Update: A snap from Reuters — CABINET SPOKESMAN TELLS REUTERS DECISION ABOUT EGYPT’S PRESIDENT STAYING OR LEAVING DUE IN HOURS
Breaking at pixel time — the Egyptian army appears to be levering the country’s president out of power:
President Hosni Mubarak wasn’t in attendance at a meeting of Egypt’s higher army council broadcast on state TV. And he is supposed to be in charge of the military.
Brent crude for March delivery has relaxed a bit on the news (having already had to deal with the death and resurrection of Saudi Arabia’s King Abdullah this Thursday):
But we’d also note that the higher army council agreed to meet regularly in future. While the situation remains very unclear until the expected departure of Mr Mubarak at some point on Friday, we’d ask whether a military government is a good sign for regional stability and supply.
At any rate — Egypt CDS has reined back into 345bps from 385bps just an hour ago, Markit said at pixel time.
That kind of volatility says it all about 2011′s Middle East, really.
Related link:
Egypt’s new normal - FT Tilt
‘The Middle East convergence trade’ – FT Alphaville
Suez isn’t Brent’s $100 problem – FT Alphaville