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Saudi Banks Extend Gains to Outperform Main Index: Inside EM

(Bloomberg) — Most Saudi Arabian banking stocks climbed, even as the main local gauge fell, ahead of Saudi Aramco’s giant listing.The Tadawul Banks Index gained as much as 0.5% with more than half of its members advancing, while the main local gauge slipped 0.2% as of 11:40 a.m. in Riyadh. Al Rajhi Bank and National Commercial Bank contributed the most to the sector-gauge’s increase.Last week the index tracking 11 banks outperformed the main gauge. That’s partly because lenders are expected to get a revenue boost by providing clients margin loans and brokerage services to customers buying Aramco shares.“Bank-management teams view …read more […]

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OPEC+ Is On Track to Hibernate

(Bloomberg Opinion) — In less than two weeks, OPEC and its allies are due to meet to decide on the next phase of their deal for managing the supply of crude oil, and therefore its price. Expect them to decide to do nothing for another six months, kicking the can further down the road even though their own forecasts show a need for deeper cuts to balance the market.Outlooks for supply and demand indicate that they need to reduce output further during the first half of 2020 if they are to keep inventories from building again. But it looks more …read more […]