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Wednesday, 15 June 2022

Oil prices could go down in 2023, says Opec

OPEC expects oil demand growth to fall to 2 mn barrels per day (bpd) or less in 2023, compared to an expected growth of 3.36 mn bpd in 2022, Reuters reports, citing sources in the know. Oil prices have hit record highs, pushing up inflation — but these high prices are now eating into growth projections for 2022 and forecasting for slower growth in 2023. OPEC’s official forecast for 2023 is expected to be published in July.

ALSO IN PLANET FINANCE-

  • Coinbase slashes jobs as crypto winter deepens: Crypto exchange platform Coinbase has laid off almost a fifth of its workforce amid a plunge in crypto prices. Shares in the company have plunged 85% since November in response to the tanking crypto market, which has seen BTC lose more than 60% of its value in the same period. (Statement)
  • Mubasher will not be deterred by the meltdown: Mubasher will launch its MENA crypto trading platform Ducrypto on Thursday, allowing users to trade in BTC, Ripple, Ethereum, Dogecoin and other cryptocurrencies. (Statement)
  • No IPO for Coca-Cola’s African business this year: Coca-Cola Co is pushing a planned IPO of part of its stake in Coca-Cola Beverages Africa to 2023 due to poor macroeconomic conditions. (Statement)

Up

EGX30

9,981

-0.3% (YTD: -16.5%)

Up

USD (CBE)

Buy 18.70

Sell 18.78

Up

USD at CIB

Buy 18.72

Sell 18.78

None

Interest rates CBE

11.25% deposit

12.25% lending

Down

Tadawul

12,021

-0.3% (YTD: +6.6%)

Up

ADX

9,547

+0.9% (YTD: +12.5%)

Up

DFM

3,297

+0.3% (YTD: +3.2%)

Down

S&P 500

3,735

-0.4% (YTD: -21.6%)

Down

FTSE 100

7,187

-0.3% (YTD: -2.7%)

Down

Euro Stoxx 50

3,475

-0.8% (YTD: -19.2%)

Down

Brent crude

USD 121.17

-0.9%

Up

Natural gas (Nymex)

USD 7.32

+1.8%

Down

Gold

USD 1,808.90

-0.3%

Down

BTC

USD 21,364

-7.0% (YTD: -53.4%)

THE CLOSING BELL-

The EGX30 fell 0.3% at yesterday’s close on turnover of EGP 683 mn (18.2% above the 90-day average). Foreign investors were net sellers. The index is down 16.5% YTD.

In the green: CIRA (+2.4%), Egypt Kuwait Holding-EGP (+2.2%) and MM Group (+1.9%).

In the red: TMG Holding (-3.3%), Credit Agricole Egypt (-2.1%) and e-Finance (-1.9%).

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