More stories about inflation and supply chains
“Supply chain pressure” is a phrase that won’t be leaving the global headlines any time soon:
- No light at the end of the tunnel, says Maersk: Shipping giant Maersk, which reported record earnings USD 16.6 bn in 3Q2021, has said that it’s unsure when global supply chains will normalize as ports and shippers contend with surging demand and labour shortages. (FT)
- Rising fertilizer prices only mean one thing for farmers: Spiralling fertilizer prices are leading to increasing shortages in some parts of the world, putting further pressure on global food prices, which have surged more than 30% in the past year. (Bloomberg)
- Furniture manufacturing giant Ikea is raising prices as supply chain disruption hurts its earnings. Net income fell 17% to EUR 1.5 bn in the year to August, setting the company up for two consecutive years of declining profits. (FT)
EGX30 |
11,685 |
+0.1% (YTD: +7.7%) |
|
USD (CBE) |
Buy 15.66 |
Sell 15.76 |
|
USD at CIB |
Buy 15.66 |
Sell 15.76 |
|
Interest rates CBE |
8.25% deposit |
9.25% lending |
|
Tadawul |
11,686 |
-0.6% (YTD: +34.5%) |
|
ADX |
7,966 |
-0.1% (YTD: +57.9%) |
|
DFM |
3,109 |
+3.8% (YTD: +24.8%) |
|
S&P 500 |
4,661 |
+0.7% (YTD: +24.1%) |
|
FTSE 100 |
7,249 |
-0.4% (YTD: +12.2%) |
|
Brent crude |
USD 81.99 |
-3.2% |
|
Natural gas (Nymex) |
USD 5.81 |
+2.5% |
|
Gold |
USD 1,775 |
+0.6% |
|
BTC |
USD 63,057 |
+0.1% (as of midnight) |
THE CLOSING BELL-
The EGX30 rose less than 0.1% yesterday on turnover of EGP 1.36 bn (11.2% below the 90-day average). Foreign investors were net sellers. The index is up 7.7% YTD.
In the green: Rameda (+2.9%), CIRA (+2.6%) and GB Auto (+2.5%).
In the red: Heliopolis Housing (-6.1%), Sidi Kerir Petrochem (-5.6%) and Gadwa Industrial Development (-4.9%).
Asian markets are reacting positively to yesterday’s Fed meeting and are in the green in early trading this morning. Stock futures suggest that European and US shares will follow suit later today.