London is shedding finance jobs, with openings in the field down 38% year-on-year in 2023. Total job seekers dropped 16% in the same period, according to a new report by staffing agency Morgan McKinley.

What they’re saying: “We haven’t seen a drop of this magnitude for a while. After a year ofstrong pay growth and over-hiring driven by a tight labor market, signs of a cooling market emerged as we approached the end of a challenging year,” Morgan McKinley UK chief Hakan Enver said.

Global banks slashed some 60k jobs last year — and fewer people are interested in applyingfor those positions that are still open.

What’s more, job seekers are moving for smaller bumps than a year ago. The averagefinance professional taking up a new post got a 14% bump in salary last year — down from 20% in 2022.

Asset manager GQG doubles down on Mideast stocks: Florida-based assetmanagement firm GQG has built up stakes amounting to USD 2.8 bn in companies in the Middle East over the past 18 months, lured by “business friendly” government policies, plans to move away from oil, and “massive privatization hopes,” the Financial Times reported, citing GQG founder Rajiv Jain. Meanwhile, the company has cut its investments in China to roughly half that level amid a government crackdown on private sector activity.

ALSO WORTH NOTING-

  • China holds key rate: China’s central bank left interest rates on one-yearlending facility loans untouched on Monday, disappointing investors who were expecting a rate cut. (Reuters)
  • Global banks poised for a major valuation surge: Boston Consulting Group’s latest report showed that global lenders could increase their collective valuation by USD 7 tn within the next five years by prioritizing growth and productivity improvements, despite lower profitability and stiff competition from fintech firms. (Reuters)

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THE CLOSING BELL-

The EGX30 rose 1.1% at yesterday’s close on turnover of EGP 5.3 bn (55.6% above the 90-day average). Foreign investors were net buyers. The index is up 5.5% YTD.

In the green: Eastern Company (+4.8%), Credit Agricole (+3.5%), and Orascom Development (+2.5%).

In the red: Heliopolis Housing (-2.7%), Oriental Weavers (-2.0%), and B Investments (-1.6%).

Asian markets are mostly in the red this morning. Remarks by IMF boss Kristalina Georgieva are weighing on sentiment after she said yesterday in Davos that China needs to push for significant reforms or face “a fairly significant decline in growth rates.” Futures suggest stocks across western Europe and on Wall Street start the day in the red.

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