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Thursday, 4 November 2021

More stories about inflation and supply chains

“Supply chain pressure” is a phrase that won’t be leaving the global headlines any time soon:

  • No light at the end of the tunnel, says Maersk: Shipping giant Maersk, which reported record earnings USD 16.6 bn in 3Q2021, has said that it’s unsure when global supply chains will normalize as ports and shippers contend with surging demand and labour shortages. (FT)
  • Rising fertilizer prices only mean one thing for farmers: Spiralling fertilizer prices are leading to increasing shortages in some parts of the world, putting further pressure on global food prices, which have surged more than 30% in the past year. (Bloomberg)
  • Furniture manufacturing giant Ikea is raising prices as supply chain disruption hurts its earnings. Net income fell 17% to EUR 1.5 bn in the year to August, setting the company up for two consecutive years of declining profits. (FT)

Up

EGX30

11,685

+0.1% (YTD: +7.7%)

None

USD (CBE)

Buy 15.66

Sell 15.76

None

USD at CIB

Buy 15.66

Sell 15.76

None

Interest rates CBE

8.25% deposit

9.25% lending

Down

Tadawul

11,686

-0.6% (YTD: +34.5%)

Down

ADX

7,966

-0.1% (YTD: +57.9%)

Up

DFM

3,109

+3.8% (YTD: +24.8%)

Up

S&P 500

4,661

+0.7% (YTD: +24.1%)

Down

FTSE 100

7,249

-0.4% (YTD: +12.2%)

Down

Brent crude

USD 81.99

-3.2%

Up

Natural gas (Nymex)

USD 5.81

+2.5%

Up

Gold

USD 1,775

+0.6%

Up

BTC

USD 63,057

+0.1% (as of midnight)

THE CLOSING BELL-

The EGX30 rose less than 0.1% yesterday on turnover of EGP 1.36 bn (11.2% below the 90-day average). Foreign investors were net sellers. The index is up 7.7% YTD.

In the green: Rameda (+2.9%), CIRA (+2.6%) and GB Auto (+2.5%).

In the red: Heliopolis Housing (-6.1%), Sidi Kerir Petrochem (-5.6%) and Gadwa Industrial Development (-4.9%).

Asian markets are reacting positively to yesterday’s Fed meeting and are in the green in early trading this morning. Stock futures suggest that European and US shares will follow suit later today.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2021 Enterprise Ventures LLC.

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