{"id":557509,"date":"2021-09-21T04:00:14","date_gmt":"2021-09-21T04:00:14","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/21\/evergrande-crisis-triggers-global-stock-sell-off-ahead-of-fed-meeting\/"},"modified":"2021-09-21T04:00:14","modified_gmt":"2021-09-21T04:00:14","slug":"evergrande-crisis-triggers-global-stock-sell-off-ahead-of-fed-meeting","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/21\/evergrande-crisis-triggers-global-stock-sell-off-ahead-of-fed-meeting\/","title":{"rendered":"Evergrande crisis triggers global stock sell-off ahead of Fed meeting"},"content":{"rendered":"

<\/a> China\u2019s brewing Evergrande crisis is being blamed for a global equity <\/strong>sell-off: <\/strong>Stocks fell in Asia, Europe and the US yesterday amid fears that Chinese property giant Evergrande could default<\/a> on the more than USD 300 bn it owes to creditors and other firms.<\/p>\n

US stocks suffered their worst day in four months<\/strong>, despite late-session dip-buyers helping the market to recover some of its losses. The S&P 500 fell as much as 2.9% before closing 1.7% in the red, while the tech-focused Nasdaq lost 2.1% and the Europe-wide Stoxx 600 closed down 1.7%.<\/p>\n

At the epicenter of the crisis:<\/strong> Hong Kong\u2019s Hang Seng index closed at its lowest in almost a year, while the Hang Seng Property index, which includes a dozen big developers, fell almost 7% to lows not seen since 2016. Hong Kong-traded Evergrande shares, meanwhile, closed down more than 10%, while the price of one of the company\u2019s bonds dropped below USD 0.25 on the USD. Chinese markets were mercifully closed for a public holiday.<\/p>\n

Contagion in China? <\/strong>Yesterday\u2019s poor market performance adds weight to fears that liquidity troubles at the world\u2019s most-indebted property developer will spread to the wider Chinese property market and beyond. \u201cEvergrande is just the tip of the iceberg,\u201d the managing director of one Hong Kong-based brokerage told the Financial Times<\/a>, adding that Chinese developers are under pressure to repay USD-denominated bonds amid a potentially hostile regulatory environment that could see them forced to cut housing costs, which in turn would affect bank mortgage revenues. \u201cIt has a chain effect.\u201d<\/p>\n

And beyond:<\/strong> The sell-off among US social media stocks \u2014 assets that are far removed from the Chinese property market \u2014 may signal wider market contagion and the spread of risk-off sentiment. \u201cYou\u2019ve got a whole basket of things to be concerned about \u2014 throw this headline into the mix and that throws everything askew. So there\u2019s going to be irrational de-risking taking place that doesn\u2019t connect logically,\u201d one strategist told Bloomberg<\/a>.<\/p>\n

Fixed-income + commodity markets react: <\/strong>Low-rated, high-yield US corporate bonds slumped on the news, while the cost of insuring high-yield debt spiked. True to their safe-haven reputation, yields on 10-year US treasury bonds \u2014 which generally fall in tandem with rising demand \u2014 dropped 0.05 percentage points to 1.324%, with a similar drop seen in German Bund yields. The move away from riskier assets was evident globally, with oil and BTC dropping. Commodities with big exposure to the Chinese economy, like metal, also saw big declines, in turn negatively affecting mining shares. Energy and financial companies were also losers at close on Monday.<\/p>\n

Here at home, the EGX30 is back in the red year-to-date<\/strong> after falling 1.6% yesterday. Real estate firms led the sell-off, with the Egyptian Resorts Company falling 6.2%, Heliopolis Housing losing 5.6% and Madinet Nasr Housing & Development shedding 4.4%. The benchmark index is now down 1.2% YTD.<\/p>\n

The day ahead:<\/strong> Asian markets were stable ahead of dispatch with Chinese stocks in the green as of 5am CLT. Stock futures have US markets rebounding in early trading today, while the picture is more mixed in Europe.<\/p>\n

All of this could be setting us up for a high-stakes Fed meeting today:<\/strong> The US Federal Reserve will hold its two-day policy meeting today and tomorrow, during which it is expected to announce more details on when it will begin to unwind its covid-era bond-buying programme.<\/p>\n

The key question:<\/strong> With the markets appearing rattled, will policymakers play it safe and hold off announcing a taper timetable? Under pressure from rising inflation, the majority of economists<\/a> are expecting the bank to begin reducing stimulus before the end of the year, but Fed officials are likely going to tread carefully to avoid further inflaming the escalating Evergrande sell-off. Chairman Jay Powell will announce the central bank\u2019s decision on the taper and interest rates at a presser after the meeting ends tomorrow.<\/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

10,711<\/p>\n<\/td>\n

\n

-1.6% (YTD: -1.2%)<\/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

11,328<\/p>\n<\/td>\n

\n

-0.6% (YTD: +30.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,745<\/p>\n<\/td>\n

\n

-0.8% (YTD: +53.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

2,872<\/p>\n<\/td>\n

\n

-1.2% (YTD: +15.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

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

\n

-1.7% (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

6,903<\/p>\n<\/td>\n

\n

-0.9% (YTD: +6.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 74.26<\/p>\n<\/td>\n

\n

-1.4%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 4.99<\/p>\n<\/td>\n

\n

-2.4%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,763.80<\/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 43,560<\/p>\n<\/td>\n

\n

-8.5% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 fell 1.6% at yesterday\u2019s close<\/strong> on turnover of EGP 1.2 bn (23.3% below the 90-day average). Local investors were net sellers. The index is down 1.2% YTD.<\/p>\n

In the green: <\/strong>Abou Kir Fertilizers (+0.2%).<\/p>\n

In the red: <\/strong>Egyptian Resorts Company (-6.2%), Heliopolis Housing (-5.6%) and MM Group (-4.6%).<\/p>\n","protected":false},"excerpt":{"rendered":"

China\u2019s brewing Evergrande crisis is being blamed for a global equity sell-off: Stocks fell in Asia, Europe and the US yesterday amid fears that Chinese property giant Evergrande could default on the more than USD 300 bn it owes to creditors and other firms. US stocks suffered their worst day in four months, despite late-session […]<\/p>\n","protected":false},"author":1,"featured_media":557510,"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":[93,72,119,349,640,122,651,441],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557509","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-energy","tag-enterpriseam","tag-financial-markets","tag-interest-rates","tag-netflix","tag-planet-finance","tag-tesla","tag-uber","wpautop","entry"],"acf":{"mongo_id":"9815f997-5eee-4c15-a486-5b8b3b91a48a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/296.jpg","photo_position":"above","related_issue":[557490],"teaser":"","voice_url":""},"yoast_head":"\nEvergrande crisis triggers global stock sell-off ahead of Fed meeting - 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\/21\/evergrande-crisis-triggers-global-stock-sell-off-ahead-of-fed-meeting\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Evergrande crisis triggers global stock sell-off ahead of Fed meeting\" \/>\n<meta property=\"og:description\" content=\"China\u2019s brewing Evergrande crisis is being blamed for a global equity sell-off: Stocks fell in Asia, Europe and the US yesterday amid fears that Chinese property giant Evergrande could default on the more than USD 300 bn it owes to creditors and other firms. 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This follows a decision by OPEC+ on Thursday to boost output in January despite concerns that the spread of the new variant could hit energy demand. 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":556346,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/20\/mubadala-aims-to-raise-usd-2-6-bn-from-us-listing-of-chipmaker-globalfoundries\/","url_meta":{"origin":557509,"position":2},"title":"Mubadala aims to raise USD 2.6 bn from US listing of chipmaker GlobalFoundries","author":"enterpriseam admin","date":"20 October 2021","format":false,"excerpt":"Mubadala to kick off US listing of GlobalFoundries: Abu Dhabi sovereign fund Mubadala Investment is looking to raise nearly USD 2.6 bn from a US listing of portfolio company GlobalFoundries, according to a filing with the SEC yesterday. GlobalFoundries, a chipmaker whose major shareholder is Mubadala, is looking to market\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":614277,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/30\/hong-kong-court-calls-for-the-liquidation-of-evergrande\/","url_meta":{"origin":557509,"position":3},"title":"Hong Kong court calls for the liquidation of Evergrande","author":"enterpriseam admin","date":"30 January 2024","format":false,"excerpt":"Evergrande failed to restructure following offshore debt results and more than two years in court","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\/2024\/1\/2480.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544675,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/chinese-shares-suffer-biggest-sell-off-since-08-on-covid-ukraine-fears\/","url_meta":{"origin":557509,"position":4},"title":"Chinese shares suffer biggest sell-off since \u201808 on covid, Ukraine fears","author":"enterpriseam admin","date":"15 March 2022","format":false,"excerpt":"Chinese stocks see biggest sell-off since the 2008 recession: Hong Kong-listed Chinese stocks had their worst day since the global financial crisis, as Beijing\u2019s continued ties with Russia, regulatory concerns, and new covid-19 lockdowns sparked a panic selloff, Bloomberg reports. The Hang Seng China Enterprises Index closed down 7.2% 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":557686,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/28\/em-bonds-see-heavy-outflows-over-evergrande-fed-taper\/","url_meta":{"origin":557509,"position":5},"title":"EM bonds see heavy outflows over Evergrande, Fed taper","author":"enterpriseam admin","date":"28 September 2021","format":false,"excerpt":"EM bonds see heavy outflows over Evergrande, Fed taper: Investors made a hasty exit from exchange-traded emerging-market bond funds last week, as China\u2019s wobble over the Evergrande crisis and expectations for a Fed taper later this year led investors to withdraw from riskier debt. 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