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DATE: Oct . 23 . 2017 ISSUE: 2632 Currencies Against USD EUR 1.1752 Prime Minister Shinzo Abe, buoyed by a huge election win for lawmakers who favor revising GBP 1.3175 Japan’s post-war, pacifist constitution, is likely to push towards his long-held goal but will need to convince a divided public to succeed. Parties in favor of amending the U.S.-drafted JPY 113.73 charter won nearly 80 percent of the seats in Sunday’s lower house election, media counts showed. Four seats remain to be called and final figures are expected later on Monday. CHF 0.9852 (Reuters) AUD 0.7815 U.S. Secretary of State Rex Tillerson said on Sunday it was time for Iranian-backed militias and their Iranian advisers who helped Iraq defeat Islamic State to “go home”, after a rare joint NZD 0.6971 meeting with the leaders of Iraq and Saudi Arabia. The United States is concerned that Iran, a Shi‘ite regional power, will take advantage of gains against IS in Iraq and Syria to expand the CAD 1.2626 influence it gained after the U.S. invasion in 2003, something Sunni Arab rivals such as Riyadh World Markets Global News Major Commodities Oil (Brent) 57.75 Index Value % Change Japanese shares jumped on a weaker yen on Mon- day as an election win for Shinzo Abe’s ruling bloc Gold 1275.7 DOW 23329 0.71 gave a green light for more policy stimulus, while the euro eased as Spain’s constitutional crisis aggravated Silver 16.95 NASDAQ 6629.1 0.36 concerns about political unity in the region. The U.S. dollar was the major beneficiary as President Donald Platinum 917 S&P 500 2575.2 0.51169 Trump and Republicans took a small step toward tax cuts, boosting Wall Street stocks and lifting bond CAC 40 5372.4 0.05 yields. (Reuters) DAX 12990 -0.01 U.S. refineries from Ohio to Minnesota are capitaliz- Three Month LIBOR ing on access to cheap crude from Western Canada FTSE 100 7521.3 -0.03 and North Dakota oilfields, helping their region break a historic dependence on fuel from the Gulf Coast while USD 1.36476 BOVESPA 76391 0.14 redrawing oil trade maps. Since the early 2000s, crude and fuel flows from the Gulf Coast into the U.S. EUR ‐0.37729 MXX (IPC) 49989 -0.02 heartland have been cut in half, as crude coming from JPY ‐0.03557 21697 1.11 Canada and North Dakota has pushed U.S. Midwest NIKKEI 225 refining activity to record levels. In 2016, Midwest CHF ‐0.7264 SHANGHAI 3382.3 0.11 refining capacity rose to 3.9 million barrels per day (bpd) of crude, the highest annual volume on record. GBP 0.39141 S&P/ASX 200 5894 -0.22 (Reuters) Index Value % Change Regional News Abu Dhabi 4498.3 -0.19 The UAE government’s message to businesses is Helpful Hints Dubai 3643.7 -0.8 clear: Take taxes seriously, because non-compliance costs. That is according to tax expert, Amit Chib, who 6975.1 -1.19 Saudi Arabia believes that the Cabinet decision will bring transparen- Stagflation cy to the relationship between taxable businesses and 6650.1 -0.7 Kuwait the Federal Tax Authority. Earlier this month, the UAE A condition of slow economic Council of Ministers announced the penalties for failing 1283.9 0.18 growth and relatively high unem- Bahrain to comply with the country’s new tax laws. (Zawya) ployment – economic stagnation – accompanied by rising prices, 8098.8 -0.73 Qatar Bahrain, Kuwait and the United Arab Emirates have or inflation, or inflation and a agreed to lift a ban on imports of Egyptian agricultural decline in Gross Domestic Prod- Oman 5046.1 -0.16 products, Egypt said on Sunday, as the country works uct (GDP). Stagflation is an economic problem defined in to step up exports to narrow its budget deficit. The Egypt 1302.1 0.26 equal parts by its rarity and by agreement came after a series of meetings and negoti- the lack of consensus among Palestine 580.86 -0.22 ations held between an Egyptian delegation and the academics on how exactly it Gulf countries. The series of bans, which were said to comes to pass. Lebanon 1155.5 0.32 have been on concerns over pesticide residues, had come at a time where there was an increased appetite Tunisia 6078.1 -0.07 for Egyptian exports resulting from a currency float that slashed the pound's value in half last year. (Zawya) Morocco 12307 0 DATE: Oct . 23 . 2017 ISSUE: 2632 L OCAL NEWS His Majesty King Abdullah on Sunday met with Governor of Utah Gary Herbert and an accompanying delegation. During the meeting, joined by HRH Prince Feisal, the King and the governor discussed strategic partnership between Jordan and Top 3 most active traded stocks in terms of JOD the US and the means to enhance cooperation in various fields including energy, water, investment, higher education Symbol Closing Price Change % Volume JOD and cyber security. The meeting also touched on the Syrian SPIC 0.96 2.13% 812,248 refugee crisis and its repercussions on Jordanian economy. This was in addition to discussions about the international IPCH 0.72 0.00% 377,028 efforts to combat terrorism. (Jordan Times) ARBK 5.44 -0.73% 221,639 His Majesty King Abdullah and visiting Iraqi Prime Minister Haider Al Abadi on Sunday discussed ties between the two countries, as the eastern neighbour is gearing up for a post- Daesh rebuild drive. A Royal Court statement said that His Majesty and Abadi held a one-on-one meeting that was Top 3 most active traded stocks followed by an expanded session of talks attended by senior Symbol Closing Price Change % Volume officials from both sides, including Prime Minister Hani Mulki. King Abdullah, who congratulated Baghdad for a series of SPIC 0.96 2.13% 873,600 victories in the war against the Daesh terror group, renewed ENTK 0.4 2.56% 526,450 Jordan’s full support for Iraq as it endeavours to consolidate its security, territorial integrity and coherence of its people, in IPCH 0.72 0.00% 523,580 line with the country’s constitution. (Jordan Times) The government will go ahead with reforming the sales tax and cash support will be given to citizens entitled to receiving 3 Biggest Gainers the subsidies, Prime Minister Hani Mulki said on Sunday. "Many of the sales tax exemptions did not reflect on the Symbol Closing Price Change % Volume JOD targeted segments that are entitled to the subsidies and the desired objectives for such exemptions were not realised," the BAMB 0.35 6.06% 9,186 premier said at a meeting with media leaders and AALU 1.83 4.57% 834 representatives from the sector. On possible removal of the subsidy on bread, he said decision has not been taken yet on DADI 2.13 4.41% 66,756 whether to remove or keep bread support, estimated at JD145 million a year. “We are still looking into this issue, but there is no country in the world that subsidises bread like Jordan… In Lebanon, for example a kilo of bread is sold for $1,” he said. 3 Biggest Decliners (Jordan Times) Symbol Closing Price Change % Volume JOD Trading value for Sunday 22/10/2017 reached JD(4.3) million. (4.9) million shares were traded through (1,839). The AMWL 0.05 -16.67% 1,100 shares price index closed at (2099.83) point, a decrease of JOCE 0.1 -9.09% 1 (0.15%). (ASE) JOIR 0.14 -6.67% 1,766 For more DETAILED information ABOUT THE AMMAN STOCK EXCHANGE, kindly visit the link below Click Here Please This News bulletin has been issued by Jordan Kuwait Bank’s Private Banking Unit for your personal use for information purposes only and should not be considered as an offer or the solicitation of an offer to buy or sell any investment or security. The information and any views expressed are given as of (23.10.2017) and subject to change . While the information has been obtained from sources believed to be reliable, it makes no guarantee to its accuracy or completeness and it should not be relied on as such. Jordan Kuwait Bank can accept no direct or consequential loss arising from use of this document or its contents at any time. This document may not be reproduced or circulated without the prior written consent of Jordan Kuwait Bank. .