US banking earnings soar on the back of interest hikes: Profits among the biggest US banks soared in 2Q 2023 on the back of rapidly climbing interest rates. JPMorgan’s profit jumped by 67% y-o-y in 2Q, Wells Fargo's climbed 57%, and Citigroup’s interest income rose, though profits declined by 36%. The three major banks collectively made USD 49 bn in net interest income in 2Q 2023, up 30% from the same period last year. The Wall Street Journal and the Financial Times have more.

Have oil prices reached their floor? Betting on a tighter oil market has been coming up short for most of this year, but there are signs that it is finally paying off, Bloomberg reports. Brent futures rose above USD 80 a barrel in London last week for the first time since the beginning of May as rising demand in China and output cuts agreed by the Saudi and Russia-led OPEC+ group tightens supply.

EGX30

17,343

0.0% (YTD: +18.8%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

18.25% deposit

19.25% lending

Tadawul

11,716

+0.1% (YTD: +11.8%)

ADX

9,672

+0.5% (YTD: -5.3%)

DFM

4,010

+0.1% (YTD: +20.2%)

S&P 500

4,505

-0.1% (YTD: +17.3%)

FTSE 100

7,435

-0.1% (YTD: -0.2%)

Euro Stoxx 50

4,400

+0.2% (YTD: +16.0%)

Brent crude

USD 79.87

-1.8%

Natural gas (Nymex)

USD 2.54

-0.2%

Gold

USD 1,964

0.0%

BTC

USD 30,283

-0.1% (YTD: +83.3%)

THE CLOSING BELL-

The EGX30 closed flat yesterday on turnover of EGP 1.0 bn (48.3% below the trailing 90-day average). Regional investors were net sellers. The index is up 18.8% YTD.

In the green: Heliopolis Housing (+4.6%), Taaleem Management Services (+4.0%) and Ibnsina Pharma (+3.2%).

In the red: Alexandria Mineral Oils (-2.4%), ElSewedy Electric (-1.2%) and Fawry (-1.0%).

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