US share rally ends after hopes for Ukraine peace talks fade
Has the bear-market rally run out of steam? US shares ended a five-day run of gains yesterday as hopes for an imminent peace agreement between Russia and Ukraine faded, Bloomberg says. After paring much of their YTD losses over the past week, the Nasdaq 100 and the S&P 500 both slid as analysts warned of continued market risk. “While we respect that the amount of liquidity that’s out there and the desire to ‘buy the dip’ after we saw a correction in the S&P 500 and a bear market in the Nasdaq, the reality is that risk has really fundamentally gone up, whether you’re talking about geopolitical risk,” or fundamentals, “ Lisa Shalett, CIO of Morgan Stanley Wealth Management, told Bloomberg TV. “We continue to caution folks about the vulnerability of earnings here.”
ALSO FROM PLANET FINANCE-
- Dubai’s main utilities firm DEWA has nearly tripled the size of its IPO to as much as USD 5.7 bn, setting it up for the biggest listing in the Middle East and Europe in over two years. (Bloomberg)
- BP looks to Asia to help its Russian exit: The UK energy giant has reached out to state-backed energy firms in China, the Middle East, and India in efforts to offload its Russian assets. (Bloomberg)
- Hackers made off with some USD 600 mn of cryptocurrency from a blockchain network connected to a popular crypto gaming platform, in what could be one of the biggest crypto heists ever. (Bloomberg )
H/t to reader M. Moftah, who wrote to us yesterday to suggest that we start including European shares in our daily market table. Thank you for the suggestion, and you can consider it done — see below.
** WE LOVE HEARING FROM READERS: Got feedback for us? Want to send us some fan / hate mail? Get in touch at editorial@enterprisemea.com.
|
|
EGX30 |
11,239 |
-1.4% (YTD: -5.9%) |
|
|
USD (CBE) |
Buy 18.23 |
Sell 18.33 |
|
|
USD at CIB |
Buy 18.23 |
Sell 18.33 |
|
|
Interest rates CBE |
9.25% deposit |
10.25% lending |
|
|
Tadawul |
13,038 |
-0.5% (YTD: +15.6%) |
|
|
ADX |
9,846 |
-0.6% (YTD: +16.0%) |
|
|
DFM |
3,527 |
+0.4% (YTD: +10.4%) |
|
|
S&P 500 |
4,602 |
-0.6% (YTD: -3.4%) |
|
|
FTSE 100 |
7,579 |
+0.6% (YTD: +2.6%) |
|
|
Euro Stoxx 50 |
3,959 |
-1.1% (YTD: -7.9%) |
|
|
Brent crude |
USD 113.45 |
+2.9% |
|
|
Natural gas (Nymex) |
USD 5.60 |
-0.2% |
|
|
Gold |
USD 1,937.90 |
-0.1% |
|
|
BTC |
USD 46,990 |
-0.6% (as of midnight) |
THE CLOSING BELL-
The EGX30 fell 1.4% at yesterday’s close on turnover of EGP 751 mn (22.7% below the 90-day average). Foreign investors were net sellers. The index is down 5.9% YTD.
In the green: Qalaa Holdings (+1.4%), Orascom Construction (+1.3%) and Oriental Weavers (+1.3%).
In the red: GB Auto (-3.8%), Rameda (-3.1%) and MM Group (-2.6%).