{"id":551384,"date":"2022-06-14T13:33:34","date_gmt":"2022-06-14T13:33:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/14\/this-evening-egypt-was-the-second-largest-recipient-of-fdi-flows-in-africa-last-year-us-equities-seesaw-amidst-expected-rate-hikes\/"},"modified":"2022-06-14T13:33:34","modified_gmt":"2022-06-14T13:33:34","slug":"this-evening-egypt-was-the-second-largest-recipient-of-fdi-flows-in-africa-last-year-us-equities-seesaw-amidst-expected-rate-hikes","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/14\/this-evening-egypt-was-the-second-largest-recipient-of-fdi-flows-in-africa-last-year-us-equities-seesaw-amidst-expected-rate-hikes\/","title":{"rendered":"THIS EVENING: Egypt was the second largest recipient of FDI flows in Africa last year + US equities seesaw amidst expected rate hikes"},"content":{"rendered":"

Good afternoon, ladies and gentlemen, and welcome to the limbo issue<\/strong>, as all eyes are eagerly awaiting the results of the US Federal Reserve\u2019s Federal Open Market Committee\u2019s meeting to decide on interest rates.<\/p>\n

THE BIG STORY TODAY- <\/strong><\/p>\n

<\/a> Egypt was the second largest recipient of FDI flows in Africa last year \u2014 after South <\/strong>Africa<\/strong>, according to the UN\u2019s world investment report (pdf)<\/a>. That said, FDI in Egypt saw a 12% y-o-y decline to USD 5.12 bn. Despite the decline, Egypt could be bucking the trend with a USD 22 bn boost<\/a> from our friends in the Gulf, the report says. Announced greenfield investments more than tripled to USD 5.6 bn last year, according to the report, making way for more potential inflows.<\/p>\n

THE BIG STORY ABROAD-<\/strong><\/p>\n

<\/a> US equity futures saw a slightly stronger open this morning: <\/strong>S&P 500 futures added 0.3% after the index tumbled<\/a> 3.9% on Monday, before ceding gains later in the day. Meanwhile, Nasdaq futures climbed 0.3%, and Dow Jones futures inched up 0.1%.<\/p>\n

And while US treasuries slipped to around 3.3% today, yields on 10-year bonds soared to levels not seen since 2011<\/strong>, Reuters<\/a> reports. Two-year yields eased to 3.26%, slightly lower than its 3.43% peak \u2014 its highest since 2007.<\/p>\n

MSCI's index of global shares remained flat after Monday's 3.7% fall<\/strong>, as did Europe\u2019s Stoxx 60 index. Bloomberg<\/a> and the Wall Street Journal<\/a> both have the story.<\/p>\n

Calm before the Fed storm: <\/strong>Markets are not quite out of the woods yet, with the Fed\u2019s crucial meeting setting the stage for more potential sell-offs. Yesterday\u2019s sell-offs came as expectations of a massive Fed rate hike tipping the US into a recession caused one of the worst days in financial markets since the covid crash in March 2020. The crucial meeting is set to kick off as we dispatch this issue.<\/strong><\/p>\n

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** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM<\/strong>:<\/p>\n