IMF gives the Gulf tub-tubs on battling its oil dependency: Oil-producing Gulf countries have been successful in diversifying their economies by advancing private investments and collecting more taxes, IMF chief Kristalina Georgieva said during the World Government Summit in Dubai, Bloomberg reports. Georgieva dismissed the “impression” that Gulf nations were only progressing due to higher oil and gas prices in recent years. “They have been reforming relentlessly how they raise money and how they spend money,” she said.

Gulf stocks have been MIA from the EM equities rally: Declining oil prices, a weaker USD, and China’s reemergence from covid lockdowns have left Gulf equities lagging behind amid a surge in emerging-market stocks, Bloomberg reports. MSCI’s EM Index is up 20% since November, while its gauge of GCC equities is down 10% — marking a stark turnaround from recent years, when growth in Gulf stocks far outpaced the majority of EMs. An Adani-related drag on Abu Dhabi stocks isn’t helping matters, Tellimer strategist Hasnain Malik told Bloomberg. Gulf stocks are expected to continue to underperform through this quarter at least.

US equity funds aren’t too popular right now, either: US funds have seen some USD 31 bn in outflows since the start of the year — their worst start to any year since 2016, according to Refinitiv data cited by the Wall Street Journal. In parallel, investors have poured some USD 12 bn into international equity funds. The data suggests that confidence is low among investors that the recent US stock rebound is here to stay, the WSJ writes. “The sense of [potential] certainly lies elsewhere,” one researcher said.

ALSO IN PLANET FINANCE:

• E-commerce platform Noon has closed its USD 335 mn acquisition of fashion retailer Namshi from Emirati real estate developer Emaar. (The National)
• Brussels is predicting 0.8% growth for the EU this year, as “falling gas prices, supportive government policy, and firm household spending” help the bloc dodge recession. (Financial Times)
• Three of France’s richest families including the owners of Chanel plan to invest to take French bank Rothschild & Co. private. (Bloomberg)

	EGX30	17,214.56	– 0.42% (YTD: +17.92%)
	USD (CBE)	Buy 30.49	Sell 30.58
	USD at CIB	Buy 30.50	Sell 30.60
	Interest rates CBE	16.25% deposit	17.25% lending
	Tadawul	10,519.74	+1.0% (YTD: +0.4%)
	ADX	10,010.22	-0.1% (YTD: -2.0%)
	DFM	3,469.77	+0.5% (YTD: +4.0%)
	S&P 500	4,137.40	+1.2% (YTD: +7.8%)
	FTSE 100	7,947.60	+0.8% (YTD: +6.7%)
	Euro Stoxx 50	4,241.36	+1.0% (YTD: +11.8%)
	Brent crude	USD 85.93	-0.53%
	Natural gas (Nymex)	USD 2.43	-3.26%
	Gold	USD 1,864.40	-0.54%
	BTC	USD 21,627.82	-0.58% (YTD: +30.73%)

THE CLOSING BELL-

The EGX30 fell 0.4% at yesterday’s close on turnover of EGP 2.3 bn (22.4% above the 90-day average). Regional investors were net sellers. The index is up 17.9% YTD.

In the green: EFG Hermes (+2.5%), Abu Dhabi Islamic Bank (+1.6%) and Sidi Kerir Petrochemicals (+0.9%).

In the red: Credit Agricole (-4.6%), Fawry (-2.4%) and Heliopolis Housing and Development (-2.1%).

Major Asian markets are largely in the green this morning in early trading, with Hong Kong (down 0.33%) being the sole outlier. CNBC says Asian traders are waiting for “the release of the US consumer price index report, which will shape the Federal Reserve’s path ahead.” Futures suggest a mixed open in Europe later this morning, while Wall Street could open in the red and Toronto in the green.