Good news for EV makers: Lithium prices have fallen more than 30% this year, on the back of slowing demand in China and market volatility, the Wall Street Journal reports. Lithium prices surged more than 12x to record highs over the past two years as the transition to renewable energy and electric cars gains traction around the world. The slide could lead to cheaper electric vehicles hitting the market — but it will take months for that to materialize, with supply of lithium to battery-makers remaining tight for now.

AND- EY sanctioned in Germany for role in Wirecard fraud: German regulators have banned Ernst & Young from taking on new listed clients for audit work for two years over “violations” in connection with its work for the disgraced German payment processor Wirecard, which collapsed in 2020, reports the Financial Times.

ALSO WORTH NOTING-

  • Euro manufacturing contraction deepens in March: Manufacturing activity in the eurozone continued to decline in March as inflation, rising borrowing costs and falling consumer confidence continued to hit demand. (PMI, pdf)
  • Japan just left the Russia oil price cap: Japan has split from its G7 allies and will now purchase Russian crude at prices higher than the USD 60 per barrel cap.(Wall Street Journal)
  • Virgin Orbit plummets to earth: The satellite launch company yesterday filed for bankruptcy after failing to secure funding. (CNBC)

EGX30

16,998

-0.3% (YTD: +16.4%)

USD (CBE)

Buy 30.84

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

16.25% deposit

17.25% lending

Tadawul

10,949

+1.3% (YTD: +4.5%)

ADX

9,504

+0.03% (YTD: -6.9%)

DFM

3,455

+0.5% (YTD: +3.6%)

S&P 500

4,100

-0.6% (YTD: +6.8%)

FTSE 100

7,635

-0.5% (YTD: +2.5%)

Euro Stoxx 50

4,315

+0.1% (YTD: +13.8%)

Brent crude

USD 84.94

+0.0%

Natural gas (Nymex)

USD 2.09

-0.7%

Gold

USD 2,037

-0.0%

BTC

USD 28,250

+1.7% (YTD: +70.9%)

THE CLOSING BELL-

The EGX30 fell 0.3% at yesterday’s close on turnover of EGP 2.10 bn (9% ahead of the trailing 90-day average). Foreign investors were net sellers. The index is up 16.4% YTD.

In the green: Madinet Nasr Housing (+6.5%), Rameda Pharma (+4.8%) and Credit Agricole Egypt (+4.6%).

In the red: Sidi Kerir Petrochemicals (-2.8%), Eastern Company (-2.7%) and AMOC (-2.5%).

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