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First Abu Dhabi Bank shares fell after disclosing a $73.2 million total exposure to Phoenix Commodities and related entities. Emirates NBD and Mashreq Bank also disclosed exposures of $23.66 million and $11.7 million.
Phoenix Commodities is being liquidated after amassing more than $400 million in potential trading losses.
This is a banking and credit story with no direct effect on grain, oilseed or feed supply and demand. It has no meaningful implication for feed commodity prices.
zawya.comGerard AounMay 13, 2020After 43 past macro events, Rough Rice moved a median +0.5% over 5 sessions (56% higher; middle half -2.0% to +2.3%), and +1.6% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
