{"id":542700,"date":"2022-01-12T04:06:26","date_gmt":"2022-01-12T04:06:26","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/12\/this-morning-world-bank-sees-slowdown-in-developing-economies-powell-downplays-rate-hike-impact-egypt-lose-afcon-opener-chimera-launches-new-etf\/"},"modified":"2022-01-12T04:06:26","modified_gmt":"2022-01-12T04:06:26","slug":"this-morning-world-bank-sees-slowdown-in-developing-economies-powell-downplays-rate-hike-impact-egypt-lose-afcon-opener-chimera-launches-new-etf","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/12\/this-morning-world-bank-sees-slowdown-in-developing-economies-powell-downplays-rate-hike-impact-egypt-lose-afcon-opener-chimera-launches-new-etf\/","title":{"rendered":"THIS MORNING: World Bank sees slowdown in developing economies; Powell downplays rate hike impact; Egypt lose Afcon opener; Chimera launches new ETF"},"content":{"rendered":"

Good morning, wonderful people<\/strong>, and happy almost-THURSDAY. We have plenty of good news on the economic front today \u2014 and an encouraging sign that the nation\u2019s sukuk market may be starting to wake up. Less good: The Pharaoh\u2019s lackluster performance at Afcon last night.<\/p>\n

<\/a> Egypt\u2019s Afcon campaign got off to a dismal start yesterday:<\/strong> The Pharoahs lost 1-0 to Nigeria in their opening game of the tournament. Leicester City striker Kelechi Iheanacho put the West African side ahead on the half-hour mark, with a lovely top-corner finish on the half volley. Despite having the lion\u2019s share of possession, the Pharaohs were toothless in attack, registering only two shots on target over the 90 minutes, and will have to improve in their next game against Guinea-Bissau if they want to progress to the next round. The other tie in Group D between Sudan and Guinea-Bissau finished goalless.<\/p>\n

MEANWHILE- It\u2019s day three of the<\/strong><\/a><\/strong>World Youth Forum<\/a><\/strong> in Sharm El Sheikh<\/strong>. You can check out thefull agenda for the forum here (pdf)<\/a>.<\/p>\n

THE BIG STORIES ABROAD- Powell downplays economic impact of incoming rate hikes:<\/strong> Federal Reserve chair Jay Powell has sought to calm nerves about the bank\u2019s plan to raise interest rates this year, telling senators yesterday that efforts to fight inflation can be done without inflicting harm on the economy. Speaking at his confirmation hearing, Powell reiterated the dangers posed by rapidly rising prices but characterized the end of pandemic-era stimulus as a return to normalcy rather than a hawkish turn towards ultra-restrictive policy. Powell, who was renominated by the Biden administration to lead the Fed for a second term, is trying to navigate a tricky course between calming inflation, which last year reached multi-decade highs, and minimizing damage to the economy.<\/p>\n

The story is everywhere in the global business press this morning:<\/strong> Reuters<\/a> | Financial Times<\/a> | Bloomberg<\/a> | Wall Street Journal<\/a>.<\/p>\n

Powell\u2019s words pleased the financial markets<\/strong>, leading US stocks to rebound and calming the sell-off in the bond market.<\/p>\n

Yesterday\u2019s rally is continuing in Asia this morning<\/strong>, where indexes across the region are solidly in the black. Futures indicate that shares in the US and Europe will open in the green later today.<\/p>\n

READ THIS- China is putting the brakes on its loans to Africa<\/strong>, the Financial Times writes in its Big Read<\/a> as controversy continues over what some in Africa (and the west) call its \u201cpredatory\u201d lending \u2014 and one day after Sri Lanka asked Beijing to restructure its debt payments<\/a>.<\/p>\n

Another day, another covid record in the US:<\/strong> Covid hospitalizations in the US have reached record highs, rising to more than 145k yesterday as the omicron variant sweeps across the nation. The story is all over the US press from the Washington Post<\/a> and the Wall Street Journal<\/a> to CNN<\/a> and CNBC<\/a>.<\/p>\n

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