Goldman casts doubt on optimistic US inflation outlook: Goldman Sachs has warned that the pace at which inflation in the US is currently expected to drop may be overly optimistic, suggesting it won't decline as quickly as markets are currently pricing. The Federal Reserve recently paused its series of interest rate hikes but said it would likely resume them later in the year due to persistent price pressures and a strong labor market. (Bloomberg)

Silicon Valley VC to go big on Saudi startups: Silicon Valley-based tech investor Plugand Play Tech Center is planning to raise a USD 100 mn fund to invest in Saudi tech startups, Bloomberg reports. The investor is in talks with Jada, a USD 1 bn fund set up by the kingdom’s wealth fund, to back the venture, which is set to launch by January, the news outlet reports.

Binance side steps SEC asset freeze: Binance has avoided a total asset freeze as the cryptocurrency trading platform is pursued in courtby the US securities regulator over alleged mishandling of customer funds, reports Bloomberg. Under the agreement, the company must repatriate US customer assets worth more than USD 2.2 bn and is prohibited from spending corporate assets other than to cover operational costs.

EGX30

18,026

+0.8% (YTD: +23.5%)

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

11,517

0.0% (YTD: +9.9%)

ADX

9,447

+0.7% (YTD: -7.5%)

DFM

3,789

+1.5% (YTD: +13.6%)

S&P 500

4,410

-0.4% (YTD: +14.9%)

FTSE 100

7,643

+0.2% (YTD: +2.6%)

Euro Stoxx 50

4,395

+0.7% (YTD: +15.9%)

Brent crude

USD 76.61

+1.2%

Natural gas (Nymex)

USD 2.63

+3.9%

Gold

USD 1,971.20

0.0%

BTC

USD 26,442

-0.2% (YTD: +60.2%)

THE CLOSING BELL-

The EGX30 rose 0.8% at yesterday’s close on turnover of EGP 1.83 bn. Local investors were net buyers. The index is up 23.5% YTD.

In the green: Ezz Steel (+6.9%), Eastern Company (+5.4%) and Elsewedy Electric (+4.5%).

In the red: Orascom Construction (-2.3%), Mopco (-1.1%) and Abu Dhabi Islamic Bank (-0.8%).

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