{"id":557653,"date":"2021-09-27T04:00:04","date_gmt":"2021-09-27T04:00:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/27\/the-evergrande-crisis-is-on-pause-but-china-is-still-posing-a-headache-for-emerging-markets\/"},"modified":"2021-09-27T04:00:04","modified_gmt":"2021-09-27T04:00:04","slug":"the-evergrande-crisis-is-on-pause-but-china-is-still-posing-a-headache-for-emerging-markets","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/27\/the-evergrande-crisis-is-on-pause-but-china-is-still-posing-a-headache-for-emerging-markets\/","title":{"rendered":"The Evergrande crisis is on pause, but China is still posing a headache for emerging markets"},"content":{"rendered":"

<\/a> China is worrying emerging markets: <\/strong>As fears of an abrupt Fed taper<\/a> fade, Bloomberg<\/a> suggests that a slowdown in China\u2019s economy may pose the next big problem for emerging markets. Manufacturing indices due Thursday are expected to confirm a China-wide slowdown that goes well beyond the Evergrande saga, after the delta variant and a drop in consumer spending saw the country\u2019s manufacturing sector record its first contraction in over a year in August.<\/p>\n

A drop in commodity prices would be bad news for <\/strong>(commodity-driven)<\/strong> EMs: <\/strong>While Evergrande poses a contagion risk for property markets, \u201cfor the rest of emerging markets, what matters more is the negative impact on Chinese growth, and by extension commodity prices, and whether policy makers step in to offset those downside risks,\u201d Goldman Sachs strategists said in a note last week. Chinese retail sales, industrial production and investment have slowed, leading to a knock-on drop in orders for emerging-market exporters of commodities like oil and copper. The longer-term fallout of the Evergrande crisis will also likely drag on growth.<\/p>\n

But we could benefit from a China dip: <\/strong>Egypt\u2019s high real interest rate puts it in a basket of countries, alongside Ghana, Indonesia, Vietnam and the UAE, that stand to do well in the context of a tighter US policy and a slower China, one Dubai-based researcher told Bloomberg.<\/p>\n

Bahrain will double its VAT rate to 10%<\/strong> as it looks to raise revenues and overcome its huge budget deficit, sources tell Reuters<\/a> and Bloomberg<\/a>. The sources didn\u2019t disclose when the government would hike the tax but said it was aiming to return to a balanced budget by 2024.<\/p>\n

Bahrain isn\u2019t the first GCC state to resort to VAT in response to covid:<\/strong> Saudi Arabia tripled the tax to 15% last year in response to falling oil revenues.<\/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

10,650<\/p>\n<\/td>\n

\n

+0.1% (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

11,352<\/p>\n<\/td>\n

\n

+0.7% (YTD: +30.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,774<\/p>\n<\/td>\n

\n

-0.6% (YTD: +54.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

2,832<\/p>\n<\/td>\n

\n

-0.3% (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

4,455<\/p>\n<\/td>\n

\n

+0.2% (YTD: +18.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,051<\/p>\n<\/td>\n

\n

-0.4% (YTD: +9.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 78.09<\/p>\n<\/td>\n

\n

+1.1%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 5.14<\/p>\n<\/td>\n

\n

+3.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,751.70<\/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 43,523<\/p>\n<\/td>\n

\n

+1.9% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 rose less than 0.1% at yesterday\u2019s close<\/strong> on turnover of EGP 1.17 bn (26.1% below the 90-day average). Foreign investors were net sellers. The index is down 1.8% YTD.<\/p>\n

In the green: <\/strong>Egypt Kuwait Holding\u2019s EGP shares (+5.2%), Cleopatra Hospital (+3.1%) and Eastern Company (+2.9%).<\/p>\n

In the red: <\/strong>Speed Medical (-2.4%), Ibnsina Pharma (-2.1%) and Ezz Steel (-1.7%).<\/p>\n

Asian markets are largely in the green this morning<\/strong>, with only Shanghai being (barely) in the red at dispatch time. Futures suggest the FTSE 100 (LSE), CAC 40 (Paris), DAX (Frankfurt) will all open in the red later this morning. Wall Street looks on track for a mixed open right now, with futures showing the Dow and S&P opening in the green, while the tech-heavy Nasdaq could be down at the opening bell.<\/p>\n","protected":false},"excerpt":{"rendered":"

China is worrying emerging markets: As fears of an abrupt Fed taper fade, Bloomberg suggests that a slowdown in China\u2019s economy may pose the next big problem for emerging markets. Manufacturing indices due Thursday are expected to confirm a China-wide slowdown that goes well beyond the Evergrande saga, after the delta variant and a drop […]<\/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":[473,116,115,72,216,119,1691,131,122,219,69,7110],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557653","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-bahrain","tag-china","tag-emerging-markets","tag-enterpriseam","tag-evergrande","tag-financial-markets","tag-investcorp","tag-manufacturing","tag-planet-finance","tag-saudi-arabia","tag-tax","tag-vat","wpautop","entry"],"acf":{"mongo_id":"6323f8b6-730d-48c9-b2f0-d5b74637d060","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[557635],"teaser":"","voice_url":""},"yoast_head":"\nThe Evergrande crisis is on pause, but China is still posing a headache for emerging markets - 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\/27\/the-evergrande-crisis-is-on-pause-but-china-is-still-posing-a-headache-for-emerging-markets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Evergrande crisis is on pause, but China is still posing a headache for emerging markets\" \/>\n<meta property=\"og:description\" content=\"China is worrying emerging markets: As fears of an abrupt Fed taper fade, Bloomberg suggests that a slowdown in China\u2019s economy may pose the next big problem for emerging markets. 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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":548042,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/bri-blowback\/","url_meta":{"origin":557653,"position":1},"title":"BRI blowback","author":"enterpriseam admin","date":"24 July 2022","format":false,"excerpt":"China\u2019s Belt and Road Initiative could be in trouble as debt crises loom in emerging markets: The ambitious overseas lending scheme that sees China pouring investments into countries across Africa, Asia, and the Middle East, to further trade and foreign policy is struggling under a mountain of non-performing debt 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":557509,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/21\/evergrande-crisis-triggers-global-stock-sell-off-ahead-of-fed-meeting\/","url_meta":{"origin":557653,"position":2},"title":"Evergrande crisis triggers global stock sell-off ahead of Fed meeting","author":"enterpriseam admin","date":"21 September 2021","format":false,"excerpt":"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\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\/2021\/9\/296.jpg?fit=%2C&ssl=1&resize=350%2C200","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":557653,"position":3},"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. 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":557526,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/22\/this-morning-egypt-could-be-safer-from-evergrande-than-other-ems-were-officially-off-the-red-list-its-fed-day-markets-still-jittery\/","url_meta":{"origin":557653,"position":4},"title":"THIS MORNING: Egypt could be safer from Evergrande than other EMs; We\u2019re officially off the red list; It\u2019s Fed day; Markets still jittery.","author":"enterpriseam admin","date":"22 September 2021","format":false,"excerpt":"Good morning, nice people, and welcome to a reasonably calm morning for news, with some M&A news, the latest from planet startup and word that the country\u2019s critical real estate industry all competing for your attention. All of these stories, though, are playing second fiddle in the mainstream press to\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":553501,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/06\/omicron-spread-isnt-stopping-ksa-from-raising-oil-prices\/","url_meta":{"origin":557653,"position":5},"title":"Omicron spread isn\u2019t stopping KSA from raising oil prices","author":"enterpriseam admin","date":"6 December 2021","format":false,"excerpt":"Saudi Arabia raises January oil prices for all crude grades in Asia and the US, even as Omicron continues to spread, reports Bloomberg. 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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557653","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=557653"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557653\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/557635"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=557653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=557653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=557653"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=557653"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=557653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}