Another Wall Street vet just called a bubble: Peter Kraus has warned that the US market may be due a correction, telling Bloomberg TV that stocks could lose 10-15% of their value. The expected rising inflation over the US stimulus package estimated at USD 5 tn could also turn real rates positive and affect overvalued stocks.

Uber’s Middle East subsidiary Careem has dropped commission for GCC restaurants and introduced a subscription fee-based model, in a step to relieve the adverse impact of covid-19 on Gulf eateries, it announced on Twitter. Careem’s new structure would return at least 5% more value on small food delivery orders, ascending to over 17% on big batches, awarding merchants a “much larger share of the pie.” Mudassir Sheikha, the company’s CEO and co-founder, told the Financial Times. The news comes on the very same day Mohamed Alabbar’s Dubai-based e-commerce platform Noon uncovered its reduced commission offer for restaurants, reflecting the traditional model’s “unsustainability” in the wake of the pandemic disruption.

Oil jumps to near 1-year high: Oil markets are rebounding at a faster-than-expected rate following the historic crash last year, Bloomberg reports. Last week, Brent-crude futures rallied to a one-year high approaching USD 60 / bbl, driven by increased Chinese consumption, the global vaccine rollout, and OPEC+ production curbs. But observers say the market may be getting ahead of itself, betting on OPEC+’s ability to deliver muted supply and the rest of the world’s ability to boost demand, both of which may not last.

The EGX30 was flat yesterday on turnover of EGP 1.75 bn (19.5% above the 90-day average). Foreign investors were net sellers. The index is up 7.0% YTD.

In the green: Orascom Investment (+7.5%), Pioneers Holding (+6.1%) and GB Auto (+4.1%).

In the red: Sidi Kerir Petrochemicals (-1.3%), Abu Qir Fertilizers (-1.1%) and Heliopolis Housing (-1.0%).

Korea’s Kospi is the lone Asian market in the red this morning and futures suggest Wall Street and European markets will open in the green later today.