Can Arm reinvigorate the US IPO market? The business press is talking up the fortunes of the sluggish US IPO market after semiconductor giant Arm Holdings yesterday submitted its anticipated regulatory filing for what is expected to be the biggest public share sale on Wall Street this year. The SoftBank-owned company’s preliminary prospectus shows that it was valued at around USD 64 bn earlier this month, potentially making it one of the largest-ever tech listings in the US.

A snapshot: “ Big moment ”, “ turning point,” and “ big deal ” are all phrases being used in the global business press this morning in anticipation of a revival of the US IPO market.

European gas prices jump again on Australia LNG supply fears: European natural gas prices jumped as much as 9.1% during trading yesterday as labor unrest at key Australian LNG terminals continue to cause concern about global gas supplies, the Financial Times reports. The Dutch TTF benchmark closed 6.5% higher yesterday after unions representing workers at one of the terminals warned that production could soon stop. Australia supplies around 10% of the world’s supply of LNG.

China cuts rates to prop up the economy — but is it enough? China cut one of its key interest rates in a bid to boost weakening credit growth but in a surprise move left its five-year rate unchanged, Reuters reports. Investors had expected the central bank to reduce the five-year rate due to its impact on the price of mortgages, though the rapidly weakening currency has left it with limited options for easing policy. The Chinese real estate sector is in a severe slump that’s threatening to push the country’s largest developer into default and trigger a financial crisis.

EGX30

17,920

-0.6% (YTD: +22.8%)

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

11,408

-0.8% (YTD: +8.9%)

ADX

9,776

-0.3% (YTD: -4.3%)

DFM

4,054

+0.1% (YTD: +21.5%)

S&P 500

4,400

+0.7% (YTD: +14.6%)

FTSE 100

7,258

-0.1% (YTD: -2.6%)

Euro Stoxx 50

4,225

+0.3% (YTD: +11.4%)

Bre n t crude

USD 84.53

-0.3%

Natural gas (Nymex)

USD 2.61

+2.4%

Gold

USD 1,923.70

+0.4%

BTC

USD 26,113

-0.4% (YTD: +58.0%)

THE CLOSING BELL-

The EGX30 fell 0.6% at yesterday’s close on turnover of EGP 2.5 bn (23.5% above the 90-day average). Foreign investors were net sellers. The index is up 22.8% YTD.

In the green: Oriental Weavers (+2.9%), Heliopolis Housing (+2.7%) and Edita (+2.0%).

In the red: B Investments Holding (-6.4%), Beltone Financial Holding (-4.3%) and Juhayna (-2.2%).

Asian markets are in the green in early trading this morning following yesterday’s tech rally in the US. The rebound on Wall Street doesn’t look like it’ll continue at the opening today, with equity futures in the red this morning.

Tags: