IEA cuts forecast for global oil demand — again: The International Energy Agency (IEA) has revised downwards its oil demand projections for 2022 to 99.4 mn bpd, down 260k bpd from its previous forecast in March, it said in its monthly report yesterday. This comes as lockdowns in China dampen demand and contribute to a “balance” in the market, aided by the US’ release of emergency oil reserves.

The loss of Russian crude won’t be as bad as previously thought: The IEA expects Russian output to be 1.5 mn bpd lower in April than in March — around half the decrease previously forecast — though it did still warn that losses could double to 3 mn bpd in May.

JPMorgan’s bottom line drops 42% y–o-y in Q1: The bank posted earnings of USD 8.3 bn for the quarter, as the sharp drop in dealmaking and Russia-related losses hit its bottom line. Chief exec Jamie Dimon warned in an investor call that a recession could be brewing on the back of high inflation and the war in Ukraine, the WSJ reports. The bank is preparing for just that – it set aside some USD 900 mn last quarter in case of a coming spike in loan defaults and to cover its exposure to Russian assets.

EGX30

10,847

-0.5% (YTD: -9.2%)

USD (CBE)

Buy 18.36

Sell 18.46

USD at CIB

Buy 18.36

Sell 18.46

Interest rates CBE

9.25% deposit

10.25% lending

Tadawul

13,540

-0.8% (YTD: +20%)

ADX

10,093

-0.1% (YTD: +18.9%)

DFM

3,582

+0.4% (YTD: +39.4%)

S&P 500

4,447

+1.1% (YTD: +6.7%)

FTSE 100

7,581

+0.1% (YTD: +9.2%)

Euro Stoxx 50

3,828

-0.1% (YTD: -3.7%)

Brent crude

USD 108.35

-0.4%

Natural gas (Nymex)

USD 7.04

+0.6%

Gold

USD 1,978

-0.4%

BTC

USD 41,195

+3.2% (as of midnight)

THE CLOSING BELL-

The EGX30 fell 0.5% at yesterday’s close on turnover of EGP 765 mn (19.7% below the 90-day average). Foreign investors were net sellers. The index is down 9.2% YTD.

In the green: Mopco (+2.5%), EFG Hermes (+1.3%) and ADIB Egypt (+1.2%).

In the red: Fawry (-3.9%), Heliopolis Housing (-3.6%) and Ezz Steel (-2.5%).

Asian markets are up almost across the board in early trading this morning and futures suggest — for the first time in a long time — that both Wall Street and the major European indices will be opening in the green later today.

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