OPEC+ cut fragments outlooks on the future of oil prices: While last week’s surprise decision by OPEC+ to restrict oil supply has driven up crude prices and raised the oil-price forecasts of banks like Goldman Sachs, many traders believe that the murky global economic outlook and weak demand will prevent prices from rising much higher, Bloomberg reports.

It’s a tug of war between lower supply and stunted demand: “The OPEC+ output cut certainly raises the possibility of USD 100 a barrel this year, although it is by no means a certainty,” one analyst told Bloomberg. “Demand-side weakness stemming from growth considerations is clearly taking a more prominent role.”

EMs could be in line for a carry trade revival: The FX trade in emerging markets is expected to pick up steam on the back of the US economy’s slowdown and expectations that global interest rates will soon fall, Bloomberg reports. Expectations that the Federal Reserve is nearing the end of its interest rate hikes is at the heart of this prognosis, which sees investors borrowing dollars at low interest rates to invest in higher-yielding EM currencies. These transactions, known as the carry trade, have returned almost 5% this year following three years of losses, according to Bloomberg data. “Most EM countries have hiked rates significantly, many starting before the Fed and hiking by more, so many EM yields are attractive,” one portfolio manager explains. Read more about carry trade in our explainer here.

EGX30

16,675

-0.2% (YTD: +14.2%)

USD (CBE)

Buy 30.84

Sell 30.94

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

18.25% deposit

19.25% lending

Tadawul

10,966

+0.6% (YTD: +4.7%)

ADX

9,462

-0.1% (YTD: -7.3%)

DFM

3,411

-0.1% (YTD: +2.2%)

S&P 500

4,105

+0.3% (YTD: +6.9%)

FTSE 100

7,742

+1.0% (YTD: +3.9%)

Euro Stoxx 50

4,309

+0.3% (YTD: +13.6%)

Brent crude

USD 85.54

+0.4%

Natural gas (Nymex)

USD 2.03

+0.9%

Gold

USD 2,018.50

-0.4%

BTC

USD 28,383

+1.4% (YTD: +71.7%)

THE CLOSING BELL-

The EGX30 fell 0.2% at yesterday’s close on turnover of EGP 1.1 bn. Foreign investors were net sellers. The index is up 14.2% YTD.

In the green: Egypt Kuwait Holding (+6.2%), Qalaa Holding (+4.3%) and Elsewedy Electric (+1.9%).

In the red: Credit Agricole (-3.2%), GB Auto (-3.0%) and Abu Qir Fertilizers (-2.5%).

Asian markets are in the green this morning, with Japan’s Nikkei, South Korea’s Kospi, and Hong Kong’s Hang Seng index all trading higher. The Australian and Shanghai markets are closed today for the Easter holiday. Futures suggest US and European indices will also largely open in the green later on today.

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