{"id":548937,"date":"2022-08-28T04:00:19","date_gmt":"2022-08-28T04:00:19","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/28\/hawkish-powell-speech-shocks-markets\/"},"modified":"2022-08-28T04:00:19","modified_gmt":"2022-08-28T04:00:19","slug":"hawkish-powell-speech-shocks-markets","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/28\/hawkish-powell-speech-shocks-markets\/","title":{"rendered":"Hawkish Powell speech shocks markets"},"content":{"rendered":"

<\/a> Stocks sink after Fed chair promises to keep raising interest rates: <\/strong>Federal Reserve Chairman Jerome Powell dashed market hopes that the central bank could slow interest rate hikes in a speech on Friday, triggering the biggest single-day rout in US stocks since June. Addressing the gathering of central bankers in Jackson Hole, Powell said the Fed \u201cmust keep at it\u201d until inflation is under control even if it means slower economic growth \u201cfor a sustained period.\u201d Stocks \u2014 which have been rallying in recent weeks partly on the expectation that the Fed would pivot if the economy slows \u2014 immediately fell, with the S&P 500 slipping 3.4% and the tech-heavy Nasdaq 100 dropping more than 4%.<\/p>\n

The message:<\/strong> \u201cPowell can\u2019t come right out and say that the Fed is fine walking us right into recession in order to crush inflation, but that is what this messaging unequivocally implies,\u201d one analyst told Bloomberg<\/a>. \u201cWhat does this mean for markets? Drastically reduces the chance of a soft landing and the bull case for new highs this year.\u201d<\/p>\n

ALSO FROM THE DEPT. OF BAD NEWS- Europe\u2019s energy crisis keeps getting <\/strong>worse:<\/strong> European gas prices spiraled ever higher on Friday, reaching a record EUR 343 per MWh during trading (or more than 1.1k% higher than they were a year ago) and prompting warnings of coming shortages of fertilizers<\/a> and glass<\/a>.<\/p>\n

SIGN OF THE TIMES- Household energy bills in the UK will rise as much as 80% in October. <\/strong>CNN<\/a> has the details.<\/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

10,287<\/p>\n<\/td>\n

\n

+1.8% (YTD: -13.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 19.14<\/p>\n<\/td>\n

\n

Sell 19.22<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 19.16<\/p>\n<\/td>\n

\n

Sell 19.22<\/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

12,592<\/p>\n<\/td>\n

\n

+1.2% (YTD: +11.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

10,079<\/p>\n<\/td>\n

\n

+0.6% (YTD: +18.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,463<\/p>\n<\/td>\n

\n

0.0% (YTD: +8.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,058<\/p>\n<\/td>\n

\n

-3.4% (YTD: -14.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,427<\/p>\n<\/td>\n

\n

-0.7% (YTD: +0.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,604<\/p>\n<\/td>\n

\n

-1.9% (YTD: -16.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 100.99<\/p>\n<\/td>\n

\n

+1.7%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 9.30<\/p>\n<\/td>\n

\n

-0.8%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,749.80<\/p>\n<\/td>\n

\n

-1.2%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 19,917<\/p>\n<\/td>\n

\n

-3.5% (YTD: -56.8%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 rose 1.8% at Thursday\u2019s close<\/strong> on turnover of EGP 1.54 bn (46.2% above the 90-day average). Foreign investors were net sellers. The index is down 13.9% YTD.<\/p>\n

In the green: <\/strong>GB Auto (+9.5%), Madinet Nasr Housing (+9.2%) and Heliopolis Housing (+5.6%).<\/p>\n

In the red: <\/strong>Credit Agricole Egypt (-0.5%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Stocks sink after Fed chair promises to keep raising interest rates: Federal Reserve Chairman Jerome Powell dashed market hopes that the central bank could slow interest rate hikes in a speech on Friday, triggering the biggest single-day rout in US stocks since June. Addressing the gathering of central bankers in Jackson Hole, Powell said 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":[93,72,164,119,1424,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548937","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-energy","tag-enterpriseam","tag-equities","tag-financial-markets","tag-jerome-powell","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"3e90bcc5-f0dc-491e-b9d4-759d39a80f7c","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[548915],"teaser":"","voice_url":""},"yoast_head":"\nHawkish Powell speech shocks 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\/08\/28\/hawkish-powell-speech-shocks-markets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hawkish Powell speech shocks markets\" \/>\n<meta property=\"og:description\" content=\"Stocks sink after Fed chair promises to keep raising interest rates: Federal Reserve Chairman Jerome Powell dashed market hopes that the central bank could slow interest rate hikes in a speech on Friday, triggering the biggest single-day rout in US stocks since June. 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