What the markets are doing on 15 February 2021
The SPAC bandwagon rolls on: VC firm Khosla Ventures filed plans on Friday to raise a combined USD 1.2 bn for three special purpose acquisition companies (SPACs), according to Bloomberg. The single-day triple filing underpins what has so far been a banner year for blank-check firms in the US: after setting new records in 2020, this year has already seen 143 SPACs attract more than USD 44 bn — and there are at least another 113 firms looking to raise USD 30 bn lining up for IPOs.
The USD’s recent slide is good news for investors in emerging markets looking to make bank in greenbacks when they exit a position — just don’t mistake that as good news for actual EM economies, whose exports just got more expensive. (Bloomberg)
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EGX30 |
11,506 |
-0.3% (YTD: +6.1%) |
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USD (CBE) |
Buy 15.56 |
Sell 15.66 |
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USD at CIB |
Buy 15.55 |
Sell 15.65 |
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Interest rates CBE |
8.25% deposit |
9.25% lending |
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Tadawul |
9,036 |
+1.0% (YTD: +4.0%) |
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ADX |
5,666 |
– (YTD: +12.3%) |
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DFM |
2,623 |
-0.4% (YTD: +5.3%) |
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S&P 500 |
3,935 |
+0.5% (YTD: +4.8%) |
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FTSE 100 |
6,590 |
+0.9% (YTD: +2.0%) |
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Brent crude |
USD 63.40 |
+1.6% |
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Natural gas (Nymex) |
USD 3.02 |
+3.9% |
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Gold |
USD 1,823.30 |
– |
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BTC |
USD 48,383.04 |
+1.6% |
The EGX30 fell 0.3% yesterday on turnover of EGP 1.53 bn (6.3% above the 90-day average). Local investors were net buyers. The index is up 6.1% YTD.
In the green: MM Group (+7.4%), Fawry (+2.5%) and CI Capital (+1.1%).
In the red: Eastern Company (-2.8%), GB Auto (-2.8%) and Heliopolis Housing (-2.8%).
Asian shares are having a great morning today. Futures suggest European markets should follow suit in a few hours’ time, while US and Canadian markets are closed today for national holidays.