FX
FX Rates (Mid)
USD
QAR
TOP NEWS
-
3.64
•
EUR
1.240
4.514
JPY
117.89
0.031
GBP
1.566
5.704
CHF
0.970
3.752
AUD
0.869
3.163
INR
61.72
0.059
TRY
2.222
1.639
ZAR
10.94
0.333
BRL
2.516
1.448
QIBOR
Duration
QIBOR
Overnight
0.80
3 Months
1.06
1 Week
0.85
6 Months
1.24
1 Month
0.90
9 Months
1.35
2 Months
0.99
1 Year
1.45
Treasuries
Libor
Swaps
3M
0.01
0.23
-
6M
0.06
0.33
-
5Y
1.61
-
1.74
10Y
2.31
-
2.43
Index Level
1 Day %
QE Index
13755
-0.66%
Saudi Arabia (TASI)
9516
1.14%
UAE (ADX)
4964
0.12%
UAE (DFM)
4630
1.46%
Kuwait (KSE)
6995
0.13%
Oman (MSM)
7139
0.85%
Bahrain (BAX)
1449
0.51%
Dow Jones
17810
0.51%
S&P 500
2064
0.52%
Nasdaq
4713
0.24%
FTSE
6751
1.08%
Euro Stoxx 50
3194
2.97%
Nikkei
17358
0.33%
Hang Seng
23876
1.87%
Nifty India
8500
0.27%
Borsa Istanbul
83282
0.93%
76.76
0.33%
Natural Gas
4.06
-4.85%
Gold
1200
-0.13%
USD
QIBOR RATES
Duration
•
US RATES
US Rates
•
GLOBAL MARKETS
Indices
GCC
GLOBAL
COMMODITIES
Crude Oil
ECONOMIC DATA
Time
Event
Period
Survey
Prior
12.00 IFO business climate
Nov
103.0
103.2
17.45 US Markit comp PMI
Nov
-
57.2
•
Qatar Insurance Company (QIC) announced yesterday that it will issue “Convertible
Notes” totaling $250m (about QR910m) to be offered on global financial markets
with an aim at attracting foreign investments into the Qatari market. This was
announced at the company’s Ordinary and Extraordinary General Meeting for 2014
held yesterday. The meeting was headed by the Deputy Chairman of the Board of
Directors, Abdullah bin Khalifa Al Attiya. Based on the reviews and analysis provided
by Executive Management, which were further discussed by the specialised
committees under the Board of Directors – the Board resolved to issue Convertible
Notes, which will be matured in five years from the date of issuance. A press
statement issued by QIC said that the conversion rights of notes will be allowed any
time after three years from the date of issuance, while the conversion rate will be as
per the price at the time of issuance of the Notes plus a percentage to be agreed and
to be considered as premium. However, a decision on annual coupon is to be agreed
later, according to the statement.
In a first, two investment funds are to be launched at the Qatari bourse and one of
them is to be listed as early as the year-end. The CEO of Qatar Exchange (QE) said in
a statement to QNA that the fund to be listed this year was in the final stages of
approval.
About the second investment fund, titled Al Rayyan Fund, Rashid Al
Mansoori said that negotiations were being held with the regulators, Qatar Financial
Markets Authority and Qatar Central Bank, to give final touches to the listing plan.
The CEO said that after QE’s status was upgraded to Emerging Market, more foreign
investment had been flowing into the market.
The US shale boom, which has challenged the rules of the global petroleum market,
could soon face its own day of reckoning due to the supply glut it helped unleash.
The impact from the drop in US oil prices from more than $100 a barrel in June to
about $75 a barrel has so far been limited. But a bigger decline would be bad for the
industry, analysts say. "If prices were to fall to $65 and remain there for a period of
time, it would have an impact on US investments in establishing new oil production,"
said Chris Lafakis, a senior economist at Moody's Analytics. That is in the balance as
the OPEC cartel meets in Vienna this week to discuss what to do about the sagging
prices that their barrels of crude earn. If they don't cut back production, prices could
fall further. The shale boom has lifted daily US oil production more than 40 percent
since 2006, altering the US and global energy balance and helping press down crude
prices.
Independent asset management firm Amwal has been awarded “Best Asset
Manager” for the fourth consecutive year by Emea Finance in recognition of the
company’s investment performance track record. Amwal’s flagship products
include the Qatar Gate Fund, in partnership with Ahli Bank as well as the Al Hayer
GCC Fund, in association with Doha Bank. Both products aim to achieve sustainable
long-term capital appreciation. Established in 1998 by founder and chairperson
Sheikha Hanadi bint Nasser bin Khaled al-Thani, Amwal was Qatar’s first
independent asset management firm that supported the development of the
financial services industry in Qatar.
FX COMMENTARY
The Euro flirted with a two-year trough against the Dollar as investors gave the currency a wide berth on
prospects of more easing from the European Central Bank. ECB President Mario Draghi on Friday threw
the door wide open for more drastic measures as he painted a bleak picture of the 18 countries in the Euro
bloc, stressing that "excessively low" inflation had to be raised quickly. Euro bears were swift to react to
his comments on Friday, knocking the currency to a low of $1.2375 from a session high of $1.2569. Selling
continued in early Asian trade, with the Euro slipping towards $1.2359, just a whisker away from a twoyear low of $1.2358 plumbed earlier in the month. The Euro later came off its low and last traded near
$1.2388, steady from late U.S. trade on Friday. Later today, a report on German business sentiment by the
Munich-based Ifo think-tank will take centre stage. The Dollar eased 0.1 percent to about 117.73 Yen. The
greenback had set a seven-year high of 118.98 Yen last week, having rallied roughly 10 yen since the Bank
of Japan's surprise monetary easing in late October. The Dollar had slipped against the Yen on Friday after
Japanese Finance Minister Taro Aso said the Yen's recent fall was "too rapid" and undesirable. A nearterm focal point for the Dollar's outlook against the Yen will be possible comments from Japanese
lawmakers on issues such as currencies and monetary policy ahead of an election in Japan next month.
Japanese Prime Minister Shinzo Abe dissolved parliament's lower house on Friday for a snap election on
Dec. 14, seeking a fresh mandate for his struggling "Abenomics" revival strategy. On the U.S. Dollar, the
Aussie rose 0.3 percent to $0.8694, after having climbed 0.6 percent on Friday. Investors were forced to
unwind some short positions in the Aussie after Beijing cut rates for the first time in more than two years.
China's Yuan opened at 6.1280 per Dollar, softening slightly from Friday's close after the central bank cut
benchmark lending rates by 40 basis points.
Disclaimer: It is understood that any opinions expressed by CBQ or its affiliates as to the commentary, market information, and future direction of prices of specific securities reflects the views of the individual analyst who issued them, and not necessarily represent the views of
CBQ or its affiliates in any way. In no event shall CBQ or its affiliates have any liability for any direct or indirect losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this materials or for any delays,
inaccuracies, errors in, or omissions of the said information
Contact Cb Dealing Room:
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Email: [email protected]
Monday, November 24, 2014