Abu Dhabi IPO WATCH: Adnoc’s natural gas arm will now offer close to a 5% stake in its IPO in Abu Dhabi after it covered its orderbook within hours last week. The Emirati energy company originally planned to sell 4% of its shares but is now on course to raise as much as USD 2.5 bn following huge investor demand, Bloomberg says.

ADVISORS- Our friends at EFG Hermes and HSBC are joint lead managers alongside Abu Dhabi Commercial Bank and First Abu Dhabi Bank.

US M&A WATCH: Drugmaker Pfizer wants to acquire biotech firm Seagen in a transaction that would be worth over USD 30 bn, the Wall Street Journal reported yesterday. Talks are still at an early stage, according to people in the know.

	EGX30	17,098	-0.7% (YTD: +17.1%)
	USD (CBE)	Buy 30.58	Sell 30.68
	USD at CIB	Buy 30.58	Sell 30.68
	Interest rates CBE	16.25% deposit	17.25% lending
	Tadawul	9,995	-0.6% (YTD: -4.6%)
	ADX	9,833	-0.3% (YTD: -3.7%)
	DFM	3,418	0.0% (YTD: +2.5%)
	S&P 500	3,982	+0.3% (YTD: +3.7%)
	FTSE 100	7,935	+0.7% (YTD: +6.5%)
	Euro Stoxx 50	4,248	+1.7% (YTD: +12.0%)
	Brent crude	USD 82.34	-1.0%
	Natural gas (Nymex)	USD 2.72	+6.7%
	Gold	USD 1,824.40	+0.4%
	BTC	USD 23,384	-0.8% (YTD: +41.5%)

THE CLOSING BELL-

The EGX30 fell 0.7% at yesterday’s close on turnover of EGP 1.90 bn (4.4% below the 90-day average). Local investors were net buyers. The index is up 17.1% YTD.

In the green: GB Auto (+3.6%), Rameda Pharma (+2.9%) and Credit Agricole Egypt (+2.1%).

In the red: Oriental Weavers (-2.9%), Abu Dhabi Islamic Bank (-2.7%) and CIB (-2.0%).

Asian markets are firmly in the green this morning after global stocks rebounded yesterday from last week’s losses. The Kospi and the Hang Seng were both up almost 1.0% while the Nikkei was 0.3% in the green ahead of dispatch time this morning. The rally is expected to continue in Europe and on Wall Street later today, according to the futures markets.