Is the US stock rally here to stay? A key indicator in the S&P 500 suggests the recent rally in US equities is likely to stay the course, the Wall Street Journal reports, citing Dow Jones Market Data. Nearly four-fifths of companies in the benchmark S&P 500 index closed above their 200-day average on Thursday — meaning gains are more broadly spread across different sectors than at any time since September 2021. The index is up 8.5% YTD, as investors wager that the Federal Reserve will continue to slow its tightening cycle as inflationary pressures subside. The equity rally “feels like someone is trying to hold a basketball underwater,” KKM Financial CEO Jeff Kilburg told the newspaper.

ALSO WORTH NOTING

• Natgas windfall for Israel’s sovereign fund: Israel's sovereign wealth fund will receive USD 15 bn from the country’s two main gas fields, Tamar and Leviathan, according to the CEO of Israeli energy company NewMed, which is the largest shareholder of Leviathan. (Reuters)
• Energy sanctions are hitting the Russian budget: Russia’s budget deficit widened in January as Western energy sanctions caused oil and gas revenues to fall almost 50%. (Reuters)
• French carmaker Renault and Japan’s Nissan get some space: The two companies will restructure their alliance under a 15-year long agreement that will see each company hold an equal stake of 15% in the other, allowing them more “freedom” after a yearslong unhappy marriage. (FT | CNBC)
• A record year for BP: The oil giant’s earnings jumped to USD 27.7 bn in 2022 — a windfall year for the oil and gas industry on the back of energy market volatility triggered by the war in Ukraine. (Reuters | Earnings, pdf)
• Iraq moves on currency: Iraq revalued its currency to IQD 1.3k per USD in a bid to stabilize the FX market. This comes two weeks after the central bank governor was sacked by the PM following weeks of exchange-rate volatility. (Statement)

	EGX30	16,900	+1.9% (YTD: +15.8%)
	USD (CBE)	Buy 30.25	Sell 30.35
	USD at CIB	Buy 30.25	Sell 30.35
	Interest rates CBE	16.25% deposit	17.25% lending
	Tadawul	10,470	-0.8% (YTD: -0.1%)
	ADX	10,003	0.0% (YTD: -2.0%)
	DFM	3,405	+0.1% (YTD: +2.1%)
	S&P 500	4,164	+1.3% (YTD: +8.5%)
	FTSE 100	7,865	+0.4% (YTD: +5.5%)
	Euro Stoxx 50	4,209	+0.1% (YTD: +11.0%)
	Brent crude	USD 84.00	+3.7%
	Natural gas (Nymex)	USD 2.60	+5.6%
	Gold	USD 1,883.90	+0.2%
	BTC	USD 23,198	+1.2% (YTD: +40.5%)

THE CLOSING BELL-

The EGX30 rose 1.9% at yesterday’s close on turnover of EGP 2.0 bn (9.6% above the 90-day average). Local investors were net sellers. The index is up 15.8% YTD.

In the green: Oriental Weavers (+8.6%), Ezz Steel (+7.3%) and Qalaa Holdings (+6.2 %).

In the red: Palm Hills Developments (-1.8%) and e-finance (-1.1%).

Asian markets are mixed this morning, with shares in China and Japan slightly down. Stock futures have European equity benchmarks opening higher later this morning while shares on Wall Street are expected to fall at the opening bell.