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Wednesday, 24 March 2021

What the markets are doing on 24 March 2021

Don’t hold your breath for a digital USD anytime soon: The US Federal Reserve remains cautious about issuing a central bank-sponsored digital currency, despite China leaping ahead with trials of its digital yuan and other countries considering introducing national digital currencies, CNBC reports. Although covid-19 helped highlight the importance of running faster payment systems, the Fed is still moving “with great care and transparency with regard to developing a central bank digital currency” said Federal Reserve Chairman Jerome Powell, emphasizing the high volatility of crypto assets.

GLOBAL M&A WATCH- Microsoft is in talks to acquire video game-centric chat app Discord for north of USD 10 bn, a turn of events that would give your teenager’s favourite chat platform an alternative to going public, Bloomberg reports, citing sources familiar with private discussions. Microsoft is among other potential private buyers the company is in talks with, though it is still more likely to take the IPO route, the sources said.

GLOBAL IPO WATCH- Dubai could see its second IPO in three years: UAE-based Tristar Group could raise up to USD 160 mn in an IPO in Dubai next month, the company announced yesterday. The logistics player plans to offer up to 24% of its shares in a sale that would value it at just under USD 1 bn — the largest IPO on Dubai’s stock exchange since Emaar’s blockbuster USD 1.3 bn sale in 2017, Bloomberg reported.

The youngs are piling into high-risk investments despite most saying they can't afford sustaining significant losses on their investments, Britain’s Financial Conduct Authority. A new wave of amateur investors who are considering or already trading higher-risk investments such as FX and crypto skews more towards younger, non-white women, the FCA indicated, based on a survey of 550 people.

Down

EGX30

10,471

-0.6% (YTD: -3.5%)

Up

USD (CBE)

Buy 15.71

Sell 15.81

Up

USD at CIB

Buy 15.71

Sell 15.81

None

Interest rates CBE

8.25% deposit

9.25% lending

Down

Tadawul

9,490

-0.6% (YTD: +9.2%)

None

ADX

5,735

  • (YTD: +13.7%)

Down

DFM

2,534

-0.7% (YTD: +1.7%)

Down

S&P 500

3,911

-0.8% (YTD: +4.1%)

Down

FTSE 100

6,699

-0.4% (YTD: +3.7%)

Down

Brent crude

USD 60.72

-0.1%

Up

Natural gas (Nymex)

USD 2.52

+0.3%

Up

Gold

USD 1,732.40

+0.3%

Down

BTC

USD 54,435.08

-1.0%

The EGX30 fell 0.6% yesterday on turnover of EGP 1.1 bn (32.1% above the 90-day average). Local investors were net buyers. The index is down 3.5% YTD.

In the green: CI Capital (+3.4%), Orascom Development (+3.0%) and GB Auto (+2.7%).

In the red: Qalaa Holdings (-5.8%), Orascom Financial (-5.2%) and Export Development Bank (-5.1%).

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