{"id":547969,"date":"2022-07-20T03:41:34","date_gmt":"2022-07-20T03:41:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/20\/dire-level-of-pessimism-among-us-fund-managers-as-economic-concerns-rise\/"},"modified":"2022-07-20T03:41:34","modified_gmt":"2022-07-20T03:41:34","slug":"dire-level-of-pessimism-among-us-fund-managers-as-economic-concerns-rise","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/20\/dire-level-of-pessimism-among-us-fund-managers-as-economic-concerns-rise\/","title":{"rendered":"\u201cDire level\u201d of pessimism among US fund managers as economic concerns rise"},"content":{"rendered":"

<\/a> Funds are worried about where stocks are headed + pile into cash:<\/strong> Stock allocations among heavyweight investors are at the lowest level since the Lehman collapse in 2008 as funds pile into cash on rising fears of recession, the Financial Times<\/a> writes. Fund managers this month cut their net overweight position in equities to the lowest level since October 2008 and raised cash holdings to a 21-year high, according to a Bank of America survey of 259 fund managers. The bank\u2019s bearish chief investment strategist, Michael Hartnett, spoke of a \u201cdire level\u201d of pessimism about the direction of the market as rising interest rates put pressure on economies around the world.<\/p>\n

With broad expectations that corporate earnings will fall going forward, the outlook for equities stinks: <\/strong>79% of respondents told BofA that they see corporate profits falling. \u201cWe are going to see big downgrades to earnings forecasts and there is no monetary policy support to help markets, so it is difficult to be optimistic,\u201d Luca Paolini, chief strategist at Pictet Asset Management, told the Financial Times<\/a>.<\/p>\n

EARNINGS- Yesterday was a good day, at least:<\/strong> A host of companies yesterday reported results that beat forecasts, causing the benchmark S&P 500 index to have its best day in almost a month, jumping 2.8% during trading, Reuters<\/a> reports. Halliburton and toymaker Hasbro both reported larger-than-expected profits. Johnson & Johnson and IBM also beat revenue expectations but saw their share prices fall after warning that the red-hot USD will hit full-year profits. Netflix, which reported its results after the closing bell, rose more than 7% in after-hours trading after its subscribers fell less than anticipated in 2Q.<\/p>\n

\n

Is the pandemic-fuelled housing boom on the turn?<\/strong> A higher interest rate environment globally, coupled with the looming threat of recession, could put an end to two years of a sellers\u2019 market in developed economies when it comes to housing, the Financial Times<\/a> reports. There are signs that house-buying activity in major economies including the US, UK, and Canada is slowing, with analysts predicting price falls in scores of countries. Closer to home, housing price growth slowed in Dubai in June, according to ValuStrat<\/a>.<\/p>\n

Let\u2019s not get ahead of ourselves \u2014 this is no repeat of the 2008 crash (yet). <\/strong>Most market-watchers aren\u2019t worried about seeing a housing crash on the scale of the subprime mortgage crisis more than a decade ago. But if central banks do tip the rate-sensitive housing market into a steeper decline, it will cause knockon effects in construction and commodities sectors and could deepen any recession, they tell the Wall Street Journal<\/a>.<\/p>\n

\n

Dedollarizing Russian oil:<\/strong> Turkey and India could both ditch the USD to pay for Russian oil, B<\/a>loomberg<\/a> and Reuters<\/a> report. Moscow is reportedly asking India to make payment in AED as it looks to minimize the impact of Western sanctions, while Turkey is considering moving to other currencies to bolster its dwindling foreign reserves.<\/p>\n

\n

Pan-African venture fund reaches EUR 110 mn first close:<\/strong> Africa-focused private equity firm AfricInvest<\/a> and venture capital firm Cathay Innovation<\/a> have completed the final close of their Cathay AfricInvest Innovation Fund (CAIF) at EUR 110 mn, the firms said in a statement (pdf)<\/a> yesterday. CAIF will offer ticket sizes of EUR 1-10 mn for growth stage startups, and} up to EUR 1 mn for select seed-stage firms across sectors including fintech, healthtech, edtech, AI, and agtech.<\/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

9,034<\/p>\n<\/td>\n

\n

+1.9% (YTD: -24.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 18.88<\/p>\n<\/td>\n

\n

Sell 18.96<\/p>\n<\/td>\n<\/tr>\n

\n

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

USD a<\/strong>t<\/strong> CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 18.90<\/p>\n<\/td>\n

\n

Sell 18.96<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

11.25% deposit<\/p>\n<\/td>\n

\n

12.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

11,761<\/p>\n<\/td>\n

\n

+1.8% (YTD: +4.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,308<\/p>\n<\/td>\n

\n

+0.5% (YTD: +9.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,186<\/p>\n<\/td>\n

\n

+0.5% (YTD: -0.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,937<\/p>\n<\/td>\n

\n

+2.8% (YTD: -17.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,296<\/p>\n<\/td>\n

\n

+1.0% (YTD: -1.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,587<\/p>\n<\/td>\n

\n

+2.2% (YTD: -16.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 107.27<\/p>\n<\/td>\n

\n

+0.9%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 7.26<\/p>\n<\/td>\n

\n

-2.9%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,710.70<\/p>\n<\/td>\n

\n

0.0%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 23,660<\/p>\n<\/td>\n

\n

+9.3% (YTD: -49.5%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 rose 1.9% at today\u2019s close<\/strong> on turnover of EGP 1.2 bn (31.7% above the 90-day average). Local investors were net buyers. The index is down 24.4% YTD.<\/p>\n

In the green: <\/strong>CIRA (+10.3%), Orascom Development Egypt (+4.8%) and GB Auto (+4.4%).<\/p>\n

In the red: <\/strong>Cleopatra Hospitals (-5.1%), Madinet Nasr Housing (-3.5%) and Sidi Kerir Petrochemicals (-1.0%).<\/p>\n

Asian markets are uniformly <\/strong>in the green<\/a><\/strong> this morning<\/strong> on the back of yesterday\u2019s Wall Street rally and China\u2019s decision to leave its benchmark lending rate unchanged. Futures suggest shares in Europe, the US and Canada are all set to open in the green at the start of trading later today.<\/p>\n","protected":false},"excerpt":{"rendered":"

Funds are worried about where stocks are headed + pile into cash: Stock allocations among heavyweight investors are at the lowest level since the Lehman collapse in 2008 as funds pile into cash on rising fears of recession, the Financial Times writes. Fund managers this month cut their net overweight position in equities to 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":[2157,302,72,119,2158,91,122,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547969","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-africinvest","tag-earnings","tag-enterpriseam","tag-financial-markets","tag-housing-market","tag-oil-and-gas","tag-planet-finance","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"e784adcb-5471-4a9d-96cb-60613fedbe15","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[547948],"teaser":"","voice_url":""},"yoast_head":"\n\u201cDire level\u201d of pessimism among US fund managers as economic concerns rise - 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\/20\/dire-level-of-pessimism-among-us-fund-managers-as-economic-concerns-rise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u201cDire level\u201d of pessimism among US fund managers as economic concerns rise\" \/>\n<meta property=\"og:description\" content=\"Funds are worried about where stocks are headed + pile into cash: Stock allocations among heavyweight investors are at the lowest level since the Lehman collapse in 2008 as funds pile into cash on rising fears of recession, the Financial Times writes. 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VCs raised USD 20.6 bn in new funds during the October-December period, down 65% y-o-y \u2014 the lowest fourth-quarter total\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":578573,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/04\/time-for-asset-managers-to-tighten-their-belts-junk-is-getting-thrown-out\/","url_meta":{"origin":547969,"position":1},"title":"Time for asset managers to tighten their belts + Junk is getting thrown out","author":"enterpriseam admin","date":"4 January 2023","format":false,"excerpt":"Asset managers are getting stung by the market downturn: Global asset managers are preparing to make cutbacks in 2023 following the worst year for financial markets since the global financial crisis, the Financial Times reports. Faced with declining revenues, firms are pausing new recruitment and cutting back on bonuses to\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\/2023\/1\/69.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566872,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/26\/online-trader-thndr-to-add-funds-eyes-margin-trading\/","url_meta":{"origin":547969,"position":2},"title":"Online trader Thndr to add funds, eyes margin trading","author":"enterpriseam admin","date":"26 July 2021","format":false,"excerpt":"Zero-commission trading app Thndr is looking to add new investment funds to its platform before the end of the year after having recently obtained a license to allow investors to subscribe to funds through its platform, co-founder Ahmad Hammouda told us. The app is looking to roll out a number\u2026","rel":"","context":"In "SPEED ROUND: CAPITAL MARKETS"","block_context":{"text":"SPEED ROUND: CAPITAL MARKETS","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591104,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/31\/oil-prices-look-to-notch-biggest-monthly-gains-since-january-2022-in-july\/","url_meta":{"origin":547969,"position":3},"title":"Oil prices look to notch biggest monthly gains since January 2022 in July","author":"enterpriseam admin","date":"31 July 2023","format":false,"excerpt":"Brent and US crude have hit their highest levels since April as the market tightens","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\/2023\/7\/1257.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565157,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/23\/egx-claws-back-losses-after-5-plunge\/","url_meta":{"origin":547969,"position":4},"title":"EGX claws back losses after 5% plunge","author":"enterpriseam admin","date":"23 March 2021","format":false,"excerpt":"The benchmark EGX30 lost another 0.6% today, clawing its way back after a sharp plunge in the broad-based EGX100 index early in the session triggered an automatic suspension of trading to allow things to cool off. Today\u2019s trading was light, with turnover of EGP 1.1 bn (32.1% below the 90-day\u2026","rel":"","context":"In "SPEED ROUND: MARKET WATCH"","block_context":{"text":"SPEED ROUND: MARKET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-market-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/526.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578803,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/why-slowing-inflation-in-the-us-of-a-may-be-good-news-for-em-debt-and-for-egypt\/","url_meta":{"origin":547969,"position":5},"title":"Why slowing inflation in the US of A may be good news for EM debt \u2014 and for Egypt","author":"enterpriseam admin","date":"15 January 2023","format":false,"excerpt":"US consumer prices fall for the first time since May 2020: US inflation slowed to its lowest level in a year in December, in the latest sign that a surge in prices that has forced the Federal Reserve to aggressively raise interest rates is abating. The consumer price index fell\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\/2023\/1\/226.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\/547969","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=547969"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547969\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547948"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547969"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547969"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}