Dubai

Tyler Durden's picture

Mid-East Meltdown Continues: Stocks Sell-Off Across Petrodollar States





"Regional buyers need a lot of conviction to step in front of this speeding train [especially] in context of a rapidly changing economic environment."

 
Tyler Durden's picture

Summarizing The "Black Monday" Carnage So Far





We warned on Friday, after last week's China rout, that the market is getting ahead of itself with its expectation of a RRR-cut by China as large as 100 bps. "The risk is that there isn't one." We were spot on, because not only was there no RRR cut, but Chinese stocks plunged, with the composite tumbling as much a 9% at one point, the most since 1996 when it dropped 9.4% in a single session. The session, as profile overnight was brutal, with about 2000 stocks trading by the -10% limit down, and other markets not doing any better: CSI 300 -8.8%, ChiNext -8.1%, Shenzhen Composite -7.7%. This was the biggest Chinese rout since 2007.

 
Tyler Durden's picture

Gulf Markets Melting Down: Saudi Arabia Plunges 7%, Dubai Sold





Following the end of a horrible week for petroleum importers (not to mention shale producers) despite WTI briefly dipping under $40 (wasn't this supposed to be great news for the US economy?) we have the start of a just as ugly week for the Persian Gulf oil exporters, whose Sunday market open can be described as a continuation of last week's broad risk carnage, and where Saudi Arabia, until recently the region's best performing market, is now down 10% for the year and down 30% compared to 12 months ago.

 
Tyler Durden's picture

Saudis Could Face An Open Revolt At Next OPEC Meeting





OPEC next gathers December 4 in Vienna, just over a year since Saudi Oil Minister Ali Al-Naimi announced at the previous OPEC winter meeting the Saudi decision to let the oil market determine oil prices rather than to continue Saudi Arabia’s role of guarantor of $100+/bbl oil. Despite the intense financial and economic pain this decision has inflicted on Saudi Arabia, its fellow OPEC members, and other oil producers, the Saudis have given no indication they plan to alter course. Given the Saudi decision’s positive impact on their and their Gulf Arab allies’ relative position within OPEC and its negative impact on OPEC outsiders, it is possible, perhaps even likely, the Saudis will face an OPEC outsider revolt at the December 4 OPEC meeting.. with three possible outcomes - Reconociliation, Separation, or Divorce.

 
Tyler Durden's picture

Airline Begins Weighing Passengers, Will 'Exclude' Heavy Flyers





In 2013, Samoan Air became the world's first airline to charge passengers according to their their weight. Now, two years later, Uzbekistan Airways has gone one further than the pay-by-weight model. The Tashkent-based airline has installed special weighing machines in the departure gate zones to weigh people and their hand luggage, noting that some overweight people could be excluded from busy flights on smaller planes if limits are exceeded... "We are not selling seats, we are selling weight."

 
Tyler Durden's picture

Gold, Stocks, Oil... Choose One





Would you rather have one “Share” of the S&P 500 at $2,124, or 41 barrels of crude oil, or 1.86 ounces of gold? Yes, they are all worth the same amount at the moment, but the price relationship between the three has shifted over the decades.

 
Tyler Durden's picture

The Fed’s Fatal Flaw: Gold And The Predictable Endgame





When and what will break the chains on gold by those seemingly omnipotent forces that so assuredly keep its price in check? In essence, the belief is (and I expect for most honest and impartial analysts this is true) that because there is potentially significant downside risk to a global monetary system built upon a currency to which gold represents the proverbial kryptonite (we’ll discuss why), there are checks in place within the system, to ensure that kryptonite doesn’t become too potent. The architects of the existing system would have been foolish not to implement checks on gold.

 
Tyler Durden's picture

Apple Co-founder: "Snowden Is A Hero To Me"





"Total hero to me; total hero... Not necessarily [for] what he exposed, but the fact that he internally came from his own heart, his own belief in the United States Constitution, what democracy and freedom was about."

 
Tyler Durden's picture

Chinese IPO 826 Times Oversubscribed





 
Tyler Durden's picture

The Original Chechnya Bombers - The CIA, The Saudis And Bin Laden





What if Putin is Telling The Truth? On April 26 Russia’s main national TV station, Rossiya 1, featured President Vladimir Putin in a documentary to the Russian people on the events of the recent period including the annexation of Crimea, the US coup d’etat in Ukraine, and the general state of relations with the United States and the EU. His words were frank. And in the middle of his remarks the Russian former KGB chief dropped a political bombshell that was known by Russian intelligence two decades ago... Putin stated that the terror in Chechnya and in the Russian Caucasus in the early 1990’s was actively backed by the CIA and western Intelligence services to deliberately weaken Russia.

 
EconMatters's picture

Is China Under The Skyscraper Curse?





The 2nd tallest building in the world, Shanghai Tower, will open to the public mid 2015 during a time when China's own economy is going through the darkest period in recent years.     

 
Pivotfarm's picture

10 Most Expensive Cities in the World





London’s property market is still hell bent on going crazy as if it has overeaten and become over inflated yet again.

 
Tyler Durden's picture

Saudis, Russians No Longer Buying Gold In Dubai As Oil Slump Curbs Precious Metals Shopping





“The market is dead,” one industry insider tells Bloomberg, referring to demand for tax-free physical gold in Dubai. As it turns out, the ill-effects of sliding crude prices aren't confined to Alberta's housing market, cash-strapped oil boom towns and the market for blue collar jobs in Texas. The pain is also being felt by gold vendors who are quickly discovering that when oil revenue begins to run short, fewer Saudis and Russians go on precious metals shopping sprees.

 
Tyler Durden's picture

Frontrunning: April 30





  • Marchers protest police violence in Baltimore, New York (Reuters)
  • Majority of Financial Pros Now Say Greece Is Headed for Euro Exit (BBG)
  • Greece signals concessions in crunch talks with lenders (Reuters)
  • Greece, Euro-Area Partners Target Deal by Sunday (BBG)
  • Iglesias Says EU Risking Right-Wing Backlash With Greek Pressure (BBG)
  • Student-Loan Surge Undercuts Millennials’ Place in U.S. Economy (BBG)
  • Majors’ Quandary: Why Drill for Oil When They Can Buy Somebody Else’s? (WSJ)
 
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