Updates from last week:
- Oil rallied on further indications of a pending extension to OPEC+ cuts.
- PMIs began to recover across the region in May.
- Coronavirus infections fell by -5% w/w in the GCC, the first decline, but rose 57% in Oman.
- Saudi FX reserves fell by -$25bn in April, mainly in transfers for PIF to invest abroad.
- Saudi hiked custom duties on many items to boost revenue and protect domestic firms.
- S&P maintained its ratings on Abu Dhabi and Bahrain, but cut its forecasts sharply.
- Sharjah sold a $1bn 7yr sukuk with a tightly priced +245bn spread.
- As the Qatar dispute entered its 4th year there was a fresh US/Kuwaiti mediation push.
- Qatar made a record $20bn reservation for over 100 LG carriers from Korean shipbuilders.
- Kuwait announced plans to cut spending by -20%, which it is unlikely to achieve.
- Oman Investment Authority was created to consolidate sovereign wealth.
- WEEK AHEAD: Today, Lebanon’s government and central bank due to agree on what losses to impose on banks.
Read the full report here.
