{"id":549044,"date":"2022-08-31T04:00:58","date_gmt":"2022-08-31T04:00:58","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/rate-fears-have-us-stocks-down-for-third-day-straight\/"},"modified":"2022-08-31T04:00:58","modified_gmt":"2022-08-31T04:00:58","slug":"rate-fears-have-us-stocks-down-for-third-day-straight","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/rate-fears-have-us-stocks-down-for-third-day-straight\/","title":{"rendered":"Rate fears have US stocks down for third day straight"},"content":{"rendered":"

<\/a> Wall Street indexes closed in the red for the third day running <\/strong>as markets continue to reel from the Federal Reserve\u2019s aggressive stance on interest rates. July\u2019s jobs report (pdf)<\/a> \u2014 which showed an ever-tightening labor market \u2014 only added fuel to the fire, pushing the S&P 500 and the tech-heavy Nasdaq down 1.1% and 1.12%, respectively. The S&P 500 has now seen almost half of its recent gains wiped out in the sell-off.<\/p>\n

Asian markets are mainly in the red this morning<\/strong> as recession fears and rising interest rates continue to weigh on stocks around the world. Futures contracts currently have US shares and come indexes in Europe staging a recovery rally today.<\/p>\n

Economic sentiment in Europe was worse than expected in August<\/strong>, despite an improved outlook among consumers, retail sales, and construction activity, according to the European Commission\u2019s monthly economic sentiment index.<\/a> The index dropped to 97.6 points in August from 98.9 in July, which was below the 98.0 points predicted by analysts surveyed by Reuters<\/a>. The slump in sentiment comes as fears of a eurozone recession build<\/a>, with the continent facing a historic energy crisis triggered by the sanctions war with Russia.<\/p>\n

ALSO WORTH NOTING- <\/strong>Elon Musk is trying to delay his legal showdown with Twitter to November<\/strong>, after his legal team cited claims made by a whistleblower<\/a> last week as a new justification for the termination of his USD 44 bn bid to take over the company. (Reuters<\/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

10,132<\/p>\n<\/td>\n

\n

+0.1% (YTD: -15.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 19.17<\/p>\n<\/td>\n

\n

Sell 19.28<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 19.20<\/p>\n<\/td>\n

\n

Sell 19.26<\/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

12,456<\/p>\n<\/td>\n

\n

-0.6% (YTD: +10.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,963<\/p>\n<\/td>\n

\n

0.0% (YTD: +17.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,464<\/p>\n<\/td>\n

\n

+0.8% (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

3,986<\/p>\n<\/td>\n

\n

-1.1% (YTD: -16.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,362<\/p>\n<\/td>\n

\n

-0.9% (YTD: -0.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,562<\/p>\n<\/td>\n

\n

-0.2% (YTD: -17.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 100.06<\/p>\n<\/td>\n

\n

-4.8%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 9.04<\/p>\n<\/td>\n

\n

-3.2%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,736.30<\/p>\n<\/td>\n

\n

-0.7%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 19,899<\/p>\n<\/td>\n

\n

-1.5% (YTD: -56.8%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 rose 0.1% at yesterday\u2019s close<\/strong> on turnover of EGP 1.39 bn (38.6% above the 90-day average). Foreign investors were net sellers. The index is down 15.2% YTD.<\/p>\n

In the green: <\/strong>GB Auto (+6.2%), Palm Hills Development (+3.7%) and Abu Qir Fertilizers (+2.7%).<\/p>\n

In the red: <\/strong>Oriental Weavers (-3.2%), e-Finance (-2.5%) and Elsewedy Electric (-1.8%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Wall Street indexes closed in the red for the third day running as markets continue to reel from the Federal Reserve\u2019s aggressive stance on interest rates. July\u2019s jobs report (pdf) \u2014 which showed an ever-tightening labor market \u2014 only added fuel to the fire, pushing the S&P 500 and the tech-heavy Nasdaq down 1.1% and […]<\/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":[637,93,72,164,7192,119,91,122,1010],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549044","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-elon-musk","tag-energy","tag-enterpriseam","tag-equities","tag-eu","tag-financial-markets","tag-oil-and-gas","tag-planet-finance","tag-twitter","wpautop","entry"],"acf":{"mongo_id":"fb0009c1-368a-4d6f-84db-410d897af1ed","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[549021],"teaser":"","voice_url":""},"yoast_head":"\nRate fears have US stocks down for third day straight - 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\/31\/rate-fears-have-us-stocks-down-for-third-day-straight\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rate fears have US stocks down for third day straight\" \/>\n<meta property=\"og:description\" content=\"Wall Street indexes closed in the red for the third day running as markets continue to reel from the Federal Reserve\u2019s aggressive stance on interest rates. July\u2019s jobs report (pdf) \u2014 which showed an ever-tightening labor market \u2014 only added fuel to the fire, pushing the S&P 500 and the tech-heavy Nasdaq down 1.1% and […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/rate-fears-have-us-stocks-down-for-third-day-straight\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-31T04:00:58+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/rate-fears-have-us-stocks-down-for-third-day-straight\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/rate-fears-have-us-stocks-down-for-third-day-straight\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Rate fears have US stocks down for third day straight\",\"datePublished\":\"2022-08-31T04:00:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/rate-fears-have-us-stocks-down-for-third-day-straight\/\"},\"wordCount\":355,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"Elon Musk\",\"energy\",\"EnterpriseAM\",\"equities\",\"EU\",\"Financial Markets\",\"oil and gas\",\"Planet Finance\",\"Twitter\"],\"articleSection\":[\"PLANET FINANCE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/rate-fears-have-us-stocks-down-for-third-day-straight\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/rate-fears-have-us-stocks-down-for-third-day-straight\/\",\"name\":\"Rate fears have US stocks down for third day straight - 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The Dow Jones shed more than 200 points yesterday to end 0.7% in the red while the S&P 500 lost 0.3%, leaving it down 2.6%\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\/3\/feds-powell-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549078,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/opec-cuts-oil-supply-forecast-for-this-year-and-the-next\/","url_meta":{"origin":549044,"position":1},"title":"OPEC+ cuts oil supply forecast for this year and the next","author":"enterpriseam admin","date":"1 September 2022","format":false,"excerpt":"Oil prices fell for a third consecutive month in August as the combination of global monetary tightening to check rampant inflation and China\u2019s ongoing zero-covid strategy put the brakes on demand, Bloomberg reports. 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The tech-heavy index fell another 1.2% during the trading session as investors continued to exit growth stocks in\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":577865,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/oil-is-close-to-wiping-out-all-of-its-2022-gains\/","url_meta":{"origin":549044,"position":4},"title":"Oil is close to wiping out all of its 2022 gains","author":"enterpriseam admin","date":"7 December 2022","format":false,"excerpt":"Oil tumbled to its lowest level since January yesterday on concerns that the Federal Reserve will continue to aggressively raise rates and as investors weighed the impact of the price cap on Russian crude. Brent dipped below USD 80 for the first time since 3 January yesterday, falling 3.6% during\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\/2022\/12\/134.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545763,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/11\/why-stocks-are-rallying-despite-global-turmoil-binance-gets-the-go-ahead-in-abu-dhabi\/","url_meta":{"origin":549044,"position":5},"title":"Why stocks are rallying despite global turmoil + Binance gets the go-ahead in Abu Dhabi","author":"enterpriseam admin","date":"11 April 2022","format":false,"excerpt":"Why are stocks proving resilient despite the Russian invasion of Ukraine and surging inflation? The Wall Street Journal tries to unpick why stocks are rallying through such a period of uncertainty. After falling into correction territory in a terrible start to the year, the S&P 500 has bounced back 7.6%\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549044","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=549044"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549044\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/549021"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=549044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=549044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=549044"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=549044"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=549044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}