{"id":542848,"date":"2022-01-19T02:44:06","date_gmt":"2022-01-19T02:44:06","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/19\/coming-fed-tightening-triggers-equities-rotation-rising-yields\/"},"modified":"2022-01-19T02:44:06","modified_gmt":"2022-01-19T02:44:06","slug":"coming-fed-tightening-triggers-equities-rotation-rising-yields","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/19\/coming-fed-tightening-triggers-equities-rotation-rising-yields\/","title":{"rendered":"Coming Fed tightening triggers equities rotation, rising yields"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>US markets overall took a sharp dip on Tuesday as yields rose<\/strong>: The S&P 500 fell 1.8%, the Dow Jones dropped 1.5%, and the tech-heavy Nasdaq declined 2.6% to its lowest level in three months. Treasury yields, meanwhile, posted gains, with the 2-year yield breaking above 1% for the first time since the outset of the pandemic as Fed tightening looms, <a href=\"https:\/\/www.cnbc.com\/2022\/01\/17\/stock-market-futures-open-to-close-news.html\">CNBC<\/a> reports<\/p>\n<p><strong>Tech stocks have fallen from grace and inflows to bank stocks are on the rise<\/strong>, as the surge in bond yields shifts market dynamics, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-01-18\/tech-stocks-unravel-while-banks-are-hot-in-2022-market-rotation?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg reports<\/a>. Net allocations to the tech sector nosedived 20% month-over-month to just 1% after spending more than a decade as the darling of investors, Bank of America\u2019s Global Fund Manager Survey showed. Meanwhile, allocations to bank stocks rose to 41%. Anticipated monetary tightening from global central banks is the \u201c#1 risk to markets in 2022,\u201d according to the survey \u2014 leading investors to turn away from expensive, growth-dependent tech equities. .<\/p>\n<p><strong>But it\u2019s shaping up to be a rocky earnings season for Bulge Bracket banks:<\/strong> Goldman Sachs\u2019 shares fell as much as 8% during Tuesday\u2019s trading on the back of missed Q4 earnings targets in its 2021 <a href=\"https:\/\/ent.news\/2022\/1\/Goldman-Sachs-2021-q4-results.pdf\">earnings release (pdf)<\/a>, despite posting record net income of nearly USD 22 bn for 2021. Weaker trading toward the end of the year and rising expenses in the sector saw Goldman join <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e0491cca-a488-4429-aba8-f65182f00f79\">Citigroup and JPMorgan<\/a> in posting disappointing annual results, leading some to question whether banks can repeat 2021\u2019s bumper year. Bank of America and Morgan Stanley report today.<\/p>\n<p><strong>Also worth noting this morning:<\/strong><\/p>\n<ul>\n<li><strong>HSBC expects a rush of bond sales in the Middle East in the first few months of<\/strong><strong> the year <\/strong>as governments and companies race to refinance ahead of Fed tightening. The bank was the Middle East\u2019s top arranger for bond sales for the first time in more than five years in 2021, with a 14% market share. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-01-17\/hsbc-reclaims-bond-crown-in-mideast-and-awaits-spurt-to-beat-fed?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>)<\/li>\n<li><strong>France wants the EU to expedite adoption of the 15% global minimum corporate<\/strong><strong> tax<\/strong> agreed between some 140 countries (<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dc4ed721-9425-47c7-a393-935435f14652\">including<\/a> Egypt) <a href=\"https:\/\/www.oecd.org\/tax\/international-community-strikes-a-ground-breaking-tax-deal-for-the-digital-age.htm#:~:text=08%2F10%2F2021%20%2D%20Major,15%25%20tax%20rate%20from%202023.&text=With%20Estonia%2C%20Hungary%20and%20Ireland,all%20OECD%20and%20G20%20countries.\">last October<\/a> \u2014 but some European nations are dragging their feet on the 2023 implementation target. French Finance Minister Bruno Le Maire sat down with us <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/548e9c5f-fc70-4553-8e5f-edc63e2721e3\">in June<\/a> to outline how Egypt stands to benefit from the OECD agreement. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-01-18\/france-urges-eu-to-adopt-global-minimum-tax-in-coming-weeks?sref=mmeFTDW1\">Bloomberg<\/a>)<\/li>\n<\/ul>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>11,876<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: -0.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,194<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: +8.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>8,479<\/p>\n<\/td>\n<td>\n<p>+0.8% (YTD: -0.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,178<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: -0.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,577<\/p>\n<\/td>\n<td>\n<p>-1.8% (YTD: -3.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,563<\/p>\n<\/td>\n<td>\n<p>-0.6% (YTD: +2.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 87.51<\/p>\n<\/td>\n<td>\n<p>+1.2%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 4.35<\/p>\n<\/td>\n<td>\n<p>+1.5%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,813<\/p>\n<\/td>\n<td>\n<p>+0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 42,376<\/p>\n<\/td>\n<td>\n<p>+1.7% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 rose 0.2% yesterday<\/strong> on turnover of EGP 633 mn (45.9% below the 90-day average). Local investors were net buyers. The index is down 0.6% YTD.<\/p>\n<p><strong>In the green: <\/strong>Egyptian Resorts Company (+6.1%), CIRA (+5.3%) and GB Auto (+5.0%).<\/p>\n<p><strong>In the red: <\/strong>Fawry (-1.8%), Rameda (-1.2%) and Palm Hills Development (-1.1%).<\/p>\n<p><strong>Asian markets are following US stocks into the red this morning: <\/strong>The Nikkei was leading the way at dispatch time, down 1.9%, while shares in China and South Korea were marginally in the red. Europe is in course to follow suit, with futures pointing to early losses when markets open in a few hours. Dip-buyers look to be surfacing in the US though, with all three benchmark indexes currently poised to see early gains.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>US markets overall took a sharp dip on Tuesday as yields rose: The S&#038;P 500 fell 1.8%, the Dow Jones dropped 1.5%, and the tech-heavy Nasdaq declined 2.6% to its lowest level in three months. Treasury yields, meanwhile, posted gains, with the 2-year yield breaking above 1% for the first time since the outset of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[204,82,102,302,72,164,119,491,260,490,122,492,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-542848","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-banking","tag-bonds","tag-capital-markets","tag-earnings","tag-enterpriseam","tag-equities","tag-financial-markets","tag-france","tag-goldman-sachs","tag-hsbc","tag-planet-finance","tag-standard-chartered","tag-tax","wpautop","entry"],"acf":{"mongo_id":"f4359591-7c38-466d-a5fd-6bc11073d6c5","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[542826],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Coming Fed tightening triggers equities rotation, rising yields - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/19\/coming-fed-tightening-triggers-equities-rotation-rising-yields\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coming Fed tightening triggers equities rotation, rising yields\" \/>\n<meta property=\"og:description\" content=\"US markets overall took a sharp dip on Tuesday as yields rose: The S&amp;P 500 fell 1.8%, the Dow Jones dropped 1.5%, and the tech-heavy Nasdaq declined 2.6% to its lowest level in three months. 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