US economic data published in recent weeks has fallen short of expectations with reports missing the mark by the largest margin since the heyday of the pandemic last year, raising concerns over muted global economic growth off the back of the Delta variant, the Financial Times reports. Gauges of US consumer confidence, retail sales, and business activity have all come in lower than anticipated, with economists dialling back US growth forecasts to 6.2% from 6.6% for this year.

Meanwhile, across the pond: Eurozone business activity grew at its fastest pace in 15 years in August, with the IHS Markit flash composite PMI reaching 59.5, buoying expectations for strong 3Q2021 growth, the Financial Times reports. While higher vaccination rates boosted optimism, increased hiring activity and higher input costs indicate that the ripples of supply chain disruptions are still being felt throughout European markets.

Oil prices snap 7-day losing streak: Oil prices rebounded from a seven-day losing streak, supported by a softer USD despite lingering fears that rising covid-19 might affect fuel demand, Reuters reports. Brent crude jumped 3% to USD 67.26 a barrel (and was at USD 68.89 at dispatch time), while US West Texas Intermediate (WTI) crude for October delivery similarly rose 3% to USD 64.04. Last week, both benchmarks saw their biggest week of losses in more than nine months, with Brent plunging about 8% and WTI about 9%.

BTC hit a three-month high, peaking at USD 50,428 before sliding back to 49.9k as of midnight CLT, as cryptocurrency prices slowly rose on their path to recovery. This increase indicates that the world’s largest cryptocurrency had overcome its crypto rout earlier this summer, which left it hitting just under USD 30,000. Analysts see BTC testing all-time highs soon, according to Bloomberg.

Other global business news you should know about this morning:

• China has made a major play for the MENA renewables market… State-owned power giant China Three Gorges Corp. announced yesterday that it would purchase Dubai-based wind and solar developer Alcazar Energy, in a transaction Bloomberg reported last week could be worth USD 1 bn. (Bloomberg)
• … as it continues to clamp down on IPOs: More than 40 Chinese companies have been prevented from going public on the Shanghai and Shenzhen exchanges after regulators launched a probe into several firms managing the transactions. (Reuters)

THE CLOSING BELL-

The EGX30 rose 1.8% at yesterday’s close on turnover of EGP 2.21 bn (37.2% above the 90-day average). Local investors were net buyers. The index is up 0.4% YTD.

In the green: Egyptian Resorts Company (+7.5%), Sidi Kerir Petrochem (+3.8%) and Ezz Steel (+3.4%).

In the red: Rameda (-2.4%), Orascom Development (-1.2%) and GB Auto (-1.0%).

Major Asian indexes are uniformly in the green this morning, while futures suggest that Wall Street and Bay Street will both open in the green later today, as will Europe this morning.