News / Middle East

Mubarak's Departure Encourages Investors

Egypt's President Hosni Mubarak speaking on television (file photo)
Egypt's President Hosni Mubarak speaking on television (file photo)

Investors in many global markets reacted quickly and positively Friday to news that Egypt's former president, Hosni Mubarak, has left office, raising hopes that the political crisis may find a peaceful resolution.

Shortly after the announcement, stocks in Europe and the United States jumped higher.

The price of crude oil fell, as investors calculated the risk of disruption to oil supplies has diminished.  Egypt is home to the Suez Canal, and a key pipeline, which are important parts of the path for oil shipments from the Persian Gulf to markets in Europe and North America.  Egypt produces some oil to meet its domestic demand, but the nation is not a key player in global oil markets.  

It is not yet clear how soon Egypt's vital tourism industry will recover.  It has been hammered by the departure of as many as one million visitors to the nation's historic sites and beaches, and many Egyptians in the tourism industry have been laid off.

Other workers have been idled as strikes and unrest have idled factories or made it difficult to get people to work and goods to market.

 

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