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A more optimistic global growth outlook: OECD has revised upwards its 2024 world growth forecast to 2.9% from November’s 2.7% forecast, it said in its latest economic outlook. Geopolitical risks within the MENA region, however, pose a “significant” risk to activity and inflation.
Don’t celebrate yet: Despite raising its growth outlook, OECD’s 2024 forecast remains below 2023’s 3.1% growth rate. Next year’s 3.0% growth forecast was left unchanged.
Where we could see fallout: Regional escalation “could disrupt shipping more extensively than presently expected, intensify supply bottlenecks, and push up energy prices if traffic is interrupted in the key routes for the transport of oil and gas,” the report wrote, adding that this could spur a rush to safety in global markets.
ICYMI- The IMF revised upwards its 2024 global growth outlook by 0.2 percentage points to 3.1% last week, also noting the potential for price spikes amid Red Sea attacks.
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TASI |
12,024.91 |
+0.5% (YTD: +0.5%) |
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MSCI Tadawul 30 |
1,561.24 |
+0.5% (YTD: +0.7%) |
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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 |
27,665.75 |
+0.3% (YTD: +11.1%) |
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ADX |
9,427.88 |
-0.3% (YTD: -1.6%) |
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DFM |
4,230.70 |
+0.1% (YTD: +4.2%) |
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S&P 500 |
4,942.81 |
-0.3% (YTD: +3.6%) |
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FTSE 100 |
7,612.86 |
-0.04% (YTD: -1.6%) |
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Euro Stoxx 50 |
4,655.27 |
+0.02% (YTD: +3%) |
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Brent crude |
77.99 |
+0.9% |
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Natural gas (Nymex) |
2.06 |
-1.1% |
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Gold |
2,040.90 |
-0.1% |
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BTC |
42,666.28 |
+0.2% (YTD: +82.1%) |
THE CLOSING BELL-
The TASI rose 0.5% yesterday on turnover of SAR 8.1 bn. The index is up 0.5% YTD.
In the green: Al Jouf (+8.7%), Al Baha (+7.1%) and Riyadh Cables (+6.5%).
In the red: Ayyan (-4.9%), Atheeb Telecom (-3.8%) and Ades (-3.6%).
Asian markets are in the red, tracking declines yesterday in New York. Futures point to a mixed open for major benchmarks in Europe, New York, and Toronto later today.
CORPORATE ACTIONs-
The Capital Market Authority has approved Anaam International Holding’s request to increase its capital through a SAR 236 mn rights offering, it said in a statement yesterday.
Bank Albilad’s board of directors has proposed a 25% capital increase to SAR 12.5 bn by issuing bonus shares worth SAR 2.5 bn, it said in a disclosure to Tadawul.
TheMEFIC Reit Fund will distribute dividends of SAR 0.08 per unit for 2023, it said in a disclosure to Tadawul yesterday.
Jadwa Investment’s REIT Saudi Fund will distribute dividends of SAR 0.2 per unit for 4Q 2023, it said in a disclosure to Tadawul yesterday.
