US cracks down on Beijing influence via Middle East deals: Gulf sovereign wealth funds undertaking acquisitions in the US are being investigated for their ties to China, writes Bloomberg, citing anonymous sources reportedly close to the deals. Abu Dhabi’s Mubadala Authority and Saudi Arabia’s Public Investment Fund are reportedly under review by members of President Joe Biden’s cabinet on concerns that they pose a national security risk. Beijing’s push to strengthen political ties in the Middle Eastern region comes as Gulf funds have funneled USD 2.3 bn into the Asian country, prompting “increased sensitivity” within the Biden administration and leading the Committee of Foreign Investments in the US to step up its enquiries.

ALSO WORTH NOTING-

Huge rate hike in Turkey: The Turkish central bank hiked interest rates by 500 bps to 40% on Thursday, double what was projected by analysts, as policymakers lok to get a grip on soaring inflation and a weakening currency. (Bloomberg)

Wobbly EU banks: Eurozone banks are showing “early signs of stress” as default rates and late payments rise from historical lows. (European Central Bank Financial Stability Review, pdf).

EGX30

25,519

+2.0% (YTD: +74.8%)

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

11,078

-0.2% (YTD: +5.7%)

ADX

9,555

+0.2% (YTD: -6.4%)

DFM

3,992

+0.2% (YTD: +19.7%)

S&P 500

4,559

+0.1% (YTD: +18.8%)

FTSE 100

7,448

+0.1% (YTD: +0.5%)

Euro Stoxx 50

4,372

+0.3% (YTD: +15.3%)

Brent crude

USD 80.58

-1.0%

Natural gas (Nymex)

USD 2.86

-1.5%

Gold

USD 2,023.50

+0.5%

BTC

USD 37,807

-0.1% (YTD: +128.8%)

THE CLOSING BELL-

The EGX30 rose 2.0% at Thursday’s close on turnover of EGP 4.6 bn (66.5% above the 90-day average). Local investors were net sellers. The index is up 74.8% YTD.

In the green: Juhayna (+7.6%), Credit Agricole (+6.2%) and CIB (+5.1%).

In the red: Talaat Moustafa Group (-2.0%), Eastern Company (-1.2%) and Madinet Masr (-0.8%).

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