{"id":550182,"date":"2022-10-17T03:57:44","date_gmt":"2022-10-17T03:57:44","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/17\/eu-wants-a-price-cap-on-its-gas-markets-more-us-economists-expect-recession\/"},"modified":"2022-10-17T03:57:44","modified_gmt":"2022-10-17T03:57:44","slug":"eu-wants-a-price-cap-on-its-gas-markets-more-us-economists-expect-recession","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/17\/eu-wants-a-price-cap-on-its-gas-markets-more-us-economists-expect-recession\/","title":{"rendered":"EU wants a price cap on its gas markets + More US economists expect recession"},"content":{"rendered":"

<\/a> The EU wants to cap prices in its benchmark gas market: <\/strong>The European Commission will propose an emergency price cap on transactions on the benchmark Dutch TTF, in the region\u2019s latest bid to tame spiraling energy prices, according to an official document seen by Bloomberg<\/a> and the Financial Times<\/a>. The executive could adopt the package this Tuesday, after which EU leaders would discuss it during a summit this weekend.<\/p>\n

EU officials are sick of market machinations: <\/strong>The proposed cap will \u201chelp avoid extreme volatility and price hikes, as well as speculation which could lead to difficulties in the supply of natural gas to some member states,\u201d the document reads. Commission President Ursula von der Leyen has said that the market no longer reflects Europe\u2019s energy reality amid a crisis spurred by Moscow cutting off its oil and gas supplies to the continent.<\/p>\n

Shocker: US economists are predicting a recession <\/strong>sometime in the next 12 months, as the Fed continues its tightening cycle in a bid to control inflation and employers begin to cut jobs. On average, economists surveyed by the Wall Street Journal<\/a> now peg the probability of the US entering a recession over the next 12 months at 63%, up from 49% in the WSJ\u2019s July survey. A majority of those polled also expect the Fed to go overboard with its monetary tightening cycle, triggering what they think is \u201cunnecessary economic weakness\u201d in the process.<\/p>\n

And yet another Gulf IPO:<\/strong> Abu Dhabi-based data analytics firm Bayanat<\/a> \u2014 a subsidiary of AI firm Group 42<\/a> \u2014 is looking to raise USD 171 mn by selling a 28.5% stake in the company, Bloomberg<\/a> reports.<\/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

10,049<\/p>\n<\/td>\n

\n

+2.0% (YTD: -15.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 19.62<\/p>\n<\/td>\n

\n

Sell 19.73<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 19.65<\/p>\n<\/td>\n

\n

Sell 19.71<\/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

11,406<\/p>\n<\/td>\n

\n

-0.1% (YTD: +1.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,776<\/p>\n<\/td>\n

\n

+0.8% (YTD: +15.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,377<\/p>\n<\/td>\n

\n

+0.8% (YTD: +5.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,583<\/p>\n<\/td>\n

\n

-2.4% (YTD: -24.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

6,859<\/p>\n<\/td>\n

\n

+0.1% (YTD: -7.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,382<\/p>\n<\/td>\n

\n

+0.6% (YTD: -21.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 92.22<\/p>\n<\/td>\n

\n

+0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 6.25<\/p>\n<\/td>\n

\n

-3.1%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,651.70<\/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 19,247<\/p>\n<\/td>\n

\n

+0.8% (YTD: -58.2%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 rose 2.0% at yester<\/strong>day\u2019s<\/strong> close<\/strong> on turnover of EGP 935.96 mn (4.1% below the 90-day average). Foreign investors were net sellers. The index is down 15.9% YTD.<\/p>\n

In the green: <\/strong>EFG Hermes (+4.4%), Madinet Nasr Housing and Development (+4.0%) and Oriental Weavers (+3.7%).<\/p>\n

In the red: <\/strong>Cleopatra Hospitals (-2.0%), Mopco (-0.7%) and Telecom Egypt (-0.2%).<\/p>\n

Asian markets are up across the board in early trading this morning, <\/strong>and futures suggest a similarly optimistic start for major European and US indices when they open their week a little later on.<\/p>\n","protected":false},"excerpt":{"rendered":"

The EU wants to cap prices in its benchmark gas market: The European Commission will propose an emergency price cap on transactions on the benchmark Dutch TTF, in the region\u2019s latest bid to tame spiraling energy prices, according to an official document seen by Bloomberg and the Financial Times. The executive could adopt the package […]<\/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":[298,2552,104,93,72,7192,119,78,91,122,117],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-550182","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-abu-dhabi","tag-bayanat","tag-economy","tag-energy","tag-enterpriseam","tag-eu","tag-financial-markets","tag-ipo-watch","tag-oil-and-gas","tag-planet-finance","tag-us","wpautop","entry"],"acf":{"mongo_id":"fe38673d-a7af-42ed-893a-d2509d637eeb","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[550157],"teaser":"","voice_url":""},"yoast_head":"\nEU wants a price cap on its gas markets + More US economists expect recession - 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\/17\/eu-wants-a-price-cap-on-its-gas-markets-more-us-economists-expect-recession\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EU wants a price cap on its gas markets + More US economists expect recession\" \/>\n<meta property=\"og:description\" content=\"The EU wants to cap prices in its benchmark gas market: The European Commission will propose an emergency price cap on transactions on the benchmark Dutch TTF, in the region\u2019s latest bid to tame spiraling energy prices, according to an official document seen by Bloomberg and the Financial Times. 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G7 nations have been working towards implementing a price cap on Russian oil in a\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":578451,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/28\/russia-to-ban-oil-sales-to-countries-that-implement-the-g7-price-cap-from-february\/","url_meta":{"origin":550182,"position":1},"title":"Russia to ban oil sales to countries that implement the G7 price cap from February","author":"enterpriseam admin","date":"28 December 2022","format":false,"excerpt":"Russia responds to the G7 price cap: Russia will ban oil sales to countries that impose the G7\u2019s price cap from 1 February, the Kremlin announced yesterday in a move that could trigger further volatility in global energy markets in the months ahead.It could have been worse: The ban will\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\/2022\/12\/588.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":552522,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/crunching-the-numbers-on-uk-eu-energy-subsidy-packages-the-latest-in-mushroom-and-fish-skin-fashion\/","url_meta":{"origin":550182,"position":2},"title":"Crunching the numbers on UK + EU energy subsidy packages + The latest in mushroom and fish-skin fashion","author":"enterpriseam admin","date":"11 September 2022","format":false,"excerpt":"The cost of cushioning Europe\u2019s energy crisis: The governments of the UK and European countries will spend a combined USD 500 bn to subsidize their citizens\u2019 spiraling energy bills as Europe prepares for a winter energy crisis spurred by the loss of Russian fossil fuels to the market. New UK\u2026","rel":"","context":"In "FOR YOUR COMMUTE"","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/483.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549925,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/is-china-positioning-itself-to-snap-up-oil-reserves-when-it-lifts-its-covid-zero-policy\/","url_meta":{"origin":550182,"position":3},"title":"Is China positioning itself to snap up oil reserves when it lifts its covid-zero policy?","author":"enterpriseam admin","date":"5 October 2022","format":false,"excerpt":"Could snap up remaining global oil reserves? The CEO of Saudi Aramco has warned that China will likely snap up spare oil capacity when it lifts its covid-zero strategy, Bloomberg reports. Crude oil prices dropped below USD 90 a barrel partly due to China\u2019s strict covid restrictions suppressing demand. Analysts\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":591104,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/31\/oil-prices-look-to-notch-biggest-monthly-gains-since-january-2022-in-july\/","url_meta":{"origin":550182,"position":4},"title":"Oil prices look to notch biggest monthly gains since January 2022 in July","author":"enterpriseam admin","date":"31 July 2023","format":false,"excerpt":"Brent and US crude have hit their highest levels since April as the market tightens","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\/7\/1257.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578248,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/ghana-is-heading-for-default\/","url_meta":{"origin":550182,"position":5},"title":"Ghana is heading for default","author":"enterpriseam admin","date":"20 December 2022","format":false,"excerpt":"Debt-ridden Ghana to default on external debt: Ghana will not continue to make payments on most of its external debts including foreign currency bonds, commercial loans and most bilateral debt citing large capital outflows and a loss of external market access thanks to the pandemic, the country\u2019s Finance Ministry said\u2026","rel":"","context":"In "AROUND THE WORLD"","block_context":{"text":"AROUND THE WORLD","link":"https:\/\/enterpriseam.com\/egypt\/category\/around-the-world\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/430.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\/550182","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=550182"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/550182\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/550157"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=550182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=550182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=550182"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=550182"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=550182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}