{"id":546524,"date":"2022-05-19T04:00:03","date_gmt":"2022-05-19T04:00:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/19\/this-morning-its-interest-rate-day-us-stocks-have-worst-day-since-june-2020\/"},"modified":"2022-05-19T04:00:03","modified_gmt":"2022-05-19T04:00:03","slug":"this-morning-its-interest-rate-day-us-stocks-have-worst-day-since-june-2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/19\/this-morning-its-interest-rate-day-us-stocks-have-worst-day-since-june-2020\/","title":{"rendered":"THIS MORNING: It\u2019s interest rate day; US stocks have worst day since June 2020"},"content":{"rendered":"

Well, friends, we\u2019ve made it through another workweek together. <\/strong>One long, hard push and the end of the workday will be here before you know it. But first:<\/p>\n

It\u2019s interest rate day:<\/strong> The Central Bank of Egypt will likely raise interest rates when it meets today, according to a near consensus of analysts and economists we surveyed<\/a> last week. Six of the seven respondents said they expect the Monetary Policy Committee to go ahead with a rate hike in a bid to tamp-down inflation and stem portfolio outflows. Five of them expect to see rates rise as much as 200 bps. You can expect to hear about the decision late in the afternoon.<\/p>\n

Banque Misr has no plans to issue fresh CDs at a higher rate<\/strong> should the central bank raise rates today, Banque Misr Chairman Mohamed El Etreby told Sky News Arabia<\/a>. Banque Misr and the National Bank of Egypt are paying an \u201cextremely high cost\u201d for the 18% CDs launched in the aftermath of March\u2019s devaluation and 100-bps rate hike<\/a>. Savers have so far plowed c. EGP 662 bn into the high-interest certificates since they were launched on 22 March, according to recent figures.<\/p>\n

What\u2019s next with the government\u2019s plan to get out of as many as 79 industries<\/strong>, opening the door to greater private sector involvement in the economy? Reaction in the business community was broadly positive among the senior folks with whom we spoke yesterday, with the primary concern (at this very early stage) being the pace of implementation. While the Madbouly cabinet has yet to release its strategy, the AMAY report we picked up yesterday has been followed by a report from Hapi Journal that includes what appears to be a full draft of the position paper. Have a read for yourself here (pdf)<\/a> and keep your eyes peeled for more on this in the coming weeks.<\/p>\n

And policymakers at the highest level will need to remember: Business doesn\u2019t just <\/strong>want a <\/strong>roadmap of where it is \u201cwelcome\u201d to invest \u2014 we need red tape to simply fade away. <\/strong>Speed and consistency in the implementation of policy (from the issuance of permits of all forms to regulatory approvals for M&As, listings and other transactions) are absolutely key for businesses deciding where, when and how to invest and create jobs.<\/p>\n

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

<\/a> The Consumer Protection Agency will today decide whether to raise the <\/strong>price cap on cars by 5-10%<\/strong> after distributors and dealers made an official request in light of rising operating costs, Al Mal<\/a> reports. As of last month, individual car dealers are no longer able to set prices<\/a> above those listed by official agents, a rule that was introduced in response to large price hikes that occurred following the EGP devaluation in March. Dealers that sell at higher rates face fines of up to EGP 2 mn.<\/p>\n

The auto industry hasn\u2019t been happy with the cap:<\/strong> Some dealers have been forced to close showrooms to stem losses caused by the price cap, industry figures have said<\/a>. Others have been using loopholes to sell at higher prices or refusing to sell their stock at all.<\/p>\n

REMEMBER- Dual-fuel vehicles sold through the government\u2019s swap scheme just got a <\/strong>lot more expensive:<\/strong> The government is allowing companies to hike prices by 19-45%<\/a> in response to rising inflation. This means that people who applied to the state-subsidized scheme after 24 April will pay up to EGP 75k extra for their new vehicles.<\/p>\n

Green finance and COP27 is the theme of the British Egyptian Business <\/strong>Association\u2019s (BEBA) annual business mission to the UK<\/strong>, which started Tuesday and wraps up tomorrow. Headlined Road to COP27: bridging the implementation and financing gap<\/a>, the mission includes a series of roundtable discussions, private meetings and seminars featuring business leaders, cabinet ministers and policymakers. You can check out the agenda here (pdf)<\/a>.<\/p>\n

EGX launches IR training program: <\/strong>The EGX today wraps up a three-day workshop for investor relations officers at EGX-listed companies, according to a statement (pdf)<\/a>, marking the launch of a training program for IR officers meant to help them communicate better with shareholders and boost the performance of their companies\u2019 shares. Need some practical help building your IR program? <\/strong>Contact Moustafa Taalab at InktankIR<\/a>, our parent company.<\/p>\n

ON THE HORIZON-<\/strong><\/p>\n

<\/a> Households are set to see their electricity bills rise from July \u2014 and you\u2019ll <\/strong>find out <\/strong>exactly how much in the next two weeks:<\/strong> The Electricity Ministry will decide on electricity tariffs for the coming fiscal year within two weeks, Al Borsa<\/a> reported. The newspaper reports that proposals would see low voltage prices paid by households, stores, and small and micro businesses rise as much as 40% to EGP 1.37 per KWh from EGP 0.98\/KWh currently.<\/p>\n

Prices will remain the same for everyone else:<\/strong> Prices for medium, high, and ultra-high voltages \u2014 used by industry and other businesses \u2014 will remain frozen at the current price until 2025, sources told the newspaper. This will mean the average price would rise 2% to EGP 1.94 per KWh from EGP 1.69\/KWh currently.<\/p>\n

<\/a> Another sign of warming relations with Turkey?<\/strong> Turkish Finance Minister Nureddin Nebati will visit Egypt on 1 June to attend the annual meeting of the Islamic Development<\/a>Bank<\/a>, state broadcaster TRT Haber<\/a> reported yesterday. This would be the first time a Turkish minister has traveled to Egypt since President Abdel Fattah El Sisi came into office in 2013.<\/p>\n

Over the past year the two countries have been trying to <\/strong>normalize ties<\/a><\/strong>, but progress has been slow despite several rounds of face-to-face talks. Diplomatic relations were severed after the Muslim Brotherhood was removed from office nine years ago.<\/p>\n

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THE BIG STORIES ABROAD-<\/strong><\/p>\n

US stocks saw yesterday their biggest single-day drop since June 2020 <\/strong>after poor earnings from retailers reignited investors\u2019 fears about the impact of surging inflation on the economy. The sell-off wiped out three days of gains, resuming the downward trend that has seen the Nasdaq fall into bear territory and the S&P 500 enter a correction<\/strong>. The S&P tumbled 4% during trading, with retailer Target posting its biggest loss since 1987 (-24.9%) after it warned that inflation would hit profits. The tech-heavy Nasdaq was the hardest hit, falling 5.1% as the rally in growth stocks came to an abrupt halt.<\/p>\n

More recession talk \u2014 this time from Goldman\u2019s Blankfein: <\/strong>The risk of the US entering a recession is \u201cvery, very high,\u201d and US consumers and businesses should be prepared, former Goldman Sachs Group Senior Chairman Lloyd Blankfein told CBS News<\/a>. His warning comes as the US Federal Reserve tightens policy to try to curb soaring inflation, triggered by pandemic-era government stimulus, supply chain issues, ongoing lockdowns in China, and the Russia-Ukraine conflict.<\/p>\n

The news is everywhere in the financial press this morning:<\/strong> Reuters<\/a> | AP<\/a> | Bloomberg<\/a> | FT<\/a> | WSJ<\/a> | CNBC<\/a>.<\/p>\n

Turkey blocks Finland, Sweden Nato bids:<\/strong> Hopes in Stockholm and Helsinki of a swift entry into Nato were dashed yesterday after Turkey blocked a vote on opening accession talks with the two countries, the Financial Times<\/a> reports, citing a person familiar with the matter. Ankara\u2019s move came during a meeting of Nato ambassadors yesterday aiming to start talks after the two countries formally applied to join the military alliance.<\/p>\n

No doesn\u2019t mean no:<\/strong> A Turkish official confirmed the news to the salmon-colored paper, but stressed that his country \u201cis not ruling out the prospect of Sweden and Finland joining.\u201d Turkey has accused the Scandinavian nations of supporting Kurdish militants and President Recep Tayyip Erdogan is demanding they extradite 30 \u201cterrorists.\u201d<\/p>\n

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

PSA: Tourism registration for Hajj has been extended: <\/strong>You can now register for this year\u2019s Hajj through tourism companies until next Monday, 23 May, after the deadline was pushed from this Friday, 20 May, the Tourism Ministry said in a statement<\/a>.<\/p>\n

The Islamic Development Bank will hold its 2022 annual meetings in Sharm El Sheikh <\/strong>from 1-4 June<\/strong> under the slogan \u201cpost-pandemic recovery: resilience and sustainability,\u201d according to a statement<\/a> from the Planning Ministry. Several Egyptian ministries and representatives from the bank\u2019s 57 member countries and other financial institutions are set to attend the meetings.<\/p>\n

Venture capital 101:<\/strong> The Egyptian Private Equity Association (EPEA) is hosting a paid crash course in all things venture capital at the Zamalek Marriott on 21-23 May. Led by Avanz Capital Egypt MD Hany Assaad, the three-day course will cover everything you need to know about Planet VC, from fund structures and portfolio-building to due diligence and valuations.<\/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":"

Well, friends, we\u2019ve made it through another workweek together. One long, hard push and the end of the workday will be here before you know it. But first: It\u2019s interest rate day: The Central Bank of Egypt will likely raise interest rates when it meets today, according to a near consensus of analysts and economists […]<\/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":[144,1897,1312,68,244,72,164,119,313,349,305,1137,218,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546524","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-automotive","tag-beba","tag-consumer-protection-agency","tag-egx","tag-electricity","tag-enterpriseam","tag-equities","tag-financial-markets","tag-finland","tag-interest-rates","tag-nato","tag-sweden","tag-turkey","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"8cae3060-d4f6-40d6-bd40-68db01d5c511","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[546522],"teaser":"","voice_url":""},"yoast_head":"\nTHIS MORNING: It\u2019s interest rate day; US stocks have worst day since June 2020 - 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\/05\/19\/this-morning-its-interest-rate-day-us-stocks-have-worst-day-since-june-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: It\u2019s interest rate day; US stocks have worst day since June 2020\" \/>\n<meta property=\"og:description\" content=\"Well, friends, we\u2019ve made it through another workweek together. 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The semi-finals of the CIB Egyptian Squash Open take place today; Egypt-Libya committee meeting today.","author":"enterpriseam admin","date":"16 September 2021","format":false,"excerpt":"Well, ladies and gentlemen: We have the meatiest workaday issue that we can remember to close out the week. Before we get down to it though, as we say every six weeks... It\u2019s interest rate day here in Egypt: The Central Bank of Egypt will meet later today to review\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":552141,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/this-evening-unemployment-remains-unchanged-q-o-q-china-cuts-interest-rates-as-economic-activity-lags\/","url_meta":{"origin":546524,"position":1},"title":"THIS EVENING: Unemployment remains unchanged q-o-q + China cuts interest rates as economic activity lags","author":"enterpriseam admin","date":"15 August 2022","format":false,"excerpt":"Good afternoon, lovely people. We have a calm Monday on our hands as the August slowdown continues to hold here on the home front. It is, however, raining earnings as companies report their 2Q and 1H results. THE BIG STORY TODAY Unemployment rate holds steady q-o-q: Egypt\u2019s unemployment rate remained\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":628722,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/13\/headline-inflation-drops-as-core-inflation-inches-up-slightly-in-april\/","url_meta":{"origin":546524,"position":2},"title":"Headline inflation drops as core inflation inches up slightly in April","author":"enterpriseam admin","date":"13 May 2018","format":false,"excerpt":"It\u2019s also interest rate week, ladies and gentlemen. And in advance of that: Headline inflation drops, core inflation up fractionally in April. Annual headline inflation rates dropped to 13.1% in April from 13.3% the month before, the central bank announced yesterday. Core inflation for the month inchedwas up fractionally 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\/2018\/5\/2978.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559796,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/04\/what-were-tracking-on-3-february-2021-2\/","url_meta":{"origin":546524,"position":3},"title":"What we\u2019re tracking on 3 February 2021","author":"enterpriseam admin","date":"4 February 2021","format":false,"excerpt":"Good morning, everyone \u2014 we made it through another week together, and our just reward is \u2026 rainapocalypse?Today would be a great day to WFH: Expect rain with intermittent thunder and lightning in Cairo and Alexandria, the national weather service says. Rain is also forecast to sweep the Delta, there\u2019s\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":586926,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/18\/this-evening-its-interest-rate-day-el-sisi-heads-to-ksa\/","url_meta":{"origin":546524,"position":4},"title":"THIS EVENING: It\u2019s interest rate day + El Sisi heads to KSA","author":"enterpriseam admin","date":"18 May 2023","format":false,"excerpt":"Good afternoon, wonderful people, and a very happy THURSDAY to us all. We\u2019re winding down what has been a busy and exciting week, and the news cycle appears to be (kind of) on the same page.THE BIG STORY TODAY It\u2019s interest rate day: The Central Bank of Egypt (CBE) is\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\/2022\/8\/239.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563081,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/17\/this-morning-its-interest-rate-day-here-at-home-export-risk-guarantee-outfit-coming-in-2-months\/","url_meta":{"origin":546524,"position":5},"title":"THIS MORNING: It\u2019s interest rate day here at home + export risk guarantee outfit coming in 2 months","author":"enterpriseam admin","date":"17 June 2021","format":false,"excerpt":"Good morning, friends, and a very happy THURSDAY to you all. The big news today is that it\u2019s interest rate day as the Central Bank of Egypt\u2019s Monetary Policy Committee meets to review rates. There\u2019s a firm consensus among analysts and economists we surveyed last week that policymakers will leave\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\/546524","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=546524"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546524\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546522"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546524"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546524"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}