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Sunday, 18 February 2018

Wall Street finishes best week in years

So, is the correction over? The EGX30 gained 1.1% on Thursday and Wall Street on Friday “finished its best week in years as stocks staged a recovery from a tumultuous period that pushed major indexes into correction territory, a sign that bullish sentiment remained intact,” the Wall Street Journal writes. The S&P500 and the Dow Jones each climbed 4.3% last week, and the MSCI Emerging Markets Index is up 5% from its recent low. Commodities are also on the rebound.

Throw in the central bank’s 100 bps rate cut late on Thursday and we’re relatively happy campers this morning. Relative being the key word, because we’re a little less pleased with developments up the Nile at one of our key neighbors:

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