{"id":544455,"date":"2022-03-03T04:08:30","date_gmt":"2022-03-03T04:08:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/03\/russias-war-continues-to-reverberate-through-commodities-equities\/"},"modified":"2022-03-03T04:08:30","modified_gmt":"2022-03-03T04:08:30","slug":"russias-war-continues-to-reverberate-through-commodities-equities","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/03\/russias-war-continues-to-reverberate-through-commodities-equities\/","title":{"rendered":"Russia\u2019s war continues to reverberate through commodities + equities"},"content":{"rendered":"

<\/a> Commodities spiral as traders avoid Russian exports: <\/strong>The Russia-Ukraine war has pushed global commodities markets to the edge, fueling shortages and quickening already-high global inflation, according to Bloomberg<\/a>. Wheat prices yesterday rose to their highest since 2008, while oil passed USD 112 per barrel, and European natural gas rose as much as 60% to hit an all-time record. Even though there aren\u2019t any direct sanctions on Russian commodities, traders are increasingly deciding that doing business with the politically isolated country is not worth the risk, due to banking sanctions already in place, fears of potential new restrictions on Russian exports, and concerns that dealing with Moscow could damage their reputations.<\/p>\n

MAKING MATTERS WORSE? The US is considering imposing sanctions on Russia's oil and gas<\/strong>, but \u201cnot right now,\u201d Reuters<\/a> reported White House officials as saying.<\/p>\n

Meanwhile, the Moscow Exchange is still closed, marking its longest pause since<\/strong> October 1998, <\/strong>according to Bloomberg<\/a>. <\/strong>In an attempt to keep local assets from plunging after the US and Europe imposed harsh sanctions, Russia kept its stock market shut for the third day in a row yesterday, according to a Bank of Russia statement<\/a>.<\/p>\n

The country\u2019s sovereign wealth fund is preparing to buy USD 10 bn worth of local stocks when the exchange reopens<\/strong> in an attempt to shore up the market, Bloomberg<\/a> reports.<\/p>\n

And Sberbank Austria is the first banking victim of Russia-targeted sanctions: <\/strong>The Austrian unit of Russia\u2019s biggest lender went into insolvency yesterday, reports the Financial Times<\/a>. Sberbank announced it would withdraw from Europe completely following the news, with plans to sell off or wind down all its EU operations amid \u201can exceptional outflow of funds and a number of safety concerns regarding [subsidiaries\u2019] employees and offices.\u201d<\/p>\n

Ukraine has raised over USD 277 mn from the sale of war bonds<\/strong> issued yesterday. The funds \u201cwill be used to meet the needs of the Armed Forces of Ukraine and to ensure the uninterrupted provision of the state\u2019s financial needs under the war,\u201d the Ukrainian Finance Ministry said in a tweet<\/a>. The ministry offered two bonds<\/a>, one with a one-year tenure and a yield of 11%, and the second with a two-month tenure and 10% yield. The country is on the hunt for more ways to raise foreign currency and is currently in talks with the IMF and the World Bank, Ukraine\u2019s debt chief told Bloomberg<\/a>. In a <\/strong>joint statement<\/a><\/strong>, the two global lenders said they were looking at preparing USD bns in support for Ukraine over the coming months<\/strong>, with decisions to be made this week and next.<\/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

11,189<\/p>\n<\/td>\n

\n

-0.8% (YTD: -6.4%)<\/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

12,655<\/p>\n<\/td>\n

\n

-0.2% (YTD: +12.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,680<\/p>\n<\/td>\n

\n

+1.7% (YTD: +14%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,468<\/p>\n<\/td>\n

\n

+2.1% (YTD: +8.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,387<\/p>\n<\/td>\n

\n

+1.9% (YTD: -8.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,430<\/p>\n<\/td>\n

\n

+1.4% (YTD: +0.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 112.93<\/p>\n<\/td>\n

\n

+7.6%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 4.82<\/p>\n<\/td>\n

\n

+1.2%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,930<\/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 44,065<\/p>\n<\/td>\n

\n

+0.2% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 fell 0.8% at yesterday\u2019s close<\/strong> on turnover of EGP 829 mn (17% below the 90-day average). Foreign investors were net sellers. The index is down 6.4% YTD.<\/p>\n

In the green: <\/strong>Qalaa Holdings (+3.6%), CIRA (+2.9%) and Telecom Egypt (+2.8%).<\/p>\n

In the red: <\/strong>Palm Hills Development (-3.1%), Cleopatra Hospital (-2.7%) and Rameda (-2.7%).<\/p>\n

Asian markets are up across the board in early trading this morning.<\/strong> Futures are less optimistic for Wall Street and in Europe, where major indices are all set to open in the red after making gains yesterday on the back of reassurances for gradual rate hikes from the US Fed.<\/p>\n","protected":false},"excerpt":{"rendered":"

Commodities spiral as traders avoid Russian exports: The Russia-Ukraine war has pushed global commodities markets to the edge, fueling shortages and quickening already-high global inflation, according to Bloomberg. Wheat prices yesterday rose to their highest since 2008, while oil passed USD 112 per barrel, and European natural gas rose as much as 60% to hit […]<\/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":[72,119,7093,122,1186,1095,1274],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544455","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-gold","tag-planet-finance","tag-russia-sanctions","tag-russia-ukraine-war","tag-sberbank-austria","wpautop","entry"],"acf":{"mongo_id":"6188d81a-f55d-47cb-b9fe-01a77a907d42","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[544433],"teaser":"","voice_url":""},"yoast_head":"\nRussia\u2019s war continues to reverberate through commodities + equities - 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\/03\/russias-war-continues-to-reverberate-through-commodities-equities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Russia\u2019s war continues to reverberate through commodities + equities\" \/>\n<meta property=\"og:description\" content=\"Commodities spiral as traders avoid Russian exports: The Russia-Ukraine war has pushed global commodities markets to the edge, fueling shortages and quickening already-high global inflation, according to Bloomberg. 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We hope the howling winds and thoroughly brown view from our windows aren\u2019t putting too much of a damper on this final day of the workweek.THE BIG STORIES TODAY Annual urban inflation rose in February to 8.8% \u2014 its highest since mid-2019 \u2014 from 7.3% in\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":545728,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/food-is-more-expensive-than-ever-em-funds-brace-for-a-tough-year\/","url_meta":{"origin":544455,"position":2},"title":"Food is more expensive than ever + EM funds brace for a tough year","author":"enterpriseam admin","date":"10 April 2022","format":false,"excerpt":"Global food prices surged to a new all-time high in March as the Russia-Ukraine war battered already inflated commodities and grains markets, according to new UN data released Friday. The FAO Food Price Index rose to 159.3 points in March, up 34% y-o-y and eclipsing its record in February by\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":545631,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/war-hasnt-dented-growth-in-our-russian-wheat-imports\/","url_meta":{"origin":544455,"position":3},"title":"War hasn\u2019t dented growth in our Russian wheat imports","author":"enterpriseam admin","date":"6 April 2022","format":false,"excerpt":"We imported 24% more wheat from Russia in March than we did the same time last year, buying some 479k tons of Russian wheat last month despite the ongoing war in Ukraine and its impact on the global grain market, Reuters reports, citing freight data.That means nearly 30% of Russian\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/137.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547347,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/our-russian-wheat-imports-jumped-84-march-may-weve-started-receiving-funding-from-the-itfc\/","url_meta":{"origin":544455,"position":4},"title":"Our Russian wheat imports jumped 84% March-May + We\u2019ve started receiving funding from the ITFC","author":"enterpriseam admin","date":"19 June 2022","format":false,"excerpt":"Egypt\u2019s imports of Russian wheat climbed 84% y-o-y in the three months from March to May despite disruption caused by the war in Ukraine, Reuters reports. Freight data shows that Egypt imported almost 1.1 mn tons during the three-month period, up from 573k during the same period in 2021.Wheat imports\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/wheat-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544856,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/23\/russia-sanctions-to-exacerbate-global-diesel-shortage-warn-oil-traders\/","url_meta":{"origin":544455,"position":5},"title":"Russia sanctions to exacerbate global diesel shortage, warn oil traders","author":"enterpriseam admin","date":"23 March 2022","format":false,"excerpt":"Fuel rationing could be coming to Europe \u2014 and that\u2019s before it goes cold turkey from Russian gas: Europe faces a \u201csystemic\u201d shortage of diesel due to sanctions on Russia that could force governments to ration fuel, three of the world\u2019s largest energy traders have warned, according to the Financial\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\/544455","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=544455"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544455\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544433"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544455"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544455"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}