Normalizing relations with Israel still lacks popular support in Egypt, says analyst

As Israel observes on Friday the 42nd anniversary of opening its embassy in Egypt, the first in any Arab country, the last two years have seen many Arab countries lining up to normalize relations with Tel Aviv.

Speaking to Anadolu Agency, political analyst Mustafa Al Sawaf said Israel’s opening of its diplomatic mission in Cairo did not extend to people, who still refuse to accept the normalization of the Israeli occupation of Arab territories.

According to the 2019-2020 survey conducted by the Qatar-based Arab Center for Research and Policy Studies, 13% of Egyptians supported diplomatic recognition of Israel while 85% opposed it.

After years of conflict starting in 1948, Egypt was the first Arab nation negotiated normalization with Israel. The 1967 war had led to the occupation of the Egypt’s Sinai Peninsula — a sparsely populated desert region between the Red Sea and the Mediterranean Sea.

In October 1973, Egyptian forces crossed the Suez Canal and regained control. Egypt under Mohamed Anwar Sadat later in 1978 regained full sovereignty over the Sinai Peninsula after signing a peace treaty with Israel.

Describing this political process, a disappointment for the Palestinians, Sawaf said it became a kind of ruse for other Arab countries also to follow the process of normalization.

He said except for a tense period under late President Mohammed Morsi from 2012–2013, the relations between the two countries have remained strong.

In a military coup led by the current Egyptian President Abdel Fattah Al-Sisi, Morsi was deposed in July 2013.

“Morsi’s clear pro-Gaza policy was one of the reasons why Sisi turned against Morsi and isolated him, and he became intensely engaged in a partnership with Israel to narrow the siege on Gaza,” said Sawaf.

He said Egypt is cooperating with Israel in both security and intelligence to stifle resistance in the Gaza Strip, particularly during the escalation of the wars between Israel and Hamas as a major resistance faction in Gaza.

“During all the wars against the Gaza Strip, the regime in Egypt sided with Israel and took an anti-Palestinian resistance stance in Gaza, except the 2012 war that took place during the reign of Morsi, who fully supported Gaza, ” Sawaf told Anadolu Agency.

The analyst said that situation has worsened further when the Rafah crossing point connecting Gaza with Egypt was closed following the Israeli aggression as punishment for the Palestinian resistance. He said the crossing point was restored only after Hamas leaders threatened to suspend all agreements with the Egyptian side regarding security in Sinai.

After Egypt and Jordan, in September 2020, the UAE and Israel signed a US-sponsored deal to normalize their relations. Since then, the two countries exchanged official visits by senior officials and have signed dozens of bilateral agreements in various fields, including investment, banking services, and tourism.

Three other Arab states – Bahrain, Morocco, and Sudan – joined the UAE in the controversial move that came to be known as the Abraham Accords.

The normalization deals have since drawn widespread condemnations from Palestinians, who say the accords ignore their rights and do not serve the Palestinian cause

Source: Anadolu Agency

US stocks close in red after Biden makes claims about Russia

US stocks closed for a fourth straight day in the red following President Joe Biden’s claim that Russia will invade Ukraine within days.

After Moscow announced a partial withdrawal from the Ukrainian border on Wednesday, world markets posted positive signals, including US stocks.

The blue chip Dow Jones industrial average lost 1.78%, or 622.24 points, to 34,312.03 — the worst transaction day in 2022.

The S&P 500 was off 94.75 points, or 2.12%, to close at 4,380.26.

The tech-heavy Nasdaq also ended in negative territory, losing 407.38 points, or 2.88%, at 13,716.72.

Asian stocks ended with slight gains and Europe posted declines.

Turkiye’s BIST 100 index closed at 2,009.99 points, down 1.54%.

Source: Anadolu Agency

Turkiye’s BIST 100 index up at Friday open

Turkiye’s benchmark stock index opened at 2,025.48 points on Friday, up 15.50 points, or 0.77%, from the previous close.

The BIST 100 index was down 1.54% to close Thursday at 2,009.99 points, with a daily trading volume of 32.4 billion Turkish liras ($2.4 billion).

The US dollar/Turkish lira exchange rate rose to 13.6267 as of 9.30 a.m. local time (0630GMT), from 13.6060 at Thursday’s close.

The euro/lira exchange rate climbed to 15.4871 from 15.4670, while a British pound traded for 18.5450 liras, down from 18.5800 a day earlier.

Brent crude oil sold for around $92.78 per barrel as of 10 a.m. local time (0700GMT).

Source: Anadolu Agency

Turkish residential property sales up 25.1% in January

Residential property sales in Turkiye increased 25.1% year-on-year in January, the country’s statistical authority said on Friday.

A total of 88,306 houses were sold last month, according to the Turkish Statistical Institute (TurkStat).

Istanbul had the highest share with 17.1% or 15,110 house sales, followed by Ankara with 9.3%, or 8,255, and Izmir with 6.2%, or 5,486.

Housing sales to foreign buyers also rose during the same period, up 56.5% to 4,186.

4.7% of all house sales in January was made to foreigners, the report underlined.

Istanbul, Turkiye’s largest city by population, enjoyed the lion’s share of sales to foreign buyers, with 1,771 units. The Mediterranean holiday resort city of Antalya followed with 914 properties, while the capital Ankara came third with 269.?

Among foreign nationals, Iranians bought the most houses – 761, followed by Iraqis with 513 and Russians with 479.

Source: Anadolu Agency

Oil prices continue descent as US-Iran talks near end

Oil prices decreased on Friday as Iran and the US continued negotiations in Vienna to restore the Iran nuclear deal.

International benchmark Brent crude was trading at $92.51 per barrel at 0710 GMT with a 0.49% drop after closing the previous session at $92.97 a barrel.

American benchmark West Texas Intermediate (WTI) traded at $91.17 per barrel at the same time for a 0.64% decrease after ending the previous session at $91.76 a barrel.

Iranian and US officials alluded to talks nearing their conclusion, with nuclear negotiator Ali Bagheri Kani tweeting “we are closer than ever to an agreement” on Wednesday.

“We are in the midst of the very final stages,” of complex negotiations, US State Department spokesperson Ned Price said on Wednesday.

Progress in negotiations between the US and Iran raises the likelihood of Iranian supplies returning to the global market, possibly creating a supply surplus.

Meanwhile, the political tensions between Russia and Ukraine, with the intensified threat of an invasion, are keeping prices from falling further.

US President Joe Biden said Thursday that Russia could invade Ukraine “in a manner of several days.”

The head of Poland’s National Security Bureau said Thursday that Russia’s intention to attack Ukraine is clearer than ever, despite Moscow confirming a partial withdrawal of troops from the border

Source: Anadolu Agency

US stocks open mixed as Fed official says inflation could get out of control

Major indices in the US stock market opened mixed on Friday after a Federal Reserve official said inflation could get out of the central bank’s control.

“We’re at more risk now than we’ve been in a generation that this could get out of control,” St. Louis Fed President James Bullard said Thursday during a panel talk at Columbia University.

He said a worse scenario would be inflation climbing further, and the Fed does not want this to happen.

Bullard said the Fed is more than 300 basis points behind its inflation target and added that the central bank needs to “pivot to less accommodation.”

He also argued that raising interest rates would not pose a recession risk for the American economy.

Bullard, who is a voting member of the Federal Open Market Committee this year, said Monday the Fed’s credibility is “on the line” amid record-high inflation.

On Feb. 10, he said he expected that the Fed would make a total of 100 basis points of an interest rate increase before July in order to tame record-high inflation.

US consumer prices in January soared to 7.5% year-on-year, marking the largest 12-month increase since February 1982, according to the Labor Department.

At Friday’s opening, the Dow Jones fell 110 points, or 0.32%, to 34,203 at 9.36 a.m. EDT. The S&P 500 lost 7 points, or 0.16%, to 4,373.

The Nasdaq decreased 41 points, or 0.3%, to 13,675 points.

Despite the ongoing tension between Russia and Ukraine, the VIX volatility index was down 0.04% to 28.10, while the yield on 10-year US Treasury notes fell 1.8% to 1.939%. The dollar index was up 0.14% to 95.94.

Precious metals were mixed with gold losing 0.06% to $1,897 per ounce, but silver gaining 0.7% to $24 an ounce.

Oil prices were down around 2% with Brent crude trading at $91.22 per barrel and US benchmark West Texas Intermediate at $89.78.

Source: Anadolu Agency

Turkiye’s Borsa Istanbul closes week in green

Turkiye’s benchmark stock index Borsa Istanbul was in positive territory at weekly close, rising 1.12% to 2,032.44 points on Friday.

Starting the day at 2,025.48 points, the BIST 100 index rose 22.45 points from Thursday’s close of 2,009.99 points.

On a weekly basis, the benchmark index posted a decrease of 0.90% this week.

During the day, the BIST 100 hovered between 2,004.48 points and 2,032.44 points – 75 stocks on the index rose, 18 fell, and seven were flat compared to the previous close.

Closing the week with a market value of around 1.6 trillion Turkish liras ($119 billion), the benchmark index posted a daily trading volume of 20 billion Turkish liras ($1.5 billion).

Shares of national flag carrier Turkish Airlines, and iron/steel producers Kardemir and Eregli recorded the highest trading volumes on Friday.

Stocks of software developer Logo enjoyed a 7.63% hike, while shares of software and information technology firm ARD Bilisim dropped the most, 3.61%.

One ounce of gold traded for $1,895.00 by market close, up from $1,885.00 at the previous close, according to data from Borsa Istanbul’s Precious Metals and Diamond Markets.

Price of Brent crude oil was around $92.16 per barrel as of 6.06 p.m. local time (1506GMT) on Friday – with a day range of $90.27 to $92.98.

Brent oil prices fell nearly 5% from the Monday session that opened at $95.47 a barrel amid rising tensions in Eastern Europe, while the prospects of an agreement on the Iran nuclear talks also capped price rises.

Exchange Rates Thursday Friday

USD/TRY 13.6060 13.6480

EUR/TRY 15.4670 15.4950

GBP/TRY 18.5800 18.6220

Source: Anadolu Agency

Olympique Marseille beat Qarabag 3-1 in UEFA Conference League

Olympique Marseille claimed a 3-1 victory over Qarabag on Thursday in the first leg of the UEFA Europa Conference League knockout round playoff.

Playing at the Stade de Marseille, Arkadiusz Milik netted twice for the French club in the 41st and 48th minutes.

Kady Iuri Borges Malinowski, commonly known as Kady, scored for the Azerbaijani side in the 85th minute.

Dimitri Payet put the ball into Qarabag’s net in stoppage time.

In another match of the day, Leicester City defeated Randers 4-1 at King Power Stadium.

The Foxes’ goals came from Wilfred Ndidi, Harvey Barnes, Patson Daka and Kiernan Dewsbury-Hall while Vito Hammershoj-Mistratis produced a goal for the Danish club.

All second-leg matches will take place a week after the first on Feb. 24.

Thursday’s results:

PSV – Maccabi Tel Aviv: 1-0

Fenerbahce – Slavia Praha: 2-3

Midtjylland – PAOK: 1-0

Rapid Wien – Vitesse: 2-1

Leicester City – Randers: 4-1

Celtic – Bodo/Glimt : 1-3

Sparta Praha – Partizan: 0-1

Source: Anadolu Agency

Atalanta come from behind to beat Olympiacos 2-1 in Europa League

Serie A side Atalanta sealed a 2-1 comeback win against Olympiacos on Thursday in the first leg of the Europa League knockout round playoff.

Tiquinho Soares scored the opener for the Greek team in the 16th minute at Gewiss Stadium.

But Atalanta came from behind in the second half thanks to Berat Djimsiti’s two goals and took a narrow advantage heading into the second leg.

The teams will face off in the second leg at Karaiskaki Stadium on Feb. 24.

Playoffs 1st leg results:

Thursday:

Barcelona (Spain) – Napoli (Italy): 1-1

Borussia Dortmund (Germany) – Rangers (Scotland): 2-4

Zenit (Russia) – Real Betis (Spain): 2-3

Sheriff (Moldova) – Braga (Portugal): 2-0

Sevilla (Spain) – Dinamo Zagreb (Croatia): 3-1

RB Leipzig (Germany) – Real Sociedad (Spain): 2-2

Atalanta (Italy) – Olympiacos (Greece): 2-1

Porto (Portugal) – Lazio (Italy): 2-1

Source: Anadolu Agency