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#1- World’s largest sovereign fund had a bumper year: Norway’s USD 1.6 tn sovereign wealth fund — the world’s largest — reported record gains of NOK 2.2 tn (USD 213 bn) over 2023, driven by strong returns on investments. This is a stark contrast to the record losses the fund saw in 2022. (Statement | CNBC)
#2- Binance customers wary: Beleaguered crypto exchange Binance will allow select traders to hold their assets with independent banks outside of the platform as customers seek safehaven custodians with regulatory oversight. (Financial Times)
#3- China embarks on banking shake-up: Hundreds of Chinese rural banks will soon merge into regional lenders as part of a consolidation push, as the country’s deepening property crisis has placed pressures on its USD 6.7 tn banking sector. (Bloomberg)
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TASI |
11,796.63 |
-1.6% (YTD: -1.4%) |
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MSCI Tadawul 30 |
1,530.39 |
-2% (YTD: -1.3%) |
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USD : SAR (SAMA) |
3.75 Sell |
3.75 Buy |
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Interest rates |
6% repo |
5.5% reverse repo |
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EGX30 |
28,281.91 |
-6.8% (YTD: +13.6%) |
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ADX |
9,508.32 |
-0.1% (YTD: -0.7%) |
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DFM |
4,169.08 |
+0.02% (YTD: +2.7%) |
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S&P 500 |
4,845.65 |
-1.6% (YTD: +1.6%) |
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FTSE 100 |
7,630.57 |
-0.5% (YTD: -1.3%) |
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Euro Stoxx 50 |
4,649.47 |
-0.3% (YTD: +2.8%) |
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Brent crude |
USD 81.71 |
-1.4% |
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Natural gas (Nymex) |
USD 2.14 |
+1.8% |
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Gold |
2,058.10 |
-0.5% |
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BTC |
42,565.14 |
-1.6% (YTD: +79.4%) |
THE CLOSING BELL-
The TASI fell 1.6% yesterday on turnover of SAR 8.7 bn. The index is down 1.4% YTD.
In the green: Almunajem (+10%), SPM (+6%) and Alyamamah Steel (+5.9%).
In the red: Ades (-9.9%), Arabian Drilling (-9.6%) and AlBaha (-7.1%).
Asian markets are mixed in early trading this morning after the US Federal Reserve yesterday poured cold water on expectations that it could start cutting interest rates as early as March. The ASX 200, Nikkei, and Shanghai were all in the red, while the Kospi and Hang Seng are (just barely) clinging to the green. Futures point to a soft opening in Europe, with most major benchmarks in the red, while Wall Street could shrug off concerns — futures for the Dow, Nasdaq, and S&P 500 are all in the green at dispatch time this morning.
