Another indication of the Federal Reserve continuing its monetary tightening policy: Fed Member of San Francisco Mary Daley said interest rates should rise more than expected and stay higher for longer. “There is clearly more work to be done,” she added. “In order to put this cycle of high inflation behind us, it will likely be necessary to tighten policy further, and to maintain it for a longer period.” I have bloomberg AndFinancial Times More.
More Emirati-Turkish rapprochementTurkey and the UAE have agreed to more than double the volume of trade exchange between the two countries over the next five years, to reach $40 billion, from $19 billion last year, according to a recently signed agreement. Emirates News Agency. The agreement is expected to open new markets for the two countries in a range of sectors such as agriculture, food security, communications, logistics, real estate, and renewable energy. And both sides signed A number of major investment agreements In 2021, which includes Abu Dhabi investing regarding $10 billion in key areas of the Turkish economy.
Also from global market news:
- World food prices are falling once more: The decline in food prices continued during the month of February, as the decline in food oil and dairy prices led to a decline Food and Agriculture Index United Nations to its lowest level since September 2021. (faw)
- The “Saudi Sovereign” is seeking a share of Rocco Forte: The Saudi Public Investment Fund is eyeing a significant minority stake in British hotel group Rocco Forte in a deal that would value the group at $1.4 billion. (bloomberg)
- More cost cutting at AmazonE-commerce giant Amazon has halted construction of its $2.5 billion headquarters in Virginia, as it seeks to cut unnecessary spending amid financial difficulties. The company said in january It will lay off 18,000 employees worldwide. (Financial Times)
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|
EGX30 (Thursday) |
16,847 |
-1.6% (YTD: +15.4%) |
|
|
US dollars (central bank) |
Buy 30.66 pounds |
Selling 30.75 pounds |
|
|
USD (Commercial International Bank) |
Buy 30.67 pounds |
Selling 30.77 pounds |
|
|
prices Interest (CBE) |
16.25% for deposit |
17.25% for lending |
|
|
Tadawul (Saudi Arabia) |
10,278 |
+0.8% (YTD: -1.9%) |
|
|
Abu Dhabi market |
9,907 |
+0.4% (YTD: -3.0%) |
|
|
Dubai market |
3,420 |
-0.5% (YTD: +2.5%) |
|
|
Standard & Poor’s 500 |
4,046 |
+1.6% (YTD: +5.4%) |
|
|
FTSE 100 |
7,947 |
+0.0% (YTD: +6.7%) |
|
|
Euro Stoxx 50 |
4,295 |
+1.3% (YTD: +13.2%) |
|
|
Brent crude |
$85.83 |
+1.3% |
|
|
natural gas (nymex) |
$3.01 |
+8.8% |
|
|
gold |
$1,854.60 |
+0.8% |
|
|
Bitcoin |
$22,216 |
-0.1% (YTD: 34.4%) |
The EGX30 index fell during Thursday’s trading, to close down by 1.6%.. The total turnover amounted to 2.1 billion pounds (4.1% above the average over the past 90 days). Foreign investors alone were net sellers by the end of the session. Thus, the index has increased by 15.4% since the beginning of the year.
In the green zone: Amok (+2.2%), Oriental Weavers (+2.2%), and Ramida (+1.7%).
In the red zone: Eastern Tobacco (-4.7%), Fawry (-4.1%), and Credit Agricole Egypt (-2.7%).