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AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        

The Watch - forex news

Amwal Al Ghad English - 2018-02-24 06:48:19
Oil prices rose on Friday, supported by a dip in Libyan production and upbeat comments from Saudi Arabia that an OPEC-led effort to erode stockpiles is working. U.S. crude ended Tuesday's session up 78 cents, or 1.2 percent, at $63.55, posting a 3 percent weekly gain. Brent crude, the global benchmark, was up 56 cents at $66.95 by 1:10 p.m. ET and was on track for a roughly 3 percent gain for the week. Crude rebounded from an early loss after the shutdown of the El Feel oilfield in Libya, which produces 70,000 barrels per day of crude. Production in the OPEC-member has been running at about 1 million bpd, although it remains volatile due to unrest. "Libya is another outage," said John Kilduff, partner at investment manager Again Capital in New York. "This market has benefited from a series of them over the past several months now, whether it's the Keystone, the North Sea, and now this." Prices were also buoyed by comments from Saudi Arabia's energy minister Khalid al-Falih, who said that oil markets are rebalancing and that he expected inventories to continue declining this year. "The oil markets, it's clear, are rebalancing," Falih, who is on a visit to India, said. "Many agencies have documented the decline in inventories and I think that'll continue in 2018." The Organization of the Petroleum Exporting Countries and other producers including Russia agreed to cut output by about 1.8 million bpd from January 2017, removing almost 2 percent of global supply from the market, to end a supply glut that had triggered an oil price collapse. OPEC wants to reduce inventories held by industrialized nations to their five-year average. On Thursday, data from the Energy Information Administration showed that U.S. crude inventories unexpectedly fell 1.6 million barrels last week. Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. futures fell 2.7 million barrels last week. "The inventory levels are coming down, in the U.S. too," Again's Kilduff said. "That's why there's definitely a bullish narrative around the market right now." Rising U.S. production has hurt OPEC's efforts to drain supplies. Output rose to its highest since the 1970s in late 2017, and by the end of 2018 is expected to top 11 million bpd. U.S. crude exports are rising with output. Thursday's EIA data showed exports of U.S. crude jumped to just above 2 million bpd, close to a record 2.1 million hit in October. "Robust oil production in the U.S. will continue to cap price gains," said Abhishek Kumar, senior energy analyst at Interfax Energys Global Gas Analytics in London. The U.S. oil rig count, an indicator of future production, rose for a fifth straight week, a report from oilfield service firm showed. U.S. drillers added just one oil rig this week, bringing the total to 799, after the count rose by 51 rigs over the prior four weeks. More»
Amwal Al Ghad English - 2018-02-24 06:45:45
Gold prices eased on Friday, heading towards its biggest weekly decline in 2-1/2 months, as the U.S. dollar climbed from last week's three-year low on the back of higher U.S. Treasury yields. Bullion has come under heavy pressure this week from a recovery in the greenback and expectations that the U.S. Federal Reserve will press ahead with interest rate increases this year, which tend to weigh on non-yielding gold. Rising U.S. yields have put the dollar on track for its second biggest weekly gain of the year. Stocks have also steadied after recent sharp losses. Spot gold was down 0.2 percent at $1,329.07, its fifth losing session in six. U.S. April gold futures settled down $1.80 at $1,330.90 per ounce. Spot prices have shed 1.4 percent this week, their biggest weekly decline since early December, after failing to sustain a brief push back above $1,360 an ounce last Friday. "(Recent) multi-year highs in yields is definitely a factor for metals today," said Mike O'Donnell, markets strategist at RJO Futures. U.S. Treasury prices gained on Friday and though benchmark 10-year U.S. Treasury yields slipped, they held near a four-year high reached on Wednesday. Bonds were also supported by the completion of $258 billion in new supply this week, which was the second largest ever over a three-day period. A weak euro also pressured gold. "Further weakness in gold and the euro could be the start of a fresh trend and caution for bulls is in order," said Friedberg Mercantile Group's Sholom Sanik. Minutes of the Fed's latest rate-setting meeting were released this week and emphasized confidence in the need to keep raising interest rates. "Despite the hawkish stance by the Fed, which drove this move in the gold price, we are still above the $1,300 mark," said Think Markets' chief market analyst Naeem Aslam, flagging a key support level. "We think some participants were surprised and unprepared, which created the largest weekly loss for this year." On the physical gold markets, traders said buying was muted in China after the week-long Lunar New Year holiday that closed financial markets until Thursday. More»
Amwal Al Ghad English - 2018-02-24 06:42:45
Dollar prices edged higher against a basket of major currencies on Friday, extending its recovery from a three-year low last week, as the potential for a more aggressive U.S. Federal Reserve prompted investors to pare bearish bets against the greenback. The dollar index, which measures the greenback against a basket of six other major currencies, was up 0.17 percent at 89.89. The index hit a three-year low of 88.253 on February 16. Rising Treasury yields, a view that the dollar's sell-off had been overdone, and minutes from the Fed's January rate-setting meeting that offered a relatively upbeat tone helped the index notch a gain of 0.9 percent this week. "You have seen sentiment around the dollar shift," said Charles Tomes, senior investment analyst and trader at Manulife Asset Management, in Boston. "A lot of market participants are taking some risk off the table if they did have longs in other strategies," he said. Federal Reserve Chair Jerome Powell's first semi-annual testimony to Congress on Tuesday will be watched for any update on the central bank's economic forecasts. "If investors were short the U.S. dollar, they don't want to take on that risk in case he is more hawkish," Tomes said. On Friday, commentary from a host of Fed speakers, including New York Fed President William Dudley, and the Cleveland Fed's Loretta Mester and their San Francisco counterpart, John Williams, all members of the rate-setting committee this year, could offer insights into the Fed's thinking on monetary policy. The euro edged lower against the dollar, pressured by the greenback's stronger tone and by investor caution ahead of the outcome of the Italian general election on March 4. It was last down 0.29 percent at 1.2293. A German Social Democrats' poll of its members on joining another coalition government with Chancellor Angela Merkels conservatives is also due that day, two big political risk events for markets. "For people that are bullish on the euro, there is nothing new to get people to increase positions," he said. The Australian and New Zealand dollars slipped as investors bet interest rates in the two countries will remain at record lows while the United States continues to tighten policy. The Canadian dollar edged higher against its broadly firmer U.S. counterpart after data showed Canada's inflation cooled less than economists had expected. More»
Amwal Al Ghad English - 2018-02-22 06:45:01
Oil prices fell on Thursday, pulled down as a firmer dollar outweighed a report of a decrease in U.S. crude inventories. U.S. West Texas Intermediate (WTI) crude futures were at $61.12 a barrel at 0102 GMT, down 56 cents, or 0.9 percent, from their last settlement. Brent crude futures had dropped 50 cents, or 0.8 percent, from their last close to $64.92 per barrel. The dollar rose to a more than one-week peak against a basket of other currencies late on Wednesday, extending its recovery from last week, as minutes of the Federal Reserve's January meeting showed policymakers confident in the need to keep raising interest rates. "The firming dollar continues to thwart investor sentiment despite the bullish inventory data," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA. Since oil trading is conducted in dollars, a rise in the greenback makes fuel imports for countries using other currencies domestically more expensive, potentially curbing demand. The firm dollar outweighed a reported fall in U.S. crude inventories. The American Petroleum Institute on Wednesday reported an unexpected drop in U.S. crude oil inventories by 907,000 barrels to 420.3 million barrels for the week to Feb. 16. "Improved pipeline infrastructure to the Gulf coast and the decreased supply via TransCanada's Keystone pipeline, sent ... inventories tumbling," Innes said. More»
Amwal Al Ghad English - 2018-02-22 06:42:28
Gold prices were flat on Thursday, weighed down as minutes from the last U.S. Federal Reserve meeting showed policymakers confident in the need to keep raising interest rates. Spot gold was largely flat at $1,323.73 an ounce at 0108 GMT, a day after it fell to its lowest in a week at 1,322.20. The precious metal has dropped 1.7 percent so far this week. U.S. gold futures were down 0.3 percent at $1,328.1 per ounce. The dollar index, which measures the greenback against a basket of currencies, was up 0.2 percent at 90.156. The dollar rose to an over one-week peak on Wednesday, extending its recovery from last week, helped by the Fed minutes and by higher short-term Treasury yields. The more upbeat take on inflation in the minutes of the Jan. 30-31 policy meeting released on Wednesday will likely further cement expectations that new Fed chief Jerome Powell will lead his colleagues in raising interest rates next month. That led investors to narrow the odds on faster hikes with a host of Fed fund futures hitting contract lows. Three rate rises are now almost fully priced in for this year, compared to two as recently as December. Some U.S. central bankers are sticking to their view that aggressive policy tightening is unnecessary. The Bank of England could end up needing to raise interest rates faster than investors expect, its chief economist told lawmakers on Wednesday, striking a slightly more hawkish tone than his central bank colleagues. Euro zone business growth remained robust this month, with companies at their most optimistic in more than five years, a private-sector survey showed, despite indications higher prices and a stronger currency were taking a toll. Asian shares slipped on Thursday as the risk of faster hikes in U.S interest rates lifted short-term Treasury yields. Venezuela is preparing a new cryptocurrency called "petro gold" that will be backed by precious metals, President Nicolas Maduro said on Wednesday, a day after launching an oil-backed token that has been panned as a pipe dream by blockchain experts. More»
Amwal Al Ghad English - 2018-02-21 06:35:52
Gold prices fell further on Wednesday and hit a one-week low as the dollar steadied after a recovery from last week's three-year low, while investors awaited the minutes of the U.S. Federal Reserve's last policy meeting for clues on the pace of interest rate hikes this year. Spot gold had slipped by 0.2 percent to $1,326.37 an ounce by 0353 GMT and was down for a fourth straight session. Earlier in the day, prices touched the lowest since Feb. 14 at $1,325.31 an ounce. U.S. gold futures were down 0.2 percent at $1,328.5 per ounce. The dollar index, which measures the greenback against a basket of currencies, was up 0.1 percent at 89.828, after hitting a one-week high of 89.857. It hit a three-year low of 88.253 on Feb. 16. "Gold is tracking the movement in dollar... The absence of Chinese buyers from the market is further pressurizing the yellow metal's prices," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. Investors are looking forward to the minutes of the Fed's Jan. 30-31 policy meeting for any signs of a hawkish tone."A quicker and steeper slope of interest rate normalization offers the most prominent near-term threat to gold prices as this outcome will send the U.S. dollar surging," said Stephen Innes, APAC trading head at OANDA. Spot gold may drop to $1,316 per ounce as it has broken a support at $1,335, according to Reuters technical analyst Wang Tao. Treasury yields rose overnight with the benchmark 10-year yield crawling back to near a four-year peak as investors made room for this week's $258 billion deluge of new government debt. Treasury yields have risen in the wake of increased government borrowing. The U.S. Treasury Department has issued more debt in anticipation of a higher deficit from last year's major tax overhaul and a budget deal that will increase federal spending over the next two years. Higher yields on bonds make gold a less attractive investment because it pays no interest. Meanwhile, holdings at the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.39 percent to 827.79 tonnes on Tuesday from 824.54 tonnes on Friday. Among other precious metals, silver slipped 0.4 percent to $16.39 an ounce, palladium declined 0.2 percent to $1,031.50, and platinum dipped 0.3 percent to $996.90. More»
Amwal Al Ghad English - 2018-02-21 06:33:09
Oil prices fell on Wednesday, weighed down by a rebound in the U.S. dollar from three-year lows hit last week and an expected rise in U.S. oil production. U.S. West Texas Intermediate (WTI) crude futures were at $61.07 a barrel at 0446 GMT, down 72 cents, or 1.2 percent, from their last settlement. Brent crude futures fell 60 cents, or 0.9 percent, from their last close to $64.65 per barrel. Wang Tao, Reuters technical commodity analyst, said Brent could fall into a range of $63.92 to $64.41 per barrel, as suggested by its wave pattern and a projection analysis. Traders said the declines were driven by a recovery in the dollar, which potentially hits fuel demand as it makes greenback-denominated oil imports more expensive for countries using other currencies. The dollar index, which measures the greenback against a basket of six major currencies, rose for a second day on Wednesday, moving further away from the three-year lows reached last week."The U.S. dollar continues to find firmer footing," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore. Also pressuring prices is surging U.S. production, now the world's second-largest oil stream at more than 10 million barrels per day (bpd), only slightly behind Russia and ahead of top exporter Saudi Arabia. "Bulging U.S. production will weigh on prices," said Singapore-based Phillip Futures in a note on Wednesday. The next set of weekly U.S. oil production data is due to be published by the Energy Information Administration (EIA) on Thursday after a one-day delay because of the President's Day holiday on Monday. That data will also include U.S. inventory figures that are expected to show crude oil stockpiles rose 1.3 million barrels in the week to Feb. 16, according to a Reuters poll. Oil product stockpiles, including gasoline and distillate fuels, are all expected to decline. Despite the rising U.S. output, overall oil markets remain well supported due to healthy demand growth and supply restraint by the Organisation of the Petroleum Exporting Countries (OPEC) that started last year to draw down excess global inventories. "A roughly balanced market is anticipated in calendar year 2018, with the risks around that view tilted towards surplus," mining and energy giant BHP said in its economic and commodity outlook for the year, published this week. More»
Amwal Al Ghad English - 2018-02-21 06:30:31
Dollar prices inched higher on Wednesday as the near-term focus shifted to the minutes of the Federal Reserve's last policy meeting for hints on the future pace of U.S. monetary tightening. The dollar index rose 0.1 percent to 89.805, which was up about 1.8 percent from Friday's three-year low of 88.251. The greenback rose 0.3 percent to 107.70 yen. Market players said stop-loss dollar buying gave an added lift to the dollar, which rose to 107.90 yen at one point. Market participants attributed the dollar's bounce over the past few sessions to short-covering after speculative trades helped push it down to a 15-month low of 105.545 yen last week. "It's mainly a positioning clean-up in my view," said Tareck Horchani, head of sales trading in Asia Pacific for Saxo Markets in Singapore. The dollar will probably consolidate against the yen after its recent selloff, Horchani said. Some market players were recently buying dollar/yen put options to position for dollar weakness, and the market now appears "well covered" against downside risks in the U.S. currency, he said. The yen showed a muted reaction to comments from Masatsugu Asakawa, Japan's top currency diplomat, who was quoted as saying that yen's recent moves were "one-sided". The U.S. currency has weakened against the yen and other major currencies in recent months, with the positive impetus from rising U.S. interest rates offset by bearish factors, including worries that the United States could pursue a weaker dollar policy. Mounting worries about the U.S. budget deficit, which some say could balloon to more than $1 trillion in 2019 on heavy government spending and large corporate tax cuts, have also undermined the greenback. Against this backdrop, doubts for the sustainability of the dollar's bounce persist. "I would characterize the rebound this week as more of a technical rebound. The underlying bias is still for dollar weakness," said Heng Koon How, head of markets strategy for United Overseas Bank (UOB) in Singapore. The euro held steady at $1.2332, having retreated from a three-year high of $1.2556 set on Friday. Later on Wednesday, investors will turn their attention to the minutes of the U.S. Federal Reserve's last policy meeting in late January. A hawkish tone to the minutes could prompt markets to price in the risk of a faster U.S. interest rate hikes and help lift the dollar further, said Saxo Markets' Horchani. "Positioning in EM (emerging markets) is quite strong, it's quite big. We could get a bigger dollar rally against EM," Horchani said, referring to emerging market currencies. Traders are also watching this week's large U.S. government debt auctions for clues to international investors' appetite for U.S. assets. Some of the U.S. government's short-term borrowing costs rose to their highest level in more than nine years on Tuesday as it raised $179 billion in the Treasury securities market to fund spending and make debt payments. More»
Amwal Al Ghad English - 2018-02-20 07:06:39
Oil markets were split on Tuesday, with U.S. crude pushed up by reduced flows from Canada while international Brent prices eased. U.S. West Texas Intermediate (WTI) crude futures were at $62.38 a barrel at 0518 GMT, up 70 cents, or 1.1 percent, from their last settlement. Traders said the higher WTI prices were a result of reduced flows from Canada's Keystone pipeline, which has been operating below capacity since late last year due to a leak, cutting Canadian supplies into the United States. Outside North America, Brent crude eased on the back of a dip in Asian stocks and a stronger dollar, which potentially curbs demand as it makes fuel more expensive for countries using other currencies domestically.Brent crude futures were at $65.48 per barrel, down 19 cents, or 0.3 percent, from their last close. The opposing price direction of the two main crude benchmarks has sharply reduced WTI's discount to Brent, to around $3.22 per barrel on Tuesday, down from over $7 in late 2017. Overall, oil markets remain well supported due to supply restraint by the Organization of the Petroleum Exporting Countries (OPEC), which started last year in order to draw down excess global inventories. OPEC Secretary-General Mohammad Barkindo said on Monday the organisation registered 133 percent compliance with agreed output reduction targets in January. Barkindo said compliance last year stood at 107 percent. Global oil demand for 2018 is estimated to grow 1.6 million barrels per day due to an "encouraging environment", Barkindo added. "OPEC and Russia continue to support the production cuts that are due to expire at the end of this year, and they assure markets that there will be an orderly ramp up of production once the cuts expire," said William O'Loughlin, investment analyst at Australia's Rivkin Securities. While most of OPEC, especially its de-facto leader Saudi Arabia, is showing strong support for the production restraint, non-OPEC producer Russia has shown signs it may at some stage gradually start to increase output again. Saudi Arabia - not least in an attempt to give the planned listing of its state-owned oil giant Saudi Aramco - a boost, is keen for Russia and other producers to keep withholding supplies to prop up prices. But soaring U.S. production is threatening to erode OPEC's efforts. Last week, the amount of U.S. oil rigs drilling for new production rose for a fourth straight week to 798, in an indication that U.S. crude output, already at a record 10.27 million bpd, may rise further. The United States late last year became the world's second biggest oil producers, only slightly behind Russia and ahead of top exporter Saudi Arabia. More»
Amwal Al Ghad English - 2018-02-20 06:48:12
Gold prices fell for a third straight session on Tuesday as the dollar rebounded from over three year lows hit last week, while investors waited for the minutes of the latest Federal Reserve meeting for clues on the outlook for U.S. interest rates. Spot gold was down 0.4 percent at $1,341.20 an ounce at 0340 GMT. Earlier, it fell to as low as $1,340.16, the lowest since February 14. U.S. gold futures were down 1 percent at $1,342.90 per ounce, posting its biggest one-day fall in nearly two weeks. The dollar index, which measures the greenback against a basket of six currencies, was up 0.3 percent at 89.397. It fell to 88.253 last week, the lowest since December 2014. The U.S. currency showed signs of a bounce-back as some investors bought in after last week's declines, though the gains on Tuesday were capped by growing concerns that a rising fiscal deficit in the United States could disrupt the economy. The minutes of the January Fed meeting will provide key guidance for the dollar and gold, said Helen Lau, analyst at Argonaut Securities. "The key driver will be interest rate hikes ... How fast and how many times they can raise," Lau added. The U.S. Fed will release the minutes of its Jan. 30 to 31 policy meeting on Wednesday. The meeting was held during last month's drop in equity markets and investors are interested in the Fed's response to the market gyrations as well as the rate outlook. Higher U.S. interest rates would limit demand for non-interest bearing gold. Meanwhile, Asian stocks slipped on Tuesday, their recent recovery stalling after European equities broke a winning streak. Analysts said despite the rate hike outlook, investors will still be weary of rising inflation in the United States. Gold prices rose 2.4 percent last week in its best weekly gain in more than five months, as investors bought gold on fears of rising inflation in the United States. Spot gold is expected to test a support at $1,338 per ounce,with a good chance of breaking below this level and falling more to the next support at $1,326, according to Reuters technical analyst Wang Tao. Among other precious metals, silver was down 0.6 percent at $16.57 an ounce. Palladium was 0.4 percent lower at $1,028.65, after rising to the highest since February 2 at $1,050 in the previous session, while platinum was down 0.1 percent at $1,001.24, after rising to a three-week high on Monday at $1,013.60. More»