The US stock market is in bubble territory: That’s the consensus among investors, according to a survey picked up by Axios that found that 92% of 904 active investors either believe the market is already in a bubble or is approaching one. Stretched valuations, a resurgent greenback, rising yields on US treasuries, and BTC mania are all fuelling fears that stocks are overheating.

“The long, long bull market since 2009 has finally matured into a fully-fledged epic bubble,” Jeremy Grantham, co-founder of asset manager GMO wrote in a note recently. "Featuring extreme overvaluation, explosive price increases, frenzied issuance, and hysterically speculative investor behavior, I believe this event will be recorded as one of the great bubbles of financial history, right along with the South Sea bubble, 1929, and 2000."

The statelet had an IPO yesterday: QLM Life and Medical Ins. Company’s shares soared 24% on their debut in Qatar yesterday, according to Bloomberg. The country’s first initial public offering since 2019 raised QAR 659 mn (c. USD 180 mn), and came less than a week after Saudi Arabia, the UAE, Egypt and Bahrain agreed to establish trade and ties with Doha.

The EGX30 rose 0.4% yesterday on turnover of EGP 1.7 bn (21.8% above the 90-day average). Foreign investors were net buyers. The index is up 5.0% YTD.

In the green: Dice (+6.4%), Beltone Financial Holding (+4.2%) and Juhayna (+4.0%).

In the red: Egyptian Iron & Steel (-9.9%), Credit Agricole (-3.3%) and Ezz Steel (-1.2%).

Asian markets are making cautious gains this morning, with Chinese shares the outliers, trading in the red at the time of dispatch. European and US stocks are projected to open in the green later today.