Saudi oil revenues fell to their lowest level since September 2021 in May as voluntary production cuts and lower oil prices hit the country’s hydrocarbon exports, Bloomberg reports. The country brought in USD 19.2 bn in oil receipts during the month, down from USD 22.3 bn in May, according to figures from the country’s statistics authority.

Cheap debt catches up with US companies as rates rise: The US junk loan market has been hit with 120 downgrades in 2Q 2023 as rising interest rates place strain on companies that overindulged in recent years of cheap debt, reports the Financial Times, citing JPMorgan analysis. The Federal Reserve’s policy response will direct the potential for future downgrades, with some analysts recasting their predictions of a recession. Goldman Sachs now gives a 20% chance of recession in the next 12 months, down from 25% previously.

Positive data from the US: US consumer confidence hit a two-year high in July on the back of lower inflation and a tight labor market. ( Statement)

EGX30

17,480

-0.4% (YTD: -19.7%)

USD (CBE)

Buy 30.85

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

18.25% deposit

19.25% lending

Tadawul

11,883

+0.7% (YTD: +13.4%)

ADX

9,727

-0.1% (YTD: -4.7%)

DFM

4,015

+0.5% (YTD: +20.4%)

S&P 500

4,567

+0.3% (YTD: +19.0%)

FTSE 1 00

7,692

+0.2% (YTD: +3.2%)

Euro Stoxx 50

4,391

+0.2% (YTD: +15.8%)

Brent crude

USD 83.28

+0.7%

Natural gas (Nymex)

USD 2.73

+1.7%

Gold

USD 2,005.50

+0.2%

BTC

USD 29,228

+0.3% (YTD: +76.8%)

THE CLOSING BELL-

The EGX30 fell 0.4% at yesterday’s close on turnover of EGP 1.62 bn (15.9% below the trailing 90-day average). Local investors were net sellers. The index is up 19.7% YTD.

In the green: Ezz Steel (+5.7%), Edita (+1.1%) and Mopco (+0.9%).

In the red: Qalaa Holdings (-3.6%), Credit Agricole Egypt (-3.4%) and Ibnsina Pharma (-3.1%).

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