Kuwait in trouble after oil price drop: Kuwait’s budget deficit almost tripled last year as the 2020 oil price crash and the covid-19 pandemic squeezed the oil-dependent nation’s finances. The deficit climbed by 175% y-o-y reaching USD 36 bn during the fiscal year that ended in March, according to official figures released yesterday by the country’s finance ministry. The figures come less than a month after Kuwait had its credit rating downgraded by S&P for the second time in less than two years.

Nike and Adidas’ supply chains are under threat amid factory closures in major supplier Vietnam due to rising covid-19 infections. Two big footwear suppliers for the companies suspended operations last month, putting the footwear brands at risk of running out of Vietnam-made sneakers, where almost half of the two manufacturers' stocks were sourced last year, the Financial Times reports. Only 1% of the country’s population has been vaccinated, and covid-19 restrictions and flare ups have also hampered supply chains in the electronics and garments sectors.

THE CLOSING BELL-

The EGX30 rose 0.14% at yesterday’s close on turnover of EGP 1.76 bn (26.7% above the 90-day average). Foreign investors were net sellers. The index is down 0.98% YTD.

In the green: Qalaa Holdings (+3.4%), Rameda Pharma (+3%), and MM Group (+2.7%).

In the red: Pioneers Holding (-2.3%), Cleopatra Hospitals Group (-1.9%) and Egyptian Resorts Company (-1.4%).

It’s green as far as the eye can see in Asia this morning, with all major indexes holding their own. Futures, meanwhile, suggest stocks on Wall Street will come under pressure at the opening bell, but that Bay Street will see the TSX Composite start the morning in the green when it opens later today.