CEOs across the world are bracing themselves for a recession:
Only a quarter of business leaders across the world expect their economies to
avoid recession between now and the end of 2023, according to
a survey. Conference Board’s poll of 750 CEOs and other C-suite execs found that more
than 60% now expect their areas to fall into a recession by the end of next
year while 15% believe that recession is already here.

What a difference six months makes: Just 22% of respondents
predicted a recession in the firm’s survey in late 2021.

It’s a really, really bad time for EM debt: Rising rates and disruptions to the energy and
commodities markets are adding a wave of unprecedented pressures on emerging
market debt, the
Financial Times
and
Wall Street Journal
are both reporting. The difference in yields between the JPMorgan EMBI Global
index — a benchmark index of USD-denominated EM sovereign bonds — and US
treasuries has leapt in recent days. Over the past year, the index has risen
from 300 bps to more than 400 bps, according to Bloomberg data cited by FT.

Foreign investors are rushing for the exits: Foreign
participation in local debt markets has fallen to just 18%, its lowest level
since 2009 as central banks remove the punchbowl of ultra-cheap money and
raise interest rates, the salmon-colored paper cites the Institute of
International Finance as saying.

ALSO FROM PLANET FINANCE-

  • All of Dubai’s Tecom shares snapped up in IPO: Investors
    reportedly bought 100% of the shares offered in Dubai business-park operator
    Tecom's IPO
    in the hours after subscription opened. (Bloomberg)
  • China wants a piece of Qatar’s huge natgas field: Chinese
    oil companies want to invest in Qatar’s North Field East — the world’s
    largest LNG project — and purchase gas under long-term contracts, according
    to people familiar with the matter. (Reuters)

EGX30

9,867

-1.0% (YTD: -17.4%)

USD (CBE)

Buy 18.71

Sell 18.79

USD at CIB

Buy 18.73

Sell 18.79

Interest rates CBE

11.25% deposit

12.25% lending

Tadawul

11,824

-1.3% (YTD: +4.8%)

ADX

9,457

-0.5% (YTD: +11.4%)

DFM

3,262

-0.6% (YTD: +2.1%)

S&P 500

3,675

+0.2% (YTD: -22.9%)

FTSE 100

7,016

-0.4% (YTD: -5.0%)

Euro Stoxx 50

3,438

+0.3% (YTD: -20.0%)

Brent crude

USD 113.12

-5.6%

Natural gas (Nymex)

USD 6.94

-7.0%

Gold

USD 1,840.60

-0.5%

BTC

USD 19,354

-5.2% (YTD: -60.0%)

THE CLOSING BELL-

The EGX30 fell 1.0% at Thursday’s close on turnover of EGP
1.23 bn (32% above the 90-day average). Foreign investors were net sellers.
The index is down 17.4% YTD.

In the green: Orascom Development Egypt (+2.2%), GB Auto
(+2.0%) and Rameda (+1.9%).

In the red: Egypt Kuwait Holding-EGP (-3.0%), Cleopatra
Hospitals (-2.8%) and Madinet Nasr Housing (-2.4%).

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