Oil supply could see a surplus next year -IEA: The International Energy Agency (IEA) is anticipating a surplus in oil markets at the start of 2024, although it marginally raised its oil demand growth forecasts, according to its latest monthly report. The IEA now expects demand to reach 930k barrels per day next year, up from its previous 880k forecast on the back of expected interest rate cuts and the recent decline in oil prices

IEA vs. OPEC: IEA’s 2024 demand forecast sits much lower than OPEC’s estimate, which has put demand growth for next year at 2.25 mn bpd. The two organizations have voiced different opinions on long-term oil demand outlook. Reuters also has the story.

EGX30

23,894

-0.1% (YTD: +64.0%)

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

10,857

+0.6% (YTD: +3.6%)

ADX

9,530

-0.1% (YTD: -6.7%)

DFM

3,973

-0.2% (YTD: +19.1%)

S&P 500

4,496

+1.9% (YTD: +17.1%)

FTSE 100

7,440

+0.2% (YTD: -0.2%)

Euro Stoxx 50

4,292

+1.4% (YTD: +13.1%)

Brent crude

USD 82.47

-0.1%

Natural gas (Nymex)

USD 3.11

-2.9%

Gold

USD 1,966.50

+0.8%

BTC

USD 35,599.71

-2.5% (YTD: +113.5%)

THE CLOSING BELL-

The EGX30 fell 0.1% at yesterday’s close on turnover of EGP 4.0 bn (54.5% above the 90-day average). Local investors were net sellers. The index is up 64.0% YTD.

In the green: Ezz Steel (+5.8%), TMG Holding (+5.0%) and AMOC (+3.1%).

In the red: Credit Agricole (-5.3%), Telecom Egypt (-3.9%) and E-Finance (-3.8%).

Major Asian benchmarks are very handily in the green this morning as investors cheer what CNBC is calling “soft US inflation data,” potentially signaling the Federal Reserve could back off rate hikes. Equities futures suggest shares in Europe, Wall Street and Bay Street will all open in the green later today.

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