Food inflation dips across rich nations: Food inflation in rich nations has dropped to its lowest level since before Russia began its invasion of Ukraine in February 2022, with the average food prices among 38 surveyed industrialized nations dropping to 5.3% in February — down from 6.2% in January, and from a peak of 16.2% in November 2022, FinancialTimes reports, citing OECD data. The dip can be attributed to agricultural commodity prices falling “significantly,” fully normalized supply chains, and lower gas prices.

MEANWHILE- Global food prices saw a slight increase following a 7-month decline: The FAO food priceindex — which measures the monthly change in the international prices of a basket of food commodities — rose 1.1% m-o-m to 118.3 points in March, after seven months in decline. This is still well below their peak recorded in 2022, but remains considerably higher than pre-pandemic levels.

ALSO WORTH NOTING-Chinese sovereign wealth fund mulls sizable investment to deepen MidEast ties: Bahraini alternative asset manager Investcorp Holding could receive USD 800 mn from China Investment Corporation for its Gulf-focused pre-IPO fund. (Asharq Business)

THE MARKETS THIS MORNING-

Asian markets are mixed this morning, with the Nikkei up 1.56% at dispatch time. The Shanghai Composite is down 0.68% and the Hang Seng is down 0.43%, while the Kospi is barely in the green. This comes as investors sit tight as they wait for inflation figures from the US and China due later this week, CNBC writes.

EGX30

28,152

-1.2% (YTD: +13.1%)

USD (CBE)

Buy 47.49

Sell 47.62

USD (CIB)

Buy 47.5

Sell 47.6

Interest rates CBE

27.25% deposit

28.25% lending

Tadawul

12,705

+0.7% (YTD: +6.2%)

ADX

9,237

0.0% (YTD: -3.6%)

DFM

4,244

-0.1% (YTD: +4.5%)

S&P 500

5,204

+1.1% (YTD: +9.1%)

FTSE 100

7,911

-0.8% (YTD: +2.3%)

Euro Stoxx 50

5,015

-1.1% (YTD: +10.9%)

Brent crude

USD 91.17

+0.6%

Natural gas (Nymex)

USD 1.79

+0.6%

Gold

USD 2,330

+1.7%

BTC

USD 68,988

+1.0% (YTD: +63.4%)

THE CLOSING BELL-

The EGX30 fell 1.2% at yesterday’s close on turnover of EGP 2.8 bn (44.5% below the 90-day average). Local investors were net buyers. The index is up 13.1% YTD.

In the green: Abu Qir Fertilizers (+7.4%), Abu Dhabi Islamic bank (+4.3%), and Mopco (+3.6%).

In the red: Talaat Moustafa Group (-6.6%), Ezz Steel (-4.3%), and Juhayna (-4.0%).

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