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Oil prices rose on Monday over supply concerns in the Middle East and as the U.S. market showed further signs of tightening while demand in Asia keeps rising.Brent crude futures, the international benchmark for oil prices, were at $57.90 at 0131 GMT, up 15 cents, or 0.26 percent, from their last close.U.S. West Texas Intermediate (WTI) crude futures were at $52.13 per barrel, up 29 cents, or 0.56 percent.
In stocks, Japanese shares jumped on a weaker yen on Monday as an election win for Shinzo Abe’s ruling bloc gave a green light for more policy stimulus.Japan’s Nikkei raced up 1 percent to its highest since 1996.
MSCI’s broadest index of Asia-Pacific shares outside Japan held steady, while Singapore’s main index reached its highest in over two years.
In the Middle East, Dubai's leading real estate developer, Emaar Properties, pulled the emirate's stock index lower on Sunday while Saudi Arabia's index again retreated from major technical resistance.The Dubai index lost 0.8 percent to 3,644 points, pulling back from resistance on the August peak of 3,681. Emaar slid 2.1 percent after saying it expected to sell 20 percent of its local property development unit Emaar Development LLC next month in an initial public offer.
In Saudi Arabia, the index slipped 0.5 percent to 6,975 points, retreating from resistance on the 200-day average, now at 7,035 points. Bank Albilad fell 1.8 percent after reporting a quarterly profit rise of 9 percent, in line with analysts' forecasts.
In Abu Dhabi, the index edged down 0.2 percent but Eshraq Properties rose 1.3 percent after reporting a third-quarter net profit of 685,000 dirhams ($187,000) following a year-earlier loss of 48.5 ?million dirhams.
In Egypt, the index barely moved but Juhayna Food Industries surged 7.6 percent after reporting a 12 percent rise in third-quarter consolidated net profit attributable to shareholders. In the first half of the year, its profits had dropped.
In currencies, the dollar touched a three-month high against the yen on Monday, with an emphatic election victory for Japan’s ruling party keeping yen-weakening stimulus measures at the heart of government policy, while the euro eased as Spain’s constitutional crisis aggravated concerns about political unity in the region.
Gold hit its lowest in over two weeks early on Monday, as the dollar climbed to a more than three-month high versus the yen after Japan's ruling bloc scored a big win in Sunday's election, leaving the door open to ultra-loose monetary policy for longer.
In other news, average yields on Egypt's three- and nine-month treasury bills fell at auction on Sunday, central bank data showed.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here.
In stocks, Japanese shares jumped on a weaker yen on Monday as an election win for Shinzo Abe’s ruling bloc gave a green light for more policy stimulus.Japan’s Nikkei raced up 1 percent to its highest since 1996.
MSCI’s broadest index of Asia-Pacific shares outside Japan held steady, while Singapore’s main index reached its highest in over two years.
In the Middle East, Dubai's leading real estate developer, Emaar Properties, pulled the emirate's stock index lower on Sunday while Saudi Arabia's index again retreated from major technical resistance.The Dubai index lost 0.8 percent to 3,644 points, pulling back from resistance on the August peak of 3,681. Emaar slid 2.1 percent after saying it expected to sell 20 percent of its local property development unit Emaar Development LLC next month in an initial public offer.
In Saudi Arabia, the index slipped 0.5 percent to 6,975 points, retreating from resistance on the 200-day average, now at 7,035 points. Bank Albilad fell 1.8 percent after reporting a quarterly profit rise of 9 percent, in line with analysts' forecasts.
In Abu Dhabi, the index edged down 0.2 percent but Eshraq Properties rose 1.3 percent after reporting a third-quarter net profit of 685,000 dirhams ($187,000) following a year-earlier loss of 48.5 ?million dirhams.
In Egypt, the index barely moved but Juhayna Food Industries surged 7.6 percent after reporting a 12 percent rise in third-quarter consolidated net profit attributable to shareholders. In the first half of the year, its profits had dropped.
In currencies, the dollar touched a three-month high against the yen on Monday, with an emphatic election victory for Japan’s ruling party keeping yen-weakening stimulus measures at the heart of government policy, while the euro eased as Spain’s constitutional crisis aggravated concerns about political unity in the region.
Gold hit its lowest in over two weeks early on Monday, as the dollar climbed to a more than three-month high versus the yen after Japan's ruling bloc scored a big win in Sunday's election, leaving the door open to ultra-loose monetary policy for longer.
In other news, average yields on Egypt's three- and nine-month treasury bills fell at auction on Sunday, central bank data showed.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here.
