{"id":542880,"date":"2022-01-23T04:02:37","date_gmt":"2022-01-23T04:02:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/23\/this-morning-a-horrible-week-for-stocks-and-btc-could-get-even-worse-amid-saber-rattling-between-moscow-and-the-west\/"},"modified":"2022-01-23T04:02:37","modified_gmt":"2022-01-23T04:02:37","slug":"this-morning-a-horrible-week-for-stocks-and-btc-could-get-even-worse-amid-saber-rattling-between-moscow-and-the-west","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/23\/this-morning-a-horrible-week-for-stocks-and-btc-could-get-even-worse-amid-saber-rattling-between-moscow-and-the-west\/","title":{"rendered":"THIS MORNING: A horrible week for stocks and BTC could get even worse amid saber rattling between Moscow and the west"},"content":{"rendered":"

Good morning, nice people, and welcome to a chilly first day of the workweek.<\/strong><\/p>\n

Our big story this morning: The results of our 2022 Reader Poll<\/strong>, our first since just after the pandemic kicked off \u2014 and our largest ever in terms of participation. Thank you all for helping everyone in our community not just get a better sense of where our collective head is at, but also for helping many of us refine our plans for the year.<\/p>\n

The big finding in the poll: Y\u2019all are very optimistic about 2022. <\/strong>We have the rundown on the results in this morning\u2019s What\u2019s Next (below) or you can tap or click here now to go see the full results on the web<\/a><\/strong>.<\/p>\n

We\u2019re going to announce later this week <\/strong>the names of eight readers who we\u2019ll be inviting to join us for breakfast when this omicron wave subsides. A dozen more of you will be getting Enterprise mugs in which to consume your morning coffee.<\/p>\n

SPEAKING OF this wave of the pandemic: The number of new daily cases hit its highest<\/strong> level yesterday since June 2020<\/strong>, meaning the official count of daily cases has doubled so far this month. The silver lining: The death toll has not <\/em>doubled in tandem.<\/p>\n

ALSO this morning: <\/strong>Unvaccinated travelers to Egypt can now enter using a negative<\/strong> PCR, rapid antigen <\/strong>or rapid molecular ID Now test taken no more than 72 hours before arrival, the Health Ministry announced in a statement<\/a> on Thursday. The previous requirement allowed only a PCR test. We have more in today\u2019s news well, below.<\/p>\n

HAPPENING THIS WEEK-<\/strong><\/p>\n

<\/a> Nahr Elkhair Development and Investment\u2019s shares will start trading on the <\/strong>EGX on Tuesday<\/strong>, Al Borsa<\/a> and Al Shorouk<\/a> reported last night.<\/p>\n

Looks like there won\u2019t be an IPO after all:<\/strong> Sources told Al Shorouk that the company will not be required to offer shares to investors via subscription and will instead directly list its shares on the bourse on Tuesday. The company has set a reference price of EGP 0.25 per share for what now appears set to be a technical listing.<\/p>\n

PSA #1- We can probably all look forward to a four-day workweek this week<\/strong> as the nation takes Thursday off in observance of 25 January. Prime Minister Moustafa Madbouly confirmed yesterday<\/a> that public sector workers will take the day, though we\u2019re yet to hear from the EGX, the Central Bank of Egypt or the Manpower Ministry.<\/p>\n

PSA #2- Expect up to 5mm of rain and high winds on Wednesday with a high of 13\u00b0C<\/strong>, setting up a chilly (but crisp) Thursday.<\/p>\n

\n

THE BIG STORY ABROAD- UK accuses Russia of coup-plotting in Kiev: <\/strong>The UK has the front pages of the Western media to itself this morning after the Foreign Office took the extraordinary step of accusing Russia of plotting a coup in Ukraine, going so far as to name Moscow\u2019s alleged replacement for pro-Western president, Volodymyr Zelensky. The UK presented no evidence for its claims but appears to have had the backing of the US. EU leaders are yet to respond to the allegations. In the West, the Foreign Office\u2019s statement<\/a> is front-page news everywhere from Bloomberg<\/a> and Reuters<\/a> to the New York Times<\/a> and the BBC<\/a>. Russian state news agency Tass<\/a> carries the response from the Kremlin, which accused the UK of spreading misinformation.<\/p>\n

The UK\u2019s allegations came following another weekend of <\/strong>saber-rattling and \u201c<\/strong>diplomacy\u201d between the US and Russia<\/strong> over Ukraine. The Russians announced new global naval drills<\/a>, while the US<\/a> and UK<\/a> began funneling arms into Ukraine, all while talks between US and Russian officials made little headway: Russia doesn\u2019t want Nato forces in Ukraine and the US doesn\u2019t want to talk about it.<\/p>\n

Division in the ranks:<\/strong> France and Germany both signaled over the weekend that they\u2019d prefer not to get sucked into an armed confrontation with another nuclear armed power and made moves to reduce tensions. Berlin refused to go along with Washington\u2019s plan to export arms to Ukraine and blocked Estonia<\/a> from doing so. Meanwhile, French president Emmanuel Macron called on European countries to enter separate talks<\/a> with Moscow without the US (much to the chagrin of US officials<\/a>).<\/p>\n

And that seems to be what is happening:<\/strong> Officials from Russia, Ukraine, France and Germany will meet in Paris (without the US) later this week in a bid to dial back the tensions and end the frozen conflict between the Ukrainian government and Russian separatists in the east of the country, Reuters<\/a> reports.<\/p>\n

<\/a> Global markets had their worst week in over a year <\/strong>as a drop in tech stocks spilled over into other sectors, the FT<\/a> reports. The tech-heavy Nasdaq was the biggest loser, falling 7.6% last week \u2014 its biggest drop since the pandemic\u2019s onset in March 2020 \u2014 as investors fled the high-risk growth stocks. Losses were accentuated by a 22% drop in Netflix shares on Friday as the company warned of slowing subscriber growth in its latest earnings release<\/a>. The Nasdaq is down nearly 12% since the beginning of the year and is on course to record its worst month since the 2008 financial crisis<\/strong>, according to Bloomberg<\/a>. Meanwhile, both the Dow Jones and the S&P 500 posted a third straight week of losses, with the S&P 500 down 5.7% for the week, CNBC<\/a> reports.<\/p>\n

Warren Buffett gains on Cathie Wood amid the upset in equities:<\/strong> The apparent growth-to-value rotation in the stock markets has led Warren Buffett\u2019s Berkshire Hathaway fund to nearly overtake Cathie Wood\u2019s tech-focused Ark fund in the post-pandemic performance table, the Financial Times<\/a> reports.<\/p>\n

Expect more movement in tech stocks amid big earnings reports this week: <\/strong>Microsoft is up on Tuesday, followed by Tesla on Wednesday and Apple on Thursday, the Wall Street Journal<\/a> reports.<\/p>\n

BTC dropped to a six -month low as risk-off sentiment grew, <\/strong>Bloomberg<\/a> reported. The digital asset dropped 12% to below USD 36k on Friday, its lowest level since July, bringing the aggregate crypto market\u2019s loss since the asset class began to fall in November to USD 1 trn. This marks the second-largest ever decline in dollar terms for both BTC and the wider market, according to Bespoke Investment Group analysts.<\/p>\n

Russia could deal another blow to the crypto market: <\/strong>The world\u2019s third-largest BTC miner has proposed a blanket ban on crypto trading and mining. <\/strong>Russia\u2019s central bank said digital currencies pose a threat to citizens\u2019 wellbeing and financial stability and likened the assets to a pyramid scheme in a report (pdf)<\/a> published on Thursday.<\/p>\n

Though the Fed could be more open to digital currencies: <\/strong>The US Federal Reserve issued a digital banking discussion paper (pdf)<\/a> of its own on Thursday, kicking off a debate on the pros and cons of introducing a federal digital currency and inviting the public<\/a> to submit comments over the next 120 days.<\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n

NOT ENOUGH DOOM AND GLOOM FOR YOU? <\/strong><\/p>\n

The global economy will face an \u201cobstacle course\u201d in 2022 <\/strong>as the pandemic and geopolitical tensions drive inflation amid record debt levels, IMF head Kristalina Georgieva said on the fifth and final day of the online Davos conference, the Financial Times<\/a>reports.<\/p>\n

Covid has written us one hell of a check:<\/strong> The pandemic will likely have cost the global economy around USD 12.5 tn by 2024, Georgieva said<\/a>.<\/p>\n

Georgieva called on countries with high USD-dominated debt to act quickly: <\/strong>The IMF managing director said that anticipated Fed rate hikes \u201ccould throw cold water on what for some countries is already a weak recovery,\u201d adding that \u201cIf you have currency mismatches, now is the moment to address them.\u201d<\/p>\n

CIRCLE YOUR CALENDAR-<\/strong><\/p>\n

Startups can apply until 30 January for the spring 2022 cycle of EGBank\u2019s Mint <\/strong>Incubator.<\/strong> The incubator offers two tracks: a sector-agnostic track for startups at the MVP stage, and a fintech track that accepts early-stage startups both at the ideation and MVP stages. Main founders must be between 16-35 years old. You can apply here<\/a>.<\/p>\n

The Cairo International Book <\/strong>Fair starts on Thursday at <\/strong>the Egypt International <\/strong>Exhibition Center.<\/strong> Members of the public will be allowed to enter without providing proof of vaccination, the Culture Ministry said<\/a> last week. The two-week event runs through to 7 February.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

enterprise<\/p>\n

*** It\u2019s What\u2019s Next day:<\/strong> We have our weekly deep-dive into what makes and shapes pre-listed companies and startups in Egypt, the UAE and KSA, touching on investment trends, future sector insights and growth journeys.<\/p>\n

In today\u2019s issue:<\/strong> The results of the Enterprise 2022 reader poll are out: You spoke and we listened and from what you\u2019ve told us, your 2021 has been a year of recovery and a far cry from the doom and gloom of 2020. Most of you cannot wait to get the ball rolling in 2022, with the overwhelming majority feeling that business conditions will improve further.<\/p>\n

We want to thank all of you for participating<\/strong> in this and we cannot wait to discuss these sentiments with some of you in person during our breakfast.<\/p>\n","protected":false},"excerpt":{"rendered":"

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Our big story this morning: The results of our 2022 Reader Poll, our first since just after the pandemic kicked off \u2014 and our largest ever in terms of participation. 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There may be only seven working days remaining of the year but 2022 shows no signs of wanting to take a time out. Here in Egypt we have a crucial central bank policy meeting tomorrow and \u2014 as the IMF\u2019s Egypt mission chief reminds us\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/445.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542543,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/03\/this-morning-the-2021-enterprise-reader-poll-closes-tonight-civil-servants-banks-get-thursday-off-for-coptic-christmas-sudanese-pm-resigns-amid-protests\/","url_meta":{"origin":542880,"position":1},"title":"THIS MORNING: The 2021 Enterprise Reader Poll closes tonight; Civil servants, banks get Thursday off for Coptic Christmas; Sudanese PM resigns amid protests.","author":"enterpriseam admin","date":"3 January 2022","format":false,"excerpt":"Good morning, friends, and welcome to a pleasantly brisk news day in which our economic record in 2021 leads is the big story. Expect corporate news to stage a comeback in a few days\u2019 time \u2014 much of corporate Egypt seems to be dreaming of a three-day weekend before \u201creally\u201d\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":554152,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/this-morning-ghazl-el-mahallas-subscription-period-will-be-announced-this-week-russia-vs-nato-showdown-is-still-a-thing-equities-bounce-back-but-omicron-fears-remain\/","url_meta":{"origin":542880,"position":2},"title":"THIS MORNING: Ghazl El Mahalla\u2019s subscription period will be announced this week; Russia vs. Nato showdown is still a thing; equities bounce back but omicron fears remain","author":"enterpriseam admin","date":"22 December 2021","format":false,"excerpt":"Good morning, everyone, and happy Wednesday to you all. Just three more sleeps until (western) Christmas for the kids out there who celebrate the occasion.PSA #1- We\u2019re taking a handful of our customary end-of-year publication holidays. EnterprisePM is going on break today and will return on 2 January. EnterpriseAM will\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548625,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/16\/this-morning-cbe-odds-on-to-hike-rates-this-thursday-kenya-has-a-new-president\/","url_meta":{"origin":542880,"position":3},"title":"THIS MORNING: CBE odds-on to hike rates this Thursday + Kenya has a new president","author":"enterpriseam admin","date":"16 August 2022","format":false,"excerpt":"Good morning, friends, and welcome to a big news morning. There\u2019s plenty of good news today, including the first tentative sign of renewed foreign appetite for Egyptian debt and another boost to our regional energy hub ambitions (from The Company Formerly Known As Delek and a compatriot).Also notable: Six of\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":554276,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/28\/this-morning-new-budget-act-up-for-debate-in-the-house-today-were-still-looking-forward-to-a-rainy-weekend\/","url_meta":{"origin":542880,"position":4},"title":"THIS MORNING: New Budget Act up for debate in the House today + we\u2019re still looking forward to a rainy weekend","author":"enterpriseam admin","date":"28 December 2021","format":false,"excerpt":"Good morning, friends, and welcome to another busy news day. The usual end of year news slowdown? Ain\u2019t happening this year, even though we were bombarded by a record number of \u201cout of office\u201d replies Monday and yesterday.SOUND SMART- You\u2019re not \u201cOOO\u201d you\u2019re \u201cout of the office.\u201d And you really,\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":554192,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/23\/this-morning-a-quiet-end-to-the-workweek-schools-out-again-in-alexandria-football-crypto-tokens-are-under-a-watchful-eye\/","url_meta":{"origin":542880,"position":5},"title":"THIS MORNING: A quiet end to the workweek; school\u2019s out (again) in Alexandria; football crypto tokens are under a watchful eye","author":"enterpriseam admin","date":"23 December 2021","format":false,"excerpt":"Good morning, ladies and gents, and welcome to the second-to-last Thursday of the year. We\u2019re within arm\u2019s reach of (western) Christmas and it\u2019ll be time to ring in the new year before you know it.PSA #1- Our customary end-of-year publication holiday season is upon us: EnterprisePM will continue to be\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542880","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=542880"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542880\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/542878"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=542880"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=542880"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=542880"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=542880"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=542880"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}