Mubarak is Out

February 11th, 2011
in econ_news

mubarak Econintersect:  One of the "Berlin Walls" of the Middle East has fallen.  Hosni Mubarak's 30-year reign as head of Egypt has come to an end as the 82-year old dictator has "relieved himself" of his position as president and the Supreme Military Council has taken control of the state's affairs.  The world now awaits the follow-on action of military.  Elections had been scheduled for September.  Will that schedule be maintained, accelerated or delayed?

Follow up:

Financial market reaction has been positive.  The Egyptian ETF, EGPT, has jumped 8% on the NYSE.  European stocks have risen on the news.  In Frankfurt, the DAX XETRA is has rallied 1.4% from its lows, Paris is up 1.9% and London is +1.6%.

In New York, the Dow has been up as much as 0.8% from it's lows earlier in the morning.   The S&P 500 has been up as much as 1% and the Nasdaq Composite by as much as 0.9% 

Oil has declined by as much as 1.3% and the U.S. dollar has strengthened by 0.3% against the Euro today and by a total of 1.3% over two days, but has weakened slightly since the Egyptian announcement. 

Sources:  Bloomberg and Yahoo Finance      

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