Metals Data Response China and India Gold Imports (May) The latest trade data for India and China show divergent trends in imports of gold by the two largest consumers. China’s gold imports rose strongly in May on the back of robust wholesale consumption... 26th June 2018 · 1 min read
Middle East & North Africa Economics Update Gulf: the economic impact of the revised OPEC deal Revisions to OPEC’s oil output agreement will lead to a rise in supplies from the Gulf over the coming months, providing a direct boost to economic growth. Higher production will, however, depress oil... 25th June 2018 · 1 min read
Metals Data Response Global Steel Production (May) World Steel Association (WSA) data showed a 6.6% y/y increase in global steel production in May, driven by higher output in China, India, Japan and the US. We expect this trend to continue over the... 25th June 2018 · 1 min read
OPEC Watch OPEC agrees to boost output We expect OPEC and Russia to increase production by about 1m barrels per day over the rest of the year, which should ensure ample supply and help to pull prices down. 25th June 2018 · 1 min read
Commodities Weekly OPEC: Will they, won’t they? Most commodity prices fell sharply this week on concerns that the rise in trade tensions between the US and China could spiral into a full-blown trade war. There were particularly sharp drops in the... 22nd June 2018 · 1 min read
Industrial Metals Update Prices to fall further The prices of industrial metals have been caught up in the general market sell-off following the ramping up of trade tensions between the US and China. We expect prices to continue to trend lower over... 21st June 2018 · 1 min read
Middle East & North Africa Economics Weekly Egypt subsidy cuts, Saudi upgrade, OPEC meeting Hikes to fuel prices announced by the Egyptian government over the past week mean that the central bank will refrain lowering interest rates at its upcoming meeting. Meanwhile, growing tensions within... 21st June 2018 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Inventories of crude oil fell last week due to a jump in exports and higher demand from refineries. However, if China acts on its threat to reduce its purchases of US crude, it will be difficult to... 20th June 2018 · 1 min read
Middle East & North Africa Economics Update What would a rise in OPEC output mean for Saudi? The OPEC meeting scheduled to start on Friday will probably result in a compromise to increase oil output and this could provide a boost to Saudi GDP growth of around 1%-pt. Frictions within the group... 20th June 2018 · 1 min read
Commodities Watch How will China’s tariffs affect commodity markets? In the last week, there has been a renewed escalation in trade tensions between the US and China. The US has announced that it is pressing ahead with tariffs and China has responded in kind. In... 20th June 2018 · 1 min read
Metals Data Response Global Aluminium Production (May) Global aluminium output ticked up in May, driven by higher production in Asia ex-China and the GCC. We expect growth in output to accelerate over the coming months as higher prices and the prospect of... 20th June 2018 · 1 min read
Metals Watch Has gold lost its safe-haven status? Tensions between the US and China have escalated over the past few days, with both countries announcing hefty tariffs. Yet, the price of gold fell on the news. In this Metals Watch we first look at... 19th June 2018 · 1 min read
Middle East & North Africa Economics Update Saudi: will an MSCI upgrade drive the Tadawul higher? MSCI’s upcoming decision on whether to include Saudi Arabia in its benchmark emerging market equity indices has been billed as a game changer for the Kingdom’s stock market, but past experience... 19th June 2018 · 1 min read
Energy Update Will tariffs dampen oil demand? The retaliatory tariffs which China has threatened to impose on oil imports from the US would not in themselves change the balance of supply and demand in global oil markets. But if China chooses to... 18th June 2018 · 1 min read
Commodities Weekly Fears of protectionism weigh on prices The Fed’s decision to hike its target rate by 25bp and the announcement that the US was going to press ahead with a 25% tariff on imports of Chinese goods prompted a rally in the dollar, which in turn... 15th June 2018 · 1 min read
Middle East & North Africa Chart Pack UAE the latest to loosen fiscal policy The past month has brought further signs that governments across the Gulf are responding to higher oil prices by ramping up spending. Both Abu Dhabi and Dubai, the two largest emirates that make up... 15th June 2018 · 1 min read
