Another Wall Street vet just called a bubble: Peter Kraus has warned that the US market may be due a correction, telling Bloomberg TV that stocks could lose 10-15% of their value. The expected rising inflation over the US stimulus package estimated at USD 5 tn could also turn real rates positive and affect overvalued stocks.

Uber’s Middle East subsidiary Careem has dropped commission for GCC restaurants and introduced a subscription fee-based model, in a step to relieve the adverse impact of covid-19 on Gulf eateries, it announced on Twitter. Careem’s new structure would return at least 5% more value on small food delivery orders, ascending to over 17% on big batches, awarding merchants a “much larger share of the pie.” Mudassir Sheikha, the company’s CEO and co-founder, told the Financial Times. The news comes on the very same day Mohamed Alabbar’s Dubai-based e-commerce platform Noon uncovered its reduced commission offer for restaurants, reflecting the traditional model’s “unsustainability” in the wake of the pandemic disruption.

Oil jumps to near 1-year high: Oil markets are rebounding at a faster-than-expected rate following the historic crash last year, Bloomberg reports. Last week, Brent-crude futures rallied to a one-year high approaching USD 60 / bbl, driven by increased Chinese consumption, the global vaccine rollout, and OPEC+ production curbs. But observers say the marketmay be getting ahead of itself, betting on OPEC+’s ability to deliver muted supply and the rest of the world’s ability to boost demand, both of which may not last.

EGX30

11,603

- (YTD: +7.0%)

USD (CBE)

Buy 15.61

Sell 15.71

USD at CIB

Buy 15.60

Sell 15.70

Interest rates CBE

8.25% deposit

9.25% lending

Tadawul

8,688

+0.8% (YTD: -)

ADX

5,672

+0.1% (YTD: +12.4%)

DFM

2,667

-0.2% (YTD: +7.0%)

S&P 500

3,887

+0.4% (YTD: +3.5%)

FTSE 100

6,489

-0.2% (YTD: +0.5%)

Brent crude

USD 59.89

+0.9%

Natural gas (Nymex)

USD 2.91

+1.8%

Gold

USD 1,861.50

+0.2%

BTC

USD 38,782.83

-2.1%

The EGX30 was flat yesterday on turnover of EGP 1.75 bn (19.5% above the 90-day average). Foreign investors were net sellers. The index is up 7.0% YTD.

In the green: Orascom Investment (+7.5%), Pioneers Holding (+6.1%) and GB Auto (+4.1%).

In the red: Sidi Kerir Petrochemicals (-1.3%), Abu Qir Fertilizers (-1.1%) and Heliopolis Housing (-1.0%).

Korea’s Kospi is the lone Asian market in the red this morning and futures suggest Wall Street and European markets will open in the green later today.

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