The oil market started the year with gusto: Prices surged past the USD 80 / barrel mark last week as the omicron variant did little to dent demand, Bloomberg reports. Contrary to predictions of a burgeoning oversupply problem, supply constraints amid freezing weather in North America pushed a fresh rally in prices, apparently validating OPEC’s recent decision to stick to planned output increases of 400k bbl/d next month. Strategists say the market is set to remain bullish, potentially helping drive inflation.

But while oil is on a tear, the same can’t be said for bonds. Treasuries had their worst ever start to a year last week: German yields threatened to turn positive and UK debt saw selloffs, Bloomberg reports, as the markets repriced ahead of expected rate hikes from central banks across the board. Investors are set to keep a sharp eye on central bank moves as volatility rocks the debt markets.

The meme stock-maker becomes the meme stock? Reddit has hired Goldman Sachs and Morgan Stanley to work on its IPO, which could hit the Nasdaq in March, sources familiar with the matter tell Bloomberg. The social media company, whose message boards fuelled the 2021 retail trading craze, could be worth up to USD 15 bn, the people said.

THE CLOSING BELL-

The EGX30 fell 0.5% yesterday on turnover of EGP 484 mn (61.3% below the 90-day average). Regional investors were net buyers. The index is up 0.3% YTD.

In the green: Raya Holding (+6.2%), Aspire Capital (+1.0%) and Eastern Company (+1.0%).

In the red: Palm Hills Development (-2.8%), Rameda (-2.7%) and Abu Qir Fertilizers (-2.6%).