{"id":557282,"date":"2021-09-13T04:00:02","date_gmt":"2021-09-13T04:00:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/13\/economic-headwinds-are-coming-from-the-east-as-well-as-the-west\/"},"modified":"2021-09-13T04:00:02","modified_gmt":"2021-09-13T04:00:02","slug":"economic-headwinds-are-coming-from-the-east-as-well-as-the-west","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/13\/economic-headwinds-are-coming-from-the-east-as-well-as-the-west\/","title":{"rendered":"Economic headwinds are coming from the East as well as the West"},"content":{"rendered":"

<\/a> Economic headwinds are coming from the East as well as the West:<\/strong> Fissures in China\u2019s economic recovery could drag down riskier emerging markets, Bloomberg reports<\/a>. Production slowdowns as a result of the spread of the delta variant, the government\u2019s regulatory crackdown on parts of the private sector, and the potential default of Chinese property giant Evergrande are all putting strain on the Chinese economy, analysts say.<\/p>\n

China\u2019s slowdown could cause knock-on effects in developing countries<\/strong>, including the upping of risk premiums on EM assets, due to its heavy weighting in EM indexes. \u201cIt\u2019s going to be the rest of the world\u2019s problem and it has already started to show up in a lot of the emerging-market countries,\u201d said one EM and Asia Pacific analyst. \u201cI expect China\u2019s slowdown to accelerate from here.\u201d<\/p>\n

That said, the impact has so far been confined to countries in China\u2019s direct orbit<\/strong>, like Thailand and Korea, as investors continue to benefit from a strong carry trade and what are seen as undervalued equities in EMs elsewhere.<\/p>\n

ALSO WORTH NOTING-<\/strong><\/p>\n

The UAE will spend USD 6.5 bn to entice citizens into the private sector<\/strong>, offering a package of incentives to try and persuade 75k Emiratis to join private companies in the next five years, Bloomberg<\/a> reports. As in many Gulf countries, UAE graduates often hold out for the better pay, benefits and working hours of public-sector positions, while most private-sector jobs are held by expats. But with unemployment rising sharply from 2.2% in 2019 to 5% in 2020 due to the pandemic, the state is now set to offer monthly stipends for private-sector workers with children as well as supplemental income and bonuses to try and reverse the trend.<\/p>\n

Residency rules relaxed:<\/strong> The policy switch comes a week after the country announced it would relax residency rules<\/a> in a bid to attract more high-skilled foreigners to the country.<\/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

11,037<\/p>\n<\/td>\n

\n

-0.2% (YTD: +1.8%)<\/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

11,342<\/p>\n<\/td>\n

\n

-0.7% (YTD: +30.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

A<\/strong>D<\/strong>X<\/strong><\/p>\n<\/td>\n

\n

7,819<\/p>\n<\/td>\n

\n

-0.5% (YTD: +55.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

2,897<\/p>\n<\/td>\n

\n

-0.4% (YTD: +16.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,458<\/p>\n<\/td>\n

\n

-0.8% (YTD: +18.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,029<\/p>\n<\/td>\n

\n

+0.1% (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 72.92<\/p>\n<\/td>\n

\n

+2.1%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 4.94<\/p>\n<\/td>\n

\n

-1.9%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,792.10<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 45,265<\/p>\n<\/td>\n

\n

-0.3% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 fell 0.2% at yesterday\u2019s close<\/strong> on turnover of EGP 867 mn (43.4% below the 90-day average). Local investors were net sellers. The index is up 1.8% YTD.<\/p>\n

In the green: <\/strong>Raya (+3.9%), Mopco (+2.4%) and Palm Hills (+1.6%).<\/p>\n

In the red: <\/strong>MM Group (-2.9%), Eastern Company (-2.5%) and Cleopatra Hospitals (-2.2%).<\/p>\n

Asian markets are mostly in the red in early trading this morning<\/strong> and futures suggest that European shares will follow them later this morning. US stock futures are currently in the green.<\/p>\n","protected":false},"excerpt":{"rendered":"

Economic headwinds are coming from the East as well as the West: Fissures in China\u2019s economic recovery could drag down riskier emerging markets, Bloomberg reports. Production slowdowns as a result of the spread of the delta variant, the government\u2019s regulatory crackdown on parts of the private sector, and the potential default of Chinese property giant […]<\/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":[116,115,72,119,122,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557282","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-china","tag-emerging-markets","tag-enterpriseam","tag-financial-markets","tag-planet-finance","tag-uae","wpautop","entry"],"acf":{"mongo_id":"92ea356b-7aa2-444d-aa10-e39517d68020","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[557260],"teaser":"","voice_url":""},"yoast_head":"\nEconomic headwinds are coming from the East as well as the West - 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\/09\/13\/economic-headwinds-are-coming-from-the-east-as-well-as-the-west\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economic headwinds are coming from the East as well as the West\" \/>\n<meta property=\"og:description\" content=\"Economic headwinds are coming from the East as well as the West: Fissures in China\u2019s economic recovery could drag down riskier emerging markets, Bloomberg reports. 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Many EM economies are dependent on exporting\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\/5\/2688.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563529,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/06\/emerging-market-equities-poised-for-a-strong-12-months\/","url_meta":{"origin":557282,"position":2},"title":"Emerging-market equities poised for a strong 12 months?","author":"enterpriseam admin","date":"6 July 2021","format":false,"excerpt":"Emerging-market equities could gain 15% in the next 12 months, Sean Taylor, chief investment officer for Asia Pacific and head of EM equities at DWS Group, tells Bloomberg (watch, runtime: 4:27). Globally, equities have had a strong run during the first half of 2021, but major EMs including China and\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":547862,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/the-2022-em-debt-sell-off-is-getting-serious-wire-services-warn\/","url_meta":{"origin":557282,"position":3},"title":"The 2022 EM debt sell-off is getting serious, wire services warn","author":"enterpriseam admin","date":"17 July 2022","format":false,"excerpt":"Default on the horizon? A record number of emerging markets are facing pressure as debt sell-off grows: Soaring inflation and rising US interest rates have sent investors fleeing emerging market (EM) countries this year, leaving \u201ca record number of developing nations\u201d facing possible default, according to Reuters. Taking into account\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":598689,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/02\/finmin-to-set-new-medium-term-economic-targets-as-global-macro-headwinds-build\/","url_meta":{"origin":557282,"position":4},"title":"FinMin to set new medium-term economic targets as global macro headwinds build","author":"enterpriseam admin","date":"2 June 2019","format":false,"excerpt":"EXCLUSIVE- FinMin to set new medium-term economic targets as global macro headwinds build: The Finance Ministry is on track to specify \u201cmore realistic\u201d medium-term targets for Egypt\u2019s key macro indicators in light of a challenging outlook for global growth and volatility in emerging markets, according to official documents seen by\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\/2020\/1\/773.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560767,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/11\/what-the-markets-are-doing-on-11-march-2021\/","url_meta":{"origin":557282,"position":5},"title":"What the markets are doing on 11 March 2021","author":"enterpriseam admin","date":"11 March 2021","format":false,"excerpt":"Resource-based emerging markets usually get a big boost in a commodities supercycle, but it\u2019s a bit more complicated this time around, Reuters says. In a supercycle, EM usually find higher demand for their wares, whether that\u2019s agricultural output from Argentina and Egypt, minerals and ores out of Brazil, or metallurgical\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\/557282","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=557282"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557282\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/557260"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=557282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=557282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=557282"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=557282"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=557282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}