{"id":550413,"date":"2022-10-26T04:12:07","date_gmt":"2022-10-26T04:12:07","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/26\/wall-street-bankers-wary-of-what-the-future-holds\/"},"modified":"2022-10-26T04:12:07","modified_gmt":"2022-10-26T04:12:07","slug":"wall-street-bankers-wary-of-what-the-future-holds","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/26\/wall-street-bankers-wary-of-what-the-future-holds\/","title":{"rendered":"Wall Street bankers wary of what the future holds"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>Wall Street bankers reiterated their warnings about the global economy at the <\/strong><strong>Future Investment Initiative in Riyadh yesterday<\/strong>, <a href=\"https:\/\/www.reuters.com\/business\/jpmorgans-dimon-says-world-politics-more-concerning-than-possible-us-recession-2022-10-25\/\">Reuters<\/a> reports. Goldman Sachs CEO David Solomon said the Fed may have to raise interest rates beyond 4.5-4.75% if consumer demand and the labor market holds. JPMorgan CEO Jamie Dimon, meanwhile, said that the current geopolitical climate \u2014 including war in Ukraine and rising tensions between the US and China \u2014 is a greater cause for concern than a potential US recession.<\/p>\n<p><strong>Saudi Arabia\u2019s IPO pipeline is nowhere near empty<\/strong>, Tadawul boss Mohammed Al-Rumaih told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-25\/saudi-stock-exchange-ceo-sees-strong-ipo-pipeline-in-busy-year?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> on the sidelines of Davos in the Desert. \u201cThere are 18 approvals that will \u201cmaterialize within the next three months\u201d and more than 70 listing applications that are being reviewed by the bourse and the market regulator,\u201d the business information service reports.<\/p>\n<p><strong>ALSO WORTH NOTING-<\/strong><\/p>\n<ul>\n<li><strong>A major Meta investor just gave Zuckerberg a warning:<\/strong> Investment firm <a href=\"https:\/\/www.altimeter.com\/home\">Altimeter Capital<\/a> has urged Meta CEO Mark Zuckerberg to reduce staff, cut costs, and scale down his plans for the metaverse in response to a sharp decline in the company\u2019s share price, signaling growing shareholder dissatisfaction. (<a href=\"https:\/\/www.wsj.com\/articles\/meta-investor-urges-ceo-mark-zuckerberg-to-slash-staff-and-cut-costs-11666634172\">Wall Street Journal<\/a>)<\/li>\n<li><strong>The Africa Finance Corporation (AFC) <\/strong><strong>has closed a USD 389 mn Samurai loan facility<\/strong> as part of efforts to diversify funding. (<a href=\"https:\/\/www.africafc.org\/news-and-insights\/news\/afc-expands-asia-footprint-with-us-389-million-samurai-loan-facility\">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-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>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,475<\/p>\n<\/td>\n<td>\n<p>+1.5% (YTD: -12.3%)<\/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>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.64<\/p>\n<\/td>\n<td>\n<p>Sell 19.75<\/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 19.67<\/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>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>11,974<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: +6.1%)<\/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>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,060<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: +18.5%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,377<\/p>\n<\/td>\n<td>\n<p>0.0% (YTD: +5.7%)<\/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>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,859<\/p>\n<\/td>\n<td>\n<p>+1.6% (YTD: -19.0%)<\/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>7,013<\/p>\n<\/td>\n<td>\n<p>-0.0% (YTD: -5.0%)<\/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>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,586<\/p>\n<\/td>\n<td>\n<p>+1.6% (YTD: -16.6%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 92.74<\/p>\n<\/td>\n<td>\n<p>-0.8%<\/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>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 5.71<\/p>\n<\/td>\n<td>\n<p>+1.7%<\/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 1,657.10<\/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>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 20,101<\/p>\n<\/td>\n<td>\n<p>+4.1% (YTD: -56.6%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 rose 1.5% at yesterday\u2019s close<\/strong> on turnover of EGP 992.5 mn (2.8% below the 90-day average). Local investors were net sellers. The index is down 12.34% YTD.<\/p>\n<p><strong>In the green: <\/strong>Orascom Construction (+5.6%), CIB (+5.1%) and Madinet Nasr for Housing and Development (+4.2%).<\/p>\n<p><strong>In the red: <\/strong>e-Finance (-2.1%), Alexandria Containers and Cargo Handling (-1.3%) and Eastern Company (-1.3%).<\/p>\n<p><strong>Asian <\/strong><strong>markets are up in early trading this morning<\/strong>, while futures suggest European and US indices are set to open in the red later on today after some of the world\u2019s biggest tech firms yesterday reported disappointing earnings results.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wall Street bankers reiterated their warnings about the global economy at the Future Investment Initiative in Riyadh yesterday, Reuters reports. Goldman Sachs CEO David Solomon said the Fed may have to raise interest rates beyond 4.5-4.75% if consumer demand and the labor market holds. JPMorgan CEO Jamie Dimon, meanwhile, said that the current geopolitical climate [&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":[798,7106,72,119,260,262,411,7198,648,122,894],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-550413","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-africa-finance-corporation","tag-debt","tag-enterpriseam","tag-financial-markets","tag-goldman-sachs","tag-jpmorgan","tag-judiciary","tag-meta","tag-metaverse","tag-planet-finance","tag-social-media","wpautop","entry"],"acf":{"mongo_id":"99755479-2176-433e-a2df-4dae544fbbab","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[550395],"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>Wall Street bankers wary of what the future holds - 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\/26\/wall-street-bankers-wary-of-what-the-future-holds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wall Street bankers wary of what the future holds\" \/>\n<meta property=\"og:description\" content=\"Wall Street bankers reiterated their warnings about the global economy at the Future Investment Initiative in Riyadh yesterday, Reuters reports. 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