Global stocks were mostly up on Wednesday as the US-China tariff truce continued to support risk appetite — though gains were modest as traders waited for new data and clarity on the Federal Reserve’s next moves.

Markets at a glance: The S&P 500 rose 0.1% for its sixth consecutive day in the green, extending this week’s rally and adding slightly to its YTD gains after wiping out year-to-date losses on Tuesday. The Nasdaq was up 0.6%, while the Dow Jones slipped 0.2%.

USD finds footing after recent slide — and yields edge higher: The greenback strengthened against a basket of major currencies and US Treasury yields ticked higher as investors await retail and producer price data.

Gold tumbles as safe-haven demand fades: Gold prices fell to a one-month low as easing trade tensions weighed on demand for the yellow metal. Spot gold dropped 2% to USD 3,182 an ounce, while US gold futures fell 1.8% to USD 3,188.

Cautious optimism sets in — but doubts remain: “It’s all about the change in risk appetite,” Danske Bank’s Lars Skovgaard told Reuters. “I have a hard time seeing that we’ll go back to this extreme political noise.” However, Gavekal Research’s Wei He argued that “there’s still plenty of uncertainty about the outlook,” pointing to the fact that US tariffs on Chinese goods remain significantly higher than pre-2025 levels.

All eyes on the Fed and April’s data: With inflation easing but trade policies still in flux, the Fed has signaled it will wait and assess the full impact before moving on rates. Vice Chair Philip Jefferson said yesterday that the CPI data showed progress toward the Fed’s 2% target, but noted the risk that new import levies could drive prices higher. Fed Chair Jerome Powell is expected to speak today, markets will also be on the lookout for April’s producer price index and retail sales data, both of which are due later today.

MARKETS THIS MORNING-

Asian markets are in the red in early trading this morning. Japan’s Nikkei is down 1.2%, the Shanghai Composite is looking at losses of 0.4%, the Hang Seng and Korea’s Kospi are both down 0.2%.

EGX30

31,828

+0.4% (YTD: +7.0%)

USD (CBE)

Buy 50.32

Sell 50.46

USD (CIB)

Buy 50.36

Sell 50.46

Interest rates (CBE)

25.00% deposit

26.00% lending

Tadawul

11,532

0.0% (YTD: -4.2%)

ADX

9,621

-0.1% (YTD: +2.2%)

DFM

5,360

-0.1% (YTD: +3.9%)

S&P 500

5,893

+0.1% (YTD: +0.2%)

FTSE 100

8,585

-0.2% (YTD: +5.0%)

Euro Stoxx 50

5,403

-0.2% (YTD: +10.4%)

Brent crude

USD 65.84

-1.2%

Natural gas (Nymex)

USD 3.49

-4.3%

Gold

USD 3,188

-1.8%

BTC

USD 103,501

-0.8% (YTD: +10.6%)

S&P Egypt Sovereign Bond Index

866.8

+0.1% (YTD: +11.5%)

S&P MENA Bond & Sukuk

143.0

0.0% (YTD: +2.2%)

VIX (Volatility Index)

18.62

+2.2% (YTD: +7.3%)

THE CLOSING BELL-

The EGX30 rose 0.4% at yesterday’s close on turnover of EGP 3.3 bn (27.1% below the 90-day average). Regional investors were the sole net sellers. The index is up 7.0% YTD.

In the green: Beltone Holding (+3.0%), Fawry (+2.3%) and Ibnsina Pharma (+2.1%).

In the red: Sidpec (-2.8%), Abu Qir Fertilizers (-2.3%) and Juhayna (-1.9%).

CORPORATE ACTIONS-

CIB will raise its issued and paid-up capital to EGP 33.8 bn from EGP 30.7 bn through a EGP 3.1 bn bonus share issuance, according to an EGX disclosure (pdf). The increase will see 307 mn new shares issued at a par value of EGP 10 each. The capital hike, which is set to be funded from the bank’s general reserves, is pending the central bank’s approval.

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