non-oil economy

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

Mustafa Reda – Mubasher: American stock indices closed trading on Friday, on the rise, driven by strong gains from shares of major technology companies such as Meta, Amazon, Microsoft, and Nvidia.

The Standard & Poor’s 500 and Dow Jones Industrial Average recorded new record closings, the seventh and ninth in a row for this year, while the Nasdaq index recorded a new closing high in 52 weeks.

The Standard & Poor’s 500 Index rose by more than 52 points, or 1.1 percent, to the level of 4,958 points, and the Dow Jones Index rose by 0.4 percent, with a gain of 134.78 points, recording a level of 38,654 points.

The Nasdaq index increased 267.31 points, or 1.7 percent, reaching the level of 15,628 points.

Today’s gains were largely concentrated in giant technology stocks, with communications services stocks in the S&P 500 index seeing their best day since April, while discretionary consumer information technology stocks also saw strong gains, and industrial, financial, and energy stocks also ended higher. .

Shares of Meta, the parent company of Facebook, rose today after the company announced a three-fold jump in its profits in the fourth quarter and announced its first ever dividend distribution.

Meta shares jumped by about 20 percent by the end of trading.

The company’s revenues increased by 25 percent in the fourth quarter, from $32.2 billion on an annual basis, which is the fastest pace of growth since mid-2021.

Economic data

The performance of American stocks comes with an increase in non-farm payrolls by 353,000 during the month, which is better than Dow Jones estimates of adding 185,000 jobs, according to the report issued by the Department of Labor today, while unemployment rates stabilized at 3.7 percent, compared to expectations of 3.8 percent.

Wage growth also showed a strong pace with average hourly earnings rising by 0.6 percent, double the monthly estimate, and on an annual basis, wages jumped by 4.5 percent, higher than expectations for 4.1 percent growth.

New orders for goods manufactured in the United States recorded a slight increase in December, and are likely to rise in the coming months as unfinished orders continue to accumulate.

According to the US Department of Commerce’s Census Bureau, factory orders rose 0.2 percent after rebounding by about 2.6 percent in November, and orders rose 0.8 percent on an annual basis in December.

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Nominations

Gold declines at the end of daily trading… but it breaks the series of weekly losses

Oil prices fell by more than 2% with the settlement of Friday transactions

Global food prices fall in January to their lowest levels in 3 years

The performance of European stock indices varied at the end of the week’s trading

“iSagha” continues to suspend gold prices in Egypt, with the metal losing $18 globally

Egyptian official: We export “only” the goods that exceed the needs of the local market

2024-02-02 22:06:45
#Technology #stocks #push #Dow #Jones #highs #close

Live: Oil prices jumped at the close of trading on Thursday, with demand expectations rising thanks to strong economic growth in the United States.

Brent crude prices rose by 97 cents, or 3.05 percent, which is equivalent to $82.48 per barrel, and US West Texas Intermediate crude oil increased by $3.06, or 2.29 percent, which is equivalent to $77.38 per barrel.

The rise in prices came due to fears of supply shortages, after US crude inventory data showed a decline of 9.2 million barrels last week.

Tensions in the Middle East region contributed to increasing demand for purchases. Also due to expectations of economic recovery and more stimulus measures in China, as the Chinese Central Bank announced yesterday, Wednesday, a reduction in banks’ reserve requirements. This would pump about $140 billion into the banking system, sending a strong signal to support the faltering economy and declining stock markets.

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Nominations

Minister of Housing: 1,920 units are being finished in the Jannah project in Sheikh Zayed City expansions

Clarification from the New Administrative Capital regarding the transfer of ministries and agencies

Appointment of Naguib Sawiris as CEO of the Orascom Investment Board of Directors

Rahmi: Egyptian Enterprise Development is the first development institution to launch environmentally friendly financing initiatives

2024-01-25 20:52:35
#Oil #rose #Thursdays #close #highest #level #November

Live: Three US Federal Reserve officials said that the data that will be issued in the coming period will guide their decision on when to cut interest rates, explaining that they have not yet seen sufficient evidence to begin monetary easing.

According to Bloomberg East Economy, San Francisco Federal Reserve Bank President Mary Daly said in an interview on Fox Business: “Although I think it is appropriate for us to look ahead and ask when monetary policy adjustments will be necessary, so as not to put pressure on… “Economically, it’s really too early to think that this is around the corner.”

“Do I find consistent evidence that inflation is falling, or do I find any early signs that the labor market is starting to falter? None of these things currently lead me to believe that an adjustment is necessary,” added Daly, who votes on monetary policy decisions this year. “.

The odds of a March rate cut have declined sharply in the past few days, falling below 50 percent on Friday, and Federal Reserve officials, including Daly, have disputed market expectations of imminent and deep interest rate cuts this year.

Although Atlanta Federal Reserve President Rafael Bostic is open to changing his expectations, he still expects the first interest rate cut will not be made before the third quarter.

He also said in an interview with Fox Business: “I would be open to changing that forecast and my view on when we need to start lowering interest rates.” But he added that he wanted to “make sure we are on our way to 2 percent (inflation rate) before we abandon our restrictive stance.”

Policymakers’ quarterly expectations starting in December implied three interest rate cuts in 2024, or cuts of about 75 basis points.

Data is the standard.

“If we continue to make surprising, faster-than-expected progress on inflation, we have to take that into account when determining the level of restriction,” Chicago Federal Reserve President Austin Goolsbee said in an interview with CNBC. He added that with inflation declining, “it is clear that we are evaluating the response.”

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Nominations:

Al-Jadaan: Saudi Arabia does not plan to impose income tax on individuals

Global Tourism: Saudi Arabia achieves a 156% recovery in the number of tourists during 2023

Infographic: Saudi Arabia’s daily production rate of crude oil in 2023

2024-01-21 17:14:40
#Reserve #officials #indications #rate #cut #imminent