Egypt's CASE30 Index soars 7.4% following the army's removal of President Mohamed Morsi last night and the suspension of Egypt's constitution in what may or may not have been a coup d'etat, depending on how delicate you need to be with the use of language. The large rise forced a halt in trading, as it exceeded the Egyptian Exchange's 5% limit on daily movement in the index. Meanwhile, crude oil is -0.3% at $100.90.
WTI crude oil (USO) gains another 2.2% in overnight trade, now fetching $101.80 per barrel, the highest level in about 15 months amid political turmoil in Egypt. The situation may be bad enough to threaten the region's oil supplies, but the Egyptian stock market rose 4.9% today suggesting some measure of hope. The Egypt Index ETF (EGPT) gained 5.8% in New York trade. S&P 500 futures -0.2%.
Egypt's EGX 30 is +4.8% after Egyptian President Mohamed Mursi revokes a decree that would have exempted his decisions from judicial review. However, a referendum on the controversial constitution will still take place on Saturday. Mursi's actions had caused violent protests and sent shares plunging.