{"id":544910,"date":"2022-03-27T04:00:42","date_gmt":"2022-03-27T04:00:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/27\/investors-exit-em-equities-global-ipos-plunge-as-ukraine-fallout-rising-rates-spook-the-markets\/"},"modified":"2022-03-27T04:00:42","modified_gmt":"2022-03-27T04:00:42","slug":"investors-exit-em-equities-global-ipos-plunge-as-ukraine-fallout-rising-rates-spook-the-markets","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/27\/investors-exit-em-equities-global-ipos-plunge-as-ukraine-fallout-rising-rates-spook-the-markets\/","title":{"rendered":"Investors exit EM equities, global IPOs plunge as Ukraine fallout + rising rates spook the markets"},"content":{"rendered":"

<\/a> EM funds are seeing heavy outflows on the back of the global uncertainty: <\/strong>Emerging-market equity funds have lost a combined USD 8.1 bn over the past four weeks, while USD 5.7 bn has been drained from EM bond funds, Reuters<\/a> reports, citing data from Refinitiv Lipper. War in Ukraine \u2014 and the resultant squeeze on food and energy prices \u2014 has seen investors pull back from risky EMs, with bond outflows as of last week<\/a> hitting USD 14.3 bn since the beginning of the year. It\u2019s all a far cry from 2021, when EM equity and debt funds recorded combined inflows of more than USD 300 bn.<\/p>\n

JPMorgan has downgraded EM local currency debt to \u201cunderweight\u201d and<\/strong> recommended selling<\/strong>, according to Reuters<\/a>. Analysts at the investment bank reckon that EM fixed income assets have lost 6-9% of their value since the onset of the war, which has added to pre existing concerns about rising interest rates and surging inflation.<\/p>\n

Global IPOs have plunged 70% y-oy so far in 2022 <\/strong>as the war in Ukraine and rising interest rates put a lid on investor appetite, according to data compiled by Bloomberg<\/a>. \u201cThis is probably the worst time in five years in terms of market sentiment,\u201dsaid Li Hang, a senior official at CLSA brokerage.<\/p>\n

But guess who\u2019s bucking the trend? The Middle East is the \u201cone bright spot\u201d<\/strong> in global capital markets, said Andree Chakhtoura, head of investment banking for MENA at Bank of America. \u201cThere is a wider and deeper market now than there has ever been before,\u201d she said.<\/p>\n

FROM THE REGION-<\/strong><\/p>\n

Dubai\u2019s main utilities firm could raise some USD 2.2 bn in the country\u2019s biggest <\/strong>IPO in 15 years<\/strong>, Bloomberg<\/a> reports.<\/p>\n

The IPO kicks off Dubai\u2019s plans to list <\/strong>10 state-owned companies<\/a><\/strong> in a bid to close the gap with neighboring markets Abu Dhabi and Riyadh, which saw listings<\/a>soar last year on the back of an IPO boom.<\/p>\n

More and more from ADQ:<\/strong> The Abu Dhabi wealth fund has a USD 300 mn VC fund with Turkey Wealth Fund (TWF), according to a press release<\/a>. The Turkey Technology Fund-ADQ TWF will \u201cinvest in venture capital funds and high-growth potential companies in Turkey,\u201d including existing or new firms operating in major sectors such as energy and utilities, healthcare, food and agriculture, mobility, and logistics. This comes a week after the sovereign agreed to invest USD 2 bn<\/a> into EGX-listed companies.<\/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

11,709<\/p>\n<\/td>\n

\n

-0.3% (YTD: -2.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 18.26<\/p>\n<\/td>\n

\n

Sell 18.36<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 18.25<\/p>\n<\/td>\n

\n

Sell 18.35<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9.25% deposit<\/p>\n<\/td>\n

\n

10.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

12,948<\/p>\n<\/td>\n

\n

+0.0% (YTD: +14.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,769<\/p>\n<\/td>\n

\n

+0.3% (YTD: +15.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,412<\/p>\n<\/td>\n

\n

+1.0% (YTD: +6.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,543<\/p>\n<\/td>\n

\n

+0.5% (YTD: -4.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,483<\/p>\n<\/td>\n

\n

+0.2% (YTD: +1.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 120.65<\/p>\n<\/td>\n

\n

+1.4%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 5.57<\/p>\n<\/td>\n

\n

+3.2%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,960<\/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 44,452<\/p>\n<\/td>\n

\n

+0.1% (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 Thursday\u2019s close<\/strong> on turnover of EGP 1.36 bn (29% above the 90-day average). Foreign investors were net sellers. The index is down 2.0% YTD.<\/p>\n

In the green: <\/strong>Sidi Kerir Petrochem (+5.0%), Eastern Company (+4.4%) and Orascom Development Egypt (+2.7%).<\/p>\n

In the red: <\/strong>Orascom Construction (-2.9%), Ezz Steel (-2.8%) and TMG Holding (-1.9%).<\/p>\n","protected":false},"excerpt":{"rendered":"

EM funds are seeing heavy outflows on the back of the global uncertainty: Emerging-market equity funds have lost a combined USD 8.1 bn over the past four weeks, while USD 5.7 bn has been drained from EM bond funds, Reuters reports, citing data from Refinitiv Lipper. War in Ukraine \u2014 and the resultant squeeze on […]<\/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":[298,299,1453,163,115,72,119,78,262,122,218,1454],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544910","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-abu-dhabi","tag-adq","tag-dewa","tag-dubai","tag-emerging-markets","tag-enterpriseam","tag-financial-markets","tag-ipo-watch","tag-jpmorgan","tag-planet-finance","tag-turkey","tag-twf","wpautop","entry"],"acf":{"mongo_id":"de9faea4-f99e-4fd5-931f-5944c9ed61da","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[544889],"teaser":"","voice_url":""},"yoast_head":"\nInvestors exit EM equities, global IPOs plunge as Ukraine fallout + rising rates spook the markets - 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\/27\/investors-exit-em-equities-global-ipos-plunge-as-ukraine-fallout-rising-rates-spook-the-markets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investors exit EM equities, global IPOs plunge as Ukraine fallout + rising rates spook the markets\" \/>\n<meta property=\"og:description\" content=\"EM funds are seeing heavy outflows on the back of the global uncertainty: Emerging-market equity funds have lost a combined USD 8.1 bn over the past four weeks, while USD 5.7 bn has been drained from EM bond funds, Reuters reports, citing data from Refinitiv Lipper. 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Emerging markets are up against a continuing surge in interest rates in\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":570358,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/29\/heavy-net-outflows-from-em-bond-funds-continue-but-could-brighter-days-follow\/","url_meta":{"origin":544910,"position":1},"title":"Heavy net outflows from EM bond funds continue, but could brighter days follow?","author":"enterpriseam admin","date":"29 March 2020","format":false,"excerpt":"Emerging market bond funds are continuing to see heavy net outflows, as investors seek to dump debt amid the economic turmoil resulting from covid-19, the Financial Times reports. Data from EPFR Global shows that EM bond outflows hit USD 17 bn in the week leading up to 25 March, following\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/324.jpg?fit=%2C&ssl=1&resize=350%2C200","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":544910,"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":555881,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/30\/omicron-fed-taper-hits-emerging-market-bond-etfs\/","url_meta":{"origin":544910,"position":3},"title":"Omicron + Fed taper hits emerging-market bond ETFs","author":"enterpriseam admin","date":"30 November 2021","format":false,"excerpt":"Omicron + Fed taper hits emerging-market bond ETFs: Investors pulled more than USD 850 mn from emerging-market debt ETFs last week as the discovery of the Omicron covid variant and the decision to keep Jay Powell as Federal Reserve head for another term fuelled risk-off sentiment, data from Bloomberg shows.\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":557686,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/28\/em-bonds-see-heavy-outflows-over-evergrande-fed-taper\/","url_meta":{"origin":544910,"position":4},"title":"EM bonds see heavy outflows over Evergrande, Fed taper","author":"enterpriseam admin","date":"28 September 2021","format":false,"excerpt":"EM bonds see heavy outflows over Evergrande, Fed taper: Investors made a hasty exit from exchange-traded emerging-market bond funds last week, as China\u2019s wobble over the Evergrande crisis and expectations for a Fed taper later this year led investors to withdraw from riskier debt. Investors withdrew almost USD 83 bn\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":561958,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/27\/what-the-markets-are-doing-on-27-april-2021\/","url_meta":{"origin":544910,"position":5},"title":"What the markets are doing on 27 April 2021","author":"enterpriseam admin","date":"27 April 2021","format":false,"excerpt":"The slow vaccine rollout in the developing world is holding back emerging-market stocks: The gap between developed and emerging markets is widening as the covid-19 pandemic continues to rage in the global south. As stocks in advanced economies go from strength to strength, EM equity funds had their worst week\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\/544910","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=544910"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544910\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544889"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544910"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544910"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}