Egypt's Economy Is the Biggest Reason For The Current Revolt

REUTERS/Suhaib Salem

Protesters opposing Egyptian President Mohamed Mursi take part in a protest demanding that Mursi resign at Tahrir Square in Cairo July 1, 2013.

It's the Egyptian economy, stupid!

Millions of Egyptians took to the crowded streets on Sunday, protesting against President Mohamed Morsi and his Muslim Brotherhood-led government. The protesters represent a wide swath of Egyptian society and have a variety of complaints, but some of their primary concerns seem to be economic.

As the blog Rebel Economy points out, since the Arab Spring began in January of 2011, Egypt has seen an increase in unemployment, slowed economic growth, a decrease in its foreign reserves and a weakening currency. 

For ordinary Egyptians, these statistics have meant an increase in water prices, extended power blackouts and excruciating lines to purchase gas and bread, all of which seem to have gotten worse under Morsi.

“It’s basic, day-to-day things that brought the median Egyptian to the streets,” said Eric Trager, an Egypt analyst at the Washington Institute for Near East Policy. “People have grown frustrated with the Brotherhood [because] Morsi has never put forth an economic plan, just a list of aspirations. And when he tried to do economic reforms–raising taxes, cutting subsidies on gas, having curfews for restaurants and stores–he withdrew them in 12 hours; the Brotherhood’s executive authority told him to dial it back because…[the reforms] would hurt them politically.”

It’s no wonder, then that Egyptians are angry. The question now is, to what extent will that anger boil over into violence?

via Vocativ

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Precious Metals Are Staging A Nice Rally (GLD)

Commodities are rallying today.

After finishing Q2 down 23%, gold futures posted their biggest gain in nine weeks. This was driven by chatter that the slump in gold prices was driving demand for gold. The slump in gold first began in April and the precious metal is well off its 52-week high of $1,804.

Commodities also seem to have been given a boost by the manufacturing data that was released overnight.

Here's a quick look:

Gold is up nearly 3% to $1,258.20 an ounceSilver is up 1.4% to $19.72 an ounceCopper is up 3.5% to $3.15 a poundPalladium is up 3.9% to $686.55Platinum is up 3.19% to $1,379.50Crude oil is up 1.5% to $97.98

Here's an intra-day chart of gold:

Fin Viz

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Zynga's Stock Explodes After Report Says Microsoft's Xbox Boss Has Left To Possibly Be The New CEO (ZNGA)

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Tech More: Microsoft Zynga Mark Pincus Zynga's Stock Explodes After Report Says Microsoft's Xbox Boss Has Left To Possibly Be The New CEO Steve Kovach Jul. 1, 2013, 2:08 PM 1,689 1 Tweet!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0];if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src="//platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs");EmailShare on Tumblr

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Zynga's headquarters in San Francisco.

See Also The 28 Highest Paid Tech CEOs Nokia Buys A Future For $2.21 Billion 6 Reasons Gamers Already Prefer The PlayStation 4 To Xbox One Following Kara Swisher's report today that Microsoft's Xbox boss Don Mattrick has left the company and could be Zynga's new CEO, Zynga's stock is exploding, currently up about 11%.

It would be an interesting move for Mattrick, who cut his teeth running a traditional video game business for Microsoft. Zynga makes mostly mobile and social games for smartphones and tablets and is in desperate need of someone to come in and reinvigorate its business.

Zynga has been in a lot of trouble lately. Before today, its stock was down about 70% from its IPO price in 2011. The company also laid off 520 people, or about 18% of its workforce, last month. Zynga's CEO promised to focus more on mobile gaming following the layoffs.

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Stock up about 11% following the news.

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