PHOTO
25 October 2016
Egypt hopes to receive final approval for its $12 billion International Monetary Fund lending program within two months, Prime Minister Sherif Ismail said in a television interview with the Egyptian channel CBC on Monday.
Egypt received preliminary approval for the three-year deal aimed at plugging its budget deficit and balancing currency markets in August but the IMF's executive board still has to sign off.
Japanese shares hit a six-month top on Tuesday as the dollar advanced on the yen, while risk sentiment got a lift after factory surveys in the United States and Europe boasted the best readings of the year so far.
Saudi Arabia's stock market closed higher for a fourth straight session on Monday after last week's mega international bond sale by the government boosted sentiment, but Egyptian shares dropped further as a chronic dollar shortage weighed on sentiment.
Oil prices dipped early on Tuesday over disagreement within producer cartel OPEC on who should cut how much production in a planned coordinated reduction to prop up prices.
Gold prices edged slightly lower early on Tuesday as the U.S. dollar gained on increasing expectations of a December interest rate hike by the Federal Reserve.
The dollar held near nine-month highs against a basket of major currencies on Tuesday as solid U.S. manufacturing activity and comments from a Federal Reserve official cemented expectations of a U.S. rate hike by year-end.
In the latest news, the deputy governor of China's central bank said in a newspaper editorial on Tuesday that there is no basis for continuous depreciation of China's yuan currency, and the exchange rate will remain broadly stable.
The Turkish government plans to take a more active role in fighting inflation and will attempt to tame volatile food prices, senior economic officials said, moves designed to give the central bank more leeway for monetary easing.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here.
Egypt hopes to receive final approval for its $12 billion International Monetary Fund lending program within two months, Prime Minister Sherif Ismail said in a television interview with the Egyptian channel CBC on Monday.
Egypt received preliminary approval for the three-year deal aimed at plugging its budget deficit and balancing currency markets in August but the IMF's executive board still has to sign off.
Japanese shares hit a six-month top on Tuesday as the dollar advanced on the yen, while risk sentiment got a lift after factory surveys in the United States and Europe boasted the best readings of the year so far.
Saudi Arabia's stock market closed higher for a fourth straight session on Monday after last week's mega international bond sale by the government boosted sentiment, but Egyptian shares dropped further as a chronic dollar shortage weighed on sentiment.
Oil prices dipped early on Tuesday over disagreement within producer cartel OPEC on who should cut how much production in a planned coordinated reduction to prop up prices.
Gold prices edged slightly lower early on Tuesday as the U.S. dollar gained on increasing expectations of a December interest rate hike by the Federal Reserve.
The dollar held near nine-month highs against a basket of major currencies on Tuesday as solid U.S. manufacturing activity and comments from a Federal Reserve official cemented expectations of a U.S. rate hike by year-end.
In the latest news, the deputy governor of China's central bank said in a newspaper editorial on Tuesday that there is no basis for continuous depreciation of China's yuan currency, and the exchange rate will remain broadly stable.
The Turkish government plans to take a more active role in fighting inflation and will attempt to tame volatile food prices, senior economic officials said, moves designed to give the central bank more leeway for monetary easing.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here.
