{"id":543428,"date":"2022-02-01T04:01:08","date_gmt":"2022-02-01T04:01:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/01\/this-morning-a-bad-january-for-stocks-ukraine-crisis-continues\/"},"modified":"2022-02-01T04:01:08","modified_gmt":"2022-02-01T04:01:08","slug":"this-morning-a-bad-january-for-stocks-ukraine-crisis-continues","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/01\/this-morning-a-bad-january-for-stocks-ukraine-crisis-continues\/","title":{"rendered":"THIS MORNING: A bad January for stocks + Ukraine crisis continues"},"content":{"rendered":"<p><strong>Welcome to February, wonderful people. <\/strong>It\u2019s a straight shot from here to the end of 1Q and just 60 days until the start of Ramadan, which begins on or about 2 April (that\u2019s a Saturday). We hope all of you FMCG and advertising folks have your plans locked in and that silly season is being good to you.<\/p>\n<p><strong>HAPPENING NOW- The bears are still salivating<\/strong> \u2014 and wondering what\u2019s keeping stocks aloft.<\/p>\n<p><strong>US markets closed out a horrible month with a huge rally:<\/strong> The S&P 500 closed up nearly 2% on Monday while the Nasdaq surged 6.6% over the past two sessions, marking both index\u2019s biggest two-day rallies since 2020, Bloomberg <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-01-30\/stocks-set-for-cautious-start-on-fed-china-risks-markets-wrap?srnd=premium-middle-east&sref=mmeFTDW1\">reports<\/a>.<\/p>\n<p><strong>But that doesn\u2019t change the fact that it was a terrible January for stocks<\/strong>, with the S&P falling 5.3% over the month, while the tech-heavy Nasdaq notched its worst monthly loss in over three years, down 8.5%. Market-watchers blamed the rocky January on the anticipated Fed tightening.<\/p>\n<p><strong>Oil was another story, posting its biggest January gain in at least three decades<\/strong> as supply continues to outstrip demand. Brent crude, the benchmark outside the US, settled at above USD 91 \/ barrel on Monday, marking a 17% gain for the month. Some analysts see oil at USD 100 \/ barrel this year \u2014 not great for inflation everywhere, and not wonderful for Egypt\u2019s budget projections, either, given we\u2019re a net importer.<\/p>\n<p><strong>OPEC+ <\/strong><strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-01-26\/opec-delegates-expect-to-stick-to-plan-for-modest-output-hike?srnd=premium-middle-east&sref=mmeFTDW1\">will meet<\/a><\/strong><strong> tomorrow \u2014 but isn\u2019t likely to step in on spiraling prices.<\/strong> The cartel is expected to agree to another gradual oil production increase of 400k bbl\/d \u2014 continuing a strategy that <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0c85b753-c915-4809-a035-491b881b9076\">has so far failed<\/a> to meet the recovery in demand as several member countries struggle to up their output.<\/p>\n<p><strong>THE BIG STORY ABROAD-<\/strong><\/p>\n<p><strong>It\u2019s still U<\/strong><strong>kraine<\/strong><strong>: <\/strong>Russia and the US waged a war of words over Russian military buildup at its border with Ukraine at the UN Security Council\u2019s meeting yesterday to discuss the issue. There was plenty of jawing and no action, but the <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-russia-united-states-europe-linda-thomas-greenfield-fc3d700af4518e643ce520ba066a4885\">Associated Press<\/a> reports that Russia sent the US a written response to a proposal from Washington on how to de-escalate the crisis in the hours following.<\/p>\n<p><strong>Whether Russia is in fact willing to turn down the heat remains to be seen<\/strong> \u2014 though Foreign Minister Sergei Lavrov and US Secretary of State Antony Blinken are booked in to chat about it all over the phone today, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-01-31\/un-security-council-set-to-debate-crisis-ukraine-update?sref=mmeFTDW1\">Bloomberg<\/a> reports. UK Prime Minister Boris Johnson, meanwhile, is getting on a plane to Ukraine. It can hardly be less hospitable than the environment he\u2019s <a href=\"https:\/\/www.nytimes.com\/2022\/01\/31\/world\/europe\/boris-johnson-gray-report.html\">currently facing at home<\/a>. And both the US and the UK are continuing to up their threats of very terrible sanctions for Russia \u2014 and newly, <a href=\"https:\/\/www.reuters.com\/world\/europe\/us-uk-ready-punish-putin-associates-if-russia-invades-ukraine-2022-01-31\/\">its elites<\/a> \u2014 if it does invade its neighbor.<\/p>\n<p><strong>RELEVANT TO US- The threat of war is already driving up global wheat prices<\/strong>, the <a href=\"https:\/\/www.wsj.com\/articles\/russia-ukraine-tensions-drive-global-wheat-prices-higher-11643630790?mod=Searchresults_pos1&page=1\">Wall Street Journal<\/a> reports. The world\u2019s largest wheat importer, Egypt is also<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/30bc9b32-0682-476e-b93c-cd733864721d\">the largest consumer of Ukrainian wheat<\/a>, last year purchasing the equivalent of around 14% of its total wheat consumption from the eastern European country.<\/p>\n<p><strong>ALSO- The rest of the world is rushing to catch up to Egypt as they wonder when it\u2019s okay to cancel covid. <\/strong>Go read the Wall Street Journal\u2019s \u201c<a href=\"https:\/\/www.wsj.com\/articles\/omicron-pushes-health-authorities-toward-learning-to-live-with-covid-19-11643537865\">Omicron pushes health authorities toward learning to live with covid-19<\/a>\u201d and marvel, once again, at how lightly Egypt has gotten off when it comes to pandemic-era lockdowns, restrictions and culture wars.<\/p>\n<p><strong>SIGN OF THE TIMES- <\/strong>The <a href=\"https:\/\/www.wsj.com\/articles\/new-york-times-acquires-wordle-game-11643666507?mod=hp_lead_pos3\">New York Times<\/a> has bought <strong><a href=\"https:\/\/www.powerlanguage.co.uk\/wordle\/\">Wordle<\/a><\/strong>. If you know, you know.<\/p>\n<p><strong>MEANWHILE- <\/strong><strong>RIP, Dr. Johnny Fever. <\/strong>Howard Hesseman, who brought the radio DJ to life on WKRP in Cincinnati and was later beloved by a certain type of neurotic millennial in Head of the Class. He died at age 81. <a href=\"https:\/\/www.nytimes.com\/2022\/01\/30\/arts\/television\/howard-hesseman-dead.html?referringSource=articleShare&utm_source=pocket_mylist\">The New York Times has a nice obit.<\/a><\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>The Central Bank of Egypt will hold its first policy meeting of 2022 on Thursday<\/strong>. All analysts surveyed in our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a4f0876c-b382-42d3-897f-9972a2721bed\">regular interest rate poll<\/a> expect the CBE to keep rates on hold, as they anticipate our rates continuing to attract portfolio inflows even amid Fed tightening and global inflationary pressures.<\/p>\n<p><strong>January PMI figures for Egypt, Saudi Arabia, and the UAE<\/strong> are also <a href=\"https:\/\/www.markiteconomics.com\/Public\/Release\/ReleaseDates\">due out on Thursday<\/a>.<\/p>\n<p><strong>From our friends at the US embassy: Women can now apply to join <\/strong><strong><a href=\"https:\/\/eg.usembassy.gov\/education-culture\/exchange-opportunities\/\">Fortune Global<\/a><\/strong><strong><a href=\"https:\/\/eg.usembassy.gov\/education-culture\/exchange-opportunities\/\">Women's Mentoring Program<\/a><\/strong> which will take place from 8-28 May 2022. The program aims to bring emerging women leaders from around the world to the US to meet and learn from the Fortune Most Powerful Women community, which includes executive women mentors from companies such as Accenture, Johnson & Johnson, and Aetna. The deadline to apply for the program is 8 February. <strong>You can begin your application by <\/strong><strong><a href=\"https:\/\/usembassycairo.submittable.com\/submit\/1048ec7c-7e08-4d86-b814-f54772c6910b\/2022-fortune-global-womens-mentoring-program-deadline-tuesday-february-8-at\">signing up here<\/a><\/strong><strong>.<\/strong><\/p>\n<p><strong>ALSO- The embassy is now <\/strong><strong><a href=\"https:\/\/eg.usembassy.gov\/cultural-property-agreement-implementation-grant\/\">accepting applications<\/a><\/strong><strong> for Cultural Property Agreement<\/strong><strong> Implementation projects<\/strong> that would help Egypt protect cultural property from looting, theft, and illicit trafficking. The <a href=\"https:\/\/eg.usembassy.gov\/wp-content\/uploads\/sites\/156\/CPAIG-2022-Announcment-RDL-edits.pdf\">guidelines<\/a> state that concept notes should be sent in by this Thursday, 3 February, while shortlisted applicants will need to submit full applications by 4 May. Each project will receive USD 50-100k, with around USD 500k earmarked for the entire program.<\/p>\n<p><strong>The IMF and World Bank\u2019s annual fall meeting this October will take place in <\/strong><strong>Washington DC<\/strong>, with plans for Morocco to host delayed until October 2023 due to \u201ccontinuing uncertainty over the covid-19 pandemic,\u201d the World Bank announced in a <a href=\"https:\/\/www.worldbank.org\/en\/news\/press-release\/2022\/01\/31\/world-bank-group-and-imf-will-hold-2022-annual-meetings-in-washington-dc-and-2023-annual-meetings-will-take-place-in-mor\">statement<\/a>. This marks the second year the Morocco meeting, which was initially set for 2021, has been pushed due to the pandemic. The lenders traditionally hold two consecutive annual meetings in DC, with the third meeting held in another member country.<\/p>\n<p><strong>The Cairo International Book Fair continues today<\/strong> at the Egypt International Exhibition Center. The event runs through to 7 February.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">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<p class='web-image'><img data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/INFINITY-Top-banner-EN-1600x675-v2-02.png?ssl=1\" alt='enterprise'><\/p>\n<p><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p>\n<p><strong>In today\u2019s issue: <\/strong>The EBRD has provided Egypt EUR 1 bn in total funding in 2021 \u2014 with 44% of that going towards green economy projects. We sat down with Heike Harmgart, the EBRD\u2019s managing director for the Southern and Eastern Mediterranean (SEMED) region, where we discussed details of their 2021 funding, their priorities for 2022, and what the bank hopes to see coming out of COP27.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Welcome to February, wonderful people. It\u2019s a straight shot from here to the end of 1Q and just 60 days until the start of Ramadan, which begins on or about 2 April (that\u2019s a Saturday). We hope all of you FMCG and advertising folks have your plans locked in and that silly season is being [&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":[7204],"tags":[72,119,272,316,120,128,270,121,304,117,74,563,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543428","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-financial-markets","tag-imf","tag-morocco","tag-nasdaq","tag-opec","tag-russia","tag-sp-500","tag-ukraine","tag-us","tag-what-were-tracking-today","tag-wheat","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"25727c1a-6e7a-4ad7-af98-aa8a5e1e4a48","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[543426],"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>THIS MORNING: A bad January for stocks + Ukraine crisis continues - 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\/02\/01\/this-morning-a-bad-january-for-stocks-ukraine-crisis-continues\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: A bad January for stocks + Ukraine crisis continues\" \/>\n<meta property=\"og:description\" content=\"Welcome to February, wonderful people. It\u2019s a straight shot from here to the end of 1Q and just 60 days until the start of Ramadan, which begins on or about 2 April (that\u2019s a Saturday). 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It\u2019s a straight shot from here to the end of 1Q and just 60 days until the start of Ramadan, which begins on or about 2 April (that\u2019s a Saturday). We hope all of you FMCG and advertising folks have your plans locked in and that silly season is being [&hellip;]","og_url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/01\/this-morning-a-bad-january-for-stocks-ukraine-crisis-continues\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2022-02-01T04:01:08+00:00","og_image":[{"url":"https:\/\/ent.news\/2021\/3\/INFINITY-Top-banner-EN-1600x675-v2-02.png","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/01\/this-morning-a-bad-january-for-stocks-ukraine-crisis-continues\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/01\/this-morning-a-bad-january-for-stocks-ukraine-crisis-continues\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"THIS MORNING: A bad January for stocks + Ukraine crisis continues","datePublished":"2022-02-01T04:01:08+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/01\/this-morning-a-bad-january-for-stocks-ukraine-crisis-continues\/"},"wordCount":1119,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/01\/this-morning-a-bad-january-for-stocks-ukraine-crisis-continues\/#primaryimage"},"thumbnailUrl":"https:\/\/ent.news\/2021\/3\/INFINITY-Top-banner-EN-1600x675-v2-02.png","keywords":["EnterpriseAM","Financial Markets","IMF","Morocco","Nasdaq","OPEC","Russia","S&amp;P 500","Ukraine","US","What We're Tracking Today","wheat","World Bank"],"articleSection":["What We're Tracking Today"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/01\/this-morning-a-bad-january-for-stocks-ukraine-crisis-continues\/","url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/01\/this-morning-a-bad-january-for-stocks-ukraine-crisis-continues\/","name":"THIS MORNING: A bad January for stocks + Ukraine crisis continues - 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The S&P 500 closed down 2.9% for the week on Friday, while the tech-heavy Nasdaq dropped 3.5% \u2014 marking the fourth weekly\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544484,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/stocks-slip-as-investors-fret-over-ukraine-conflict\/","url_meta":{"origin":543428,"position":1},"title":"Stocks slip as investors fret over Ukraine conflict","author":"enterpriseam admin","date":"6 March 2022","format":false,"excerpt":"US stocks continued to slip on Friday on the back of the war, with the tech-heavy Nasdaq falling 1.7% and the S&P 500 slipping 0.8% in volatile trading, the Financial Times reports. Investors flocked from equities to safe haven assets including gold and government bonds. EGX30 11,306 +1.0% (YTD: -5.4%)\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544762,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/20\/us-stocks-have-best-week-since-november-2020\/","url_meta":{"origin":543428,"position":2},"title":"US stocks have best week since November 2020","author":"enterpriseam admin","date":"20 March 2022","format":false,"excerpt":"US stocks had their best week since November 2020 last week following US-China talks on Ukraine and as the oil price rally slowed. Tech shares, which have endured one of their worst first quarters in years, saw large gains, with the Nasdaq rising more than 8% during the week. The\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544675,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/chinese-shares-suffer-biggest-sell-off-since-08-on-covid-ukraine-fears\/","url_meta":{"origin":543428,"position":3},"title":"Chinese shares suffer biggest sell-off since \u201808 on covid, Ukraine fears","author":"enterpriseam admin","date":"15 March 2022","format":false,"excerpt":"Chinese stocks see biggest sell-off since the 2008 recession: Hong Kong-listed Chinese stocks had their worst day since the global financial crisis, as Beijing\u2019s continued ties with Russia, regulatory concerns, and new covid-19 lockdowns sparked a panic selloff, Bloomberg reports. The Hang Seng China Enterprises Index closed down 7.2% in\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":609418,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/05\/us-stocks-have-best-week-in-almost-a-year-on-interest-rate-hopes\/","url_meta":{"origin":543428,"position":4},"title":"US stocks have best week in almost a year on interest rate hopes","author":"enterpriseam admin","date":"5 November 2023","format":false,"excerpt":"The S&P 500, Nasdaq 100 both saw their best weekly performances all year long","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/174.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555312,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/09\/stocks-crypto-hit-new-record-highs\/","url_meta":{"origin":543428,"position":5},"title":"Stocks, crypto hit new record highs","author":"enterpriseam admin","date":"9 November 2021","format":false,"excerpt":"US stocks hit new record highs: The S&P 500 closed above 4,700 for the first time yesterday as strong earnings, positive payroll data and fading covid concerns pushed the benchmark index to achieve its longest run of gains since 2017, Bloomberg says. 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