{"id":549638,"date":"2022-09-25T04:00:06","date_gmt":"2022-09-25T04:00:06","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/emerging-markets-will-take-the-worst-of-the-hit-as-more-doom-and-gloom-swept-global-markets-last-week\/"},"modified":"2022-09-25T04:00:06","modified_gmt":"2022-09-25T04:00:06","slug":"emerging-markets-will-take-the-worst-of-the-hit-as-more-doom-and-gloom-swept-global-markets-last-week","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/emerging-markets-will-take-the-worst-of-the-hit-as-more-doom-and-gloom-swept-global-markets-last-week\/","title":{"rendered":"Emerging markets will take the worst of the hit as more doom and gloom swept global markets last week"},"content":{"rendered":"

<\/a> Conditions in the financial markets went from bad to worse last week<\/strong>, as higher interest rates pushed everything from stocks to commodities to fresh lows amid weakening economic activity, rising inflation and a strengthening USD. The FTSE All-World index of global stocks lost 5.0% for its worst week since June, Europe\u2019s Stoxx 600 officially entered bear market territory, and MSCI\u2019s gauge of emerging-market stocks hit its lowest level in more than two years. In the US, the S&P 500 ended the week down 4.6%, the tech-dominated Nasdaq Composite shed 4.2%, and the Dow Jones dropped 4.0% to its lowest levels this year. Meanwhile, both US and UK government-bond yields hit their highest level in more than a decade, while data<\/a> showing declining economic activity in Europe also raised fears of recession. (WSJ<\/a> | FT<\/a> | Reuters<\/a>)<\/p>\n

The USD hit an all-time high: <\/strong>The Bloomberg USD Spot Index \u2014 which tracks the performance of 10 leading global currencies vs. the USD \u2014 surged to a record high on Friday, the business newswire<\/a> reported.<\/p>\n

All is not well in the island kingdom:<\/strong> The GBP tumbled to its lowest level against the greenback since the mid-80s as a surprise round of tax cuts sent markets into a panic.<\/p>\n

Oil did not escape the global risk-off sentiment<\/strong>:<\/strong> Brent futures fell 4.2% to close at USD 86.65 a barrel, its lowest close since late January. WTI futures fell below USD 80 per barrel for the first time since January \u2014 putting US crude on track for its first quarterly loss in more than two years, according to Bloomberg.<\/p>\n

The recession talk is reaching fever pitch: <\/strong>Economists are warning of increased volatility and a \u201charsh landing\u201d from the Fed\u2019s aggressive tightening cycle. \u201cThis is going to be a very, very volatile last quarter,\u201d Amrita Sen, chief oil analyst at Energy Aspects, said in a Bloomberg<\/a> interview.<\/p>\n

EMs will bear the brunt:<\/strong> Emerging and developing markets are now facing a \u201cperfect storm with weak growth, very high interest rates and an extremely challenging external environment when it comes to trade and foreign direct investment,\u201d Ayhan Kose, acting vice-president for equitable growth, finance and institutions at the World Bank, told the Financial Times<\/a>. \u201cThat is why we are worried.\u201d<\/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

9,933<\/p>\n<\/td>\n

\n

-0.2% (YTD: -16.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 19.44<\/p>\n<\/td>\n

\n

Sell 19.52<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 19.46<\/p>\n<\/td>\n

\n

Sell 19.52<\/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

11,461<\/p>\n<\/td>\n

\n

-0.4% (YTD: +1.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

10,026<\/p>\n<\/td>\n

\n

-0.7% (YTD: +18.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,409<\/p>\n<\/td>\n

\n

-0.7% (YTD: +6.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,693<\/p>\n<\/td>\n

\n

-1.7% (YTD: -22.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,019<\/p>\n<\/td>\n

\n

-2.0% (YTD: -5.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,349<\/p>\n<\/td>\n

\n

-2.3% (YTD: -22.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 86.15<\/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 6.83<\/p>\n<\/td>\n

\n

-3.7%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,655.60<\/p>\n<\/td>\n

\n

-1.5%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 18,926<\/p>\n<\/td>\n

\n

-0.5% (YTD: -58.9%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 fell 0.2% at Thursday\u2019s close<\/strong> on turnover of EGP 821.18 mn (14% below the 90-day average). Foreign investors were net sellers. The index is down 16.9% YTD.<\/p>\n

In the green: <\/strong>Orascom Construction (+5.8%), Eastern Company (+2.6%) and Talaat Moustafa Holding (+1.9%).<\/p>\n

In the red: <\/strong>Madinet Nasr Holding (-4.6%), GB Auto (-4.2%) and e-Finance (-2.2%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Conditions in the financial markets went from bad to worse last week, as higher interest rates pushed everything from stocks to commodities to fresh lows amid weakening economic activity, rising inflation and a strengthening USD. The FTSE All-World index of global stocks lost 5.0% for its worst week since June, Europe\u2019s Stoxx 600 officially entered […]<\/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":[82,317,104,72,164,78,122,9126,2232],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549638","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-bonds","tag-commodities","tag-economy","tag-enterpriseam","tag-equities","tag-ipo-watch","tag-planet-finance","tag-rothschild","tag-salik","wpautop","entry"],"acf":{"mongo_id":"4c43db5b-1c30-4d91-a41a-2cfefa6bf880","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[549619],"teaser":"","voice_url":""},"yoast_head":"\nEmerging markets will take the worst of the hit as more doom and gloom swept global markets last week - 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\/25\/emerging-markets-will-take-the-worst-of-the-hit-as-more-doom-and-gloom-swept-global-markets-last-week\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Emerging markets will take the worst of the hit as more doom and gloom swept global markets last week\" \/>\n<meta property=\"og:description\" content=\"Conditions in the financial markets went from bad to worse last week, as higher interest rates pushed everything from stocks to commodities to fresh lows amid weakening economic activity, rising inflation and a strengthening USD. 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As stocks in advanced economies go from strength to strength, EM equity funds had their worst week\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":549709,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/everything-must-go\/","url_meta":{"origin":549638,"position":1},"title":"Everything must go","author":"enterpriseam admin","date":"27 September 2022","format":false,"excerpt":"Everything but the greenback is selling off right now: Stocks, bonds, commodities and currencies around the world came under pressure yesterday as tightening financial conditions and the relentless rise of the USD raise fears of recession and destabilize currencies in markets both developed and emerging.A snapshot: USD soars: The USD\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":549451,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/18\/us-stocks-hit-two-month-lows-investors-are-starting-to-come-back-to-frontier-market-african-debt\/","url_meta":{"origin":549638,"position":2},"title":"US stocks hit two month lows + investors are starting to come back to frontier-market African debt","author":"enterpriseam admin","date":"18 September 2022","format":false,"excerpt":"Another grim week for US equities: The three major US stock indices dropped to two-month lows on intensified recession fears at the end of last week, Reuters reports. Markets plunged on warnings from FedEx of an economic slowdown as it pulled its earnings forecast, following hotter than expected August inflation\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":639946,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/18\/global-stocks-record-best-week-in-nine-months-as-us-data-calm-recession-fears\/","url_meta":{"origin":549638,"position":3},"title":"Global stocks record best week in nine months as US data calm recession fears","author":"enterpriseam admin","date":"18 August 2024","format":false,"excerpt":"This comes as markets rebound from a \u201cbrutal\u201d sell-off during the first week of August","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\/2024\/8\/1486.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546257,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/this-morning-worst-day-for-global-stocks-since-june-2020-its-inflation-day-here-in-egypt\/","url_meta":{"origin":549638,"position":4},"title":"THIS MORNING: Worst day for global stocks since June 2020; It\u2019s inflation day here in Egypt","author":"enterpriseam admin","date":"10 May 2022","format":false,"excerpt":"Good morning, friends, and happy hump day. We have a really packed issue for you today, so let\u2019s jump right in: THE BIG STORY EVERYWHERE THIS MORNING- The global market sell-off looks like it is getting serious. Global equities suffered their heaviest one-day losses since June 2020 yesterday. 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