Gold prices jump on weaker USD: The international gold price hit its highest level in six months yesterday on the back of a weaker greenback and wagers that the Federal Reserve has reached the end of its aggressive tightening cycle, according to the Financial Times. The spot price climbed 0.6% to USD 2,014 per ounce yesterday — around 3% below its all-time high, which some analysts expect to be surpassed before the end of the year.

This could put further upwards pressure on the local market, where gold prices have hit unprecedented highs this year due to the prolonged currency crisis and soaring inflation. The price of 24-carat gold has now climbed almost 70% this year to surpass EGP 3,200 per gram as Egyptians rush into non-EGP assets to hedge against the prospect of further currency weakness.

Beijing bourse is holding investors captive:The Beijing Stock Exchange has been rejecting filings by major shareholders — those with stakes of 5% or more — to sell stocks listed on the bourse to prevent a reversal of its recent rally, Reuters reported citing three people familiar with the matter. The market's benchmark 50 Index rose 46% this month thanks to recent measures introduced by authorities to help drum up investor interest. Since its establishment in 2021, the stock has been suffering from lack of investor interest.

ALSO FROM CHINA- It was another solid month for industrial firms, which were in the green for the third month running in October, Reuters reported, citing data from the country’s bureau of statistics. Net income for the sector grew 2.7% y-o-y for the month, marking a significant slowdown from September and August’s figures.

EGX30

25,906

+2.4% (YTD: +77.5%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

19.25% deposit

20.25% lending

Tadawul

11,081

-0.1% (YTD: +5.8%)

ADX

9,515

-0.4% (YTD: -6.8%)

DFM

3,995

+0.1% (YTD: +19.7%)

S&P 500

4,550

-0.2% (YTD: +18.5%)

FTSE 100

7,461

-0.4% (YTD: +0.1%)

Euro Stoxx 50

4,354

-0.4% (YTD: +14.8%)

Brent crude

USD 79.98

-0.7%

Natural gas (Nymex)

USD 2.80

-2.0%

Gold

USD 2,035.40

+0.6%

BTC

USD 37,008

-1.9% (YTD: +123.9%)

THE CLOSING BELL-

The EGX30 rose 2.4% at yesterday’s close on turnover of EGP 4.8 bn (69.8% above the 90-day average). Foreign investors were net buyers. The index is up 77.5% YTD.

In the green: Orascom Development Egypt (+13.6%), GB Corp (+9.6%) and CIB (+8.1%).

In the red: Edita (-2.7%), Abu Qir Fertilizers (-2.4%) and Beltone Financial Holding (-1.9%).

It is looking like a mixed session for Asian markets in early trading this morning withindices almost equally split between gains and losses. Futures suggest European markets are set to open down, while major US benchmarks are likely to rise at the opening bell later today.

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