Trump Steps Up Oil Tariff Threat Amid Saudi-Russia Rift (Expect a turbulence market opening tomorrow)

President Donald Trump ramped up threats to use tariffs to protect the U.S. energy industry from a historic glut of oil, as efforts to forge a global deal to cut output appeared to lose momentum.

Trump said Saturday at a White House press briefing he’d use tariffs if needed to protect the domestic oil industry, even as he predicted that Saudi Arabia and Russia would come to an agreement to cut output and stem the rout in prices. READ MORE

Dubai’s DIB Slumps After Disclosing $541 Million of NMC Exposure (is just the beginning of more troubles ahead)

Dubai Islamic Bank PJSC’s shares fell the maximum allowed on Sunday after the lender said it had $541 million of exposure to troubled hospital operator NMC Health Plc. They lost 4.8% to trade at 3.19 dirhams shortly after Dubai’s market opened.

Abu Dhabi Commercial Bank PJSC dropped 4.3%, extending its losing streak to a seventh day. The company announced exposure to NMC of nearly $1 billion last week. It asked a U.K. court over the weekend for put the health firm into administration. Read More

What you need to know

  • The figures: The novel coronavirus has infected more than 1.1 million people and killed more than 60,000 worldwide, according to Johns Hopkins University. 
  • The US: There are more than 312,000 recorded cases and nearly 8,500 people have died, with 1,344 of those reported on Saturday — the country’s largest single-day death toll. 
  • Spain’s death toll: A further 809 people died in Spain on Saturday, bringing the total there to 11,744 deaths. 
  • China: Officials in Wuhan, ground zero for the pandemic, say residents should only go outside when necessary, as the city begins to open up after two months of lockdown.

WHY THAN WE CHOOSE THESE COMPANIES – TECHNICAL CHART EXPLAINS

Metro Pacific Investment – will get back on to they feet as soon as the Pandemic slows down – current price is really cheap with cheap valuation – downside is much lesser then the upside
ICT is really affected after the lock-down and everything calms to a standstill but we believe the Supply Chain have to go on or else the entire economy will be dead. ICT still stands a chance of a good recovery – but we wait for the price to break the 60
FGen is a service industry and business as usual – yes, there will be lesser revenue but there is still revenue ahead – the chart patterns indicates a good bullish pattern
This company is also a service industry and focus is on Energy – the current P/E is negative and we believe with a strong BUY back transaction in the recent days shows that this company have great value.

KEY TAKEAWAYS

  • Buy when the company are cheap
  • Trust the business and ignore the noises
  • Control your emotions and believe in what you have bought

FINWAZE TEAM

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