{"id":549752,"date":"2022-09-28T04:08:06","date_gmt":"2022-09-28T04:08:06","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/28\/us-stocks-hit-fresh-near-two-year-low\/"},"modified":"2022-09-28T04:08:06","modified_gmt":"2022-09-28T04:08:06","slug":"us-stocks-hit-fresh-near-two-year-low","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/28\/us-stocks-hit-fresh-near-two-year-low\/","title":{"rendered":"US stocks hit fresh near-two-year low"},"content":{"rendered":"

<\/a> US stocks fell deeper into bear territory yesterday and bonds continued to sell off<\/strong> as Federal Reserve officials kept up the hawkish messaging<\/a> on interest rates. In another choppy session, the S&P 500 closed 0.2% in the red to hit its lowest level since November 2020 while the Dow Jones fell 0.4%. The S&P is now sitting 24.3% below its peak in January while the Dow is down 21.2%. Yields on US 10-years edged closer to breaching the 4% handle \u2014 a level that hasn\u2019t been since 2008 \u2014 as investors continued to exit treasuries. Bucking the trend<\/strong> was the tech-heavy Nasdaq, which notched slight gains to close 0.3% in the green.<\/p>\n

Good for all of us:<\/strong> The USD took a breather from its relentless march upwards yesterday but remains at two-decade highs.<\/p>\n

\n

PIF taps banks for debut green bond sale:<\/strong> Saudi Arabia\u2019s sovereign wealth fund, the Public Investment Fund (PIF), hired banks including BNP Paribas, Citigroup and JPMorgan, as global bookrunners for its maiden multi-tranche USD-denominated green bond sale, Bloomberg<\/a> reports, citing sources familiar with the matter. The bond could go to market as early as next week, Reuters<\/a> reported separately.<\/p>\n

^^ We have more coverage <\/strong>in this morning\u2019s Enterprise Climate<\/a>.<\/p>\n

Abraj Energy Services has tapped our friends at EFG Hermes, along with the <\/strong>National Bank of Oman and Ahli Bank of Oman, to advise on its planned IPO<\/strong> on the Muscat Stock Exchange, Bloomberg<\/a> reports, citing an emailed statement. The company\u2019s MSX debut could raise as much as USD 500 mn and \u201cmay happen\u201d in 1Q 2023, people with knowledge of the matter told the business information service. The Omani drilling company \u2014 a subsidiary of state-owned OQ \u2014 has not yet announced the size or timeline of the transaction.<\/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

9,817<\/p>\n<\/td>\n

\n

-0.1% (YTD: -17.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 19.45<\/p>\n<\/td>\n

\n

Sell 19.56<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 19.48<\/p>\n<\/td>\n

\n

Sell 19.54<\/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

11,017<\/p>\n<\/td>\n

\n

+1.0% (YTD: -2.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,733<\/p>\n<\/td>\n

\n

-0.7% (YTD: +14.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,373<\/p>\n<\/td>\n

\n

+0.7% (YTD: +5.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,647<\/p>\n<\/td>\n

\n

-0.2% (YTD: -23.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

6,985<\/p>\n<\/td>\n

\n

-0.5% (YTD: -5.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,329<\/p>\n<\/td>\n

\n

-0.4% (YTD: -22.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 85.69<\/p>\n<\/td>\n

\n

+1.9%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 6.65<\/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 1,636.20<\/p>\n<\/td>\n

\n

+0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 18,974<\/p>\n<\/td>\n

\n

-0.7% (YTD: -58.9%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 fell 0.1% at yesterday\u2019s close<\/strong> on turnover of EGP 1.07 bn (11.6% above the 90-day average). Foreign investors were net sellers. The index is down 18.8% YTD.<\/p>\n

In the green: <\/strong>Qalaa Holding (+4.6%), Madinet Nasr Housing and Development (+3.8%) and CIRA (+3.4%).<\/p>\n

In the red: <\/strong>CIB (-1.6%), Cleopatra Hospitals (-1.0%) and Egypt Kuwait Holding-EGP (-1.0%).<\/p>\n","protected":false},"excerpt":{"rendered":"

US stocks fell deeper into bear territory yesterday and bonds continued to sell off as Federal Reserve officials kept up the hawkish messaging on interest rates. In another choppy session, the S&P 500 closed 0.2% in the red to hit its lowest level since November 2020 while the Dow Jones fell 0.4%. The S&P is […]<\/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":[2488,116,2487,104,72,119,122,121,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549752","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-abraj-energy-services","tag-china","tag-east-asia","tag-economy","tag-enterpriseam","tag-financial-markets","tag-planet-finance","tag-sp-500","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"a06dfc1f-e96f-4fcf-a7d4-f7083782daf2","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[549725],"teaser":"","voice_url":""},"yoast_head":"\nUS stocks hit fresh near-two-year low - 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\/28\/us-stocks-hit-fresh-near-two-year-low\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US stocks hit fresh near-two-year low\" \/>\n<meta property=\"og:description\" content=\"US stocks fell deeper into bear territory yesterday and bonds continued to sell off as Federal Reserve officials kept up the hawkish messaging on interest rates. 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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":549709,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/everything-must-go\/","url_meta":{"origin":549752,"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":557758,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/30\/stocks-struggle-to-rebound-from-tuesdays-sell-off\/","url_meta":{"origin":549752,"position":2},"title":"Stocks struggle to rebound from Tuesday\u2019s sell-off","author":"enterpriseam admin","date":"30 September 2021","format":false,"excerpt":"There was less drama in the markets yesterday, following a volatile Tuesday that saw equities plummet while energy prices and bond yields soared. A pause in the financial doom-mongering and onslaught of Bad News (see: Evergrande crisis \/ China slowdown \/ rising inflation \/ a winter of hypothermia and starvation)\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":555312,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/09\/stocks-crypto-hit-new-record-highs\/","url_meta":{"origin":549752,"position":3},"title":"Stocks, crypto hit new record highs","author":"enterpriseam admin","date":"9 November 2021","format":false,"excerpt":"US stocks hit new record highs: The S&P 500 closed above 4,700 for the first time yesterday as strong earnings, positive payroll data and fading covid concerns pushed the benchmark index to achieve its longest run of gains since 2017, Bloomberg says. The index closed 0.1% in the green as\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":542872,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/nasdaq-falls-into-correction-as-tech-exit-continues-early-swvl-investors-eye-africa-spac\/","url_meta":{"origin":549752,"position":4},"title":"Nasdaq falls into correction as tech exit continues + Early Swvl investors eye Africa SPAC","author":"enterpriseam admin","date":"20 January 2022","format":false,"excerpt":"Nasdaq enters correction as Wall Street sell-off continues: The sell-off in US tech stocks continued yesterday, leaving the Nasdaq down 10.7% from its November peak and officially putting it in correction territory. 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":544822,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/a-terrible-day-in-the-us-bond-market-as-powell-ups-the-ante-on-inflation\/","url_meta":{"origin":549752,"position":5},"title":"A terrible day in the US bond market as Powell ups the ante on inflation","author":"enterpriseam admin","date":"22 March 2022","format":false,"excerpt":"US treasuries experienced one of their biggest daily sell-offs in the past decade yesterday after Federal Reserve Chairman Jay Powell indicated that the central bank could hike interest rates more aggressively than expected, according to Bloomberg. Following last week\u2019s policy meeting, the market had already priced in a further six\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\/549752","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=549752"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549752\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/549725"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=549752"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=549752"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=549752"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=549752"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=549752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}