{"id":544566,"date":"2022-03-10T04:00:38","date_gmt":"2022-03-10T04:00:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/this-morning-inflation-data-out-today-stocks-surge-oil-plunges-on-ukraine-hopes\/"},"modified":"2022-03-10T04:00:38","modified_gmt":"2022-03-10T04:00:38","slug":"this-morning-inflation-data-out-today-stocks-surge-oil-plunges-on-ukraine-hopes","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/this-morning-inflation-data-out-today-stocks-surge-oil-plunges-on-ukraine-hopes\/","title":{"rendered":"THIS MORNING: Inflation data out today; Stocks surge, oil plunges on Ukraine hopes."},"content":{"rendered":"

Good morning, wonderful people. We\u2019ve made it through another week together \u2014 and it <\/strong>has been a doozy. <\/strong>(Does anybody use that word anymore? \u201cDoozy\u201d? It has nothing to do with the Duesenberg Motor Company \u2014 long defunct \u2014 and the folks who run the dictionary suggest it\u2019s actually a corruption of \u201cdaisy\u201d from the late 1800s<\/a>, which at the time was slang for something or someone considered \u201cthe best.\u201d)<\/p>\n

THE BIG STORY THIS MORNING remains the war in Ukraine, a file on which Prime <\/strong>Minister Moustafa Madbouly led by example yesterday. <\/strong>At a presser yesterday, the PM bluntly noted that (a) Egypt is uniquely squeezed between the two combatants and (b) that the fallout for our country is very real. Madbouly\u2019s meeting with the press comes after Mohamed Maait (finance), Tarek El Molla (oil) and Ali El Moselhy (supply) spent much of the past two weeks delivering very much the same messages. As we noted early this week, cabinet has really stepped up to manage \u2014 and communicate to the public \u2014 the impact on Egypt of this conflict, which has thrown already tricky global commodity markets into disarray and seen speculation among the Grand Wizards of High Finance that Egypt may consider opening talks with the IMF on a facility to help us through if markets don\u2019t stabilize soon.<\/p>\n

Also yesterday: President Abdel Fattah El Sisi spoke with Russian leader Vladimir Putin and called for a diplomatic solution to the conflict. <\/strong>We have chapter and verse on the latest developments from Ukraine and Russia in this morning\u2019s news well, below.<\/p>\n

MEANWHILE- <\/strong>Inflation figures for Fe<\/strong>bruary will be released today:<\/strong> Annual urban inflation hit its highest<\/a>level in almost two and a half years<\/a> in January due to rising food prices and an unfavorable base effect.<\/p>\n

PSA- Brace yourself for sweater weather this weekend. <\/strong>The Egyptian Meteorological Authority ispredicting<\/a>a slight drop in temperature starting today through Saturday, with daytime highs of 19\u00b0C and overnight lows of 8\u00b0C across the capital and Alexandria. There\u2019s also a slight chance of light to medium rainfall in Cairo and the northern coasts.<\/p>\n

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WHAT\u2019S ALSO HAPPENING TODAY-<\/strong><\/p>\n

US Deputy Secretary of State Wendy Sherman <\/strong>will be in town<\/a><\/strong> for two days starting today.<\/strong> Sherman will meet with Foreign Minister Sameh Shoukry and \u201cother senior officials,\u201d including National Council for Human Rights chief Moushira Khattab.<\/p>\n

Our fellow coffee nerds may wish to attend the three-day 2022 National Barista <\/strong>Championship<\/strong>, which gets underway today at the Egypt International Exhibition Center. Hit up IG for more<\/a>.<\/p>\n

Petchem complex tender goes live this month:<\/strong> Anchorage Investments will launch the tender to choose the main contractor for its USD 2 bn petrochemical complex<\/a> in the Suez Canal Economic Zone in mid-March, the company announced in a press release<\/a>. The Anchor Benitoite Project will produce a range of petrochemical products and natural gas derivatives, and is set to be completed within 36 months after funding is secured.<\/p>\n

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MARKET WATCH-<\/strong><\/p>\n

<\/a> Stocks surge, oil crashes on Ukraine hopes:<\/strong> US and European stocks had their best day since 2020 on hopes of a diplomatic solution to the Russia-Ukraine conflict. Following two weeks of almost constant losses, Germany\u2019s DAX surged 7.9%, while the S&P 500 recovered from Monday\u2019s hefty sell-off, finishing 2.6% in the green. The rally came as a partial ceasefire was implemented in some areas of the country and Ukrainian President Volodymyr Zelenskiy signaled a potential compromise with Russia to end the conflict.<\/p>\n

We think traders might have been reading a bit too much into it though<\/strong>, for reasons we explain in this morning\u2019s War Watch, below.<\/p>\n

The rollercoaster in the global energy markets didn\u2019t stop as oil endured its worst day for two years:<\/strong> Following a historic spike at the start of the week, Brent and US crude tanked yesterday on hopes that oil producers would soon act to fix the escalating supply problem. WTI plunged 15% to USD 105 and Brent fell 12% to USD 112 a barrel after the UAE\u2019s US ambassador suggested that the countrywould push OPEC+ to increase supply<\/a>.<\/p>\n

But wait:<\/strong> The UAE\u2019s energy minister said later that the country remains committed to the current framework<\/a>, which sees the cartel increasing production by 400k barrels a day every month.<\/p>\n

Prices still remain elevated<\/strong>, with Brent still up some 15% since the beginning of the war.<\/p>\n

US wheat futures fell back yesterday<\/strong> after a government report (pdf)<\/a> forecast global stockpiles to rise, despite the war, Bloomberg<\/a> reports. Chicago wheat fell by 6.6% during trading after the Department of Agriculture said larger production in Australia would boost stocks this year. The benchmark contract remains up 50% year-to-date due to supply fears caused by the conflict.<\/p>\n

Asia is picking up where Wall Street left off<\/strong>, with most indexes in the region seeing strong gains this morning. Europe and the US look to follow suit later today, according to the futures markets. Oil is continuing to dip, and was down c. 1.7% just before dispatch.<\/p>\n

\n

CORRECTION-<\/strong> We incorrectly said in the TL;DR section of yesterday\u2019s EnterpriseAM that First Abu Dhabi Bank (FAB) and Abu Dhabi Islamic Bank (ADIB) were considering a potential merger. The story body of the story correctly noted the potential merger between FAB and Abu Dhabi Commercial Bank (ADCB). We apologize for the typo \u2014 the entry has been updated on our web edition.<\/p>\n

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

Contemporary art and culture center <\/strong>Darb1718<\/a><\/strong> is hosting its <\/strong>3031 Art Festival<\/a><\/strong> until this Saturday, 12 March on its premises in Fustat, Old Cairo.<\/p>\n

Green energy forum: <\/strong>The German Arab Chamber of Industry and Commerce is hosting the Egyptian German Green Energy Forum on Tuesday, 22 March. Planning Minister Hala El Said, Vice Minister of Finance Ahmed Kouchouk and German Ambassador Frank Hartmann are among those slated to attend. The event runs 5:30-9pm CLT at the InterContinental Cairo Semiramis.<\/p>\n

Interest rates: <\/strong>The Central Bank of Egypt will hold its next monetary policy meeting<\/a> on Thursday, 24 March.<\/p>\n

(Much) further afield: Egypt will host the World Urban Forum in 2024 in cooperation with <\/strong>UN Habitat. <\/strong>Prime Minister Moustafa Madbouly yesterday met with the regional director of the UN Habitat, Erfan Ali, to discuss preparations for the event, the two sides announced (here<\/a> and here<\/a>). The forum aims to discuss rapid urbanization and its impact on communities, cities, economies, climate change and policies. This year\u2019s edition will be held in Poland<\/a> this June.<\/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","protected":false},"excerpt":{"rendered":"

Good morning, wonderful people. We\u2019ve made it through another week together \u2014 and it has been a doozy. (Does anybody use that word anymore? \u201cDoozy\u201d? It has nothing to do with the Duesenberg Motor Company \u2014 long defunct \u2014 and the folks who run the dictionary suggest it\u2019s actually a corruption of \u201cdaisy\u201d from the […]<\/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":[1328,317,168,72,164,119,182,7111,91,1329,117,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544566","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-anchorage-investments","tag-commodities","tag-diplomacy","tag-enterpriseam","tag-equities","tag-financial-markets","tag-inflation","tag-infrastructure","tag-oil-and-gas","tag-petchems","tag-us","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"6d887763-e504-4343-930a-a889f263fd7a","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[544564],"teaser":"","voice_url":""},"yoast_head":"\nTHIS MORNING: Inflation data out today; Stocks surge, oil plunges on Ukraine hopes. - 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\/10\/this-morning-inflation-data-out-today-stocks-surge-oil-plunges-on-ukraine-hopes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: Inflation data out today; Stocks surge, oil plunges on Ukraine hopes.\" \/>\n<meta property=\"og:description\" content=\"Good morning, wonderful people. 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It\u2019s another packed issue today, with fallout from Russia\u2019s war in Ukraine still dominating the headlines here at home. Remember that historic commodities shock we mentioned yesterday? Apparently not historic enough, according to the folks in Washington, who are now debating an oil + gas blockade\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":544378,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/01\/this-morning-the-latest-from-the-war-in-ukraine-data-points-to-watch-in-march-2022\/","url_meta":{"origin":544566,"position":1},"title":"THIS MORNING: The latest from the war in Ukraine + data points to watch in March 2022","author":"enterpriseam admin","date":"1 March 2022","format":false,"excerpt":"Good morning, friends, and welcome to March. Anyone else struggling to process how we\u2019re already in the last month of Q1? Or is it just us?THE BIG STORY ABROAD for the foreseeable future is the war between two of our most important friends, Russia and Ukraine. Here\u2019s what you need\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":547810,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/07\/this-morning-inflation-foreign-reserves-figures-out-today-fed-could-step-up-rate-hikes-to-tame-inflation\/","url_meta":{"origin":544566,"position":2},"title":"THIS MORNING: Inflation + foreign reserves figures out today; Fed could step up rate hikes to tame inflation","author":"enterpriseam admin","date":"7 July 2022","format":false,"excerpt":"We\u2019re almost there, ladies and gentlemen: One working day remains before we all depart for a well-earned week off to mark the Eid holiday \u2014 although judging by the news flow right now, most of the country already seems to be in vacation mode. The EGX (pdf) confirmed yesterday that\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":544435,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/03\/this-morningun-general-assembly-says-no-to-russias-war-its-pmi-day\/","url_meta":{"origin":544566,"position":3},"title":"THIS MORNING:UN General Assembly says no to Russia\u2019s war + It\u2019s PMI day","author":"enterpriseam admin","date":"3 March 2022","format":false,"excerpt":"Well, friends, we\u2019ve nearly made it through another workweek together \u2014 just a few more hours left. We hope your calendar of meetings is kind to you today and that traffic is bearable for folks who have external meetings.THE BIG STORY here at home on this fine Thursday morning intersects\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":544770,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/21\/this-morning-new-measures-to-cope-with-ukraine-war-fallout-coming-today-or-tomorrow-arqaam-sees-huge-200-bps-rate-hike-israeli-pm-coming-to-cairo\/","url_meta":{"origin":544566,"position":4},"title":"THIS MORNING: New measures to cope with Ukraine war fallout coming today (or tomorrow); Arqaam sees huge 200 bps rate hike; Israeli PM coming to Cairo?","author":"enterpriseam admin","date":"21 March 2022","format":false,"excerpt":"Good morning, wonderful people, and welcome to a business-heavy issue of Enterprise as a flood of fundraising, M&A and investment news pushed the local fallout from the war in Ukraine further down our metaphorical front page. Four stories really stand out: Global Ventures\u2019 new, USD 85 mn Nclude fund, to\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":545816,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/13\/this-morning-a-warm-welcome-to-the-uae-the-pharaohs-have-a-new-coach\/","url_meta":{"origin":544566,"position":5},"title":"THIS MORNING: A warm welcome to the UAE + the Pharaohs have a new coach","author":"enterpriseam admin","date":"13 April 2022","format":false,"excerpt":"Welcome, friends from Abu Dhabi. IT\u2019S A BIG DAY FOR the private sector after Abu Dhabi wealth fund ADQ bought stakes yesterday in bold-name EGX-listed companies including CIB and fintech player Fawry in a series of block trades on the Egyptian Exchange. ADQ has previously invested in our friends at\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\/544566","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=544566"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544566\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544564"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544566"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544566"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}