{"id":550108,"date":"2022-10-13T03:40:31","date_gmt":"2022-10-13T03:40:31","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/13\/planet-finance-things-are-not-looking-up-for-the-uk-economy\/"},"modified":"2022-10-13T03:40:31","modified_gmt":"2022-10-13T03:40:31","slug":"planet-finance-things-are-not-looking-up-for-the-uk-economy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/13\/planet-finance-things-are-not-looking-up-for-the-uk-economy\/","title":{"rendered":"Planet Finance: Things are not looking up for the UK economy"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-10\"><\/a> <strong>Is a recession looming for the UK?<\/strong> The UK economy contracted unexpectedly by 0.3% in August as production rates fell spelling recessionary risks, according to data from the <a href=\"https:\/\/www.ons.gov.uk\/economy\/grossdomesticproductgdp\/bulletins\/gdpmonthlyestimateuk\/august2022\">Office for National Statistics<\/a>(ONS). The drop was mainly driven by a dip of 1.8% in production fuelled by lower manufacturing rates. A <a href=\"https:\/\/www.reuters.com\/markets\/europe\/uk-economy-shrinks-slightly-august-2022-10-12\/\">Reuters<\/a> poll of economists had expected the economy to remain unchanged in August, but figures are down from July when the economy grew by 0.1%.<\/p>\n<p><strong>SOUND SMART- What counts as a recession? <\/strong>The word is being bandied about an awful lot of late, especially after the IMF <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/46c9c082-32b8-4cee-88a1-fe137c62814f\">yesterday said<\/a> it expects more than a third of global economies to contract this year or next. As a rule of thumb, a recession is two consecutive quarters of contraction.<\/p>\n<p><strong>Meanwhile, UK financial markets were once again plunged into turmoil yesterday<\/strong> after the Bank of England insisted it would not extend its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ee92ec79-abd6-4915-914a-af2dc1415707\">emergency bond-buying program<\/a> past Friday, the <a href=\"https:\/\/www.bbc.com\/news\/business-63230008\">BBC<\/a> reports. <a href=\"https:\/\/www.ft.com\/content\/87a5b7bf-6786-427f-89d6-96b736dcb814\">Reports<\/a> earlier in the day suggested the BoE had privately told bankers it could extend the program. Government borrowing costs briefly hit their highest since 2008 on the news amid a major selloff in the bond markets. The UK is grappling with <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ee92ec79-abd6-4915-914a-af2dc1415707\">bond turmoil<\/a> \u2014 including a gilt market crisis \u2014 and a weakening currency after investors were spooked by an ill-advised mini-budget including steep tax cuts from PM Liz Truss.<\/p>\n<p><strong>It could be a rough Monday:<\/strong> If the fire sale intensifies on Monday and \u201cit all breaks loose,\u201d the central bank may be forced to intervene in the markets once again, one analyst told the Beeb.<\/p>\n<p><strong>ALSO ON PLANET FINANCE- <\/strong><\/p>\n<ul>\n<li><strong>Arabian Drilling IPO subscription 61x oversubscribed:<\/strong> Saudi drilling firm Arabian Drilling attracted USD 43 bn in orders in its bookbuilding process, making the offering 61x oversubscribed. The company set the final share price for its IPO at SAR 100 (USD 26.6) per share, making the offering worth USD 712 mn. (<a href=\"https:\/\/www.arabdrill.com\/IPO\/downloads\/Arabian%20Drilling%20-%20Pricing%20-%2011.10.22.pdf\">Statement<\/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-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>9,801<\/p>\n<\/td>\n<td>\n<p>-0.7% (YTD: -18.0%)<\/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>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.62<\/p>\n<\/td>\n<td>\n<p>Sell 19.73<\/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>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.65<\/p>\n<\/td>\n<td>\n<p>Sell 19.71<\/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-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>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,551<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: +2.4%)<\/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>9,734<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: +14.7%)<\/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>3,325<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: +4.0%)<\/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>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,577<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: -25.0%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>6,826<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: -7.6%)<\/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>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,332<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: -22.5%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 92.42<\/p>\n<\/td>\n<td>\n<p>-0.0%<\/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>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 6.44<\/p>\n<\/td>\n<td>\n<p>+0.1%<\/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>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,681.50<\/p>\n<\/td>\n<td>\n<p>+0.2%<\/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 19,139<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: -58.5%)<\/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 883.09 mn (9.8% below the 90-day average). Local investors were net buyers. The index is down 18.0% YTD.<\/p>\n<p><strong>In the green: <\/strong>Alexandria Containers and Cargo Handling (+1.7%), EFG Hermes (+1.2%) and Eastern Company (+0.8%).<\/p>\n<p><strong>In the red: <\/strong>Elsewedy Electric (-6.0%), Fawry (-4.4%) and Credit Agricole Egypt (-3.3%).<\/p>\n<p><strong>Asian markets are in the red across the board in early trading for the second consecutive <\/strong><strong>morning. <\/strong>Futures suggest European markets are also set to open down \u2014 as they have done for most of the week. The three major US benchmarks are again bucking the trend as of this morning and look likely to open in the green later on today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Is a recession looming for the UK? The UK economy contracted unexpectedly by 0.3% in August as production rates fell spelling recessionary risks, according to data from the Office for National Statistics(ONS). The drop was mainly driven by a dip of 1.8% in production fuelled by lower manufacturing rates. A Reuters poll of economists had [&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":[2541,82,104,72,119,78,122,219,112],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-550108","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-arabin-drilling","tag-bonds","tag-economy","tag-enterpriseam","tag-financial-markets","tag-ipo-watch","tag-planet-finance","tag-saudi-arabia","tag-uk","wpautop","entry"],"acf":{"mongo_id":"1b3a039b-20cc-4aa6-8cb6-e585b59a1721","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[550082],"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>Planet Finance: Things are not looking up for the UK economy - 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\/10\/13\/planet-finance-things-are-not-looking-up-for-the-uk-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Planet Finance: Things are not looking up for the UK economy\" \/>\n<meta property=\"og:description\" content=\"Is a recession looming for the UK? The UK economy contracted unexpectedly by 0.3% in August as production rates fell spelling recessionary risks, according to data from the Office for National Statistics(ONS). The drop was mainly driven by a dip of 1.8% in production fuelled by lower manufacturing rates. A Reuters poll of economists had [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/13\/planet-finance-things-are-not-looking-up-for-the-uk-economy\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-13T03:40:31+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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/13\/planet-finance-things-are-not-looking-up-for-the-uk-economy\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/13\/planet-finance-things-are-not-looking-up-for-the-uk-economy\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Planet Finance: Things are not looking up for the UK economy\",\"datePublished\":\"2022-10-13T03:40:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/13\/planet-finance-things-are-not-looking-up-for-the-uk-economy\/\"},\"wordCount\":490,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"Arabin Drilling\",\"Bonds\",\"economy\",\"EnterpriseAM\",\"Financial Markets\",\"IPO watch\",\"Planet Finance\",\"Saudi Arabia\",\"UK\"],\"articleSection\":[\"PLANET FINANCE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/13\/planet-finance-things-are-not-looking-up-for-the-uk-economy\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/13\/planet-finance-things-are-not-looking-up-for-the-uk-economy\/\",\"name\":\"Planet Finance: Things are not looking up for the UK economy - 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The UK economy contracted unexpectedly by 0.3% in August as production rates fell spelling recessionary risks, according to data from the Office for National Statistics(ONS). The drop was mainly driven by a dip of 1.8% in production fuelled by lower manufacturing rates. A Reuters poll of economists had [&hellip;]","og_url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/13\/planet-finance-things-are-not-looking-up-for-the-uk-economy\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2022-10-13T03:40:31+00:00","author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/13\/planet-finance-things-are-not-looking-up-for-the-uk-economy\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/13\/planet-finance-things-are-not-looking-up-for-the-uk-economy\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Planet Finance: Things are not looking up for the UK economy","datePublished":"2022-10-13T03:40:31+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/13\/planet-finance-things-are-not-looking-up-for-the-uk-economy\/"},"wordCount":490,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"keywords":["Arabin Drilling","Bonds","economy","EnterpriseAM","Financial Markets","IPO watch","Planet Finance","Saudi Arabia","UK"],"articleSection":["PLANET FINANCE"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/13\/planet-finance-things-are-not-looking-up-for-the-uk-economy\/","url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/13\/planet-finance-things-are-not-looking-up-for-the-uk-economy\/","name":"Planet Finance: Things are not looking up for the UK economy - EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"datePublished":"2022-10-13T03:40:31+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/13\/planet-finance-things-are-not-looking-up-for-the-uk-economy\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/2022\/10\/13\/planet-finance-things-are-not-looking-up-for-the-uk-economy\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/13\/planet-finance-things-are-not-looking-up-for-the-uk-economy\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/egypt\/"},{"@type":"ListItem","position":2,"name":"Planet Finance: Things are not looking up for the UK economy"}]},{"@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\/"}]}},"featured_image_src":null,"featured_image_src_square":null,"author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":548859,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/signs-of-recession-are-mounting\/","url_meta":{"origin":550108,"position":0},"title":"Signs of recession are mounting","author":"enterpriseam admin","date":"24 August 2022","format":false,"excerpt":"A slowdown in business activity in the world\u2019s major economies is flashing warning signs for the global economy: Most of the world\u2019s biggest economies saw business activity contract in July as spiraling inflation, supply shortages and interest rate hikes weighed on consumers and businesses. 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