Egyptian banking activity suspended until next week as 56 confirmed dead

The Egyptian central bank will suspend all banking activity in the country tomorrow amid violence in Cairo and other regions. Trading will resume at the start of next week.

This comes as the Egyptian Health Ministry announces 56 people have been killed and 526 injured as security forces clashed with supporters of deposed president Mohammed Morsi.

Earlier today, NOAH Capital Markets moved its recommendation for Egyptian stocks from neutral to sell, saying the violence is likely to get worse.