Mixed messages from Erdogan: Turkish President Recep Tayyip Erdogan said his new economic chiefs will be granted more flexibility to change policy but added that he remains wedded to his unorthodox economics, Bloomberg reports. The recent appointment of Mehmet Simsek as finance minister and a Goldman Sachs alumna as the new central bank chief raised hopes that the government would u-turn on the president’s insistence at cutting interest rates amid soaring inflation.

ALSO WORTH NOTING-

  • The EU could force Google to sell off some of its ad business: The European Commission has hit Google with fresh charges for alleged anti-competitive practices by its ad business, and said that “only mandatory divestment” would solve the issue. (Financial Times)
  • Major UK mobile merger: Vodafone and Three UK operator CK Hutchison will merge their UK businesses before the end of 2024 pending approval from the UK’s Competition and Markets Authority. Vodafone will hold a majority stake of 51% in the new entity. (CNBC)

EGX30

17,873

0.0% (YTD: +22.4%)

USD (CBE)

Buy 30.84

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

18.25% deposit

19.25% lending

Tadawul

11,533

+1.0% (YTD: +10.1%)

ADX

9,393

+0.4% (YTD: -8.0%)

DFM

3,717

+0.1% (YTD: +11.4%)

S&P 500

4,373

+0.1% (YTD: +13.9%)

FTSE 100

7,603

+0.1% (YTD: +2.0%)

Euro Stoxx 50

4,376

+0.7% (YTD: +15.4%)

Brent crude

USD 73.62

-0.9%

Natural gas (Nymex)

USD 2.34

+0.2%

Gold

USD 1,955.80

-0.1%

BTC

USD 25,041

-3.2% (YTD: +56.6%)

THE CLOSING BELL-

The EGX30 was flat at yesterday’s close on turnover of EGP 2.73 bn. ِRegional investorswere net sellers. The index is up 22.4% YTD.

In the green: Cleopatra Hospitals (+2.3%), Qalaa Holdings (+1.7%) and Eastern Company (+1.5%).

In the red: Mopco (-5.5%), GB Corp (-2.6%) and Credit Agricole (-2.5%).

Asian markets are mixed in early trading this morning and futures suggest a similar patchwork when European indices open later on today. Wall Street looks to be sticking to green as investors ride the Fed’s decision yesterday to pause on rate hikes.

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