What we’re tracking on 17 September 2018
The EGX30 posted its biggest one-day loss in more than a year and a half yesterday as the market reacted to the arrest of principals accused in the so-called Al Watan Bank case, which dates back to immediately after the events of January 2011. The sell-off was overdone and on thin volumes, but underscores that the sell-off comes at a delicate time for market sentiment. We have more in today’s Speed Round, below.
Drivers of heavy trucks who turned onto the Cairo Ring Road yesterday were warned that a ban on daytime driving there will carry fines of up to EGP 3,000, Al Shorouk reported. Drivers also risk losing their licenses. A daytime ban on heavy trucks carrying more than four tonnes of cargo kicked off on Saturday.
Two questions that will help shape sentiment on emerging markets this week: Can oil stay in the USD 80 neighborhood? And is the USD, down 1.7% in the last four weeks against its major global peers, going to continue slipping? The Financial Times looks at the over / under on both questions.