Microsoft’s Activision takeover: Attempt 2. Microsoft has submitted a new proposal to acquire gaming firm Activision Blizzard to the British competition regulator, which earlier this year rejected the acquisition on concerns it would hamper competition in cloud gaming. In a bid to allay the concerns, Microsoft is pledging that it will not acquire cloud rights for Activision games for 15 years. (Competition and Markets Authority)

ALSO WORTH NOTING-

  • More credit rating downgrades for US banks: S&P Global followed Moody’s to downgrade the ratings of five US lenders amid tough operating conditions, including funding risks and weaker profitability on the back of rising interest rates. (Reuters)
  • Goldman Sachs’ retreat to the VVIP room: The global investment bank is mulling divesting a USD 29 bn portion of its “mass market” wealth management division as it refocuses its attention on ultra-wealthy clients. (Reuters)
  • Iran turns up the oil taps: Iran’s oil exports surged to 2.2 mn barrels per day in the first 20 days of August from 1.4 mn in July. Saudi Arabia and other OPEC+ members have been cutting back production this year to support prices. (Bloomberg)

EGX30

18,217

+1.7% (YTD: +24.8%)

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

11,378

-0.3% (YTD: +8.6%)

ADX

9,766

-0.1% (YTD: -4.4%)

DFM

4,069

+0.4% (YTD: +22.0%)

S&P 500

4,388

-0.3% (YTD: +14.3%)

FTSE 100

7,271

+0.2% (YTD: -2.4%)

Euro Stoxx 50

4,260

+0.8% (YTD: +12.3%)

Brent crude

USD 83.93

-0.6%

Natural gas (Nymex)

USD 2.56

-2.9%

Gold

USD 1,926.30

+0.2%

BTC

USD 25,846

-1.0% (YTD: +56.2%)

THE CLOSING BELL-

The EGX30 rose 1.7% at yesterday’s close on turnover of EGP 2.4 bn (18% above the 90-day average). Foreign investors were net sellers. The index is up 24.8% YTD.

In the green: Eastern Company (+8.5%), Edita (+5.8%) and Mopco (+5.6%).

In the red: Oriental Weavers (-1.1%), Juhayna (-1.1%) and B Investments Holding (-0.9%).

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