With war news crowding out finance this morning, we’re going to be brief in our roundup of major news in regional and global financial markets:

#1- Morgan Stanley predicts S&P 500 rebound by the end of the year: An S&P 500 rebound in 4Q 2023 “is more likely than not” if the index’s levels up hold in the short run, Morgan Stanley’s chief US equity strategist wrote in a note picked up by Reuters.

#2- Kuwaiti merger creates one of the Gulf’s largest banks: Kuwait Finance House (KFH) received permission to merge with Ahli United Bank Kuwait (AUB) from the country’s capital markets regulator. The share exchange rate has been determined at 0.37 shares of KFH for one of Ahli’s shares. (KFH | AUB — pdfs)

#3- Miahona IPO in the offing? Saudi water treatment firm Miahona is considering going public in Riyadh as early as next year, according to sources. The firm held talks with advisors over the offering, which could raise “a couple hundred mn USD.. (Bloomberg)

EGX30

22,074

+5.0% (YTD: +51.2%)

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

10,731

+1.0% (YTD: +2.4%)

ADX

9,554

+0.8% (YTD: -6.4%)

DFM

3,937

-0.2% (YTD: +18.0%)

S&P 500

4,373

0.0% (YTD: +13.9%)

FTSE 100

7,675

+0.6% (YTD: +3.0%)

Euro Stoxx 50

4,152

+0.1% (YTD: +9.5%)

Brent crude

USD 89.90

+0.3%

Natural gas (Nymex)

USD 3.08

-1.0%

Gold

USD 1,936

+0.1%

BTC

USD 28,474

+0.4% (YTD: +72.6%)

THE CLOSING BELL-

The EGX30 rose 5.0% at yesterday’s close on turnover of EGP 5.3 bn (142.2% above the 90-day average). Regional investors were net buyers. The index is up 51.2% YTD.

In the green: Mopco (+16.6%), TMG Holding (+15.3%) and Oriental Weavers (+14.3%).

In the red: Orascom Construction (-2.9%) and B Investments Holding (-0.1%).

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