Money managers see a recovery for global stocks next year after a harsh 2022: Some 71% of respondents in a Bloomberg survey of 134 major fund managers expect global equities to rise next year compared to 19% forecasting declines, amid signs inflation may have peaked and central banks could begin to ease rate hikes in the new year. That said, those expecting equities to rebound expect a gain of 10% on average next year. That’s an average result for the MSCI global index, but lower than post-crash rebounds of over 30% in 2009 and more than 20% in 2019.

Gains are likely to be concentrated in the second half of the year, with investors sticking to more reliable value stocks including in the ins. and healthcare sectors. More than half of those surveyed said they would look to invest in tech stocks in a bid to capitalize on low valuations following this year’s crash.

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Luberef on course to raise USD 1.3 bn after pricing IPO at top of range: Saudi Aramco’s refining subsidiary Luberef is poised to raise SAR 4.95 bn (USD 1.32 bn) from its IPO after setting a final price of SAR 99 per share, the top of the price range, the company said in a statement (pdf) yesterday. The institutional offering was 29.5x oversubscribed, generating an order book of SAR 146.4 bn. Saudi private equity firm Jadwa Investment sold 50 mn shares, or a 30% stake in the offering, while Saudi oil giant Aramco maintained its 70% stake. The IPO is managed by SNB Capital, Morgan Stanley, HSBC Holdings and Citigroup. Retail subscription for the IPO will run from 14-18 December.

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The crypto exodus continues: Major crypto exchanges saw record withdrawals of BTC in November in the wake of the collapse of FTX, the Financial Times reports. Investors pulled more than 91.3k BTC worth around USD 1.5 bn from exchanges such as Binance, Coinbase and Kraken during the month, the largest-ever monthly outflow from the cryptocurrency, according to industry site Crypto Compare. The sudden collapse of FTX — once the second-largest crypto exchange in the world — in November sent shockwaves through the industry, raising fears of contagion that could result in a string of bankruptcies.

Crypto bubble burst: Tightening financial conditions this year have let much of the air out of the pandemic-era crypto boom, prompting the collapse of a string of major players such as Celsius, Terra, and Voyager. Tns of USD of market value has been erased from the global crypto market this year, with the most popular currency BTC plunging almost 63% YTD.

Goldman is preparing to swoop: Goldman Sachs plans to invest tens of mns of USD on crypto firms at cut-price valuations, as it wagers that a regulatory push will make the industry viable in the long term, according to Reuters.

	EGX30	14,588	-1.7% (YTD: +22.1%)
	USD (CBE)	Buy 24.59	Sell 24.66
	USD at CIB	Buy 24.58	Sell 24.64
	Interest rates CBE	13.25% deposit	14.25% lending
	Tadawul	10,138	-1.1% (YTD: -10.1%)
	ADX	10,252	-0.2% (YTD: +20.8%)
	DFM	3,325	+0.3% (YTD: +4.0%)
	S&P 500	3,934	-0.7% (YTD: -17.5%)
	FTSE 100	7,477	+0.1% (YTD: +1.3%)
	Euro Stoxx 50	3,943	+0.5% (YTD: -8.3%)
	Brent crude	USD 76.10	+0.3%
	Natural gas (Nymex)	USD 6.25	+4.8%
	Gold	USD 1,810.70	+0.5%
	BTC	USD 17,112	-0.1% (YTD: -62.9%)

THE CLOSING BELL-

The EGX30 fell 1.7% at yesterday’s close on turnover of EGP 2.49 bn. Foreign investors were net sellers. The index is up 22.1% YTD.

In the green: Sidi Kerir Petrochemicals (+6.1%), Qalaa Holdings (+4.4%) and GB Auto (+2.4%).

In the red: Telecom Egypt (-6.8%), Elsewedy Electric (-4.6%) and CIRA Education (-4.2%).

It’s a sea of red in Asia this morning as traders await tomorrow’s US inflation figures and the Federal Reserve meeting on Wednesday. US and European shares are also sliding in the futures markets.