overview The performance of the economy in the first quarter of 2017 was on a positive trajectory with annual growth projected to be about 3.9 % from
More informationTRENDS, DYNAMICS, AND CHALLENGES OF CAPITAL FLOWS TO FRONTIER MARKETS
HIGH-LEVEL CONFERENCE ON MANAGING CAPITAL FLOWS: LESSONS FROM EMERGING MARKETS FOR FRONTIER ECONOMIES MARCH 2, 2015, MAURITIUS TRENDS, DYNAMICS, AND CHALLENGES OF CAPITAL FLOWS TO FRONTIER MARKETS By Henry
More informationRecent oil market trends and future drivers
Multi-year Expert Meeting on COMMODITIES AND DEVELOPMENT 6-7 April, Geneva Recent oil market trends and future drivers by Mr. David Fyfe, Head of Industry and s Division, Editor, International Energy Agency,
More information