{"id":559742,"date":"2021-02-02T04:13:24","date_gmt":"2021-02-02T04:13:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/02\/what-the-markets-are-doing-on-2-february-2021\/"},"modified":"2021-02-02T04:13:24","modified_gmt":"2021-02-02T04:13:24","slug":"what-the-markets-are-doing-on-2-february-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/02\/what-the-markets-are-doing-on-2-february-2021\/","title":{"rendered":"What the markets are doing on 2 February 2021"},"content":{"rendered":"

<\/a> We were (kind of?) close to one of the largest ever M&A last year:<\/strong> The CEOs of oil giants Chevron and Exxon discussed a possible merger in 2020 as the pandemic roiled the energy markets and heaped financial pressure on their balance sheets, the Wall Street Journal<\/a> reports, citing sources close to the matter<\/a>. The company would have had a combined market value of more than USD 350 bn, becoming the world\u2019s second-largest oil and gas company after Saudi Aramco. The transaction never materialized and may have missed the optimal window under the Trump administration, which \u201cwas seen as more friendly to the industry,\u201d although the talks could be revived down the line, the sources say.<\/p>\n

IPO WATCH- The world\u2019s largest IPO in more than a year is set to take<\/strong> place this week<\/strong> when Chinese video app and TikTok rival Kuaishou Technology goes public in Hong Kong, reports the Wall Street Journal<\/a>. The company is expected to raise USD 5.4 bn from the float, making it the world\u2019s largest since the Aramco IPO<\/a> in late 2019 and valuing it at USD 61 bn.<\/p>\n

OPEC+\u2019s oil production boost fell short of expectations last <\/strong>month<\/strong> due to disruptions in production in Nigeria and Libya due to pipeline leaks, Bloomberg<\/a> reports. The alliance of 23 countries had planned to increase production by 300k bbl\/d following cuts earlier to protect oil prices during a slump in demand due to covid-19, but only managed to hit 190k in additional output in January.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

11,589<\/p>\n<\/td>\n

\n

+0.4% (YTD: 6.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 15.68<\/p>\n<\/td>\n

\n

Sell 15.78<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 15.68<\/p>\n<\/td>\n

\n

Sell 15.78<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

8,648<\/p>\n<\/td>\n

\n

-0.6% (YTD: -0.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

5,635<\/p>\n<\/td>\n

\n

+0.7% (YTD: +11.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

2,696<\/p>\n<\/td>\n

\n

+1.6% (YTD: +8.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

3,774<\/p>\n<\/td>\n

\n

+1.6% (YTD: +0.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

6,466<\/p>\n<\/td>\n

\n

+0.9% (YTD: +0.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 56.93<\/p>\n<\/td>\n

\n

+1.0%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 2.84<\/p>\n<\/td>\n

\n

-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,863.90<\/p>\n<\/td>\n

\n

-<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 33,637.26<\/p>\n<\/td>\n

\n

+2.0%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

The EGX30 rose 0.4% yesterday<\/strong> on turnover of EGP 1.9 bn (26.7% above the 90-day average). Regional investors were net buyers. The index is up 6.9% YTD.<\/p>\n

In the green: <\/strong>Palm Hills (+5.1%), Alexandria Mineral Oils Co (+2.8%) and Emaar Misr (+2.7%).<\/p>\n

In the red: <\/strong>Pioneers Holding (-1.2%), CIB (-1.2%) and Sidi Kerir Petrochemicals (-0.9%).<\/p>\n

Asian markets are soaring this morning <\/strong>and futures point to a strong open for stocks in Europe and North America later today.<\/p>\n","protected":false},"excerpt":{"rendered":"

We were (kind of?) close to one of the largest ever M&A last year: The CEOs of oil giants Chevron and Exxon discussed a possible merger in 2020 as the pandemic roiled the energy markets and heaped financial pressure on their balance sheets, the Wall Street Journal reports, citing sources close to the matter. The […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[394,3712,780,7106,104,115,72,164,778,119,508,91,122,897],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559742","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-aramco","tag-bond-markets","tag-chevron","tag-debt","tag-economy","tag-emerging-markets","tag-enterpriseam","tag-equities","tag-exxonmobil","tag-financial-markets","tag-morgan-stanley","tag-oil-and-gas","tag-planet-finance","tag-wall-street","wpautop","entry"],"acf":{"mongo_id":"c35e57d6-f432-4f24-95d2-eaba77ccbc1c","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[559716],"teaser":"","voice_url":""},"yoast_head":"\nWhat the markets are doing on 2 February 2021 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/02\/02\/what-the-markets-are-doing-on-2-february-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What the markets are doing on 2 February 2021\" \/>\n<meta property=\"og:description\" content=\"We were (kind of?) close to one of the largest ever M&A last year: The CEOs of oil giants Chevron and Exxon discussed a possible merger in 2020 as the pandemic roiled the energy markets and heaped financial pressure on their balance sheets, the Wall Street Journal reports, citing sources close to the matter. 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Rising oil prices last year helped Aramco stage a dramatic turnaround from 2020, with the company reporting yesterday\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":581295,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/07\/odds-of-us-recession-now-just-25-according-to-goldman\/","url_meta":{"origin":559742,"position":2},"title":"Odds of US recession now just 25%, according to Goldman","author":"enterpriseam admin","date":"7 February 2023","format":false,"excerpt":"The odds of a US recession are dwindling, according to Goldman: Goldman Sachs has slashed estimates for the likelihood of a US recession in the next year to 25% on the back of last week\u2019s stronger-than-expected labor data, falling inflation, and signs of improving business sentiment, Bloomberg reports. The US\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/goldman-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546428,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/aramco-reports-record-quarter-profits-on-higher-oil-prices\/","url_meta":{"origin":559742,"position":3},"title":"Aramco reports record quarter profits on higher oil prices","author":"enterpriseam admin","date":"16 May 2022","format":false,"excerpt":"Saudi Aramco reported record net income in 1Q 2022, on the back of surging oil prices and rising demand, the company announced in its latest earnings release (pdf). The oil giant\u2019s bottom line rose 82% during the quarter to a record USD 39.5 bn, which it attributed to higher crude\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543533,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/planet-finance-aramco-plots-record-usd-50-bn-offering-turkish-inflation-nears-50-in-january\/","url_meta":{"origin":559742,"position":4},"title":"Planet Finance: Aramco plots record USD 50 bn offering + Turkish inflation nears 50% in January","author":"enterpriseam admin","date":"6 February 2022","format":false,"excerpt":"Aramco plots largest share sale ever: Saudi Aramco is in discussions to sell as much as a USD 50 bn stake to investors in a new share listing, the Wall Street Journal reports, citing unnamed sources. The sale, equivalent to a 2.5% stake at current prices, would be by far\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":616419,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/05\/nvidia-overtakes-aramco-as-worlds-third-largest-company\/","url_meta":{"origin":559742,"position":5},"title":"Nvidia overtakes Aramco as world's third largest company","author":"enterpriseam admin","date":"5 March 2024","format":false,"excerpt":"The company\u2019s stock has surged nearly 70% this year already","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/336.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559742","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=559742"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559742\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/559716"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=559742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=559742"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=559742"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=559742"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=559742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}