Beijing tells China’s economists to look on the bright side: Chinese authorities are leaning on economists to avoid discussing sensitive topics like the threat of deflation, claiming that pessimistic sentiment is hindering the country’s post-COVID rebound, according to the Financial Times. Regulators are pressuring analysts to avoid negative commentary in a bid to boost investor confidence rattled by weak growth figures, seven economists told the FT. But in private, analysts are flagging the risk of softening prices, with one former government advisor telling a closed conference that he distrusts official GDP data and believes deflation is imminent, attendees told the news outlet.

Yields on benchmark 10–year US treasury notes surge as hard landing risks recede: Yields on the benchmark 10-year US treasury note rose to close at 4.06% on Friday, drawing close to its highest level in more than a decade, backed by confidence that the economy is strong enough to handle higher interest rates for several years, the Wall Street Journal reports citing Tradeweb data. Meanwhile, shorter-term bond yields have fallen, signaling investors’ confidence that the Fed will stop raising rates and keep them steady until the end of the year against the backdrop of cooling inflation.

Saudi sovereign wealth fund PIF has launched a sports investment arm, SRJ Sports Investments, it said in a press release yesterday. The company will acquire and create new sports events as well as businesses “specialized in offering unique fan engagement activities and transformative sports technology across the industry,” the release reads. The move comes as the KSA works to diversify its economy away from the oil sector.

EGX30

17,697

+1.4% (YTD: +21.2%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

19.25% deposit

20.25% lending

Tadawul

11,351

-0.2% (YTD: +8.3%)

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 29,041

+0.0% (YTD: +76.2%)

THE CLOSING BELL-

The EGX30 rose 1.4% at yesterday’s close on turnover of EGP 2.08 bn (6.5% above the 90-day average). Local investors were net buyers. The index is up 21.2% YTD.

In the green: Heliopolis Housing (+11.3%), Beltone (+4.5%) and Elsewedy Electric (+4.2%).

In the red: Credit Agricole (-1.2%), CIB (-0.3%).

Asian markets are down in early trading this morning as investors anticipate the release of weak inflation data out of China this week. By contrast, futures suggest most European and US indices are set to open in the green later on today.

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