{"id":544398,"date":"2022-03-01T04:00:39","date_gmt":"2022-03-01T04:00:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/01\/war-in-ukraine-is-like-a-bric-to-the-face-for-foreign-investors\/"},"modified":"2022-03-01T04:00:39","modified_gmt":"2022-03-01T04:00:39","slug":"war-in-ukraine-is-like-a-bric-to-the-face-for-foreign-investors","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/01\/war-in-ukraine-is-like-a-bric-to-the-face-for-foreign-investors\/","title":{"rendered":"War in Ukraine is like a BRIC to the face for foreign investors"},"content":{"rendered":"

<\/a> LIKE A BRIC TO THE FACE FOR FOREIGN INVESTORS- Like Big Oil, the <\/strong>Grand Wizzards of High Finance are scrambling<\/strong> to figure out what to do with their massive exposure to Russia. Foreign fund managers hold at least USD 150 bn in Russian stocks and bonds<\/a> and are \u201cscrambling to find ways to execute trades after western sanctions froze the country out of the global financial system.\u201d Some USD 86 bn of that figure is in equities, and the Moscow stock exchange was closed yesterday.<\/p>\n

The Moscow Exchange was closed yesterday \u2014 <\/strong>and may be again today<\/strong>. <\/strong>Russia\u2019s central bank said yesterday<\/a> that it would announce tomorrow morning at 9am Moscow time when the next trading session would take place. Better still: The FT reports<\/a> that the central bank yesterday \u201cbanned overseas institutions from selling local securities on the Moscow Exchange.\u201d<\/p>\n

And even if the exchange opens, how will fund managers get money out <\/strong>when Russia is unplugged from the Swift interbank messaging system?<\/p>\n

And it\u2019s looking tough to dump foreign-listed Russian companies: <\/strong>Some exchanges are following the lead of Deutsche B\u00f6rse and suspending trading in top Russian names including Aeroflot, Rosneft and Sberbank. And compliance departments are telling traders not to buy the (dip? crash?) as London-listed Russian securities crash in price, the FT noted. Doing otherwise might run them afoul of sanctions.<\/p>\n

It\u2019s a USD 10 bn problem for Citi<\/strong>, while Goldman could take a hit in the USD 650 mn neighborhood. The two are the US banks most-exposed to Russia, the FT suggests<\/a>.<\/p>\n

Is Total Energies next to head for the exits<\/strong>, following in the footsteps of BP, Shell and Equinor? The company wouldn\u2019t return a call from the Wall Street Journal<\/a> yesterday, and the Financial Times<\/a> notes that pressure is ramping up on ExxonMobil, Glencore and Trafigura to do the same.<\/p>\n

Others are following suit: <\/strong>HSBC and AerCap \u2014 the world's largest aircraft leasing firm \u2014 joined a growing list<\/a> of multinational companies now looking to exit relationships in Russia due to the sanctions.<\/p>\n

Russian energy companies have so far been spared the Western sanctions<\/strong> due to their importance in global energy markets and countries fearing for their own supplies \u2014 providing a financial cushion for Putin, the Wall Street Journal<\/a> reports.<\/p>\n

Oh, and forget about sidestepping sanctions by using crypto: <\/strong>The US Treasury Department is warning crypto exchanges to make sure sanctions-busters don\u2019t use their infrastructure to get money out of Russia, according to Bloomberg<\/a>. BTC surged by nearly 15% overnight to hit a near two-week high<\/a>.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

11,139<\/p>\n<\/td>\n

\n

-0.3% (YTD: -6.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,590<\/p>\n<\/td>\n

\n

+1.4% (YTD: +11.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,319<\/p>\n<\/td>\n

\n

+2.2% (YTD: +9.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,355<\/p>\n<\/td>\n

\n

+1.3% (YTD: +5.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,374<\/p>\n<\/td>\n

\n

-0.2% (YTD: -8.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,458<\/p>\n<\/td>\n

\n

-0.4% (YTD: +1.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 100.99<\/p>\n<\/td>\n

\n

+3.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 4.40<\/p>\n<\/td>\n

\n

-0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,908<\/p>\n<\/td>\n

\n

+0.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 41,636<\/p>\n<\/td>\n

\n

+11.2% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 fell 0.3% at yesterday\u2019s close<\/strong> on turnover of EGP 799 mn (20.8% below the 90-day average). Foreign investors were net sellers. The index is down 6.8% YTD.<\/p>\n

In the green: <\/strong>Fawry (+5.3%), Eastern Company (+2.9%) and e-Finance (+2.0%).<\/p>\n

In the red: <\/strong>Orascom Development Egypt (-4.8%), Heliopolis Housing (-4.4%) and Palm Hills Development (-2.8%).<\/p>\n

Asian markets are up<\/strong> almost across the board in early trading. It\u2019s another story in Europe and the US<\/strong>, where futures suggest all the major indices will open in the red as the tumult in Ukraine continues to whipsaw global markets.<\/p>\n","protected":false},"excerpt":{"rendered":"

LIKE A BRIC TO THE FACE FOR FOREIGN INVESTORS- Like Big Oil, the Grand Wizzards of High Finance are scrambling to figure out what to do with their massive exposure to Russia. Foreign fund managers hold at least USD 150 bn in Russian stocks and bonds and are \u201cscrambling to find ways to execute trades […]<\/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":[72,122,1251],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544398","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-enterpriseam","tag-planet-finance","tag-war-in-ukraine","wpautop","entry"],"acf":{"mongo_id":"9951e701-7aa0-4149-85ef-b60c03fe5af4","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[544376],"teaser":"","voice_url":""},"yoast_head":"\nWar in Ukraine is like a BRIC to the face for foreign investors - 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\/03\/01\/war-in-ukraine-is-like-a-bric-to-the-face-for-foreign-investors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"War in Ukraine is like a BRIC to the face for foreign investors\" \/>\n<meta property=\"og:description\" content=\"LIKE A BRIC TO THE FACE FOR FOREIGN INVESTORS- Like Big Oil, the Grand Wizzards of High Finance are scrambling to figure out what to do with their massive exposure to Russia. 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Wheat prices yesterday rose to their highest since 2008, while oil passed USD 112 per barrel, and European natural gas rose as\u2026","rel":"","context":"In "PLANET FINANCE"","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":544426,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/02\/russias-war-rocks-the-markets-as-corporates-continue-to-scramble-for-exits\/","url_meta":{"origin":544398,"position":1},"title":"Russia\u2019s war rocks the markets as corporates continue to scramble for exits","author":"enterpriseam admin","date":"2 March 2022","format":false,"excerpt":"Foreign-listed Russian equities plummeted yesterday as the Moscow Exchange remained closed for the second consecutive day, an indication of the impact that sanctions on Russia\u2019s financial institutions will have on its bourse, Bloomberg reports. Depositary receipts for state-run gas giant Gazprom fell 71% by close in London after Shell said\u2026","rel":"","context":"In "PLANET FINANCE"","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":546548,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/19\/world-bank-to-spend-another-usd-12-bn-to-combat-devastating-food-crisis\/","url_meta":{"origin":544398,"position":2},"title":"World Bank to spend another USD 12 bn to combat \u201cdevastating\u201d food crisis","author":"enterpriseam admin","date":"19 May 2022","format":false,"excerpt":"The World Bank will deploy an extra USD 12 bn to combat the \u201cdevastating effects\u201d of rising food insecurity around the world, driven by Russia\u2019s invasion of Ukraine and climate change, it said yesterday. The funds will bring the Bank\u2019s total funding for food security projects over the next 15\u2026","rel":"","context":"In "PLANET FINANCE"","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":549345,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/13\/interest-rate-hikes-are-hitting-home-sales-around-the-world\/","url_meta":{"origin":544398,"position":3},"title":"Interest rate hikes are hitting home sales around the world","author":"enterpriseam admin","date":"13 September 2022","format":false,"excerpt":"Aggressive interest rate hikes are starting to take their toll on home sales around the world as homeowners feel the squeeze and buyers drop out of the market, according to Bloomberg. Some of the world\u2019s most overheated markets, including Australia and Canada, have already seen double-digit declines in prices as\u2026","rel":"","context":"In "PLANET FINANCE"","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":554260,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/27\/what-the-markets-are-doing-on-27-december-2021\/","url_meta":{"origin":544398,"position":4},"title":"What the markets are doing on 27 December 2021","author":"enterpriseam admin","date":"27 December 2021","format":false,"excerpt":"THE CLOSING BELL-The EGX30 rose 0.9% yesterday on turnover of EGP 1.14 bn (15.2% below the 90-day average). Foreign investors were net sellers. The index is up 9.3% YTD.In the green: Egyptian Company for Tourism Resorts (+4.2%), CIRA (+3.9%) and Orascom Development Egypt (+3.5%).In the red: Oriental Weavers (-3.2%), Egypt\u2026","rel":"","context":"In "PLANET FINANCE"","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":555652,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/22\/saudi-stock-exchange-to-raise-up-to-usd-1-bn-in-upcoming-ipo\/","url_meta":{"origin":544398,"position":5},"title":"Saudi stock exchange to raise up to USD 1 bn in upcoming IPO","author":"enterpriseam admin","date":"22 November 2021","format":false,"excerpt":"The company that owns Saudi\u2019s Tadawul stock exchange is set to raise up to USD 1.01 bn in its upcoming IPO, according to a statement (pdf) by the operator. The Riyadh-based bourse plans to sell a 30% stake (equivalent to 36 mn shares), setting an indicative price range of SAR\u2026","rel":"","context":"In "PLANET FINANCE"","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544398","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=544398"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544398\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544376"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544398"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544398"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}