{"id":83913,"date":"2024-02-29T00:00:00","date_gmt":"2024-02-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/29\/are-western-equities-tip-toeing-toward-a-correction-plus-btc-60k\/"},"modified":"2024-02-29T00:00:00","modified_gmt":"2024-02-29T00:00:00","slug":"are-western-equities-tip-toeing-toward-a-correction-plus-btc-60k","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/29\/are-western-equities-tip-toeing-toward-a-correction-plus-btc-60k\/","title":{"rendered":"Are Western equities tip-toeing toward a correction? Plus: BTC 60k."},"content":{"rendered":"

It\u2019s a particularly quiet morning on Planet Finance as we push through the final hump of <\/strong>earnings season<\/strong>, with no single story really driving the conversation around trading desks. <\/p>\n

Lingering in the back of the mind: <\/strong>Are we due for correction? With the most recent rally in US and European equities seeming to be taking a breather, some pundits are wondering whether we\u2019re not looking at a wave of profit-taking. Piper Sandler's Craig Johnson takes it a step further, Business Insider<\/a> reports, suggesting we could see a 10% correction as early as next month.<\/p>\n

Why? Because the rally is too narrowly-driven by tech stocks<\/strong> while issuers in other industries have seen their shares lag. \u201cNow is a time where this market is certainly vulnerable to see at least a 10% correction,\u201d BI quotes Johnson as having told CNBC. <\/p>\n

Asian markets have followed Wall Street down this morning:<\/strong> The Kospi and Nikkei are solidly in the red, while shares in Hong Kong and Shanghai are trading sideways. We\u2019re looking at a weak opening in Europe, and over on Wall Street, stock futures fell as traders \u201cweighed the latest earnings results and looked ahead to the Federal Reserve\u2019s favored inflation gauge,\u201d which is due out this morning, CNBC<\/a> writes. <\/p>\n

Among the small handful of stories worth knowing about:<\/strong><\/p>\n

BTC broke above the USD 60k mark<\/strong> yesterday for the first time since November 2021 and has already climbed by over 40% since the start of this year, fuelling hopes that the cryptocurrency is gaining appeal among investors in traditional assets, Bloomberg<\/a> noted. <\/p>\n

Also on Planet Crypto: Coinbase said last night that it had <\/strong>restored services for all users<\/a><\/strong>after a glitch caused some users to see their account balance was exactly \u2026 zero.<\/p>\n

MEANWHILE- A group of publishers (including Business Insider parent Axel Springer) <\/strong>have served Google with a <\/strong>EUR 2.1 bn lawsuit <\/strong>\u201calleging that they had suffered losses due to the company's practices in digital advertising,\u201d Reuters<\/a> reports.<\/p>\n

<\/a><\/a> <\/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

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

\n

12,611.42<\/p>\n<\/td>\n

\n

+0.1% (YTD: +5.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

MSCI Tadawul 30<\/strong><\/p>\n<\/td>\n

\n

1,622.75<\/p>\n<\/td>\n

\n

-0.3% (YTD: +4.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

USD : SAR (SAMA)<\/strong><\/p>\n<\/td>\n

\n

3.75 Sell<\/p>\n<\/td>\n

\n

3.75 Buy<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

6% repo <\/p>\n<\/td>\n

\n

5.5% reverse repo<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

28,876.46<\/p>\n<\/td>\n

\n

-1.1% (YTD: +16%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,283.30<\/p>\n<\/td>\n

\n

-0.1% (YTD: -3.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,290.38<\/p>\n<\/td>\n

\n

+0.4% (YTD: +5.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,069.76<\/p>\n<\/td>\n

\n

-0.2% (YTD: +6.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

FTSE <\/strong>1<\/strong>00<\/strong><\/p>\n<\/td>\n

\n

7,624.98<\/p>\n<\/td>\n

\n

-0.8% (YTD: -1.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,883.77<\/p>\n<\/td>\n

\n

-0.04% (YTD: +8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 83.40 <\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 1.89<\/p>\n<\/td>\n

\n

+4.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2,042.70<\/p>\n<\/td>\n

\n

-0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 61,730.48<\/p>\n<\/td>\n

\n

+8.4% (YTD: +163.4%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The TASI rose 0.1% yesterday<\/strong> on turnover of SAR 8.4 bn. The index is up 5.4% YTD.<\/p>\n

In the green: <\/strong>Avalon Pharma (+29.8%), SFICO (+9.9%) and HB (+8.3%).<\/p>\n

In the red: <\/strong>Amiantit (-3.2%), Bupa Arabia (-2.3%) and Al Babtain (-1.9%).<\/p>\n

\n

CORPORATE ACTIONS-<\/p>\n

Saudia Dairy and Foodstuff\u2019s BoD has decided to distribute a S<\/strong>AR SAR 192 mn dividend <\/strong>of SAR 6 per share for the six months ending 30 September 2023, it said in a disclosure to Tadawul<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

And Google has been hit by a EUR 2.1 bn lawsuit filed by a group of European publishers<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[2565],"tags":[10,55,59],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83913","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-enterpriseam-ksa","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"e1bd9ddb-5c91-47ee-ad68-e1800be0c8a0","is_powered_by":false,"story_type":"1","photo_url":"","photo_position":"above","homepage_title":"","full_issue_title":"Are Western equities tip-toeing toward a correction? 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