Gulf oil exporters will see economic growth halve this year as revenues decline on the back of the global economic slowdown, according to a Reuters poll of economists. Crude prices have fallen more than a third from last year and the trend is expected to continue this year as recession fears weaken demand. “The outlook for 2023 is more cautious given the weaker external environment, although the GCC will likely continue to outperform many developed economies in terms of GDP growth,” according to Khatija Haque, Emirates NBD’s head of research and chief economist.

IMF head Kristalina Georgieva has warned that western green subsidies risk leaving emerging markets in the cold, reports AFP. The tax cuts and subsidies being offered by the US to invest in low-emission technologies are likely to transfer technology and production away from emerging countries to advanced economies, she said during the World Economic Forum on Friday. We recently looked at similar concerns over the EU’s incoming carbon border tariff, and ESG investing.

ALSO WORTH NOTING-

• Eurozone recovery? Business activity in the euro area unexpectedly returned to growth in December according to fresh PMI data, adding to optimism that the bloc will avoid falling into recession. (Reuters)
• CNY to Russia’s rescue: Russia’s USD 45 bn of CNY reserves are helping the country to cushion the hit to its budget from the price cap implemented by western allies on Russian oil. (Bloomberg)
• More layoffs: Ford Motor could cut 3.2k jobs across Europe following similar cuts last year in the US, as it shifts focus towards electric vehicles. (Bloomberg)
• DFM is after dual listings: The Dubai stock exchange is in talks with companies planning dual listings as it looks to keep the Gulf IPO boom rolling. (Bloomberg)

	EGX30	16,441	+1.6% (YTD: +12.6%)
	USD (CBE)	Buy 29.86	Sell 29.94
	USD at CIB	Buy 29.84	Sell 29.94
	Interest rates CBE	16.25% deposit	17.25% lending
	Tadawul	10,796	+0.3% (YTD: +3.0%)
	ADX	10,222	+0.6% (YTD: +0.1%)
	DFM	3,364	+0.4% (YTD: +0.8%)
	S&P 500	4,017	-0.1% (YTD: +4.6%)
	FTSE 100	7,757	-0.4% (YTD: +4.1%)
	Euro Stoxx 50	4,153	+0.1% (YTD: +9.5%)
	Brent crude	USD 86.13	-2.3%
	Natural gas (Nymex)	USD 3.23	-0.9%
	Gold	USD 1,955	+0.1%
	BTC	USD 22,555	-1.8% (YTD: +37.0%)

THE CLOSING BELL-

The EGX30 rose 1.6% at yesterday’s close on turnover of EGP 2.3 bn (33.9% above the 90-day average). Regional investors were net buyers. The index is up 12.6% YTD.

In the green: CIB (+4.9%), EFG Hermes (+4.7%) and Orascom Construction (+4.0%).

In the red: Cleopatra Hospitals (-2.7%), Alexandria Containers and Cargo Handling (-2.2%) and Heliopolis Housing and Development (-1.7%).

Asian markets are mixed in early trading this morning, while futures suggest most major European and US benchmarks will open in the red later on today.