{"id":545728,"date":"2022-04-10T04:01:30","date_gmt":"2022-04-10T04:01:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/food-is-more-expensive-than-ever-em-funds-brace-for-a-tough-year\/"},"modified":"2022-04-10T04:01:30","modified_gmt":"2022-04-10T04:01:30","slug":"food-is-more-expensive-than-ever-em-funds-brace-for-a-tough-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/food-is-more-expensive-than-ever-em-funds-brace-for-a-tough-year\/","title":{"rendered":"Food is more expensive than ever + EM funds brace for a tough year"},"content":{"rendered":"

<\/a> Global food prices surged to a new all-time high in March<\/strong> as the Russia-Ukraine war battered already inflated commodities and grains markets, according to new UN data<\/a> 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 almost 13%.<\/p>\n

This is the second record high in as many months.<\/strong> Food prices are now more than 15% higher than the previous all-time high, recorded in February 2011.<\/p>\n

Wheat prices soared almost 20% during the month<\/strong>, as the war disrupted exports from major exporters Russia and Ukraine \u2014 and exacerbated by crop conditions in the US.<\/p>\n

Emerging-market fund managers are bracing for greater outflows and weaker earnings <\/strong>this year<\/strong> as the Russia-Ukraine war and battered Chinese markets weigh on investors, the Financial Times<\/a> reports, citing a survey by Bank of America (BofA). The bank slashed its earnings forecast for one EM fund manager, Ashmore, by 6-9% in 1Q2022. \u201cEmerging market debt saw outflows, not only for Ashmore but across the industry this quarter, which shouldn\u2019t be a big surprise given higher US interest rates, higher rate expectations, strong USD and the Russia-Ukraine conflict,\u201d said one BofA analyst.<\/p>\n

Russia\u2019s removal from EM indexes could be good news for Turkey:<\/strong> Turkey is poised for a pick up in passive bond inflows after seeing its weighting in major emerging-market bond indexes increase following the removal of Russian debt. US and EU sanctions have led to the removal of Russian debt from key indexes such as JPMorgan\u2019s benchmark, which has boosted Turkey\u2019s weighting to 4%. (Bloomberg<\/a>)<\/p>\n

ALSO- <\/strong>Shell faces up to USD 5 bn loss for Russia exit:<\/strong> Shell expects to lose USD 4-5 bn in 1Q 2022 as a result of its exit from Russia. The figure is higher than previously thought, with Shell initially estimating it would take a USD 3.4 bn hit. (Statement<\/a>)<\/p>\n

\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

11,102<\/p>\n<\/td>\n

\n

-2.2% (YTD: -7.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 18.29<\/p>\n<\/td>\n

\n

Sell 18.39<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 18.29<\/p>\n<\/td>\n

\n

Sell 18.39<\/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

13,314<\/p>\n<\/td>\n

\n

+0.4% (YTD: +18.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

10,094<\/p>\n<\/td>\n

\n

+1.0% (YTD: +18.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,542<\/p>\n<\/td>\n

\n

+0.8% (YTD: +10.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,488<\/p>\n<\/td>\n

\n

-0.3% (YTD: -5.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,670<\/p>\n<\/td>\n

\n

+1.6% (YTD: +3.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

3,858<\/p>\n<\/td>\n

\n

+1.5% (YTD: -10.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 102.78<\/p>\n<\/td>\n

\n

+2.2%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 6.28<\/p>\n<\/td>\n

\n

-1.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,945.60<\/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 42,623<\/p>\n<\/td>\n

\n

+0.5% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 fell 2.2% at Thursday\u2019s close<\/strong> on turnover of EGP 992.89 mn (2.5% above the 90-day average). Foreign investors were net sellers. The index is down 7.1% YTD.<\/p>\n

In the green: <\/strong>Rameda (+3.1%), CIRA (+1.2%) and Orascom Development Egypt (+0.7%).<\/p>\n

In the red: <\/strong>Mopco (-10.3%), Fawry (-6.0%) and MM Group (-5.4%).<\/p>\n","protected":false},"excerpt":{"rendered":"

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 almost 13%. This is 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":[7210],"tags":[82,317,115,93,72,683,119,564,182,262,91,122,270,1341,594,218,7085,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545728","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-bonds","tag-commodities","tag-emerging-markets","tag-energy","tag-enterpriseam","tag-fao","tag-financial-markets","tag-food","tag-inflation","tag-jpmorgan","tag-oil-and-gas","tag-planet-finance","tag-russia","tag-russia-ukraine-conflict","tag-shell","tag-turkey","tag-un","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"0a531ab4-a71d-4b9e-a476-acd4be67475b","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[545707],"teaser":"","voice_url":""},"yoast_head":"\nFood is more expensive than ever + EM funds brace for a tough year - 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\/04\/10\/food-is-more-expensive-than-ever-em-funds-brace-for-a-tough-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Food is more expensive than ever + EM funds brace for a tough year\" \/>\n<meta property=\"og:description\" content=\"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. 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The country exported some 1.7 mn tons of wheat in March, with shipments running at a \u201crapid\u201d rate in the second half of the month after an initial slowdown\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\/83.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543667,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/13\/private-sector-eclipses-gasc-as-egypts-leading-wheat-importer\/","url_meta":{"origin":545728,"position":1},"title":"Private sector eclipses GASC as Egypt\u2019s leading wheat importer","author":"enterpriseam admin","date":"13 February 2022","format":false,"excerpt":"The private sector was Egypt\u2019s leading wheat importer last year: Private sector wheat imports surpassed purchases by the state-run General Authority for Supply Commodities (GASC) in 2021 \u2014 and could continue to lead Egypt\u2019s wheat imports, Reuters reports, citing industry experts.In numbers: The private sector imported 6.9 mn tonnes of\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\/2\/164.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544465,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/the-biggest-global-commodities-shock-in-decades-is-inbound\/","url_meta":{"origin":545728,"position":2},"title":"The biggest global commodities shock in decades is inbound","author":"enterpriseam admin","date":"6 March 2022","format":false,"excerpt":"The world is facing the biggest commodities shock in decades as conflict in Ukraine cuts off a quarter of the world\u2019s wheat supply and western nations try to isolate Russia \u2014 the world\u2019s second-largest commodities producer \u2014 from the global economy.A snapshot of the global commodities markets last week, courtesy\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\/51.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550757,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/20\/war-in-europes-breadbasket-could-send-mns-into-hunger-worldwide\/","url_meta":{"origin":545728,"position":3},"title":"War in Europe\u2019s breadbasket could send mns into hunger worldwide","author":"enterpriseam admin","date":"20 April 2022","format":false,"excerpt":"The war in Ukraine is bad news for food security: It\u2019s no secret that Russia\u2019s ongoing war in Ukraine is bad for economies the world over. The main worry for most is a slowdown in growth, after the war sent energy and food prices skyrocketing. But while wealthier countries can\u2026","rel":"","context":"In "FOOD SECURITY"","block_context":{"text":"FOOD SECURITY","link":"https:\/\/enterpriseam.com\/egypt\/category\/food-security\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/515.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":607150,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/big-russia-wheat-buy\/","url_meta":{"origin":545728,"position":4},"title":"Big Russia wheat buy?","author":"enterpriseam admin","date":"27 September 2023","format":false,"excerpt":"Moscow blocked a 480k-ton wheat shipment earlier this month","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\/2023\/9\/113.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544493,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/07\/rising-wheat-and-oil-prices-will-hit-budget-in-egypt-ministers-say\/","url_meta":{"origin":545728,"position":5},"title":"Rising wheat and oil prices will hit budget in Egypt, ministers say","author":"enterpriseam admin","date":"7 March 2022","format":false,"excerpt":"Rising global wheat prices could cost the government an additional EGP 15 bn this fiscal year, Finance Minister Mohamed Maait told Bloomberg Asharq (watch, runtime: 1:35). The ministry assumed an average price of USD 255 per ton in this year\u2019s budget but the state is now paying USD 350, Supply\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\/75.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545728","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=545728"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545728\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/545707"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=545728"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=545728"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=545728"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=545728"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=545728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}