Saudi Arabia raises January oil prices for all crude grades in Asia and the US, even as Omicron continues to spread, reports Bloomberg. This follows a decision by OPEC+ on Thursday to boost output in January despite concerns that the spread of the new variant could hit energy demand. The group of oil producers pledged on Thursday to reconsider supply hikes should Omicron hit the global market.

Evergrande restructuring imminent as China looks to halt contagion: Evergrande will engage with creditors as part of its restructuring plan to manage its USD 300 bn in liabilities overseas and at home, the Chinese developer announced in an exchange filing (pdf) on Friday. Chinese authorities made statements immediately afterward indicating that the government will not bail out the company but rather manage contagion and restore trust among homeowners. Over the past month, Evergrande has been making good on its payments, even as other Chinese property developers default on theirs.

THE CLOSING BELL-

The EGX30 rose 0.7% at yesterday’s close on turnover of EGP 1.38 bn (3.1% below the 90-day average). Local investors were net buyers. The index is up 5.1% YTD.

In the green: Heliopolis Housing (+10.4%), Rameda (+5.3%) and CIRA (+4.6%).

In the red: Eastern Company (-1.7%), Speed Medical (-1.1%) and Aspire Capital (-0.7%).

Asian markets are mixed this morning as tech stocks slip, with the Nikkei and Hang Seng down at the same time as shares in Shanghai and Seoul hold steady in the green. Futures suggest London and Frankfurt will both open in the green this morning, while shares in Paris will be under selling pressure at the opening bell. Look for Wall Street to start the trading week in the green this afternoon.