Indices news
Oil Drops Below $94 On Weak China Data
Published 2013-05-23 08:17:39| Amwal Al Ghad English
Weak Chinese manufacturing data and a drop in Asian stocks helped send oil futures lower in electronic trade Thursday.
Crude for July delivery fell over $1 or 1.2% to $93.18 a barrel, after preliminary results from HSBC’s monthly survey of Chinese factory activity showed an unexpected contraction.
London-traded Brent crude oil for July delivery surrendered 91 cents, or close to 1%, to $101.69 a barrel.
HSBC’s “flash” Purchasing Managers’ Index for May fell to a seven-month low of 49.6, down from April’s final reading of 50.4. Asian stocks fell sharply after the data, with the main indexes in Hong Kong, Sydney and Taipei all more than 1% lower.
In Japan, volatility in the government bond market prompted central-bank action and sent the Nikkei Stock Average tumbling 7.3% by the close, the worst one-day loss since March 2011.
The loss for oil extended the futures’ mugging on Wednesday, when the New York Mercantile Exchange floor session saw July crude plunging 2%, while the Brent contract retreated 1.3%.
- US Dollar Steadies At EGP 7.012 Early Thursday
- Gold Prices In Egypt, Arab States – Early Thursday
- Oil Drops Below $94 On Weak China Data
- Dollar Sinks Below 102 Yen On Japan Stock Slump
- EFG-Hermes Says Net Profit Climbs 27.3% - Q1/13
- Gold Prices In Egypt, Arab States – Early Wednesday
- Egypt’s Dollar Black Market Premium Falls Amid Pound Decline
- Egypt Plans Wheat-Imports Drop as Ministers Seek Local Supplies
- US Dollar Steadies Against Egypt Pound At EGP 7.012
- Egypt Gold Prices Soar, 21-Carat Hits EGP 284.89
Get To Know
Yehia Hamed Abdel Samea was named on May 7th as Egypt’s new minister of Investment, succeeding Dr. Osama Saleh.
Early Life & Education:
Born in 1978, Abdel Samea graduated from the Faculty of Al-Alsun (Foreign Languages) in 1999.
He has obtained his master’s in Public Administration, from the Arab Academy for Science and Technology. The new minister has also obtained a Sales Diploma from the American University in Cairo (AUC).
Abdel Samea was active in some of community service organizations mainly working on learning youth and micro financing.
Early Career:
Abdel Samea is Advisor for the Egyptian presidency for projects management and governmental co ordination.
He is also a co-founder of the foreign relations committee, of the Muslim Brotherhood’s political party Freedom and Justice (FJP).
forex news
The table below shows the exchange rates of the Arab and foreign currencies against the Egyptian pound on early Thursday:
The Market Quotes Powered By Forexpros, the Forex, Futures, and Stock Markets Portal.
Most Popular »
- Egypt’s Main Gauge Nears 5430 Pts Powered By Seven Kidnapping Release News
- Egypt’s Central Bank Offers US$ 800 Mln At Exceptional FX Auction
- Crowell & Moring Advises ADIB Egypt On Landmark Islamic Finance Deal
- IFE Not Notified Officially With New Bancassurance Regulations
- Hamas Felicitates Egyptians On Releasing The Abducted Soldiers


