UAE targetsUSD 1 tn+ trading relationship with Israel by 2030
The UAE wants its business ties with Israel to be worth more than USD 1 tn by the end of the decade, the country’s economy minister said Monday, according to Bloomberg. The trading relationship is already worth USD 600-700 mn while bns of USD of investment has already been announced, including Mubadala’s USD 1 bn purchase of a stake in Israel’s Leviathan gas field.
US crude rose to a six week high as concerns grew that the incoming Storm Nicolas will further disrupt supply from the Gulf of Mexico following Hurricane Ida just two weeks ago, according to Bloomberg. Nearly 50% of US oil supply is located in the Gulf.
The economic recovery in Saudi Arabia’s private sector stumbled in the second quarter, with official figures showing yesterday that business’ contribution to GDP fell to 48% from 50% in the first quarter, Bloomberg reports.
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EGX30 |
11,140 |
+0.9% (YTD: +2.7%) |
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USD (CBE) |
Buy 15.66 |
Sell 15.76 |
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USD at CIB |
Buy 15.66 |
Sell 15.76 |
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Interest rates CBE |
8.25% deposit |
9.25% lending |
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Tadawul |
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+0.4% (YTD: +31.0%) |
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ADX |
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FTSE 100 |
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Brent crude |
USD 73.51 |
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Natural gas (Nymex) |
USD 5.20 |
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Gold |
USD 1,794.90 |
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BTC |
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THE CLOSING BELL-
The EGX30 rose 0.9% at yesterday’s close on turnover of EGP 1.2 bn (21.6% below the 90-day average). Local investors were net sellers. The index is up 2.7% YTD.
In the green: Egyptian Resorts Company (+5.9%), Palm Hills (+4.4%) and Cleopatra Hospitals (+2.4%).
In the red: Raya (-0.8%) and Speed Medical (-0.4%).
It’s a mixed picture in the Asian markets this morning as traders await fresh US inflation data. Futures suggest that European and US shares will open in the green later today.