ECB hints at June rate cut: The European Central Bank (ECB) maintained borrowing costs at historically high levels when it met on Thursday but hinted at a shift, with a first interest rate cut potentially coming in June following the publication of 1Q 2024’s wage data, Reuters reports. “We will know a little more in April, but we will know a lot more in June,” ECB President Christine Lagarde said at a press conference.

Meanwhile, across the Atlantic, Federal Reserve Chair Jerome Powell said the bank is “not far” from the confidence it needs in a sustained decline of inflation to its target 2% before considering rate cuts, Reuters reported. Powell’s remarks helped spur investor confidence in a potential June rate cut, leading to a rally in the S&P 500 that led to a record closing high on Thursday. The Nasdaq also hit an intraday record high and narrowly missed a closing high, settling up 1.5%. Both indices erased most of their gains on Friday — the S&P 500 was down 0.7%, while the Nasdaq fell 1.2%.

EGX30

31,3001

+5.2% (YTD: +25.7%)

USD (CBE)

Buy 49.33

Sell 49.47

USD at CIB

Buy 49.3

Sell 49.4

Interest rates CBE

27.25% deposit

28.25% lending

Tadawul

12,578

+0.1% (YTD: +5.1%)

ADX

9,234

+0.1% (YTD: -3.6%)

DFM

4,253

+0.4% (YTD: +4.8%)

S&P 500

5,124

-0.7% (YTD: +7.4%)

FTSE 100

7,660

-0.4% (YTD: -1.0%)

Euro Stoxx 50

4,961

-0.3% (YTD: +9.7%)

Brent crude

USD 82.08

-1.1%

Natural gas (Nymex)

USD 1.81

-0.7%

Gold

USD 2,185

+0.9%

BTC

USD 68,536

0.0% (YTD: +62.1%)

THE CLOSING BELL-

The EGX30 rose 5.2% at Thursday’s close on turnover of EGP 6.6 bn (44.2% above the 90-day average). Egyptian investors were net buyers. The index is up 25.7% YTD.

In the green: Abu Dhabi Islamic Bank (+9.8%), CIB (+9.5%), and E-finance (+9.0%).

In the red: Juhayna Food Industries (-4.4%), Ibn Sina Pharma (-4.1%), and Madinet Masr (-3.4%).

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