It's probably nothing but… Saudi banking stocks have been halved in the last year and crashed to their lowest level since the March 2009 lows. Middle East stock markets began the week with a big downturn as China comes back from its Golden Week holiday…
Just when you thought it was safe to buy the f##king dip…
Saudi Bank stocks collapse to financial crisis lows…
And while Saudi interbank rates surge to multi-year highs, relative to US LIBOR, Saudi counterparty risk has never been higher…
As The National reports, The central bank has told commercial banks to postpone for a month receiving payments on consumer loans to customers whose incomes have been hit by cuts to public sector allowances, the Okaz newspaper reported on Sunday, citing unnamed sources. Central bank officials were not available to comment.
But it wasn't just Saudi Arabia.. and not just the banks… Bloomberg's Middle-East/Africa index tumbled
via http://ift.tt/2dUxFao Tyler Durden