{"id":556492,"date":"2021-10-27T04:18:45","date_gmt":"2021-10-27T04:18:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/big-tech-had-a-particularly-great-quarter\/"},"modified":"2021-10-27T04:18:45","modified_gmt":"2021-10-27T04:18:45","slug":"big-tech-had-a-particularly-great-quarter","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/big-tech-had-a-particularly-great-quarter\/","title":{"rendered":"Big Tech had a particularly great quarter"},"content":{"rendered":"

<\/a> MARKET WATCH- Alphabet and Microsoft smash estimates as they release 3Q financials: <\/strong>Google\u2019s parent blew past expectations, posting 41% growth in revenues y-o-y to USD 65.1 bn (pdf)<\/a>, while the Windows maker saw its top line rise 22% to USD 45.3 bn<\/a>, also above analyst forecasts. Twitter, meanwhile, slid to a USD 537 mn net loss (pdf)<\/a> after settling a shareholder class action lawsuit and as it ramps up investment in product development.<\/p>\n

The US junk bond market is bigger than ever:<\/strong> A record 149 companies have joined the US junk bond market so far in 2021 as businesses take advantage of the huge demand for yield amid an environment of ultra-low interest rates, the Financial Times reports<\/a>. As the Fed continues to hold interest rates at historic lows<\/a>, lower-rated issuers seeking capital and yield-hungry investors have flocked to the market, with 26 new corporate issuers arriving in September, followed by 13 so far this month. This has sent the high-yield bond market to a record size, topping more than USD 1.5 tn for the first time ever.<\/p>\n

The Evergrande contagion isn\u2019t quite over yet:<\/strong> Chinese property developer Modern Land defaulted on a bond payment citing \u201cliquidity issues,\u201d making it the latest in a growing list of Chinese property developers to default on payments, reported Reuters<\/a>. Developers are defaulting on payments \u201cone by one,\u201d an unnamed investor told the newswire, as the Evergrande crisis<\/a> and concerns over plans to introduce a real estate tax have dragged down the Chinese property market crisis. Evergrande, which has more than USD 300 mn in liabilities, made good on its last debt payment this week<\/a>.<\/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

11256.54<\/p>\n<\/td>\n

\n

+0.7% (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

11,846.69<\/p>\n<\/td>\n

\n

-0.4% (YTD: +36.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,902.98<\/p>\n<\/td>\n

\n

-0.4% (YTD: +56.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

2,866.12<\/p>\n<\/td>\n

\n

+0.02% (YTD: +15%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,583.68<\/p>\n<\/td>\n

\n

+0.4% (YTD: +22%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,277.62<\/p>\n<\/td>\n

\n

+0.8% (YTD: +12.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 86.35<\/p>\n<\/td>\n

\n

+0.4%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 5.87<\/p>\n<\/td>\n

\n

-0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,794.40<\/p>\n<\/td>\n

\n

-0.7%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 61,343.97<\/p>\n<\/td>\n

\n

-2.4% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 rose 0.7% at yesterday\u2019s close<\/strong> on turnover of EGP 1.58 bn (3.6% above the 90-day average). Foreign investors were net sellers. The index is up 3.8% YTD.<\/p>\n

In the green: <\/strong>Fawry (+6.8%), Sidi Kerir Petrochemicals (+6.6%) and AMOC (+4.8%).<\/p>\n

In the red: <\/strong>Madinet Nasr Housing (-9.0%), Gadwa Industrial Development (-6.4%) and Egypt Resorts Company (-6.4%).<\/p>\n

Shares in Hong Kong, Seoul, Tokyo and Shanghai are all in the red this morning<\/strong>, and the EuroStoxx, FTSE and DAX all seem on track to follow suit when European markets open later this morning. Futures suggest Wall Street is likely to open flat later today.<\/p>\n","protected":false},"excerpt":{"rendered":"

MARKET WATCH- Alphabet and Microsoft smash estimates as they release 3Q financials: Google\u2019s parent blew past expectations, posting 41% growth in revenues y-o-y to USD 65.1 bn (pdf), while the Windows maker saw its top line rise 22% to USD 45.3 bn, also above analyst forecasts. Twitter, meanwhile, slid to a USD 537 mn net […]<\/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":[82,116,72,216,119,293,3374,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-556492","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-bonds","tag-china","tag-enterpriseam","tag-evergrande","tag-financial-markets","tag-hong-kong","tag-modern-land","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"0a6e886a-4038-4e37-b62e-af7f4590759e","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[556466],"teaser":"","voice_url":""},"yoast_head":"\nBig Tech had a particularly great quarter - 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\/27\/big-tech-had-a-particularly-great-quarter\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Big Tech had a particularly great quarter\" \/>\n<meta property=\"og:description\" content=\"MARKET WATCH- Alphabet and Microsoft smash estimates as they release 3Q financials: Google\u2019s parent blew past expectations, posting 41% growth in revenues y-o-y to USD 65.1 bn (pdf), while the Windows maker saw its top line rise 22% to USD 45.3 bn, also above analyst forecasts. 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Faced with paltry returns on most speculative-grade debt and tightening spreads, fund managers are buying into corporate debt with the lowest credit ratings \u2014 and driving yields down even further in\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":578573,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/04\/time-for-asset-managers-to-tighten-their-belts-junk-is-getting-thrown-out\/","url_meta":{"origin":556492,"position":1},"title":"Time for asset managers to tighten their belts + Junk is getting thrown out","author":"enterpriseam admin","date":"4 January 2023","format":false,"excerpt":"Asset managers are getting stung by the market downturn: Global asset managers are preparing to make cutbacks in 2023 following the worst year for financial markets since the global financial crisis, the Financial Times reports. Faced with declining revenues, firms are pausing new recruitment and cutting back on bonuses to\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\/2023\/1\/69.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582621,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/13\/corporates-in-em-are-having-a-hard-time-in-the-debt-markets\/","url_meta":{"origin":556492,"position":2},"title":"Corporates in EM are having a hard time in the debt markets","author":"enterpriseam admin","date":"13 March 2023","format":false,"excerpt":"EM corporate bonds struggle on high cost of debt: Emerging-market companies have sold only USD 60 bn worth of bonds since the beginning of the year \u2014 an 18% drop from the same period last year \u2014 as higher interest rates and high-profile troubles at EM firms including India\u2019s Adani\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\/2023\/3\/Cairo-downtown-talaatharb-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544932,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/28\/us-companies-are-buying-back-stock-in-record-volumes\/","url_meta":{"origin":556492,"position":3},"title":"US companies are buying back stock in record volumes","author":"enterpriseam admin","date":"28 March 2022","format":false,"excerpt":"US firms are rushing to prop up their share prices amid market volatility: US companies have bought back a record number of shares so far this year in a bid to bolster investor confidence as the mood in the markets sours. Data from Goldman Sachs picked up by the Financial\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":562361,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/20\/junk-spacs-are-becoming-an-issue-of-concern\/","url_meta":{"origin":556492,"position":4},"title":"Junk SPACs are becoming an issue of concern","author":"enterpriseam admin","date":"20 May 2021","format":false,"excerpt":"Silicon Valley veteran is worried about the proliferation of \u201cjunk\u201d SPACs: The meteoric growth in the number of blank check companies going public over the past year has drawn concern that acquired companies and SPAC investors will be harmed as the period of manic speculation comes to an end. 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":557476,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/20\/companies-governments-are-rushing-to-issue-debt-before-the-fed-taper\/","url_meta":{"origin":556492,"position":5},"title":"Companies + governments are rushing to issue debt before the Fed taper","author":"enterpriseam admin","date":"20 September 2021","format":false,"excerpt":"Companies + governments are rushing to issue debt before the Fed taper: The past week saw a spike in USD- and EUR-denominated bond issuances in emerging markets, as anticipation builds that the Federal Reserve could announce a timeline for tapering its covid stimulus programme when it meets this week, Bloomberg\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\/556492","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=556492"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556492\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/556466"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=556492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=556492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=556492"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=556492"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=556492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}