Crypto is crashing this morning as a schism at the top of the industry raises fears of further volatility in the market. Changpeng Zhao, the owner of the world’s largest crypto exchange, Binance, appears to have triggered a bank-run on the third-largest platform FTX in the latest move in an ongoing feud with its owner Sam Bankman-Fried. Binance is now acquiring the exchange after it experienced a “significant liquidity crunch” that left it on the verge of collapse. BTC plunged to as low as USD 17.2k last night, its lowest level since late 2020. (Bloomberg | Financial Times | Barron’s | The Guardian).

EGX30

11,268

-1.5% (YTD: -5.7%)

USD (CBE)

Buy 24.34

Sell 24.42

USD at CIB

Buy 24.35

Sell 24.40

Interest rates CBE

13.25% deposit

14.25% lending

Tadawul

11,487

-1.0% (YTD: +1.8%)

ADX

10,600

-0.1% (YTD: +24.9%)

DFM

3,384

+0.2% (YTD: +5.9%)

S&P 500

3,828

+0.6% (YTD: -19.7%)

FTSE 100

7,306

+0.1% (YTD: -1.1%)

Euro Stoxx 50

3,739

+0.8% (YTD: -13.0%)

Brent crude

USD 95.12

-2.9%

Natural gas (Nymex)

USD 6.21

-10.5%

Gold

USD 1,715.60

+2.1%

BTC

USD 18,572

-10.1% (YTD: -60.3%)

THE CLOSING BELL-

The EGX30 fell 1.5% at yesterday’s close on turnover of EGP 1.35 bn (19.1% above the 90-day average). Local investors were net buyers. The index is down 5.7% YTD.

In the green: Cleopatra Hospitals (+1.5%), Housing and Development Bank (+1.1%) and EFG Hermes (+0.8%).

In the red: Alexandria Containers and Cargo Handling (-4.5%), e-Finance (-3.0%) and GB Auto (-2.5%).

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