JPMorgan is no longer predicting a US recession: JPMorgan Chase analysts are the latest to roll back earlier forecasts of a recession for the US economy as data increasingly indicates that the US Federal Reserve may pull off the ‘soft landing’ officials have been aiming for, CNBC reports. The bank is now predicting growth of 2.5% in 3Q 2023, up from an earlier 0.5%, making its previous forecast for a contraction by 4Q unlikely.

Aramco raises oil prices: Saudi Arabian oil giant Aramco raised the price for its key Arab Light crude for sale to Asia and Europe as supply tightens, according to a price list seen by Bloomberg. Benchmark oil prices have been on the rise in recent weeks on the back of OPEC+ supply cuts and rising demand in Asia.

Apple shares fall on sales slump: The tech giant saw its shares fall 2% on Thursday as it said it expects a retail slump to continue into 3Q 2023. Apple recorded a 1.4% drop in sales thanks to fewer iPhone purchases in 2Q 2023. (Reuters)

EGX30

17,451

-0.0% (YTD: +19.5%)

USD (CBE)

Buy 30.84

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

19.25% deposit

20.25% lending

Tadawul

11,376

-0.9% (YTD: +8.6%)

ADX

9,786

+0.0% (YTD: -4.2%)

DFM

4,083

+0.8% (YTD: +22.4%)

S&P 500

4,478

-0.5% (YTD: +16.6%)

FTSE 100

7,564

+0.5% (YTD: +1.5%)

Euro Stoxx 50

4,333

+0.7% (YTD: +14.2%)

Brent crude

USD 86.24

+1.3%

Natural gas (Nymex)

USD 2.58

+0.5%

Gold

USD 1,976.10

+0.4%

BTC

USD 29,064

+0.1% (YTD: +76.1%)

THE CLOSING BELL-

The EGX30 was almost flat at Thursday’s close on turnover of EGP 1.72 bn (11.5% below the trailing 90-day average). Regional investors were net sellers. The index is up 19.5% YTD.

In the green: Sidpec (+3.0%), Oriental Weavers (+2.1%), and Beltone Financial (+2.0%).

In the red: Eastern Company (-1.4%), Juhayna (-1.0%) and E-finance (-0.9%).

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