Gain

Direct: Contract prices rose, in Tuesday’s trading settlement, following reports indicating that the OPEC+ alliance is considering extending the agreement to voluntarily reduce oil production in the second quarter, in addition to Russia’s ban on gasoline exports for 6 months, starting from the first of March.

Brent crude futures for May delivery – the most active contract – rose by 1.2%, equivalent to 99 cents, at $82.66 per barrel, while the April contract rose by 1.35% to $83.65 per barrel.

The price of US Nymex crude for April delivery increased by 1.65%, or $1.29, to $78.87 per barrel, which is the highest settlement since the session of November 6, 2023 ($79.66).

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Nominations

Minister of Business Sector: Egypt’s fertilizer production will reach 12 million tons in 2023

The third line of the Cairo Metro announces a temporary change in its timings, starting from February 28

Egypt has completed 97% of the project to produce medium-density wood panels

2024-02-27 20:46:12
#Oil #rose #Tuesdays #trading

Cairo – Mubasher: The Misr City Housing and Development Company issued an explanatory statement regarding the approval to return ownership of Azza Al-Hagana’s land to the Cairo Governorate as a community contribution.

The company confirmed, in a statement to the Egyptian Stock Exchange today, that the 634-acre land previously allocated to the company is not one of the company’s new projects, “Taj City and Saray.”

She indicated that the association agreed in December to return ownership of the Ezbet Al-Hagana land as a community contribution from the company to rehabilitate the area in a way that achieves the interests of the company and the residents of the area.

She confirmed that Republican Decree No. 38 of 2024 regarding land will not affect the company’s land area with the new expansions of “Taj City and Saray.”

It is noteworthy that Misr City for Housing and Development achieved profits after tax (for the parent company) amounting to 1.35 billion pounds during the period from January to September 2023, compared to profits amounting to 534.2 million pounds in the comparative period of 2022, taking into account minority rights.

The company’s sales increased during the first nine months of this year to 4.62 billion pounds, compared to sales amounting to 3.08 billion pounds in the comparative period last year.

As for the unconsolidated lists, the independent company’s profits increased during the period from January until the end of last September to 1.35 billion pounds, compared to about 544.97 million pounds during the comparative period a year ago.

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Nominations

Egypt makes a legislative amendment to double budget revenues within 5 years

Egyptian MOPCO profits jump to 6 billion pounds in 2023

Zahraa El Maadi Investment proposes free cash distributions to shareholders for 2023 profits

2024-02-21 10:49:14
#Misr #Housing #City #issues #clarification #Ezbet #Haggana #land

Direct: Gold futures prices fell at the close today, Friday, with investors focusing on the US Consumer Price Index data in January, scheduled to be released next Tuesday, to build expectations about when the Federal Reserve will cut interest rates.

Gold futures prices for April delivery fell by 0.45%, or $9.2, at $2,038.7 per ounce, after touching $2,051.9, with the yellow metal recording weekly losses of 0.75%.

While the value of the dollar index – which measures the performance of the US currency against a basket of six major currencies – decreased by 0.1% to 104.06 points.

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Nominations:

Housing: All units of the “Mursia Zone 4” project were reserved 30 minutes after its launch

“Najran Municipality” offers 20 investment opportunities in “Yadma”

DEWA’s virtual employee has answered 8.5 million inquiries since its launch in 2017

Dubai real estate transactions reach a record high and exceed half a trillion dirhams during 2023

2024-02-09 19:53:31
#Gold #declined #globally #Friday #trading

Noha Makram – Live- The number of Americans filing for unemployment benefits fell more than expected last week, indicating underlying labor market strength despite a recent rise in layoffs.

Initial unemployment claims fell by 9,000 to a seasonally adjusted 218,000 during the week ending February 3, the Labor Department announced Thursday.

Economists in a Reuters poll had expected unemployment benefits to reach 220,000.

Unemployment benefits have not changed much from last year, despite the recent increase in employee layoffs, especially in the technology and media sectors.

Employers fear abandoning employees after the difficulties they faced in finding workers during and after the Covid-19 pandemic. Economists also pointed to higher worker productivity, declining labor costs and other factors that encourage companies to retain their employees.

Last week, the government announced that non-farm payrolls rose by 353,000 jobs in January and the unemployment rate stabilized at 3.7%.

The strength of the labor market prompted financial markets to reduce their expectations for the first rate cut and adjust it to be in May instead of March. Markets are anticipating a 20% Fed rate cut in March, a significant decrease from the beginning of the year, and a 60% forecast for a 25 basis point rate cut in May, according to the CME FeedWatch tool.

Yesterday, Wednesday, US Federal Reserve officials indicated that they would not be in a hurry to cut interest rates until they were sure that inflation would decline sustainably to its target of 2%.

It is worth noting that the Federal Reserve has raised interest rates by 525 basis points since March 2022 to its current range, which ranges between 5.25% and 5.50%.

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Nominations:

The dollar hits its highest levels in 11 weeks

Powell reiterates the exclusion of a rate cut in March

Live: Oil prices closed trading in global markets, today, Tuesday, at an increase in light of anticipation of geopolitical events.

Nymex crude futures for March delivery rose 62 cents, or 0.85 percent, to reach $73.40 per barrel upon settlement, according to the Middle East News Agency.

Brent crude futures for April delivery reached $78.61 per barrel, an increase of 62 cents, or 0.79 percent.

World markets, especially the oil market, are monitoring political events, as US Secretary of State Anthony Blinken is visiting some countries in the region.

The British oil company announced slightly weaker annual profits than expected, after falling fossil fuel prices.

The energy major posted underlying replacement cost earnings, used as a proxy for net profit, of $13.8 billion for 2023, a sharp decline from the record $27.7 billion the previous year.

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Nominations:

Egyptian Cooperation: 382 projects funded by the Islamic Development Bank, worth $21 billion

Vodafone Egypt increases its stake in “Basata” to 20% during the first quarter of 2024

Egypt.. The head of the meat division demands the speedy provision of dollars for importers before the month of Ramadan

2024-02-06 20:59:10
#Oil #prices #ended #Tuesdays #trading #rise #anticipation #geopolitical #events

Noha Makram – Live- Oil prices stabilized broadly on Tuesday, as investors awaited whether US Secretary of State Anthony Blinken’s tour of the Middle East would result in an end to the Gaza war, which has raised concerns about supplies from the main oil-producing region.

Brent crude futures fell by 8 cents to $77.91 per barrel, at 09:14 GMT, while West Texas Intermediate crude futures fell by 13 cents to $72.65.

Both contracts rose by about 1% yesterday, Monday, to record their first rise in four sessions.

Philip Nova, chief market analyst at Priyanka Sakdeva, said that signs of calming tensions in the Middle East are fading, leaving some support for oil prices.

The United States continued its campaign against the Houthis who launched attacks on ships in the Red Sea, sparking unrest in the global oil trade corridor.

However, concerns about the demand outlook are limiting price gains.

Analysts explained that expectations of maintaining high interest rates in the United States and other countries would limit consumption, along with indicators of the continued suffering of the Chinese economy.

BMI analysts expect the oil market to remain broadly balanced within a year and oil prices to rise moderately by 3.4%.

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Nominations:

China is pressuring Iran to curb Houthi attacks in the Red Sea

Oil is about to record its largest weekly rise since the outbreak of the Gaza war

Oil prices rose at the end of Monday trading

2024-02-06 10:01:53
#Oil #prices #stabilize #anticipation #Blinkens #visit #Middle #East