India’s stock market is on track to eclipse Hong Kong: Recent surges in Indian share prices have put the country’s stock exchange on track to surpass Hong Kong and become one of the world’s largest trading centers, according to the Financial Times. The National Stock Exchange of India’s total market cap stood at USD 3.7 tn at the end of October, and with strong earnings and growth projections pushing share prices higher in the weeks since, the Mumbai-based market is poised to take the place of the Hong Kong stock exchange (October market cap: USD 3.9 tn) as the world’s seventh-largest exchange.

The hometown angle: Egypt is looking to raise (debt) finance in the Indian capital markets for the first time ever next year with an INR-denominated bond sale.

BIG US M&A NEWS-

  • US health ins. firm Cigna pulled out of a planned merger with Humana — a transaction that would’ve created a USD 140 bn ins. giant. (Financial Times)
  • An investor consortium has submitted a USD 5.8 bn bid for American department store company Macy’s. (Wall Street Journal)

EGX30

24,190

-2.0% (YTD: +65.7%)

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

11,297

+0.6% (YTD: +7.8%)

ADX

9,401

-0.7% (YTD: -7.9%)

DFM

3,952

-0.1% (YTD: +18.5%)

S&P 500

4,604

+0.4% (YTD: +19.9%)

FTSE 100

7,554

+0.5% (YTD: +1.4%)

Euro Stoxx 50

4,523

+1.1% (YTD: +19.2%)

Brent crude

USD 75.84

+2.4%

Natural gas (Nymex)

USD 2.58

-0.2%

Gold

USD 2,014.50

-1.6%

BTC

USD 43,807

-0.3% (YTD: +165.4%)

THE CLOSING BELL-

The EGX30 fell 2.0% at yesterday’s close on turnover of EGP 3.4 bn (9.4% above the 90-day average). Local investors were net buyers. The index is up 65.7% YTD.

In the green: Madinet Masr (+3.9%), Fawry (+1.0%) and EFG Holding (+0.6%).

In the red: Mopco (-10.1%), Orascom Development Egypt (-6.9%) and Palm Hills Development (-5.5%).

Asian markets are largely up this morning as investors welcome Chinese inflation falling at its fastest pace since 2020, according to CNBC. Equities futures suggest Europe will largely open in the green later today, while Wall Street could be looking at a mixed open.

Tags: