El Salvador is going all in on BTC
El Salvador may become the first country to make BTC its legal tender in the coming weeks, CNBC reports. In a video statement to a global bitcoin event (watch, runtime: 1:21), President Nayib Bukele said he had formed a partnership with digital epayments firm Strike to create the infrastructure for a crypto-based financial system and that he would send a bill to parliament next week.
Emerging market stocks are expected to benefit the most from the global economic reopening after lagging behind their developed-market counterparts this year, with the MSCI Emerging Markets Index performing better than the MSCI World Index for the first time since January, Bloomberg reports. Attractive valuations, a weaker USD, the expected recovery of global supply chains, and higher global commodity prices are all likely to boost the appeal of emerging-market stocks. While analysts expect the MSCI index to jump about 20% over the coming 12 months, their exposure to inflation, as well as a potential spike in commodity prices, could put a cap on the run.
The US Federal Reserve plans to begin the great unwinding of one of its emergency stimulus programs and will start selling down its holdings of corporate debt bought in response to the covid market crash last year, it said in a statement last Wednesday, without providing a timeframe. The sale of holdings in the Secondary Market Corporate Credit Facility, which includes corporate bonds purchased in the secondary market and exchange-traded funds that invest in corporate bonds, will be “gradual and orderly” and will aim to avoid triggering market backlash, the central bank said.
US investors will be barred from investing in Huawei and 58 other Chinese tech and defence companies as of 2 August, under a new executive order signed Thursday that aims to prevent US capital from being used to fund potential national security threats, the Financial Times reports.
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EGX30 |
10,055 |
-0.7% (YTD: -7.3%) |
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USD (CBE) |
Buy 15.64 |
Sell 15.74 |
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USD at CIB |
Buy 15.64 |
Sell 15.74 |
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Interest rates CBE |
8.25% deposit |
9.25% lending |
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Tadawul |
10,698 |
+0.4% (YTD: +23.1%) |
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ADX |
6,606 |
-0.3% (YTD: +30.9%) |
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DFM |
2,824 |
-0.5% (YTD: +13.3%) |
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S&P 500 |
4,229 |
+0.9% (YTD: +12.6%) |
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FTSE 100 |
7,069 |
+0.1% (YTD: +9.4%) |
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Brent crude |
USD 71.89 |
+0.8% |
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Natural gas (Nymex) |
USD 3.10 |
+1.8% |
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Gold |
USD 1,892.00 |
+1.0% |
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BTC |
USD 35,168 |
-5.6% (as of midnight) |
THE CLOSING BELL-
The EGX30 fell 0.7% at Thursday’s close on turnover of EGP 1.51 bn (13.9% above the 90-day average). Foreign investors were net sellers. The index is down 7.3% YTD.
In the green: Ibnsina Pharma (+2.5%), Pioneers Holding (+2.3%) and Telecom Egypt (+2.0%).
In the red: CI Capital (-4.8%), Fawry (-2.0%) and Qalaa Holding (-1.9%).