{"id":555881,"date":"2021-11-30T04:02:28","date_gmt":"2021-11-30T04:02:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/30\/omicron-fed-taper-hits-emerging-market-bond-etfs\/"},"modified":"2021-11-30T04:02:28","modified_gmt":"2021-11-30T04:02:28","slug":"omicron-fed-taper-hits-emerging-market-bond-etfs","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/30\/omicron-fed-taper-hits-emerging-market-bond-etfs\/","title":{"rendered":"Omicron + Fed taper hits emerging-market bond ETFs"},"content":{"rendered":"

<\/a> Omicron + Fed taper hits emerging-market bond ETFs: <\/strong>Investors pulled more than USD 850 mn from emerging-market debt ETFs last week as the discovery of the Omicron covid variant<\/a> and the decision to keep Jay Powell<\/a> as Federal Reserve head for another term fuelled risk-off sentiment, data from Bloomberg<\/a> shows. Bond funds saw the biggest outflows, losing USD 640.2 mn during the week, but equities weren\u2019t spared either, seeing USD 213.9 mn of outflows. The US\u2019 biggest EM debt ETF \u2014 the iShare JPMorgan fund \u2014 had its worst week since the pandemic first hit in March 2020, falling 2.6% at the same time as investors pulled USD 709.5 mn.<\/p>\n

Egypt wasn\u2019t spared:<\/strong> The sell-off in bond ETFs meant that Egyptian assets saw net outflows of USD 19.3 mn last week. This represents a drop of around 12%, with foreign ETF holdings falling from USD 997.1 mn to USD 977.8 mn. Egyptian equities saw small inflows of USD 200k but this didn\u2019t do anything to offset the USD 19.4 mn pulled from bonds.<\/p>\n

Putting this into perspective:<\/strong> Egyptian assets held in ETFs are peanuts compared to the bns of USD invested directly in local-currency bonds. According to the most recent figures<\/a> provided by the Finance Ministry, foreign holdings of Egyptian debt in August amounted to around USD 33 bn.<\/p>\n

\u201cWe can\u2019t see a positive environment for EM<\/strong>, as many EM countries will be last in line for vaccine that might be produced to counteract\u201d the variant, Citigroup strategists Jamie Fahy, Adam Pickett and Yasmin Younes wrote in a note to clients Friday.<\/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

11,212<\/p>\n<\/td>\n

\n

-0.6% (YTD: +3.8%)<\/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

10,811<\/p>\n<\/td>\n

\n

+0.2% (YTD: +24.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

8,479<\/p>\n<\/td>\n

\n

+2.2% (YTD: +68.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,060<\/p>\n<\/td>\n

\n

+1.8% (YTD: +22.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,655<\/p>\n<\/td>\n

\n

+1.3% (YTD: +23.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,110<\/p>\n<\/td>\n

\n

+0.9% (YTD: +10.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 73.45<\/p>\n<\/td>\n

\n

+1.0%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 4.85<\/p>\n<\/td>\n

\n

-11.4%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,785<\/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 58,345<\/p>\n<\/td>\n

\n

+3.2% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 fell 0.6% at yesterday\u2019s close<\/strong> on turnover of EGP 955 mn (33.7% below the 90-day average). Local investors were net buyers. The index is up 3.4% YTD.<\/p>\n

In the green: <\/strong>Aspire Capital (+5.5%), Pioneers Properties (+4.3%) and Orascom Development Egypt (+3.5%).<\/p>\n

In the red: <\/strong>Eastern Company (-10.1%), Speed Medical (-3.0%) and AMOC (-2.6%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Omicron + Fed taper hits emerging-market bond ETFs: Investors pulled more than USD 850 mn from emerging-market debt ETFs last week as the discovery of the Omicron covid variant and the decision to keep Jay Powell as Federal Reserve head for another term fuelled risk-off sentiment, data from Bloomberg shows. Bond funds saw the biggest […]<\/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":[82,107,115,72,164,2108,119,122,388],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555881","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-bonds","tag-covid-19","tag-emerging-markets","tag-enterpriseam","tag-equities","tag-etfs","tag-financial-markets","tag-planet-finance","tag-us-federal-reserve","wpautop","entry"],"acf":{"mongo_id":"7bb76d7f-64f7-4f00-8dc0-48e83057e1e0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[555860],"teaser":"","voice_url":""},"yoast_head":"\nOmicron + Fed taper hits emerging-market bond ETFs - 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\/11\/30\/omicron-fed-taper-hits-emerging-market-bond-etfs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Omicron + Fed taper hits emerging-market bond ETFs\" \/>\n<meta property=\"og:description\" content=\"Omicron + Fed taper hits emerging-market bond ETFs: Investors pulled more than USD 850 mn from emerging-market debt ETFs last week as the discovery of the Omicron covid variant and the decision to keep Jay Powell as Federal Reserve head for another term fuelled risk-off sentiment, data from Bloomberg shows. 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Investors withdrew almost USD 83 bn\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":554578,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/19\/sp-trims-em-growth-outlook-for-2022\/","url_meta":{"origin":555881,"position":1},"title":"S&P trims EM growth outlook for 2022","author":"enterpriseam admin","date":"19 December 2021","format":false,"excerpt":"Emerging markets are walking into the new year with a lower growth outlook from S&P Global Ratings, which revised downwards its growth forecast for emerging markets by 0.1 percentage points to 3.5%. The ratings agency attributes the revision to the pandemic\u2019s overstay and a slowdown in China for the downgrade,\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\/2021\/12\/677.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":553615,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/09\/are-we-going-to-see-a-faster-than-expected-taper\/","url_meta":{"origin":555881,"position":2},"title":"Are we going to see a faster-than-expected taper?","author":"enterpriseam admin","date":"9 December 2021","format":false,"excerpt":"Is the Fed set to press fast-forward on its stimulus wind-down? Economists expect the US Federal Reserve to taper its bond-buying program in order to start raising interest rates much more rapidly than expected, according to a Financial Times poll. More than half of the 48 respondents said the Fed\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":547602,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/28\/new-sharia-compliant-etfs-from-chimera-etfs-at-large-expose-ems-to-shocks\/","url_meta":{"origin":555881,"position":3},"title":"New sharia-compliant ETFs from Chimera + ETFs at large expose EMs to shocks","author":"enterpriseam admin","date":"28 June 2022","format":false,"excerpt":"Our friends at Chimera Capital have launched two US sharia-compliant exchange-traded funds (ETFs), one for value stocks and the other for growth stocks listed on the S&P, according to a statement (pdf). The first of the Abu Dhabi-based investment management firm\u2019s new indices will track the S&P Composite 1500\u2019s 30\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":591779,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/17\/egypts-pound-rallies-to-near-three-year-high-breaking-egp-16-usd-1-barrier\/","url_meta":{"origin":555881,"position":4},"title":"Egypt\u2019s pound rallies to near three-year high, breaking EGP 16 \/ USD 1 barrier","author":"enterpriseam admin","date":"17 December 2019","format":false,"excerpt":"EGP rallies to near three-year high: The EGP rose to its highest level since February 2017 against the USD, breaking the EGP 16 barrier to reach EGP 15.97 yesterday, central bank data shows. The EGP has risen 10.1% against the USD since the beginning of the year, according to Al\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/4\/EGP-USD-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555768,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/25\/the-emerging-market-bears-are-massing\/","url_meta":{"origin":555881,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555881","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=555881"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555881\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/555860"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555881"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555881"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}