Investors are ditching the Chinese market: China has suffered aboutUSD 75 bn in net outflows in September as the country continues to struggle through an escalating crisis in its property sector, according to Bloomberg. This is the biggest monthly outflow since 2016 and an 80% jump from August. Onshore banks sold a net USD 19.4 bn of FX during the month, a high not seen since November 2018. All of this is putting pressure on the CNY, which is inching closer to its 2023 low at the beginning of September.

AND- Another huge acquisition in the fossil fuel industry. US energy giant Chevron will acquire rival Hess Corporation in a USD 53 bn all-stock transaction, it announced yesterday. The transaction is one of the largest global acquisitions this year, and is expected to wrap up in 1H 2024. (Associated Press | Reuters | Bloomberg | Financial Times | Wall Street Journal)

Consolidation in the oil and gas industry is a thing right now: Exxon Mobil is looking to acquire US shale producer Pioneer Natural Resources for nearly USD 59.5 bn.

ALSO WORTH NOTING-

  • PIF-backed Nupco IPO in the cards? Saudi wealth fund PIF is looking to IPO the country’s largest medical procurement firm Nupco as early as next year. (Bloomberg)
  • Nvidia sets its sights on the PC chips industry: Chipmaker Nvidia is designing central processing units to run Microsoft’s Windows operating system via tech from Arm, in a challenge to Intel’s dominance in the personal computer chip market. (Reuters)

EGX30

22,572

+2.0% (YTD: +54.6%)

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

10,293

-1.9% (YTD: -1.8%)

ADX

9,276

-0.3% (YTD: -9.2%)

DFM

3,730

-0.6% (YTD: +11.8%)

S&P 500

4,217

-0.2% (YTD: +9.8%)

FTSE 100

7,375

-0.4% (YTD: -1.0%)

Euro Stoxx 50

4,042

+0.4% (YTD: +6.5%)

Brent crude

USD 90.50

-1.8%

Natural gas (Nymex)

USD 2.93

+0.9%

Gold

USD 1,987.80

-0.3%

BTC

USD 31,582

+5.8% (YTD: +91.4%)

THE CLOSING BELL-

The EGX30 rose 2.0% at yesterday’s close on turnover of EGP 4.63 bn (107.2% above the 90-day average). International investors were net buyers. The index is up 54.6% YTD.

In the green: Mopco (+20.0%), Alexandria Mineral Oils Company (+8.3%) and Abu Qir Fertilizers (+7.7%).

In the red: Oriental Weavers (-2.0%), Eastern Company (-1.8%) and CIB (-1.6%).

Asian markets are in the red again this morning as the global equity sell-off continues on the back of concerns about the conflict in Gaza and rising interest rates. European markets look set to follow them later this morning while US futures currently have shares on Wall Street rising at the opening bell.

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