Following several days of volatility, US stocks rose, with bank shares regaining much of the losses triggered by the collapse of several US lenders last week.
Markets were also supported by the fact that annual US inflation continued to decline in February, in the hope of a dovish rate decision next week.
Moody’s has downgraded its outlook for the US banking sector to negative from stable due to the rapid deterioration in the operating environment.
Egypt’s real economy grew 3.9% y-o-y in 2Q FY22/23, and 4.2% in 1H FY22/23. The Planning Ministry is now expecting growth to come in at 4.2% in the current fiscal year, down from a November estimate of 5.0%.
Egyptian exports rose 18% in 2022 to hit USD 51.6 bn. Natural gas accounted for USD 10 bn, while fertilizers brought in USD 3.3 bn. Exports of crude and petroleum products recorded USD 6 bn. On the non-oil front, Egyptian companies exported USD 2.5 bn of ready-made garments, USD 2 bn of fresh fruits, and USD 1.8 bn of plastics.
State-owned Misr Insurance Holding has been transferred in its entirety to the ownership of the Sovereign Fund of Egypt (SFE), to make it ready for stake sales as part of the government’s privatization plan.
The marketing of at least 10% in Safi and Wataniya to strategic investors will start today.
Finance Ministry plans to introduce financial incentives for women not to have more than two children in a bid to manage population growth.
Oil prices dropped to a three-month low on Tuesday after a U.S. inflation report and the recent U.S. bank failures to USD77.45/bbl.
Public Enterprises Ministry is in talks with Emirates Global Aluminum (EGA) to partner with EGAL (FV: EGP39.5, EW) and establish a new plant in Egypt.
HRHO revealed that the portfolio of its financial technology company, EFG-IV, had limited funding with Silicon Valley Bank, not exceeding USD200,000.