The Saudi non-oil economy expanded at its fastest pace in more than a year in 4Q 2022, according to government figures (pdf) out yesterday. The non-oil economy grew by 6.2% in the final quarter of last year while the oil sector rose 6.1% on the back of heightened oil prices.

Business activity in China expanded in January for the first time in four monthsfollowing Beijing’s decision to end its strict zero-covid policy, according to the latest official purchasing managers’ index. Renewed private-sector growth in China is the latest bit of good news for the global economy: Weakening inflation and slowing interest rate hikes have led analysts to reverse recession forecasts in the US and Europe, and the IMF to upgrade its global growth outlook.

But there’s a catch: Strong economic growth in China could undercut efforts by central banks around the world to temper inflation, Bloomberg wrote yesterday. The news outlet now expects China’s economic growth to almost double this year, potentially stoking commodity prices and making global inflation harder to tame.

	EGX30	16,446	-3.4% (YTD: +12.7%)
	USD (CBE)	Buy 30.15	Sell 30.23
	USD at CIB	Buy 30.13	Sell 30.23
	Interest rates CBE	16.25% deposit	17.25% lending
	Tadawul	10,793	-0.2% (YTD: +3.0%)
	ADX	9,812	+0.1% (YTD: -3.9%)
	DFM	3,303	-0.0% (YTD: -0.1%)
	S&P 500	4,077	+1.5% (YTD: +6.2%)
	FTSE 100	7,772	-0.2% (YTD: +4.3%)
	Euro Stoxx 50	4,163	+0.1% (YTD: +9.8%)
	Brent crude	USD 84.49	-0.5%
	Natural gas (Nymex)	USD 2.68	+0.3%
	Gold	USD 1,945.30	+0.3%
	BTC	USD 22,987	+1.1% (YTD: +38.9%)

THE CLOSING BELL-

The EGX30 fell 3.4% at yesterday’s close on turnover of EGP 1.97 bn (11.5% above the 90-day average). Local investors were net buyers. The index is up 12.7% YTD.

In the green: Telecom Egypt (+5.4%), AMOC (+1.0%) and Eastern Company (+0.9%).

In the red: Alexandria Containers and Cargo Handling (-7.9%), Credit Agricole Egypt (-7.3%) and Housing and Development Bank (-6.2%).