OPEC+ keeps oil output steady: The OPEC oil cartel and its allies kept oil output unchanged in a virtual meeting yesterday, according to a statement, sticking to an agreed plan to cut production by 2 mn barrels per day through the end of 2023. The meeting lasted less than thirty minutes, OPEC+ sources reportedly told Reuters, and members did not discuss potential changes in demand from China or supply from Russia — two key factors making for an uncertain outlook in the oil markets. “Everyone agrees that the situation is quite stable on the market,” Russian Deputy PM Alexander Novak, who represents Russia at OPEC+ meetings, was quoted as telling Russian TV by Bloomberg. The next meeting of the OPEC+ Joint Ministerial Monitoring Committee is scheduled for 3 April.

ALSO WORTH NOTING-

• Adnoc Gas posts record income as it gears up for IPO: The LNG and gas-processing arm of the UAE’s national energy company reported record adjusted EBITDA of USD 8.7 bn in the twelve months ending in October 2022. Adnoc Gas has started discussions with investors ahead of what could be one of the UAE’s largest-ever IPOs. (Bloomberg)
• Indian conglomerate Adani has called off its USD 2.4 bn equity sale at the last minute and will refund investors after a 27% fall in its share price saw it drop far below the transaction’s price range. The embattled firm that has now seen more than USD 90 bn wiped off its value following allegations of fraud by a short seller. (Financial Times)
• Airbus and Qatar Airways make peace: The two companies have settled a months-long, USD 2 bn dispute over the safety of A350 aircraft that the jetmaker sold to the airline. (Reuters)

	EGX30	16,408	-0.2% (YTD: +12.4%)
	USD (CBE)	Buy 30.16	Sell 30.25
	USD at CIB	Buy 30.15	Sell 30.25
	Interest rates CBE	16.25% deposit	17.25% lending
	Tadawul	10,784	-0.1% (YTD: +2.9%)
	ADX	9,844	+0.3% (YTD: -3.6%)
	DFM	3,348	+1.4% (YTD: +0.4%)
	S&P 500	4,119	+1.1% (YTD: +7.3%)
	FTSE 100	7,761	-0.1% (YTD: +4.2%)
	Euro Stoxx 50	4,171	+0.2% (YTD: +10.0%)
	Brent crude	USD 83.11	-2.8%
	Natural gas (Nymex)	USD 2.47	-8.1%
	Gold	USD 1,942.80	-0.1%
	BTC	USD 23,715	+2.4% (YTD: +43.7%)

THE CLOSING BELL-

The EGX30 fell 0.2% at yesterday’s close on turnover of EGP 1.73 bn (3.2% below the 90-day average). Foreign investors were net sellers. The index is up 12.4% YTD.

In the green: Oriental Weavers (+5.5%), CIRA Education (+2.3%) and Juhayna (+1.4%).

In the red: Talaat Moustafa Holding (-4.8%), GB Auto (-4.3%) and e-Finance (-4.1%).

Asian markets are up across the board in early trading this morning and futures suggest major European and US benchmarks will also open in the green later on today.