US stocks just had their worst day in two months: Shares on Wall Street suffered their heaviest single-day loss since December yesterday amid investor concerns that interest rates could rise further than expected. Treasury yields rose sharply and the benchmark S&P 500 fell 2% yesterday following a string of economic data that suggests the Federal Reserve may continue raising rates for longer. The tech-heavy Nasdaq finished 2.5% lower while the Dow lost 700 points to close 2.1% in the red. “The reason for the sell-off in the stock market is a reassessment of the [US Federal Reserve’s] path and the stark rise in Treasury rates,” one strategist told the Financial Times. “The move higher in Treasury yields reinforces the Fed being tighter for longer.”

The sell-off is continuing in Asia: Most exchanges in the region are in the red this morning, with the Nikkei (-1.3%) and the Kospi (-1.2%) seeing the heaviest losses. European markets are also on course to open lower later this morning.

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HSBC’s quarterly earnings more than double on higher interest rates: Global banking giant HSBC reported earnings after tax of USD 4.9 bn in 4Q 2022, up 145% y-o-y, beating analyst estimates, according to its earnings release (pdf). For the full year, the London-based bank’s earnings after tax rose 13.6% to USD 16.7 bn, the highest in nearly a decade, according to the Wall Street Journal. However, its annual pre-tax profits fell by USD 1.4 bn due to the planned sale of its retail operations in France. The surge in profits came on the back of higher interest rates around the world, which resulted in the bank’s net interest income rising 26%.

ALSO IN PLANET FINANCE-

• Eurozone business activity hits a nine-month high in February: Business activity in the euro area accelerated at its fastest rate in nine months, exceeding analyst expectations on the back of robust growth in services, according to flash estimates from S&P Global. (PMI | Reuters)
• KSA achieves its highest annual oil revenues since 2015: Saudi Arabia’s oil receipts recorded USD 326 bn in 2022 — the highest annual figure since MBS was named crown prince in 2015 — on the back of last year’s turmoil in the energy markets, according to official data picked up by Bloomberg.

	EGX30	17,039	+1.3% (YTD: +16.7%)
	USD (CBE)	Buy 30.55	Sell 30.65
	USD at CIB	Buy 30.55	Sell 30.65
	Interest rates CBE	16.25% deposit	17.25% lending
	Tadawul	10,270	-1.0% (YTD: -2.0%)
	ADX	9,949	-0.3% (YTD: -2.6%)
	DFM	3,458	-0.1% (YTD: +3.7%)
	S&P 500	3,997	-2.0% (YTD: +4.1%)
	FTSE 100	7,978	-0.5% (YTD: +7.1%)
	Euro Stoxx 50	4,250	-0.5% (YTD: +12.0%)
	Brent crude	USD 82.85	-1.5%
	Natural gas (Nymex)	USD 2.07	-8.9%
	Gold	USD 1,843.90	-0.3%
	BTC	USD 24,189	-2.4% (YTD: +47.3%)

THE CLOSING BELL-

The EGX30 rose 1.3% at yesterday’s close on turnover of EGP 1.72 bn (12.4% below the 90-day average). Foreign investors were net sellers. The index is up 16.7% YTD.

In the green: Sidi Kerir Petrochemicals (+6.2%), Heliopolis Housing (+4.3%) and Ezz Steel (+3.4%).

In the red: Edita (-1.7%), Juhayna (-1.4%) and Orascom Construction (-1.2%).