{"id":549709,"date":"2022-09-27T04:00:01","date_gmt":"2022-09-27T04:00:01","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/everything-must-go\/"},"modified":"2022-09-27T04:00:01","modified_gmt":"2022-09-27T04:00:01","slug":"everything-must-go","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/everything-must-go\/","title":{"rendered":"Everything must go"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>Everything but the greenback is selling off right now: <\/strong>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.<\/p>\n<p><strong>A snapshot:<\/strong><\/p>\n<ul>\n<li><strong>USD soars:<\/strong> The USD hit heights not seen since May 2002 yesterday as the currency continued a surge that has seen it gain around 5% in the past week alone.<\/li>\n<li><strong>US stocks sink:<\/strong> The S&P 500 fell to its lowest level since December 2020 after losing more than 1% yesterday, while the Dow tumbled 1.1% to enter a bear market. The S&P is down almost 8% this month and 23.3% YTD.<\/li>\n<li><strong>As did global stocks:<\/strong> The MSCI All World Index fell 2% and is now at its lowest level since November 2020.<\/li>\n<li><strong>Commodities crumble:<\/strong> Energy and precious metals fell yesterday, with Brent falling 2.6% to its lowest level since 11 January and gold declining 1.3% to lows not seen since April 2020.<\/li>\n<li><strong>The first bear market for global bonds in 76 years:<\/strong> That\u2019s according to <a href=\"https:\/\/www.marketwatch.com\/story\/global-bonds-are-in-first-bear-market-in-76-years-based-on-two-centuries-of-data-says-deutsche-bank-11664210332\">Deutsche<\/a><a href=\"https:\/\/www.marketwatch.com\/story\/global-bonds-are-in-first-bear-market-in-76-years-based-on-two-centuries-of-data-says-deutsche-bank-11664210332\">Bank<\/a> research published on a day when the sell-off in US, European and UK bonds continued unabated.<\/li>\n<\/ul>\n<p><strong>To say that UK assets are being hammered is an understatement:<\/strong> The GBP flash-crashed more than 4% to hit a record low against the USD in the early hours of trading yesterday while UK bond prices collapsed, with yields on five-years surging more than 100 bps in just two trading sessions. The market was reacting to a new program of tax cuts by the new Truss administration, which UBS Global Wealth Management\u2019s chief economist <a href=\"https:\/\/uk.movies.yahoo.com\/investors-see-tory-party-doomsday-102428668.html\">likened<\/a> to a \u201cdoomsday cult.\u201d<\/p>\n<p><strong>Over in Asia, China moved to <\/strong><strong><a href=\"http:\/\/www.pbc.gov.cn\/en\/3688110\/3688172\/4437084\/4667063\/index.html\">defend its currency<\/a><\/strong><strong> from the USD<\/strong> by making it more expensive for investors to speculate against the CNY. The currency has lost 3.7% against the USD this month alone. This comes a few days after the Bank of Japan <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-22\/kuroda-s-boj-holds-ground-with-ultralow-rates-pushing-yen-to-145?sref=mmeFTDW1\">intervened<\/a> to support the JPY \u2014 down 24% against the USD this year \u2014 for the first time in 24 years. Analysts are now <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-25\/financial-crisis-redux-looms-in-asia-as-major-currencies-crack?srnd=premium-europe&sref=mmeFTDW1\">warning<\/a> of an Asian financial crisis if the USD continues to appreciate against the Chinese and Japanese currencies.<\/p>\n<p><strong>Falling oil prices have helped push Saudi stocks into a bear market:<\/strong> The benchmark Saudi index closed 2.3% in the red yesterday, leaving it down more than 21% from its recent peak in May.<\/p>\n<p><strong>One risk asset that remained unscathed (and it\u2019s not often we say this):<\/strong> BTC, which held steady above USD 19k and was up almost 2% on the day.<\/p>\n<p><strong>Central banks have no intention of easing the speed of rate hikes:<\/strong> Federal Reserve officials have doubled down on aggressive rate hikes, ECB President Christine Lagarde yesterday <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-26\/lagarde-says-ecb-rates-to-be-lifted-at-next-several-meetings?sref=mmeFTDW1\">vowed to raise rates<\/a> for the next \u201cseveral meetings,\u201d while the market expects the Bank of England to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-26\/uk-rout-to-push-boe-to-full-point-hike-bloomberg-economics-says?sref=mmeFTDW1\">hike by 100 bps<\/a>, possibly in an emergency meeting, in response to the current turmoil.<\/p>\n<p><strong>ALSO WORTH NOTING: <\/strong><strong>Porsche IPO covered multiple times: <\/strong>Porsche is set to price its shares at the higher end of the EUR 76.50-82.50 range, after it saw major demand for its 911 mn share sale \u2014 representing 12.5% of the company, according to the <a href=\"https:\/\/www.ft.com\/content\/7e59d4a6-0c01-49b8-9cad-62da3b50fb14\">Financial Times<\/a>. The company is expected to raise some EUR 9.4 bn from the sale, valuing the car maker at as much as EUR 75.2 bn and making it Germany\u2019s second-largest IPO and Europe\u2019s third-biggest ever. The company is set to make its market debut on Thursday.<\/p>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\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>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>9,828<\/p>\n<\/td>\n<td>\n<p>-0.7% (YTD: -17.8%)<\/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>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.45<\/p>\n<\/td>\n<td>\n<p>Sell 19.56<\/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 CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.48<\/p>\n<\/td>\n<td>\n<p>Sell 19.54<\/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>10,909<\/p>\n<\/td>\n<td>\n<p>-2.3% (YTD: -3.3%)<\/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>9,801<\/p>\n<\/td>\n<td>\n<p>-2.2% (YTD: +15.5%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,349<\/p>\n<\/td>\n<td>\n<p>-1.8% (YTD: +4.8%)<\/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>3,655<\/p>\n<\/td>\n<td>\n<p>-1.0% (YTD: -23.3%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,021<\/p>\n<\/td>\n<td>\n<p>0.0% (YTD: -4.9%)<\/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>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,343<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: -22.2%)<\/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 83.93<\/p>\n<\/td>\n<td>\n<p>-2.6%<\/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>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 6.90<\/p>\n<\/td>\n<td>\n<p>+1.1%<\/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 1,633.40<\/p>\n<\/td>\n<td>\n<p>-1.3%<\/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>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 19,104<\/p>\n<\/td>\n<td>\n<p>+1.9% (YTD: -58.7%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 fell 0.7% at yesterday\u2019s close<\/strong> on turnover of EGP 948.50 mn (0.3% below the 90-day average). Local investors were net buyers. The index is down 17.8% YTD.<\/p>\n<p><strong>In the green: <\/strong>Egypt Kuwait Holding-EGP (+4.2%), Ezz Steel (+2.8%) and Sidi Kerir Petrochemicals (+2.1%).<\/p>\n<p><strong>In the red: <\/strong>Eastern Company (-3.2%), e-Finance (-2.1%) and CIB (-2.0%).<\/p>\n<p><strong>It\u2019s a mixed picture in Asia this morning:<\/strong> Shares in China, Hong Kong and South Korea are in the red while the Nikkei and the ASX are marginally in the green. European and US markets could see early gains at the opening bell later today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 hit heights not seen [&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":[82,116,380,72,164,119,7093,91,122,219,112],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549709","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-bonds","tag-china","tag-currencies","tag-enterpriseam","tag-equities","tag-financial-markets","tag-gold","tag-oil-and-gas","tag-planet-finance","tag-saudi-arabia","tag-uk","wpautop","entry"],"acf":{"mongo_id":"38a59d87-7f6f-429f-86a9-8e70bad406f0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[549687],"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>Everything must go - 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\/27\/everything-must-go\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Everything must go\" \/>\n<meta property=\"og:description\" content=\"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 hit heights not seen [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/everything-must-go\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-27T04:00:01+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=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/everything-must-go\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/everything-must-go\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Everything must go\",\"datePublished\":\"2022-09-27T04:00:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/everything-must-go\/\"},\"wordCount\":712,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"Bonds\",\"China\",\"currencies\",\"EnterpriseAM\",\"equities\",\"Financial Markets\",\"gold\",\"oil and gas\",\"Planet Finance\",\"Saudi Arabia\",\"UK\"],\"articleSection\":[\"PLANET FINANCE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/everything-must-go\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/everything-must-go\/\",\"name\":\"Everything must go - EnterpriseAM Egypt\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\"},\"datePublished\":\"2022-09-27T04:00:01+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/everything-must-go\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/everything-must-go\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/everything-must-go\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Everything must go\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"name\":\"EnterpriseAM\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\",\"name\":\"EnterpriseAM\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/240894.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/240894.svg\",\"caption\":\"EnterpriseAM\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Everything must go - EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/everything-must-go\/","og_locale":"en_US","og_type":"article","og_title":"Everything must go","og_description":"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. 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