Old days of boom and bust no longer norm, says Gargash Group
Monday - Friday: 12:00 - 13:00 SIN/HK | 0600 - 07:00 CET
"The old days of boom and bust are no longer the norm," Shehab Gargash, chairman of Daman Investments and group CEO of Gargash Group, tells CNBC's Dan Murphy at the DFM Capital Markets Summit.
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CNBC
3 hours ago
- CNBC
Gulf markets end higher, shielded from major turmoil after the U.S. strike on Iran
Markets across the Middle East ended mostly higher on Sunday after the United States entered the war between Israel and Iran and struck three key Iranian nuclear sites, Fordo, Natanz and Isfahan. Stocks in Tel Aviv reached an all-time high on Sunday on bets that Washington's entrance into the conflict with Tehran would help it to come to an end, despite the Iranian Foreign Minister's insistence that the country could not return to diplomacy "while under attack." The broader TA-125 index was trading 1.77% higher on Sunday, while the TA-35, Tel Aviv's blue-chip index, was up 1.5%. Equities climbed in Israel last week after the country hit targets in Iran. In the Gulf, Saudi Arabia's Tadawul opened Sunday trading nearly half a percent higher before erasing earlier gains and closing down 0.3%. Qatar gained 0.2% and Bahrain's index added 0.3%. Bahrain, home to the U.S. Central Command, issued a "work from home mandate" on Sunday, urging citizens to "only use main roads when necessary to maintain public safety." Egypt's benchmark EGX30 was the major gainer in the region, closing 2.7% higher on Sunday. "The Gulf has distanced itself and has been calling for appeasement, supporting a peaceful resolution, and has gone as far as condemning Israeli aggression," Fadi Arbid, founding partner and CIO of Amwal Capital Partners, told CNBC. He explained that such rhetoric "has helped the Gulf isolate itself from conflict" and any significant short-term market impact, adding that the net mid-term is positive. "The market might be priced in on removing a big overhang, which is the Iranian threat," Arbid said, which "at least the international investor would look at positively" once the issue of Iran is removed. Saudi Arabia, the UAE and Qatar have all released statements in the last 24 hours, the UAE urged an immediate halt to escalation to "avoid serious repercussions" in the region, while Saudi Arabia expressed concern and Qatar said it "deplored deterioration" in the conflict between Israel and Iran. Investors will be watching for swings in the oil market when it opens later this evening, and whether Iran intends to block the Strait of Hormuz, a crucial waterway through which a quarter of the world's oil supply passes. Tanker Trackers, a website that tracks global oil shipments, said that as of 3:40 p.m. UAE time on Sunday, "tanker traffic is still moving in both directions within the Strait of Hormuz," citing AIS data. "Oil prices are likely to open higher, further increasing the geopolitical risk premium," Giovanni Staunovo, a commodity analyst at UBS told CNBC on Sunday, adding that oil will maintain a "risk premium for now," and prices will remain volatile in the near term as it is "unclear how the conflict might evolve." Prices fell 2% on Friday, before U.S. President Donald Trump moved to enter the war between Israel and Iran. Brent futures have jumped 11% since Israel's attack on Iran less than two weeks ago, and both Brent and U.S. crude oil have remained volatile since. Prices are expected to rise on Monday following Washington's strike on Iran's nuclear facilities. "Oil markets are likely to take the U.S. attacks as a substantial escalation of the war and price in elevated security of supply risks." Edward Bell, acting chief economist at Emirates NDB, told CNBC. He added that markets remain bound by headlines, not fundamentals and said to expect "big swings" in the coming days. "While there remains no interruption to flows of oil coming out of the Gulf and oil infrastructure has not come under direct attack, markets will still likely price in an elevated geopolitical premium," Bell said.
Yahoo
6 hours ago
- Yahoo
'The Big Short' Investor Steve Eisman Says Iran Crisis Could Be 'Extremely Positive' For Markets, Calls Regime A 'Death Cult' Close To Nuclear Weapons
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Investor Steve Eisman has a surprising take on the escalating tensions in the Middle East, one that cuts from conventional wisdom during periods of geopolitical conflicts. What Happened: On Wednesday, Eisman said the crisis in Iran may actually turn out to be 'extremely positive' for global markets and geopolitical stability during his appearance on CNBC's 'Squawk Box.' The investor, best known for shorting collateralized debt obligations in the lead up to the 2008 financial crisis, which inspired the character played by Steve Carell in the 2015 movie 'The Big Short,' describes Iran as a 'death cult,' which is now 'very close to getting a nuclear weapon.' Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Eisman argues that if Iran succeeds in its nuclear quest, it will trigger a regional arms race, with neighbors like Turkey and Saudi Arabia seeking their own deterrents. 'That would have been a disaster,' he says, adding that getting rid of such a death cult anywhere in the world, 'is a very positive thing.' He also states that the markets hadn't priced in this risk, but he believes the situation now offers potential upside, referring to the removal of a long-term geopolitical destabilizer that could benefit both the markets and global security. Why It Matters: Stocks have been relatively unfazed since the beginning of this conflict, with limited impact on the benchmarks thus far. Economists, too, have recently stated that the impact on the U.S. economy from this conflict is fairly limited. David Seif, Chief Economist for developed markets at Nomura, said, 'recession risks are higher, but only by a tiny bit.' The Chief Economist at Santander U.S. Capital Markets, Stephen Stanley, shared similar sentiments, that 'the fallout to the U.S. is pretty limited.' There are, however, several beneficiaries of this conflict, which primarily include defense companies that have been rallying over the past Month-To-Date (%) Year-To-Date (%) Kratos Defense & Security Solutions Inc. (NASDAQ:KTOS) 20.01 59.82 Optex Systems Holdings Inc. (NASDAQ:OPXS) 21.37 50.87 BWX Technologies Inc. (NYSE:BWXT) 27.77 26.06 RTX Corp. (NYSE:RTX) 6.32 25.74 Defense stocks have been rallying over the past month, amid intensifying tensions in the Middle East, and growing speculations regarding American involvement. Higher energy prices, however, can weigh on the economy, with Warren Patterson, head of commodity strategy at ING, saying that 'Iran is a meaningful oil producer, pumping 3.3 million barrels per day and exporting around 1.7 million,' and any disruption in this, he says, can push prices to $120 per Next: Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. Back a bold new approach to cancer treatment with high-growth potential. If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it? Image Via Shutterstock This article 'The Big Short' Investor Steve Eisman Says Iran Crisis Could Be 'Extremely Positive' For Markets, Calls Regime A 'Death Cult' Close To Nuclear Weapons originally appeared on
CNBC
10 hours ago
- CNBC
The lookahead: What next after U.S. strikes on Iran and Europe's 5% defense problem
After a week of global market jitters, the reaction to U.S. strikes on Iranian nuclear facilities will be front and center over the coming days. Meanwhile, a trio of heavyweight events could also shape the economic and geopolitical mood. From NATO tensions in The Hague to trade talks in Tianjin and industrial optimism in Berlin — investors will be watching closely. Addressing the nation on Saturday evening, U.S. President Donald Trump said strikes on three of Iran's nuclear sites were a "spectacular military success" that "completely obliterated" the country's major enrichment facilities. The strikes, which mark the first time the U.S. has conducted a direct military attack on Iran, mark a dramatic escalation in geopolitical tensions. Trump's claim about the result of the operation could not be independently confirmed. Iran Foreign Minister Abbas Araghchi slammed the U.S. strikes, describing them as "outrageous" and saying the country "reserves all options to defend its sovereignty, interest, and people." Global investors will be scrambling to assess the fallout. NATO meetings with Trump in attendance have a history of being dramatic. Back in 2017, the White House leader consistently questioned America's commitment to the alliance, and accused other members of owing "massive amounts of money" to the overall share of defense spending. Fast forward to 2025 and the next NATO Leaders Summit with Trump is set to take place in The Hague, the Netherlands on Wednesday. Some problems are familiar – while defense spending has increased dramatically across Europe, countries like Spain risk derailing talks by calling the 5% of GDP target "unreasonable." In addition, the war in Ukraine rages on. Meanwhile other problems are new – hostilities are rising between Israel and Iran, alongside other neighbors in the Middle East, are testing international relations to the limit. U.S. Ambassador to NATO Matthew Whittaker, told CNBC's "Squawk Box Europe" that the region should not expect a free ride from the U.S. on defense spending, as "the 5% target is not a negotiating tactic." On the other side of the world, the Chinese city of Tianjin plays host to the World Economic Forum's Meeting of New Champions running from Tuesday to Thursday, also known as the Summer Davos. Technology dominates the agenda at a tricky time for relations between China and the West, as trade negotiations with the U.S. are still on-going. Trump may have bought more time for TikTok, extending the deadline for China's ByteDance to divest the social media platform's U.S. business to September, but the latest round of trade talks in London led to a vague stand-off between the two superpowers, with no official readout. Speaking to CNBC right after those negotiations, U.S .Commerce Secretary Howard Lutnick was asked if current tariffs on China would not shift again, to which he replied, "you can definitely say that." But this may do little to ease the conversations between Chinese officials and corporates in Tianjin, and the international delegates in attendance, who will be looking for more certainty from both the White House and Beijing. Closer to home, it's the Day of Industry conference in Germany on Monday and Tuesday. This annual meeting in Berlin highlights German economic policy and global trade strategies. It could be a good time for the new government to be touting Europe's so-called Engine of Growth, with four economic institutes raising their 2025 and 2026 GDP growth forecasts for Europe's largest economy. During a recent trip to Washington DC, Chancellor Friedrich Merz dodged the ire that other world leaders have faced in the Oval Office, with Trump's focus mostly dominated by his public spat with Elon Musk. But it's not all clear roads ahead for Germany, as the country's auto industry body reports that domestic auto-makers have shouldered around 500 million euros ($576.1 million) in costs associated with Trump's import tariffs.
