US stocks got 2022 off to a good start yesterday, climbing to a new record high despite expectations of headwinds in the coming months as the Federal Reserve tapers stimulus and prepares to raise interest rates, says Bloomberg. The S&P 500 climbed 0.6% to an all-time high, while the Nasdaq closed 1.1% in the green and the Dow rose 0.7%.

Concerns over rising borrowing costs were felt in the treasury market: The US 10-year note had its worst start to a year since 2009, as a sell-off pushed the yield up 13 basis points to 1.64%. The greenback gained 0.7%.

Alpha Dhabi has bought an additional 17% stake in the UAE’s Aldar Properties in a USD 1.5 bn transaction, bringing its total stake to 29.8%, according to a statement (pdf). The acquisition makes the International Holding Company subsidiary one of the largest shareholders in Aldar — the new co-owners of Egyptian real estate giant SODIC alongside Abu Dhabi sovereign wealth fund ADQ.

Failing Evergrande kicks off 2022 with trading halt: The crumbling Chinese real estate giant’s shares were suspended from trading yesterday, before it confirmed that it had been ordered to tear down some under-construction buildings, Bloomberg reports.

THE CLOSING BELL-

The EGX30 fell 0.1% yesterday on turnover of EGP 908 mn (29.8% below the 90-day average). Foreign investors were net sellers. The index is down 0.4% YTD.

In the green: MM Group (+11.0%), Rameda (+2.5%) and Abu Qir Fertilizers (+2.2%).

In the red: Credit Agricole Egypt (-3.8%), Sidi Kerir Petrochemicals (-2.7%) and Aspire Capital (-2.4%).

It’s a mixed day in Asia this morning: Markets in China, Hong Kong and South Korea are down, while the Nikkei and the ASX are solidly in the green. Stock futures suggest that most European bourses will see early gains later this morning while US shares will fall.