US stocks hit fresh near-two-year low
US stocks fell deeper into bear territory yesterday and bonds continued to sell off as Federal Reserve officials kept up the hawkish messaging on interest rates. In another choppy session, the S&P 500 closed 0.2% in the red to hit its lowest level since November 2020 while the Dow Jones fell 0.4%. The S&P is now sitting 24.3% below its peak in January while the Dow is down 21.2%. Yields on US 10-years edged closer to breaching the 4% handle — a level that hasn’t been since 2008 — as investors continued to exit treasuries. Bucking the trend was the tech-heavy Nasdaq, which notched slight gains to close 0.3% in the green.
Good for all of us: The USD took a breather from its relentless march upwards yesterday but remains at two-decade highs.
PIF taps banks for debut green bond sale: Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), hired banks including BNP Paribas, Citigroup and JPMorgan, as global bookrunners for its maiden multi-tranche USD-denominated green bond sale, Bloomberg reports, citing sources familiar with the matter. The bond could go to market as early as next week, Reuters reported separately.
^^ We have more coverage in this morning’s Enterprise Climate.
Abraj Energy Services has tapped our friends at EFG Hermes, along with the National Bank of Oman and Ahli Bank of Oman, to advise on its planned IPO on the Muscat Stock Exchange, Bloomberg reports, citing an emailed statement. The company’s MSX debut could raise as much as USD 500 mn and “may happen” in 1Q 2023, people with knowledge of the matter told the business information service. The Omani drilling company — a subsidiary of state-owned OQ — has not yet announced the size or timeline of the transaction.
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EGX30 |
9,817 |
-0.1% (YTD: -17.8%) |
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USD (CBE) |
Buy 19.45 |
Sell 19.56 |
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USD at CIB |
Buy 19.48 |
Sell 19.54 |
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Interest rates CBE |
11.25% deposit |
12.25% lending |
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Tadawul |
11,017 |
+1.0% (YTD: -2.3%) |
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ADX |
9,733 |
-0.7% (YTD: +14.7%) |
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DFM |
3,373 |
+0.7% (YTD: +5.5%) |
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S&P 500 |
3,647 |
-0.2% (YTD: -23.5%) |
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FTSE 100 |
6,985 |
-0.5% (YTD: -5.4%) |
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Euro Stoxx 50 |
3,329 |
-0.4% (YTD: -22.6%) |
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Brent crude |
USD 85.69 |
+1.9% |
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Natural gas (Nymex) |
USD 6.65 |
-3.7% |
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Gold |
USD 1,636.20 |
+0.2% |
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BTC |
USD 18,974 |
-0.7% (YTD: -58.9%) |
THE CLOSING BELL-
The EGX30 fell 0.1% at yesterday’s close on turnover of EGP 1.07 bn (11.6% above the 90-day average). Foreign investors were net sellers. The index is down 18.8% YTD.
In the green: Qalaa Holding (+4.6%), Madinet Nasr Housing and Development (+3.8%) and CIRA (+3.4%).
In the red: CIB (-1.6%), Cleopatra Hospitals (-1.0%) and Egypt Kuwait Holding-EGP (-1.0%).