{"id":555952,"date":"2021-10-04T04:14:16","date_gmt":"2021-10-04T04:14:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/04\/em-equities-vulnerability-to-us-yields-is-at-a-four-year-high\/"},"modified":"2021-10-04T04:14:16","modified_gmt":"2021-10-04T04:14:16","slug":"em-equities-vulnerability-to-us-yields-is-at-a-four-year-high","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/04\/em-equities-vulnerability-to-us-yields-is-at-a-four-year-high\/","title":{"rendered":"EM equities\u2019 vulnerability to US yields is at a four-year high"},"content":{"rendered":"

EM equities are looking very vulnerable to a spike in US treasury yields<\/strong>, with Bloomberg<\/a> data showing the sensitivity of EM assets to fluctuations in US treasuries at its highest level since 2017 last week. For the first time in nearly half a decade, EM stocks and, similarly, bonds responded very aggressively to a brief spike in US two-year treasury yields \u2014 with stocks registering their biggest streak of weekly declines in over two years and bonds seeing some USD 28 bn in outflows last week. Driving all of this appears to be the spectre of rising inflation in the global economy as central banks become increasingly hawkish.<\/p>\n

On the debt side of the house, Bloomberg thinks <\/strong>Egypt is well-positioned to avoid the <\/strong>worst of a potential EM selloff: <\/strong>Strong foreign reserves, a fast-growing economy, and a switch to longer-term maturities in recent years mean Egypt is best-placed among EM to weather a potential storm, Bloomberg wrote over the weekend<\/a>. A reliance on foreign investors however means we\u2019re vulnerable to volatility in fixed-income markets, while high debt service costs could get even higher if Egypt falls under pressure to pay out higher yields to stem potential outflows.<\/p>\n

Adnoc Drilling shares rose 28% during its first day trading on the ADX yesterday<\/strong>, closing at AED 2.95 per share<\/a> after opening at AED 2.30<\/a>. The share price popped as much as 33% during trading, pushing the company\u2019s market cap to AED 48 bn, before falling back slightly by the session\u2019s close, according to Bloomberg<\/a>. The IPO had been met with huge investor demand<\/a>, allowing the company to increase the size of the institutional offering to USD 1 bn. EFG Hermes was joint bookrunner on the IPO, the leading EM investment bank said yesterday (pdf)<\/a>.<\/p>\n

Speaking of going public: Carmaker Volvo, majority owned by China\u2019s Geely, is getting <\/strong>ready to IPO <\/strong>in Sweden in a transaction that could value the company at up to USD 25 bn. The Wall Street Journal<\/a>, which broke the news in an exclusive, says that if the transaction goes ahead, it would be \u201cone of the car industry\u2019s most dramatic turnarounds. Ford Motor Co, weakened by the global financial crisis, sold the Swedish company to Geely for USD 1.8 bn in 2010.\u201d<\/p>\n

The Emirati government is expected to start marketing its first federal USD bond <\/strong>this week<\/strong>, sources told Reuters<\/a>. Although individual Emirates have issued sovereign bonds before (see: Dubai<\/a>, Abu Dhabi<\/a>), this will be the first time the federal government takes to the debt 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

10,366<\/p>\n<\/td>\n

\n

-1.4% (YTD: -4.4%)<\/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

11,453<\/p>\n<\/td>\n

\n

-0.4% (YTD: +31.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,719<\/p>\n<\/td>\n

\n

+0.3% (YTD: +53.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

2,834<\/p>\n<\/td>\n

\n

-0.4% (YTD: +13.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,357<\/p>\n<\/td>\n

\n

+1.2% (YTD: +16.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,027<\/p>\n<\/td>\n

\n

-0.8% (YTD: +8.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 79.28<\/p>\n<\/td>\n

\n

+1.2%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 5.62<\/p>\n<\/td>\n

\n

-4.2%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,758.40<\/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 48,137.49<\/p>\n<\/td>\n

\n

-0.11% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 fell 1.4% at yesterday\u2019s close<\/strong> on turnover of EGP 1.18 bn (24.7% below the 90-day average). Local investors were net buyers. The index is down 4.4% YTD<\/p>\n

.<\/p>\n

In the green: <\/strong>Abou Kir Fertilizers (+1.1%), Mopco (+0.9%) and Pioneers Holding (+0.4%).<\/p>\n

In the red: <\/strong>MM Group (-3.3%), Telecom Egypt (-3%) and Ibnsina Pharma (-3%).<\/p>\n

Major indexes in Asia are mostly in the red<\/strong>, with the Nikkei, Kospi and Hang Seng are all shedding early gains. All are down 1-2% at dispatch time, with only Shanghai bucking the trend (it\u2019s up about 0.9%). Futures suggest most major European indexes will open in the green, as will the Dow, S&P and Nasdaq later today.<\/p>\n","protected":false},"excerpt":{"rendered":"

EM equities are looking very vulnerable to a spike in US treasury yields, with Bloomberg data showing the sensitivity of EM assets to fluctuations in US treasuries at its highest level since 2017 last week. For the first time in nearly half a decade, EM stocks and, similarly, bonds responded very aggressively to a brief […]<\/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":[1703,3287,581,7098,3286,72,119,125,78,122,758],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555952","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-adnoc","tag-adnoc-drilling","tag-adx","tag-africa","tag-dpi","tag-enterpriseam","tag-financial-markets","tag-investment-watch","tag-ipo-watch","tag-planet-finance","tag-private-equity","wpautop","entry"],"acf":{"mongo_id":"01994922-f437-4041-a60a-604656fada12","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[555934],"teaser":"","voice_url":""},"yoast_head":"\nEM equities\u2019 vulnerability to US yields is at a four-year high - 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\/10\/04\/em-equities-vulnerability-to-us-yields-is-at-a-four-year-high\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EM equities\u2019 vulnerability to US yields is at a four-year high\" \/>\n<meta property=\"og:description\" content=\"EM equities are looking very vulnerable to a spike in US treasury yields, with Bloomberg data showing the sensitivity of EM assets to fluctuations in US treasuries at its highest level since 2017 last week. 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The USD strengthened against other currencies during the first week of 2021, putting upward pressure on yields (which means lower bond prices), notes the business\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":565162,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/23\/the-em-policy-dilemma-threatens-fresh-bout-of-volatility\/","url_meta":{"origin":555952,"position":1},"title":"The EM policy dilemma threatens fresh bout of volatility","author":"enterpriseam admin","date":"23 March 2021","format":false,"excerpt":"The EM scramble to strike policy balance could lead to a wave of volatility: As the global commodities boom threatens to cause a surge in inflation, central banks in emerging markets are faced with an age-old dilemma: keep rates high to hold down prices or accommodate growth and pour more\u2026","rel":"","context":"In "Macro picture"","block_context":{"text":"Macro picture","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/528.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560556,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/03\/what-the-markets-are-doing-on-3-march-2021\/","url_meta":{"origin":555952,"position":2},"title":"What the markets are doing on 3 March 2021","author":"enterpriseam admin","date":"3 March 2021","format":false,"excerpt":"EM bonds are likely to continue to oscillate between rallies and sell-offs for the coming months, BlackRock\u2019s Head of Emerging Market Debt Sergio Trigo Paz tells Bloomberg, as investors respond to an increase in US treasury yields and stimulus programs in emerging markets taper out.2021 isn\u2019t 2013, he says: Despite\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":561160,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/28\/what-the-markets-are-doing-on-28-march-2021\/","url_meta":{"origin":555952,"position":3},"title":"What the markets are doing on 28 March 2021","author":"enterpriseam admin","date":"28 March 2021","format":false,"excerpt":"US stocks hit record high\u2026 Vaccine optimism continued to drive a US equities boom last week with the S&P 500 climbing 1.7% to a fresh all-time high, Bloomberg reports. The market saw the biggest single-day gain in three weeks, helped by the US Federal Reserve\u2019s ending of covid-19 dividend restrictions\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":542848,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/19\/coming-fed-tightening-triggers-equities-rotation-rising-yields\/","url_meta":{"origin":555952,"position":4},"title":"Coming Fed tightening triggers equities rotation, rising yields","author":"enterpriseam admin","date":"19 January 2022","format":false,"excerpt":"US markets overall took a sharp dip on Tuesday as yields rose: The S&P 500 fell 1.8%, the Dow Jones dropped 1.5%, and the tech-heavy Nasdaq declined 2.6% to its lowest level in three months. Treasury yields, meanwhile, posted gains, with the 2-year yield breaking above 1% for the first\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":559338,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/18\/what-the-markets-are-doing-on-18-january-2021\/","url_meta":{"origin":555952,"position":5},"title":"What the markets are doing on 18 January 2021","author":"enterpriseam admin","date":"18 January 2021","format":false,"excerpt":"EM currencies under pressure as greenback enjoys Biden bounce: Emerging-market currencies are coming under pressure as incoming US president Joe Biden\u2019s pledge to pass USD 1.9 tn in fresh stimulus sends the USD on a two-week tear, Bloomberg says. EM currencies, in turn, logged losses after having ended 2020 with\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\/555952","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=555952"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555952\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/555934"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555952"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555952"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555952"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555952"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555952"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}