Could we be looking at slower global growth in 2024? Some economists are growing more cautious about global growth prospects for 2024 as central banks in major economies look poised to delay rate cuts, the Financial Times reports. Globally, “output will expand 2.1% in 2024, according to an aggregation of forecasts by the consultancy Consensus Economics, down from the 2.4% the economy is expected to log this year,” the salmon-colored paper writes.

EGX30

18,911

+1.0% (YTD: +29.5%)

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

11,431

-0.2% (YTD: +9.1%)

ADX

9,748

-0.4% (YTD: -4.5%)

DFM

4,069

-0.5% (YTD: +22.0%)

S&P 500

4,516

+0.2% (YTD: +17.6%)

FTSE 100

7,453

-0.2% (YTD: 0.0%)

Euro Stoxx 50

4,280

-0.1% (YTD: +12.8%)

Brent crude

USD 89.00

+0.5%

Natural gas (Nymex)

USD 2.67

-3.6%

Gold

USD 1,964.20

-0.2%

BTC

USD 25,821

-0.8% (YTD: +56.6%)

THE CLOSING BELL-

The EGX30 rose 1.0% at yesterday’s close on turnover of EGP 2.19 bn (4.1% above the 90-day average). Foreign investors were net sellers. The index is up 29.5% YTD.

In the green: Alexandria Containers and Cargo Handling (+5.3%), TMG Holding (+5.0%) and Ezz Steel (+4.1%).

In the red: GB Corop (-1.9%), B Investments Holding (-1.8%) and Orascom Development Egypt (-1.4%).

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