{"id":549285,"date":"2022-09-11T04:00:37","date_gmt":"2022-09-11T04:00:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/record-rate-hike-in-the-eurozone\/"},"modified":"2022-09-11T04:00:37","modified_gmt":"2022-09-11T04:00:37","slug":"record-rate-hike-in-the-eurozone","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/record-rate-hike-in-the-eurozone\/","title":{"rendered":"Record rate hike in the eurozone"},"content":{"rendered":"

<\/a> ECB makes largest-ever rate hike:<\/strong> The European Central Bank raised interest rates by a historic 75 basis points \u2014 and its head hinted there could be more jumbo rate hikes to come. The bank raised its three key rates in a bid to \u201cdampen demand\u201d and \u201cguard against the risk of a persistent upward shift in inflation expectations,\u201d according to a statement<\/a>. \u201cIf the data on our meeting-by-meeting exercise review suggests that we should take a high hike of our interest rates, we will do so,\u201d Christine Lagarde told reporters in Frankfurt, according to Bloomberg<\/a>. Lagarde suggested there could be three or four more rate hikes to tackle inflation, which the bank\u2019s monetary policy committee said was \u201cfar too high\u201d as it stands. Eurozone inflation hit a record 9.1% in August<\/a>.<\/p>\n

Saudi logistics startup Trukker has closed a USD 100 mn series C round<\/strong> led by Bahrain-based asset manager Investcorp, with participation from investors including Abu Dhabi sovereign wealth fund Mubadala, Bloomberg<\/a> and Reuters<\/a> reported last week. The firm will use the money to expand into new countries and deepen its footprint in existing markets.<\/p>\n

An IPO is in the works:<\/strong> This will be the final funding round before Trukker goes ahead with a planned listing, founder and CEO Gaurav Biswas told Bloomberg. The firm is looking at going public on several exchanges over the next two or three years, including the Saudi Tadawul, he said.<\/p>\n

ALSO IN PLANET FINANCE- <\/strong> Another crypto player is heading to Dubai: <\/strong>London-based crypto firm Blockchain.com is set to open an office in Dubai after it secured provisional approval to operate in the emirate. (Reuters<\/a>)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\"Up\"<\/td>\nEGX30 <\/strong><\/td>\n10,265<\/td>\n+0.3% (YTD: -14.1%)<\/td>\n<\/tr>\n
\"Up\"<\/td>\nUSD (CBE)<\/strong><\/td>\nBuy 19.26<\/td>\nSell 19.36<\/td>\n<\/tr>\n
\"Up\"<\/td>\nUSD at CIB<\/strong><\/td>\nBuy 19.28<\/td>\nSell 19.34<\/td>\n<\/tr>\n
\"None\"<\/td>\nInterest rates CBE<\/strong><\/td>\n11.25% deposit<\/td>\n12.25% lending<\/td>\n<\/tr>\n
\"Down\"<\/td>\nTadawul<\/strong><\/td>\n11,834<\/td>\n-0.3% (YTD: +4.9%)<\/td>\n<\/tr>\n
\"Up\"<\/td>\nADX<\/strong><\/td>\n9,796<\/td>\n+0.1% (YTD: +15.4%)<\/td>\n<\/tr>\n
\"None\"<\/td>\nDFM<\/strong><\/td>\n3,361<\/td>\n0.0% (YTD: +5.2%)<\/td>\n<\/tr>\n
\"Up\"<\/td>\nS&P 500<\/strong><\/td>\n4,067<\/td>\n+1.5% (YTD: -14.7%)<\/td>\n<\/tr>\n
\"Up\"<\/td>\nFTSE 100<\/strong><\/td>\n7,351<\/td>\n+1.2% (YTD: -0.5%)<\/td>\n<\/tr>\n
\"Up\"<\/td>\nEuro Stoxx 50<\/strong><\/td>\n3,570<\/td>\n+1.6% (YTD: -17.0%)<\/td>\n<\/tr>\n
\"Up\"<\/td>\nBrent crude<\/strong><\/td>\nUSD 92.84<\/td>\n+4.1%<\/td>\n<\/tr>\n
\"Up\"<\/td>\nNatural gas <\/strong>(Nymex)<\/td>\nUSD 8.00<\/td>\n+1.0%<\/td>\n<\/tr>\n
\"Up\"<\/td>\nGold<\/strong><\/td>\nUSD 1,728.90<\/td>\n+0.5%<\/td>\n<\/tr>\n
\"Up\"<\/td>\nBTC<\/strong><\/td>\nUSD 21,589<\/td>\n+1.6% (YTD: -53.5%)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

The EGX30 rose 0.3% at Thursday\u2019s close<\/strong> on turnover of EGP 1.24 bn (26.9% above the 90-day average). Local investors were net buyers. The index is down 14.1% YTD.<\/p>\n

In the green: <\/strong>Juhayna (+4.1%), Credit Agricole Egypt (+4.0%) and Madinet Nasr Holding (+3.7%).<\/p>\n

In the red: <\/strong>AMOC (-1.7%), MOPCO (-1.5%) and Eastern Company (-1.5%).<\/p>\n","protected":false},"excerpt":{"rendered":"

ECB makes largest-ever rate hike: The European Central Bank raised interest rates by a historic 75 basis points \u2014 and its head hinted there could be more jumbo rate hikes to come. The bank raised its three key rates in a bid to \u201cdampen demand\u201d and \u201cguard against the risk of a persistent upward shift […]<\/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":[344,163,72,7192,725,119,349,122,219,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549285","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-cryptocurrency","tag-dubai","tag-enterpriseam","tag-eu","tag-european-central-bank","tag-financial-markets","tag-interest-rates","tag-planet-finance","tag-saudi-arabia","tag-startups","wpautop","entry"],"acf":{"mongo_id":"ddd722ff-1aa1-4b0f-aad2-432572d75d69","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[549264],"teaser":"","voice_url":""},"yoast_head":"\nRecord rate hike in the eurozone - 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\/11\/record-rate-hike-in-the-eurozone\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Record rate hike in the eurozone\" \/>\n<meta property=\"og:description\" content=\"ECB makes largest-ever rate hike: The European Central Bank raised interest rates by a historic 75 basis points \u2014 and its head hinted there could be more jumbo rate hikes to come. 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The central bank hiked rates by 200 basis points, bringing its deposit rate to 11.25% and the lending rate\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/271.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549623,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/cbe-kind-of-bucks-the-global-tightening-trend-by-leaving-rates-unchanged\/","url_meta":{"origin":549285,"position":5},"title":"CBE (kind of) bucks the global tightening trend by leaving rates unchanged","author":"enterpriseam admin","date":"25 September 2022","format":false,"excerpt":"CBE reaches for another tool in the toolbox: The Central Bank of Egypt (CBE) left interest rates unchanged on Thursday, a move that went against market expectations. The Monetary Policy Committee (MPC) left the deposit rate at 11.25%, the lending rate at 12.25%, and the main operation and disc. rates\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/364.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\/549285","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=549285"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549285\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/549264"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=549285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=549285"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=549285"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=549285"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=549285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}