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"Panic Selling" Saudi Stocks Crash Into Bear Market Following OPEC Decision
It's not just Shale oil stocks in the US that are hurting. Following the OPEC decision to not cut production and squeeze US producers, Saudi Arabia's major stock market index has tumbled into a bear market, giving up all the year's gains. As one analyst noted, "investors are afraid if oil stays where it is, it will negatively impact the government revenues, thus creating potential headwinds on government spending." Dubai stocks - our long-time favorite bubble index - has also been hammered, down over 7% intraday at its worst...
Saudi Arabian stocks plunged into a bear market after OPEC took no action to stem a slump in oil, triggering a rout in Middle Eastern equities.
The Tadawul All Share Index (SASEIDX) retreated as much as 6.3 percent, the most since March 2011, before settling 4.8 percent lower at the close in Riyadh.
...
“Investors don’t like the potential macro backdrop if oil continues to slide, which is being reflected in the markets,” Ali Khan, chief executive officer of London-based BGR Asset Management LLP, said by e-mail. “Investors are afraid if oil stays where it is, it will negatively impact the government revenues, thus creating potential headwinds on government spending.”
...
“It’s mostly panic selling today,” Tariq Qaqish, head of asset management at Dubai-based Al Mal Capital PSC, said by phone. “Investors are worried about a possible slowdown in government spending, which would affect corporate earnings going forward.”
* * *
But apart from that, low oil prices are unequivocally good...right?
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Beautiful!
LOL!!!
Fuck You Dirtbags!!! LOL!!!!!!!!!!!!!!!!
This news is probably bullish, like usual.
Filthy dirty Wahabis
You need a stock market to steal sheep?
Yeah, wait til they start liquidating their U.S. holdings to cover their losses there!
Like starting tomorrow morning!!
Will they sell their gold, their SPYs or their Treasuries? ... Manhattan and London real estate?
They may even sell their R/C 777s.
OIL: next step 50
latest
http://tersee.com/#!q=oil&t=text
A renewed plunge in oil prices is a worrying sign of weakness in the global economy that could shake governments dependent on oil revenues. Yet it is also a bonus for consumers as prices fall at the pump, giving individuals more spending money and…
Bullish for stocks to go to infinity courtesy of hyperinflation, maybe.
No so "real world" bullish.
Someone needs to congratulate the politicians, whom, upon bickering like dogs over a bone, managed to harpoon what little shred of economic growth and hope was left in the globalized economy.
Better work on my golf clap while I await the marching orders.
. . . If ONLY we knew how valuable $1.00 was going to be 10 years from now!
Tanking oil. Tanking copper.
Yeah, keep buying stocks bulltards.
It's bullish like in 2008.
Wait till Abdul Bullardi promisis moar QE...
it's fucking awesome, let it drop some more
I love the smell of impending doom in the morning
Surely the House Of Saud will respond to this by beheading a bunch of people for no reason, which will go unnoticed by Uncle Sam because Sammy and Saudi iz peepz.
Yes but it will be some family members in bahston
...and Saudi corporate bonds? (I don't know what ticker symbols they might have.)
There are several, actually.
In each, the buyer must pay the issuer interest or have his eating fingers cut off in place of a bris.
Ticker symbols include:
QQQcamel
QQQgoat
QQQbacha bereesh*
* look it up, I double dare ya'
This is one of the biggest problems that US soldiers have had working with the Afghani soldiers. Not only do they not trust them because of friendly fire, they consider them to be perverts. Who wants to fight for perverts that might try to kill you?
The Brits and the Aussies.
Life just gets funnier by the day. Saudis getting their comeuppance and the dry wit of zhers
Pay that...
Cheers : )
These guys are not idiots, which brings to question - is this by design, or has the 1% finally lost controll?
I believe this is payback from the real power, sending the Saudis a message...
Or a last ditch effort to stave off disaster in Japan??
Seems most likely. Somebody, somewhere has an axe to grind.
Omg! Princes allowances cut? Unable to import blondes? Can only afford to import brunettes? The horror!
"While Riyadh will support officially that reducing prices is not a political move but aims to open new markets, there are indications that oil price is used in the geopolitical field. According to some information, at the same time that Saudi Arabia reduces black gold's price, imposes a very aggressive policy to its customers forcing them to guarantee that they will buy all the quantity at a fixed price, therefore, tries to prevent profit losses."
http://failedevolution.blogspot.gr/2014/10/the-weapon-of-oil-that-brings...
Right.... "not a political move, but to open new markets"
Uh huh.
Including making it unprofitable for Nigerians to tap into pipelines to sell for cooking oil and food....FFS! Whadda buncha tripe.
Very bullish! Plenty of fracking bonuses for x-mas!
Up until September it looked a lot like the S&P does now...
The new House of Shod is in North Dakota bitchezzzz.
Bismark, North Dakota to be precise.
MMAD,
Let's see if repeating that statement in a couple of years leads to hysterical laughter.
China: fill up my 80 supertankers, "thank you"
China:
What the f... I just paid 90 bucks a barrel for this shit and look at the price now. I just overpaid 20 bucks a barrel for 80 supertankers full of overpriced shit.
And I can't find the receipt anywhere.
they should be ok with that, since the Chinese wouldn't know a contract if it jumped up and bit 'em in the ass
Easily reversed.
House of Shirt Lifting Saudomy. When this USSA/Israel puppet regime falls we can maybe begin the healing process.
How many derivitives are tied to 80 bucks/bbl? Inquiring minds would like to know.
Prolly not many, derivatives are a heavy metal kind of thing, precious you see.
ISIS is coming for the Royals n' US gets the spoils
Lil Abe wants Mt Olive while courting the cult of Allah
NATO spins , The Kremlin grins and Soros shits a billion.
Poetic Justice booboo
Oil price-QE was tapered. Don't they have ppt algo's to fake orgasms?
Ben, Saudis on line one.....
When is the S&P 500 gonna look like that?
Head and shoulders, mother fuckers. When there ain't a central bank to cheat it, the technicals do play out.
So the stockmarket in the country of rich entitled birthright deadbeats is dropping by 7% because they chose to keep pumping oil. Who gives a shit and don't you think they thought of that when they decided to keep pumping? Stock market headlines are yawn. boring. The elephant in the room is why they chose to keep pumping.
Middle east stock market...lol.
And that elephant just wispered in my ear something in Russian...
As always with the Saudi's, there are two reasons, the stated reason, and the real reason. The stated reason is to put shale out of business. The real reason is to put Russia out of business.
.
,
Obozo's ISIS army drives Mexico, Indonesia, Nigeria, and Turkey into BRICS.
Another great move by Obozo.
May you live in interesting times!
This has to be bullish for Dubai...
Arrest Bandar and his skirt.
Bring Prince Bandar here Now. He can fix this the way he fixed Alqaeda, Contra, Syria, and Isis. This is just a small bump in the sandune. Nothing to fear praise the all merciful. And get that 600k diamond necklace we gave to the all American skank Hillary, a totally useless puppet!
Does this mean the swiss took a hit too?
I seem to remember last March JP morgan and a few others getting out of the racket for fear of Fed Rules..which I doubt they are afraid of anything as they made the rules.
http://dealbook.nytimes.com/2014/03/19/jpmorgan-to-sell-commodities-unit...
Wall Street banks, facing tighter scrutiny from regulators, are moving to get out of the business of physical commodities trading.
On Wednesday, JPMorgan Chase took a big step in that direction, announcing that it had agreed to sell its physical commodities trading unit to the Mercuria Energy Group, a rapidly growing Swiss trading firm, for $3.5 billion in cash.
The Volcker Rule, part of the sweeping Dodd-Frank financial regulatory overhaul, restricts the ability of banks to trade for their own accounts. That extends to limits on some commodities trading.
The Federal Reserve is also considering limiting banks’ commodities activities to try to reduce their exposure to a potential source of instability.
Related Links
Documents Document: JPMorgan news release
And the Commodity Futures Trading Commission has subpoenaed Goldman
http://en.wikipedia.org/wiki/Mercuria_Energy_Group
Mercuria was founded in 2004 by Marco Dunand and Daniel Jaeggi, then executives at Phibro—the commodities trader sold by Citigroup to Occidental Petroleum in 2009—and previously at Goldman Sachs. Until 2007, Mercuria was called the J&S Group[6] and focused mostly on oil trading. As they have expanded, they have hired away traders and investment professionals from across Europe, particularly Morgan Stanley, Goldman Sachs, Louis Dreyfus Group[7] and Electrabel in London.[8] Mercuria's 2013 revenue was US$ 112 billion.[9]
It has subsidiaries worldwide, including Navitas Energy in Canada[10] and Vesta Terminal Services in Europe,[11] which operates port logistics, storage and processing facilities in the Netherlands, Estonia, Belgium, and Germany. Mercuria, former owner of Vesta Terminal, entered into a joint venture with Sinopec by selling 50% of the terminals in 2013.[12] In November 2010, Mercuria Energy bought MGM International Group from Morgan Stanley Capital Group Inc. and MGM International LLC.[13] The Miami, Florida-based MGM International Group is developer of international projects to reduce greenhouse gas emissions and trades in global carbon markets.
whew just in time
@ KuriousKat
Find the down voter and extract every other tooth with a pair of pliers. Probably a low level troll who'll spill the beans before the first twist.
Let's see if the fed does qe4 and bailsout the banks losses due to lower oil prices. These are very interesting times we live in.
And better yet with some diesel fuel mixed in from the shit burning detail !
We all live in massive illusions and the markets are one of the grandest of all next to Obamacare and Obama himself, but hey, whos watching or actually counting anything these days ? All is well until the day it isn't ! And I already know I will live to see that day, you can count on it. But that does not mean others will. Ha HA HA
I agree this is not "the" event and nothing more than a blip on the radar screen of what was once called economics and trading. But there will be a period of shorts for those who have the gonads and knowledge. after that who knows , the MBAs and PHDs surely don't. This is a much deeper sign than most imagine from the Saudis and is certainly in concert with other ME elites who competely do not trust Obama and crew. So anything can happen given a little time to play out. Petro dollar hey ? and China, Russia, Iran and others are surely watching very closely and pushing buttons in the background with a big smile or something like that ? The world is a very tenuous place indeed and oil is the outlier event or destroyer of worlds ? this is a SIGN , Ponder that.