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Wednesday, 2 December 2020

What the markets are doing on 2 December 2020

The EGX30 rose 0.9% yesterday on turnover of EGP 1.7 bn (25.6% above the 90-day average). Regional investors were net buyers. The index is down -20.9% YTD.

In the green: Emaar Misr (+5.2%), Egyptian Iron & Steel (+3.4%) and Eastern Company (+2.5%).

In the red: Orascom Development (-3.6%), Heliopolis Housing (-1.6%) and Juhayna (-1.4%).

Asian markets are mixed in early trading this morning and futures suggest both Europe and Wall Street could start the day in the red.

Up EGX30 11,041 +0.9% (YTD: -20.9%)
None USD (CBE) Buy 15.60 Sell 15.70
None USD at CIB Buy 15.61 Sell 15.71
None Interest rates CBE 8.25% deposit 9.25% lending
Down Tadawul 8,722 -0.29% (YTD: +3.97%)
Down ADX 4,964 -0.42% (YTD: -2.18%)
Up DFM 2,419 +0.82% (YTD: -12.49%)
Up S&P 500 3,662 +1.13% (YTD: +13.36%)
Up FTSE 100 6,384 +1.84% (YTD: -15.35%)
Down Brent crude USD 47.35 -1.11%
Up Natural gas (Nymex) USD 2.88 +0.03%
Up Gold USD 1,818.60 +2.12%
Down BTC USD 19,072 -2.09%

IPO WATCH- Airbnb is eyeing a c. USD 35 bn valuation when it lists on the Nasdaq on 10 December, in what Reuters is calling a “stunning recovery” for a company battered by the outbreak of the pandemic earlier this year.

The US won’t be jettisoning the “world’s important number” until 2023. US banks will continue to use the Libor rate until mid-2023, giving the country an extra 18 months to transition from the discredited benchmark, Reuters reports. The rest of the world will cease to use the interest rate — the benchmark for some USD 350 tn in debt — at the end of 2021 following revelations in 2012 that some of the world’s largest banks had colluded to rig the rate for almost a decade.

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