Adnoc is moving ahead with its big IPO plans for gas unit: The Abu Dhabi National Oil Company (Adnoc) has tapped several banks to lead a planned IPO for its gas unit next year, Bloomberg reported, citing people in the know. The state energy company has reportedly chosen Goldman Sachs, Bank of America and First Abu Dhabi Bank as joint global coordinators for the share sale, which is slated to be one of Abu Dhabi’s largest listings, the sources said. The news comes a few weeks after Adnoc said it will combine its LNG and gas-processing arms into a single entity, Adnoc Gas, that it plans to take public on the ADX next year.

Global debt is falling, but it’s a mere drop in the ocean: Global public and private debt posted its largest drop in 70 years in 2021 but still remained well above pre-pandemic levels, the IMF said on Monday. Total public and private debt dropped 10 percentage points to 247% from its peak level of 257% a year earlier, it wrote in a blog post accompanying its first Global Debt Monitor.

Also worth noting:

• Microsoft will acquire a 4% stake in the London Stock Exchange Group from a consortium of Blackstone and Thomson Reuters under a 10-year strategic partnership. (Statement)
• Qatar Investment Authority to invest in Siemens? Siemens Energy is on the hunt for new investors and a possible entry of a sovereign wealth fund, with Qatar among the candidates. (Handelsblatt)
• Europe’s energy crunch could be more difficult to handle next year: “The crisis is not over. Next year, 2023, may well be much more difficult than this year,” International Energy Agency head Fatih Birol said yesterday. (Reuters)
• Japan’s Nomura is expanding its wealth management services to Dubai, in another sign of the city’s growing clout as a regional financial hub. (Bloomberg)

	EGX30	15,150	+2.9% (YTD: +26.8%)
	USD (CBE)	Buy 24.62	Sell 24.70
	USD at CIB	Buy 24.61	Sell 24.68
	Interest rates CBE	13.25% deposit	14.25% lending
	Tadawul	10,221	+1.9% (YTD: -9.4%)
	ADX	10,050	-1.0% (YTD: +18.4%)
	DFM	3,300	-0.5% (YTD: +3.3%)
	S&P 500	4,020	+0.7% (YTD: -15.7%)
	FTSE 100	7,503	+0.8% (YTD: +1.6%)
	Euro Stoxx 50	3,987	+1.7% (YTD: -7.3%)
	Brent crude	USD 80.54	+3.3%
	Natural gas (Nymex)	USD 6.97	+5.8%
	Gold	USD 1,822.10	+1.7%
	BTC	USD 17,768	+3.4% (YTD: -61.6%)

THE CLOSING BELL-

The EGX30 rose 2.9% at yesterday’s close on turnover of EGP 3.6 bn (152.4% above the 90-day average). Local investors were net buyers. The index is up 26.8% YTD.

In the green: Oriental Weavers (+17.0%), Qalaa Holdings (+15.8%) and Madinet Nasr Housing (+10.5%).

In the red: Telecom Egypt (-1.4%), CIB (-0.6%).

It’s a sea of green in Asia this morning as investors predict yesterday’s positive US inflation data to allow the Federal Reserve to ease off its hawkish interest rate policy. The picture is more mixed in Europe, with shares in London and Germany expected to fall. Wall Street will open higher.