{"id":547897,"date":"2022-07-18T04:00:32","date_gmt":"2022-07-18T04:00:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/18\/hike-til-you-drop\/"},"modified":"2022-07-18T04:00:32","modified_gmt":"2022-07-18T04:00:32","slug":"hike-til-you-drop","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/18\/hike-til-you-drop\/","title":{"rendered":"Hike \u2019til you drop"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>\u201850 is the new 25\u2019 when it comes to rate hikes: <\/strong>Central banks globally are being pushed to impose bigger interest rate hikes under efforts to keep up with the Federal Reserve\u2019s tightening cycle, prop up their currencies, and tame soaring inflation, <a href=\"https:\/\/www.ft.com\/content\/d189b2f2-808a-4a9b-a856-234181f98c2f\">the Financial Times<\/a> says. Smaller rate hikes of 25 bps or less were once the norm during tightening cycles, but according to the salmon-colored paper\u2019s data, some 55 central banks have made 62 policy rate hikes of at least 50 bps in the three months to June, while another 17 of these bumper hikes were announced in July. That means we\u2019re living through the biggest monetary policy moves made at any time this century.<\/p>\n<p><strong>Forex is key:<\/strong> The strengthening USD is a key driver for the bigger hikes as countries \u2014 and particularly emerging markets \u2014 try to get a handle on inflation. \u201cWe\u2019re seeing a rate hike feeding frenzy,\u201d one investment portfolio manager told the FT. \u201cNowadays the last thing anyone wants is a weak currency.\u201d<\/p>\n<p><strong>50 is small fry in the US these days:<\/strong> The Federal Reserve will likely hike rates by 75 bps for the second consecutive meeting when it meets later this month, according to <a href=\"https:\/\/www.wsj.com\/articles\/fed-officials-preparing-to-lift-interest-rates-by-another-0-75-percentage-point-11658068201\">the Wall Street Journal<\/a>. Worsening inflation data out last week fuelled speculation that the central bank could step up its tightening cycle with a huge 100-bps hike, but some policymakers have since sought to dial back expectations for a full-point increase and publicly came out in favor of 75 bps.<\/p>\n<p><strong>Also worth noting:<\/strong><\/p>\n<ul>\n<li><strong>The Bank of England\u2019s independence could be under threat:<\/strong> Two of the leading candidates vying to succeed Boris Johnson as UK prime minister have signaled that they would bring the Bank of England under greater government control amid criticism of the bank\u2019s failure to tackle inflation and opposition to financial deregulation. (<a href=\"https:\/\/www.ft.com\/content\/13422933-4829-453a-891a-26ffd8359c6b\">FT<\/a> | <a href=\"https:\/\/www.ft.com\/content\/89c5979f-dda3-49cd-be6d-6f737b067111\">FT<\/a>)<\/li>\n<li><strong>Hydro-powered planes?<\/strong> Rolls Royce will trial the use of hydrogen to power small aircraft, an innovation which \u2060\u2014 if it works \u2060\u2014 would help the aviation industry reduce carbon emissions. (<a href=\"https:\/\/www.ft.com\/content\/17f9d9a0-e947-4f57-aac8-fbbec802ca7f\">FT<\/a>)<\/li>\n<\/ul>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>8,773<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: -26.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.83<\/p>\n<\/td>\n<td>\n<p>Sell 18.91<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.85<\/p>\n<\/td>\n<td>\n<p>Sell 18.91<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>11.25% deposit<\/p>\n<\/td>\n<td>\n<p>12.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,292<\/p>\n<\/td>\n<td>\n<p>+1.2% (YTD: +0.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,250<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: +9.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,160<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: -1.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 5<\/strong><strong>0<\/strong><strong>0<\/strong><\/p>\n<\/td>\n<td>\n<p>3,863<\/p>\n<\/td>\n<td>\n<p>+1.9% (YTD: -19.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,159<\/p>\n<\/td>\n<td>\n<p>+1.7% (YTD: -3.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,477<\/p>\n<\/td>\n<td>\n<p>+2.4% (YTD: -19.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 101.16<\/p>\n<\/td>\n<td>\n<p>+2.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 7.02<\/p>\n<\/td>\n<td>\n<p>+6.3%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,703.60<\/p>\n<\/td>\n<td>\n<p>-0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 21,004<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: -54.6%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 rose 0.1% at yesterday\u2019s close<\/strong> on turnover of EGP 318.46 mn (61.4% below the 90-day average). Local investors were net sellers. The index is down 26.6% YTD.<\/p>\n<p><strong>In the green: <\/strong>Cleopatra Hospitals (+3.1%), Madinet Nasr Housing (+3.1%) and EFG Hermes (+2.4%).<\/p>\n<p><strong>In the red: <\/strong>\u0650Abu Dhabi Islamic Bank- Egypt (-2.3%), Fawry (-2.1%) and Orascom Development Egypt (-2.0%).<\/p>\n<p><strong>Asian markets are solidly in the green this morning <\/strong>and futures suggest stocks in much of Europe, the US and Canada will follow suit later today at the opening bell.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u201850 is the new 25\u2019 when it comes to rate hikes: Central banks globally are being pushed to impose bigger interest rate hikes under efforts to keep up with the Federal Reserve\u2019s tightening cycle, prop up their currencies, and tame soaring inflation, the Financial Times says. Smaller rate hikes of 25 bps or less were [&hellip;]<\/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":[72,119,182,724,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547897","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-inflation","tag-monetary-policy","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"a071a22f-797a-4a9d-8ced-a3d39eaa0b8f","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[547880],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Hike \u2019til you drop - 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\/07\/18\/hike-til-you-drop\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hike \u2019til you drop\" \/>\n<meta property=\"og:description\" content=\"\u201850 is the new 25\u2019 when it comes to rate hikes: Central banks globally are being pushed to impose bigger interest rate hikes under efforts to keep up with the Federal Reserve\u2019s tightening cycle, prop up their currencies, and tame soaring inflation, the Financial Times says. 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