April manufacturing data suggests China isn’t out of the woods yet: China’s manufacturing activity unexpectedly contracted in April for the first time since December, Bloombergreports, citing official data. The country’s manufacturing purchasing managers’ index (PMI) dropped to 49.2 in April — below the 50.0 mark that separates growth from contraction — from 51.9 a month before. “This is a mixed PMI report and suggests that China’s post-covid recovery has somewhat lost steam and calls for continued policy support,” said one economist.

EGX30

17,668

-0.7% (YTD: +21%)

USD (CBE)

Buy 30.84

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

18.25% deposit

19.25% lending

Tadawul

11,308

+0.3% (YTD: +7.9%)

ADX

9,789

+0.4% (YTD: -4.1%)

DFM

3,545

+0.8% (YTD: +6.3%)

S&P 500

4,170

+0.8% (YTD: +8.6%)

FTSE 100

7,871

+0.5% (YTD: +5.6%)

Euro Stoxx 50

4,359

0.0% (YTD: +14.9%)

Brent crude

USD 80.33

+2.7%

Natural gas (Nymex)

USD 2.41

+2.3%

Gold

USD 1,999.10

0.0%

BTC

USD 29,311

+0.3% (YTD: +77.1%)

THE CLOSING BELL-

The EGX30 rose 0.7% at yesterday’s close on turnover of EGP 2.5 bn (about 40% above the trailing 90-day average). Local investors were net buyers. The index is up 21.0% YTD.

In the green: Ibnsina Pharma (+3.3%), GB Auto (+2.5%) and Juhayna (+2.3%).

In the red: Oriental Weavers (-4.9%), Sidi Kerir Petrochemicals (-3.9%) and Edita (-3.8%).

It’s a sea of green in early trading across Asia this morning, but things could get bumpier as the day grinds on: Futures show most major European indexes opening in the green later today, but suggest Wall Street will see red at the opening bell as the market waits for news on the latest US banking crisis.

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