{"id":549214,"date":"2022-09-07T04:00:36","date_gmt":"2022-09-07T04:00:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/us-equities-are-still-holding-up-porsche-looks-set-to-ipo-this-fall\/"},"modified":"2022-09-07T04:00:36","modified_gmt":"2022-09-07T04:00:36","slug":"us-equities-are-still-holding-up-porsche-looks-set-to-ipo-this-fall","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/us-equities-are-still-holding-up-porsche-looks-set-to-ipo-this-fall\/","title":{"rendered":"US equities are still holding up + Porsche looks set to IPO this fall"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>US equities are the best of a bad bunch amid global turmoil: <\/strong>Investors are still piling into US stocks despite their weak performance as they seek a safe haven from even rockier international markets, the <a href=\"https:\/\/www.wsj.com\/articles\/investors-are-pouring-into-u-s-stocks-to-avoid-greater-turbulence-overseas-11662421967?mod=hp_lead_pos2\">Wall Street Journal<\/a> reports. US equity-focused stock and mutual funds saw net inflows in four of the past six weeks, according to Refinitiv data cited by the WSJ. By contrast, investors have been pulling out of international stock funds for 20 consecutive weeks \u2014 the longest streak of outflows in almost three years. \u201cThe US looks the least challenged in a very challenging world,\u201d said Christopher Smart, chief global strategist at Barings.<\/p>\n<p><strong>Porsche could go public in what could be one of the world\u2019s biggest IPOs this <\/strong><strong>year: <\/strong>Volkswagen plans to float a 25% stake in its iconic sports car brand Porsche on the Frankfurt exchange later this month or early October, the carmaker said in a <a href=\"https:\/\/newsroom.porsche.com\/en\/2022\/company\/porsche-ag-possible-initial-public-offering-listing-29627.html\">statement.<\/a> The IPO could value Porsche at some USD 60-85 bn, making it the the largest in Europe since 1999 and among the biggest in German history, <a href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/porsche-ipo-plans-progressing-no-decision-yet-vw-cfo-2022-09-05\/\">Reuters<\/a> reports, citing data from Refinitiv. <strong>The Qatari sovereign fund could come onboard as a cornerstone investor<\/strong> and is eyeing a 4.99% stake, according to the newswire.<\/p>\n<p><strong>Don\u2019t get too excited: <\/strong>The listing remains subject to market conditions \u2014 which haven\u2019t been too great recently. Sources close to the negotiations told Reuters the sale could be extended or pulled if investor interest is weak.<\/p>\n<p><strong>ALSO IN PLANET FINANCE-<\/strong><\/p>\n<ul>\n<li><strong>Accounting giant Ernst & Young is expected to approve this week a <\/strong><strong>breakup plan<\/strong> splitting its auditing and consulting firms. (<a href=\"https:\/\/www.wsj.com\/articles\/ernst-young-leaders-expected-to-approve-plan-to-split-accounting-company-11662404933\">WSJ<\/a>)<\/li>\n<li><strong>Instagram handed large fine for privacy violations: <\/strong>Irish regulators have levied a record EUR 405 mn fine against Instagram over mishandling children\u2019s data. (<a href=\"https:\/\/www.wsj.com\/articles\/instagram-fined-402-million-in-eu-for-allegations-of-mishandling-childrens-data-11662398050\">WSJ<\/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>10,330<\/p>\n<\/td>\n<td>\n<p>+1.5% (YTD: -13.6%)<\/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>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.18<\/p>\n<\/td>\n<td>\n<p>Sell 19.29<\/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>USD at C<\/strong><strong>I<\/strong><strong>B<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.21<\/p>\n<\/td>\n<td>\n<p>Sell 19.27<\/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-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>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,995<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: +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>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,663<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: +13.8%)<\/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>3,396<\/p>\n<\/td>\n<td>\n<p>+1.2% (YTD: +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>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,908<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: -18.0%)<\/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>7,300<\/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>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,500<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: -1.86%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 92.91<\/p>\n<\/td>\n<td>\n<p>-3.0%<\/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>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 8.15<\/p>\n<\/td>\n<td>\n<p>-7.3%<\/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 1,712.90<\/p>\n<\/td>\n<td>\n<p>-0.6%<\/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 18,985<\/p>\n<\/td>\n<td>\n<p>-3.9% (YTD: -58.9%)<\/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 1.5% at yesterday\u2019s close<\/strong> on turnover of EGP 1.90 bn (53.6% above the 90-day average). Local investors were net buyers, with market chatter suggesting locals are positioning themselves in names they think will benefit what they hope is a market rally after the announcement of an IMF assistance package. The index is down 13.6% YTD.<\/p>\n<p><strong>In the green: <\/strong>Fawry (+7.6%), Elsewedy Electric (+5.0%) and Heliopolis Housing (+4.0%).<\/p>\n<p><strong>In the red: <\/strong>Eastern Company (-1.3%), Rameda (-1.1%) and Telecom Egypt (-1.0%).<\/p>\n<p><strong>Asian markets are solidly in the red this morning<\/strong> with the singular exception of Shanghai, where shares are clinging to modest gains. <a href=\"https:\/\/www.cnbc.com\/2022\/09\/07\/asia-pacific-markets-ahead-of-fed-beige-book-release.html\">CNBC says<\/a> investors to our east are holding in place in anticipation of today\u2019s release of the so-called <a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/beige-book-default.htm\">Beige Book<\/a> \u2014 the US Federal Reserve\u2019s summary of current economic conditions. Futures suggest shares in Europe, the US and Canada will all open in the red later today, with only Paris\u2019 CAC 40 bucking the trend.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>US equities are the best of a bad bunch amid global turmoil: Investors are still piling into US stocks despite their weak performance as they seek a safe haven from even rockier international markets, the Wall Street Journal reports. US equity-focused stock and mutual funds saw net inflows in four of the past six weeks, [&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":[144,344,72,164,2367,119,122,894,117],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549214","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-automotive","tag-cryptocurrency","tag-enterpriseam","tag-equities","tag-ernst-young","tag-financial-markets","tag-planet-finance","tag-social-media","tag-us","wpautop","entry"],"acf":{"mongo_id":"1c8f83ad-afaf-44cb-830d-f64e9a36babd","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[549191],"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>US equities are still holding up + Porsche looks set to IPO this fall - 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\/09\/07\/us-equities-are-still-holding-up-porsche-looks-set-to-ipo-this-fall\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US equities are still holding up + Porsche looks set to IPO this fall\" \/>\n<meta property=\"og:description\" content=\"US equities are the best of a bad bunch amid global turmoil: Investors are still piling into US stocks despite their weak performance as they seek a safe haven from even rockier international markets, the Wall Street Journal reports. 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