A second covid summer will hit tourism-reliant economies hard, with many emerging economies missing out on potential revenues as the cost of fighting the pandemic weighs on their balance sheets, the Financial Times reports. The first five months of 2021 saw international travel 85% down from its pre-covid levels, according to data from the World Tourism Organization. Smaller, less diversified economies such as the Bahamas, Maldives, and Fiji are set to feel the pinch the most, while countries such as Brazil, Mexico, and Argentina benefited from an increase in domestic tourism.

Strong earnings reports from major firms have buoyed Wall Street stocks, despite continued worries over the spread of the delta variant and a regulatory crackdown in China, the Financial Times reports. The S&P 500 had its highest close in a week, while the Nasdaq saw gains of 0.6%. More than 86% of US companies have topped earnings expectations so far, with 55% of companies in Europe also performing better than expected, though the results are “flattered by depressed levels in the year-ago period,” UBS Wealth analysts wrote in a note.

THE CLOSING BELL-

The EGX30 fell 0.9% at yesterday’s close on turnover of EGP 1.80 bn (29.8% above the 90-day average). Foreign investors were net sellers. The index is down 1.1% YTD.

In the green: Ezz Steel (+3.8%), Pioneers Holding (+2.9%) and GB Auto (+2.1%).

In the red: Orascom Development Egypt (-9.3%), Egyptian Resorts Company (-4.2%) and Cleopatra Hospital (-3.2%).