Saudi Arabia’s economy continued to rebound from recession in the final quarter of 2020, growing by 2.8% compared to the previous three months, according to the official figures (pdf) released yesterday. Growth over the full year contracted by 4.1% thanks to covid-19 restrictions in 1H2020 which saw output plunge by 5.2% in the second quarter.

Demand for shipping containers is back — and it’s causing bottlenecks that would make Kobri October jealous. International freight rates are rising as a resurgence in global trade this year has left shipping firms struggling to meet demand. Trade volumes were up 5% y-o-y at the end of 2020 causing “a significant bottleneck in terms of lack of capacity and lack of containers, which have driven freight rates higher,” Maersk CEO Soren Skou told CNBC, calling the demand surge “unprecedented”.

TikTok’s forced sale is on the back burner: The sale of TikTok’s American operations to potential investors including Oracle and Walmart has been pushed back “indefinitely,” unnamed sources told the Wall Street Journal. The Biden administration is reviewing the potential security risks posed by Chinese tech companies, and a decision on whether to proceed with Trump’s ban or to rescind it could come as soon as the 18 February.

The EGX30 rose 0.8% yesterday on turnover of EGP 1.92 bn (26% above the 90-day average). Regional investors were net sellers. The index is up 6.4% YTD.

In the green: Fawry (+4.2%), Pioneers Holding (+3.1%) and Sidi Kerir Petrochemicals (+2.4%).

In the red: Cleopatra Hospital (-1.0%), CI Capital (-0.9%), and Export Development Bank of Egypt (-0.9%).

Asian markets are largely in the green this morning. European markets look set to open in the red later this morning, while Wall Street should be in positive territory when the opening bell sounds, futures suggest.