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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Palm Hills Development Company   1.61        Credit Agricole Egypt   9.04        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Al Arafa Investment And Consul   0.17        Prime Holding   0.91        Alexandria Spinning & Weaving    0.74        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. 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 - 2018-03-07 06:03:39
The dollar extended its latest retreat in Asia on Wednesday after a key advocate for free trade in the White House announced his resignation, fanning fears President Donald Trump would go ahead with tariffs and risk a trade war. The dollar quickly dropped to 105.67 yen, from around 106.10, after the White House said economic adviser Gary Cohn was leaving. Cohn is a former Wall Street banker who became a bulwark against protectionist forces within the Trump administration and dealers feared his leaving would embolden the tariff hawks. "The worst outcome for financial markets, in terms of potential to create volatility, would be a confirmation of rising trade friction and benign neglect of the dollar in the short term," said analysts at ANZ. Investors suspect protectionist forces in the White House favor using a lower dollar to enhance U.S. export competitiveness while making imports more expensive. The dollar index lost 0.67 percent against a group of currencies to 89.480, the lowest in two weeks. The euro popped up to $1.2421, again the highest in two weeks, having gained around a cent overnight. Traders said there were whispers the European Central Bank might drop its easing bias at a policy meeting this week, though President Mario Draghi has shown little public urgency to do so recently. The dollar had already been under pressure after South Korea said it would hold its first summit with the North in more than a decade, reducing geopolitical tensions. It also said North Korea is willing to hold talks with the United States on denuclearization and will suspend nuclear tests while those talks are underway. President Trump said North Korea seemed "sincere" in its apparent willingness to suspend nuclear tests while it held talks with U.S. officials. The news boosted risk appetite and lifted currencies such as the Australian and New Zealand dollar, although both were then hindered by the revival of trade fears. More»
Amwal Al Ghad English - 2018-03-06 07:10:35
Gold prices edged up early on Monday on a softer dollar, amid worries about a global trade war even as U.S. President Donald Trump faced pressure from political and trade allies over his plan for steel and aluminum tariffs. Spot gold was trading up 0.2 percent at $1,322.88 per ounce at 0117 GMT. U.S. gold futures for April delivery rose 0.3 percent to $1,323.70 per ounce. The dollar index, which measures the greenback against a basket of major currencies, was down 0.2 percent at 89.891. Asian shares regained some ground on Tuesday after U.S. President Donald Trump faced growing pressure from political allies to pull back from proposed steel and aluminium tariffs, easing investor worries about an imminent trade war.Mexican and U.S. officials pushed on Monday to speed up NAFTA negotiations, with the United States floating the idea of reaching an agreement "in principle" in coming weeks to avoid political headwinds later this year. Chancellor Angela Merkel said on Monday she would work with France to tackle pressing issues such as trade policy, the war in Syria and competition with China after the Social Democrats (SPD) approved joining a coalition with her conservatives. Two anti-establishment leaders made early plays to govern Italy on Monday, triggering concern in the euro zone following an inconclusive election where voters shunted mainstream parties to the sidelines. The uncertainty surrounding Italy's election vote has no immediate impact on the country's sovereign credit rating, ratings firms S&P Global and DBRS said on Monday. China aims to expand its economy by around 6.5 percent this year, the same as in 2017, while pressing ahead with its campaign to reduce risks in the financial system, Premier Li Keqiang said Monday. More»
Amwal Al Ghad English - 2018-03-06 07:07:39
Oil prices extended gains on Tuesday for the fifth straight day, underpinned by robust demand forecasts and prospects for informal contacts sought by OPEC with U.S. shale oil producers at a key industry meeting in Houston this week. International benchmark Brent crude futures climbed to $65.73 per barrel at 0138 GMT, up 19 cents, or 0.29 percent. U.S. West Texas Intermediate (WTI) crude futures advanced to $62.74 a barrel, up 17 cents, or 0.27 percent. The International Energy Agency (IEA) said on Monday global oil demand was expected to grow in the next five years, while output from producers in the Organisation of the Petroleum Exporting Countries (OPEC) would rise at a much slower pace. The IEA said the United States would supply much of the world's growing oil demand over the same period as its shale oil production was set to surge. U.S. crude production has risen to more than 10 million barrels per day (bpd), overtaking top exporter Saudi Arabia. Output hit a record 10.057 million bpd in November, according to the U.S. Energy Department. Meanwhile, OPEC oil ministers, U.S. shale oil producers and other global oil industry leaders gathered in Houston as CERAWeek, the largest energy industry get-together, kicked off on Monday. The gathering comes against the backdrop of an extension in output cuts led by OPEC, along with other oil producers including Russia, in a bid to absorb a global oil glut and boost prices. Higher U.S. oil production has hampered OPEC's drive to reduce global supply, however. Elsewhere, Libya's El Sharara oil field resumed operations on Monday. The field, operated by Libya's National Oil Corporation (NOC), was shut down on Sunday after a landowner closed a valve on a pipeline crossing his land. More»
Amwal Al Ghad English - 2018-03-06 06:59:06
Dollar prices held steady versus the yen on Tuesday, supported by receding fears about a trade war stemming from U.S. President Donald Trump's proposed tariffs on imported steel and aluminium. The dollar had tumbled to 16-month lows against the safe-haven yen late last week as concerns about a trade war gripped markets after Trump announced his plan for steel and aluminium tariffs. Jitters have eased this week, however, as pressure to back off from plans to implement new tariffs grew and as market participants came to view Trump's proposed tariffs more as a negotiating tactic than a hard policy proposal. "There is some relief and a shift to some risk-taking," said Teppei Ino, an analyst for Bank of Tokyo-Mitsubishi UFJ in Singapore. The dollar's bounce against the yen, however, was still too moderate to suggest that a downtrend seen over the past couple of months had come to an end, Ino said. More»
Amwal Al Ghad English - 2018-03-03 06:41:09
U.S. dollar fell against most currencies on Friday, dropping to its lowest in more than two years against the yen, as President Donald Trump's proposal to impose hefty tariffs on steel and aluminum imports raised prospects of a trade war that could prove damaging to the U.S. economy. Friday's sell-off came just as the dollar had risen to multi-week highs on the back of strong data and an upbeat view on the economy from Federal Reserve Chairman Jerome Powell, which reinforced expectations of three or more interest rate hikes this year. "The (tariff) move risked triggering a global trade war and could have significant unintended consequences for the U.S. economy," said Joe Manimbo, senior market analyst, at Western Union Business Solutions in Washington. Trump announced on Thursday he would impose heavy tariffs on imported steel and aluminium to protect U.S. producers, risking retaliation from major trade partners such as China, Europe and Canada.  The dollar fell to 105.26 yen, the lowest since November 2016 and was last down 0.50 percent at 105.70. Against the euro and sterling, the yen was up 0.3 and 1.1 percent higher respectively. The yen also rallied after Bank of Japan Governor Haruhiko Kuroda surprised currency markets by saying the central bank would consider an exit from its ultra-easy monetary policy if it met its inflation target in the year ending in March 2020. That helped the yen higher against the euro and sterling. The dollar was already on the back foot before Kuroda spoke, having pulled sharply back from six-week highs after Trump's decision to impose tariffs took the wind out of the greenback's week-long recovery. The dollar index, tracking it against a basket of major currencies, fell 0.41 percent to 89.96. Bilal Hafeez, a macro strategist at Nomura in London, said Trump's move was much more aggressive than tariffs imposed by his most recent predecessors. Barack Obama imposed tariffs on Chinese steel imports in May 2016 and George W. Bush against EU steel imports in March 2002. Those moves saw the dollar fall 1.5 percent and 6 percent respectively in the subsequent months. "The contours of the dollar reaction will likely depend on the reaction of other countries to these tariffs... The more powerful force could be the withdrawal of capital flows to the U.S.," he wrote in a note. The euro, meanwhile, was up 0.50 percent versus the dollar at 1.2328, with the focus on Sunday's Italian parliamentary election and the level of support for populist agendas that could have a wider impact on the European Union. More»
Amwal Al Ghad English - 2018-03-01 05:55:53
Oil prices were little changed on Thursday after falling in the previous two sessions as investors shied away from riskier assets amid volatile equity markets and the U.S. dollar gained, limiting overall interest in commodities. Both global benchmark oil futures fell sharply on Wednesday after crude and gasoline inventories in the United States rose unexpectedly. U.S. West Texas Intermediate crude for April delivery was up 8 cents at $61.72 a barrel by 0403 GMT after settling down 2.2 percent in the previous session. Brent crude for May delivery, the new front-month contract, was down 3 cents at $64.70. The April contract expired on Wednesday down 1.3 percent. Both benchmark contracts fell nearly 5 percent in February, the first monthly decline in six months. "An extended large decline in equities has been prompting investors to avoid risk assets such as oil," said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting in Tokyo. Some industry sources said Wednesday's decline was also due to profit-taking by market participants at the end of the month after oil hit a three-week high earlier this week. The U.S. dollar index, which measures the greenback against six major currencies, increased for a second day on Wednesday and was slightly higher on Thursday. A stronger U.S. dollar limits demand for dollar-denominated commodities such as oil since investors paying in other currencies must pay a higher price. U.S. crude inventories rose by 3 million barrels last week, compared with analyst expectations for a build of 2.1 million barrels, weekly data by the Energy Information Administration (EIA) showed. Gasoline stocks also rose by 2.5 million barrels against expectations for a 190,000-barrel drop, which pushed gasoline futures sharply lower. Distillate stockpiles, which include diesel and heating oil, fell by 1 million barrels, versus expectations for a 709,000-barrel drop. Soaring U.S. crude production has also kept a lid on oil prices this year, even though producers, led by the Organization of the Petroleum Exporting Countries and Russia, have reduced output. U.S. crude oil production rose to a record 10.057 million barrels per day(bpd) in November and retreated slightly in December to 9.949 million bpd, the EIA said on Wednesday. "Despite the expanding output curbs by OPEC and non-OPEC members such as Russia, the market has been focusing more on rising U.S. output since around late January," Akuta added. OPEC, meanwhile, is doing its part to keep a lid on prices. The group's oil output fell in February to a 10-month low as the United Arab Emirates joined other Gulf members in over-delivering on the reduction pact, a Reuters survey found on Wednesday. Oil prices may find some support as the U.S. is considering oil-related sanctions on OPEC member Venezuela to pressure its socialist President Nicolas Maduro, a U.S. official said on Wednesday. The sanctions could target a military-run oil services company and restrict insurance coverage for Venezuelan oil shipments ahead of the country's elections on April 22. More»
Amwal Al Ghad English - 2018-03-01 05:51:39
Gold prices dipped on Thursday, pulled down as the dollar remained strong following comments from Federal Reserve Chairman Jerome Powell that fanned concerns of faster-than-expected hikes in U.S. interest rates.Spot gold was 0.2-percent lower at $1,315.36 an ounce at 0106 GMT. Prices have fallen about 1 percent so far this week. U.S. gold futures were down 0.1 percent at $1,316.7 per ounce. The dollar index, which measures the greenback against a basket of major currencies, was up 0.1 percent at 90.716. It had earlier touched its highest since Jan. 19 at 90.744. The U.S. currency, which in February recorded its best monthly performance since November 2016, has been bolstered by Powell's hawkish stance on the U.S. economy that fueled expectations of interest rates being raised four times this year rather than three. On Thursday, Powell will deliver more testimony in front of the Senate Banking Committee.Asian stocks skidded on Thursday after Powell's comments rekindled fears about the pace of U.S. monetary tightening this year. U.S. economic growth slowed slightly more than initially thought in the fourth quarter after the strongest pace of consumer spending in three years depleted inventories and drew in imports as businesses struggled to produce enough goods and services. Euro zone inflation slowed to a 14-month low in February, underlining the European Central Bank's caution in removing stimulus despite growth exceeding expectations and the bloc's economy seeming to be on its best footing in a decade.February sales of U.S. Mint American Eagle gold coins fell 80 percent from the same month a year earlier, the slowest February sales in 11 years, while February silver coin sales fell to the lowest since 2008, government data showed on Wednesday. South Africa's new mining minister Gwede Mantashe said on Wednesday he will finalize the latest version of an industry charter which lays out requirements for black ownership levels and other targets in the next three months. India regained its status as the world's fastest growing major economy in the October-December quarter, surpassing China for the first time in a year as government spending, manufacturing and services all picked up. More»
Amwal Al Ghad English - 2018-03-01 05:48:21
Dollar prices held firm on Thursday, drawing support after the Federal Reserve's new chief Jerome Powell struck an optimistic tone on the U.S. economy in a boost to rate hawks that sent global stocks tumbling. In stark contrast to the United States, benign inflation data in the euro zone dented expectations that the European Central Bank will dial back its stimulus, slamming the euro to five-week lows against the dollar and a six-month nadir against the yen. The dollar index rose to five-week high of 90.746, as Powell's optimism on the U.S. economy suggested the Fed is going to raise interest rates four times this year, one more than what markets had expected. That undermined risk appetite and hit equities, which in turn kept the U.S. currency on the defensive against the yen, seen as a safe haven because of Japan's status as a net creditor nation. Some also pointed out that support for the dollar from higher interest rates - the main driver of its gains until early 2017- has been tenuous in the past year, as investors' focus is shifting to Washington's currency policy and the twin U.S. trade and fiscal deficits. More»
Amwal Al Ghad English - 2018-02-28 06:52:13
Financial news website Bloomberg reported on Monday that the days of the stagnation of the Egyptian pound may be numbered, explaining that “foreign holders of Egypt’s local debt have been using the open currency market more frequently to get dollars.” Bloomberg explained that bondholders traded hundreds of millions of dollars on the interbank market during the first five weeks of 2018, and that between 20-30 percent of foreign currency transactions linked to debt instruments are currently carried out through the open market, while the remaining transactions are carried out through the Central Bank of Egypt, which guarantees the exit of money from the country for a fee. Bloomberg said that this development is a remarkable shift for a country that suffered from a shortage in dollar cash just a few months ago, making it almost impossible for foreign investors to transfer their profits to their countries. This situation prompted policy-makers in Egypt to float the Egyptian pound by the end of 2016, said Bloomberg. “But it has taken months for investors to build enough confidence to forgo their money-back guarantee,” the report continued. “With more investors injecting dollars into the interbank market, the Egyptian pound’s volatility will probably rise,” Bloomberg quoted Bilal Khan, a senior economist at Standard Chartered Bank, as saying. “Market forces will have a bigger role in determining the exchange rate than before,” he added. The reason for the shift of investors to the open market is the availability of dollar cash compared to the past, as well as the Central Bank of Egypt’s decision to raise the cost of using its repatriation mechanism, applying a fee of 1 percent on the flows. The Central Bank of Egypt announced in February that foreign currency reserves rose by US$1.2 billion to US$38.209 billion by the end of January. Egypt’s foreign reserves have been climbing since the country secured a US$12 billion, three-year International Monetary Fund, loan program in November 2016, shortly after the country decided to float its currency in a bid to lure back foreign investors and revive its ailing economy. The currency flotation resulted in soaring inflation and a jump in prices on basic commodities, with some products recording over 50 percent price increases. More»
Amwal Al Ghad English - 2018-02-28 06:26:24
Gold prices were unchanged near a more than two-week low early on Wednesday, as the dollar held recent highs after Federal Reserve Chairman Jerome Powell vowed to prevent the economy from overheating while sticking with gradual rate rises.Spot gold was flat at $1,317.81 an ounce at 0116 GMT. Prices fell 1.1 percent and had touched an over two-week session low of $1,313.26 in the previous session. U.S. gold futures were up 0.1 percent at $1,319 per ounce. The dollar index, which measures the greenback against a basket of major currencies, was steady at 90.354. The dollar held near an over two-week high hit in the last session, while Asian shares faltered and bonds were sold off, after Powell's upbeat views on the economy bolstered bets on further Fed interest rate hikes this year. The Fed is expected to approve its first rate increase of 2018 at its next policy meeting in March, when it will also provide fresh economic projections and Powell will hold his first news conference. The European Central Bank could end bond purchases this year while an interest rate hike in 2019 is not unrealistic if the euro zone's economic upswing continues, Bundesbank President Jens Weidmann said on Tuesday. China's net gold imports via main conduit Hong Kong surged 65.2 percent in January from the previous month, data showed on Tuesday. Gold prices could break above $1,400 an ounce for the first time since 2013 this year as an uncertain outlook for stocks, bonds and currencies tempts investors to use the precious metal as a safe haven, according to a Reuters survey of analysts. Ghana will certify the value of gold exports as part of efforts to tighten controls on the sector to ensure the state receives the revenues it is due, the vice president said on Tuesday. A company owned by Nirav Modi, the billionaire jeweler at the heart of a $2 billion fraud case in India, has filed for bankruptcy in a New York court, as investigators stepped up their investigation into a case that has stunned the country. More»