{"id":553993,"date":"2021-12-15T04:13:33","date_gmt":"2021-12-15T04:13:33","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/15\/more-doom-and-gloom-for-ems-going-into-the-new-year\/"},"modified":"2021-12-15T04:13:33","modified_gmt":"2021-12-15T04:13:33","slug":"more-doom-and-gloom-for-ems-going-into-the-new-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/15\/more-doom-and-gloom-for-ems-going-into-the-new-year\/","title":{"rendered":"More doom and gloom for EMs going into the new year"},"content":{"rendered":"

<\/a> The case for investing in emerging market currencies into the new year is <\/strong>darkening<\/strong>, despite expectations for a surge in interest rate hikes in the coming months, Bloomberg<\/a>reports. MSCI\u2019s emerging currency index remains 1.6% below its June peak and traders are pessimistic about a recovery even as central banks in at least 13 emerging economies prepare to hold their policy meetings this week. Adding to the pressure is the US Federal Reserve\u2019s upcoming decision on speeding up its stimulus withdrawal, along with global inflationary pressures and Omicron threats.<\/p>\n

Omicron or not, currency volatility will likely carry over into next year: <\/strong>Volatility traders are expecting persistent volatility in foreign exchange markets even after concerns over Omicron subside, and last well into next year, Bloomberg<\/a> reports.<\/p>\n

Omicron will likely slow global demand for oil:<\/strong> The International Energy Agency (IEA) has trimmed its 2022 demand forecast by 100k barrels a day for the rest of the year and 2022 due to travel disruptions caused by the spread of the Omicron covid-19 variant, it said in its latest oil market report<\/a>.<\/p>\n

Demand is still expected to return to pre-pandemic levels:<\/strong> The energy watchdog still expects global demand to rise by 3.3 mn bbl\/d to 99.5 mn bbl\/d, writing that the variant should \u201ctemporarily slow, but not upend, the recovery in oil demand.\u201d<\/p>\n

But production is expected to outpace demand into 2022<\/strong>, according to the IEA, which forecasts 6.4 mn bbl\/d of new supply next year compared to just 1.5 mn bbl\/d in 2021. OPEC+ had predicted earlier on Monday that the new covid variant would have only a mild impact on oil markets.<\/p>\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

11,618<\/p>\n<\/td>\n

\n

-0.7% (YTD: +7.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

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

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

11,025<\/p>\n<\/td>\n

\n

- (YTD: +26.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

8,842<\/p>\n<\/td>\n

\n

-1.1% (YTD: +75.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,276<\/p>\n<\/td>\n

\n

+0.9% (YTD: +31.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,634<\/p>\n<\/td>\n

\n

-0.8% (YTD: +23.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,219<\/p>\n<\/td>\n

\n

-0.2% (YTD: +11.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 70.30<\/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 3.81<\/p>\n<\/td>\n

\n

+1.6%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,773.90<\/p>\n<\/td>\n

\n

+0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 48,117.56<\/p>\n<\/td>\n

\n

+2.5%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 fell 0.7% yesterday<\/strong> on turnover of EGP 1.24 bn (10.6% below the 90-day average). Regional investors were net buyers. The index is up 7.1% YTD.<\/p>\n

In the green: <\/strong>Heliopolis Housing and Development (+5.6%), Ezz Steel (+4.3%) and Orascom Development Egypt (+1.7%).<\/p>\n

In the red: <\/strong>Egyptian Resorts Company (-9.5%), Speed Medical (-5.0%) and Fawry (-3.8%).<\/p>\n

Major Asian benchmarks are uniformly (if gently) in the red this morning<\/strong>, and futures suggest shares in Western Europe, the US and Canada will all open weakly in the green at the opening bell later today. The sole outlier: Paris\u2019 CAC 40.<\/p>\n","protected":false},"excerpt":{"rendered":"

The case for investing in emerging market currencies into the new year is darkening, despite expectations for a surge in interest rate hikes in the coming months, Bloombergreports. MSCI\u2019s emerging currency index remains 1.6% below its June peak and traders are pessimistic about a recovery even as central banks in at least 13 emerging economies […]<\/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":[380,115,93,72,119,746,91,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-553993","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-currencies","tag-emerging-markets","tag-energy","tag-enterpriseam","tag-financial-markets","tag-international-energy-agency","tag-oil-and-gas","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"2244b215-b2c3-44d3-b816-1b9a12e14275","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[553967],"teaser":"","voice_url":""},"yoast_head":"\nMore doom and gloom for EMs going into the new year - 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\/2021\/12\/15\/more-doom-and-gloom-for-ems-going-into-the-new-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More doom and gloom for EMs going into the new year\" \/>\n<meta property=\"og:description\" content=\"The case for investing in emerging market currencies into the new year is darkening, despite expectations for a surge in interest rate hikes in the coming months, Bloombergreports. 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The\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":560130,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/16\/what-the-markets-are-doing-on-16-february-2021\/","url_meta":{"origin":553993,"position":2},"title":"What the markets are doing on 16 February 2021","author":"enterpriseam admin","date":"16 February 2021","format":false,"excerpt":"Less than half of Lebanon\u2019s large banks expect to meet the central bank\u2019s new capital requirements when they are introduced at the end of this month, which Reuters says \u201cunderscores the scale of the problem facing Lebanon\u2019s banks, heavily exposed to one of the world\u2019s most indebted states and starved\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":555768,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/25\/the-emerging-market-bears-are-massing\/","url_meta":{"origin":553993,"position":3},"title":"The emerging-market bears are massing","author":"enterpriseam admin","date":"25 November 2021","format":false,"excerpt":"A quarter of investors surveyed by HSBC are bearish about investing in emerging markets, thanks to slowing economic growth and imminent monetary tightening by the US Federal Reserve, according to Reuters. Sentiment is low compared to an earlier survey, which found that only 10 investors were bearish about EMs. The\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":597046,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/15\/does-currency-devaluation-actually-increase-exports-in-emerging-markets\/","url_meta":{"origin":553993,"position":4},"title":"Does currency devaluation actually increase exports in emerging markets?","author":"enterpriseam admin","date":"15 July 2019","format":false,"excerpt":"Currency devaluation increases exports, right? Not always. The depreciation of emerging-market currencies may actually result in falling exports, research by the Bank of International Settlements (BIS) and the FT suggests. Conventional wisdom tells us that a weakening currency makes exporters more competitive in the international market, causing an increase in\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/980.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596783,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/08\/emerging-markets-to-reap-the-benefits-of-a-fed-rate-cut-bloomberg-survey\/","url_meta":{"origin":553993,"position":5},"title":"Emerging markets to reap the benefits of a Fed rate cut -Bloomberg survey","author":"enterpriseam admin","date":"8 July 2019","format":false,"excerpt":"Emerging markets to reap the benefits of a Fed rate cut -Bloomberg survey: Emerging market equities, bonds, and currencies will reap the benefits if the world\u2019s major central banks go ahead with expected rate cuts, according to a quarterly poll of 42 fund managers, traders, and strategists conducted by Bloomberg.\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/2360.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\/553993","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=553993"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/553993\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/553967"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=553993"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=553993"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=553993"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=553993"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=553993"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}