{"id":557703,"date":"2021-09-29T04:00:19","date_gmt":"2021-09-29T04:00:19","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/29\/this-morning-the-stock-sell-off-accelerated-yesterday-asian-markets-are-following-suit-this-morning-white-house-natsec-advisor-in-cairo-today\/"},"modified":"2021-09-29T04:00:19","modified_gmt":"2021-09-29T04:00:19","slug":"this-morning-the-stock-sell-off-accelerated-yesterday-asian-markets-are-following-suit-this-morning-white-house-natsec-advisor-in-cairo-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/29\/this-morning-the-stock-sell-off-accelerated-yesterday-asian-markets-are-following-suit-this-morning-white-house-natsec-advisor-in-cairo-today\/","title":{"rendered":"THIS MORNING: The stock sell-off accelerated yesterday + Asian markets are following suit this morning; White House natsec advisor in Cairo today."},"content":{"rendered":"

We don\u2019t literally ring a bell around here every time a company announces it will IPO on <\/strong>the Egyptian Exchange<\/strong>, but that doesn\u2019t mean we\u2019re not doing it in our heads. So welcome to the folks at Abu Auf parent company AUF, which said yesterday it would offer up to 49% of the company for sale in a market debut expected in 2Q2022. We have chapter and verse in this morning\u2019s Speed Round, below.<\/p>\n

The Abu Auf news is a great way to bid farewell to Q3<\/strong>, which comes to an end at COB tomorrow. Anyone else both delighted to see the back of 2021 (given it\u2019s 2020 with better clothing and new lipstick) and amazed it has passed so fast?<\/p>\n

THE BIG STORY THIS MORNING is not in Egypt, but abroad <\/strong>as market watchers take stock of yesterday\u2019s carnage on Wall Street. The bears are looking for signs that their dreams have (at last) come true, while the bulls are churning out pablum designed to reassure each other that their crazy-long ride really isn\u2019t coming to an end.<\/p>\n

US shares had their worst day yesterday since May<\/strong> as the S&P 500 shed 2%, with the Financial Times<\/a> suggesting that \u201cthe prospect of the world\u2019s leading central banks moving more aggressively to stamp out inflation rattled financial markets on Tuesday.\u201d We have the scoop in this morning\u2019s Planet Finance, below.<\/p>\n

How are markets doing this morning? Not great. <\/strong>Major indexes across Asia are in the red, with the Nikkei down 2.5%, Shanghai off 1.2% and the Hang Seng also in the red. The Kospi is down nearly 2.0%. Futures suggest a mixed open in Europe later this morning<\/strong> \u2014 and that traders on Wall Street may try to stage a comeback, with the Nasdaq, S&P and Dow all looking to start the day lightly in the green.<\/p>\n

Don\u2019t worry, bears: US lawmakers will give you plenty to chew over in the days to come<\/strong>, with Treasury Secretary Janet Yellen telling Congress yesterday that the US risks running out of money by 18 October if politicians don\u2019t raise or suspend the federal government\u2019s borrowing limit. The story is getting plenty of coverage on the front pages of the Wall Street Journal<\/a> and the Financial Times<\/a> and also leads the front page of the New York Times<\/a>.<\/p>\n

\u201cA dangerous man\u201d: <\/strong>US Senator Elizabeth Warren\u2019s broadside against<\/a> US Federal Reserve Chairman Jerome Powell yesterday hardly cheered the traders \u2014 needless to say, the Fed boss is more their cup of tea than is Warren. Warren said Powell was \u201ca dangerous man to head up the Fed\u201d ahead of his potential reappointment for a second term, citing Powell\u2019s track record on financial regulation as the reason why she won\u2019t be supporting his renomination. Powell faced unusually tough questioning on the Hill yesterday<\/strong>, Reuters<\/a> notes.<\/p>\n

MEANWHILE- How to solve the China Evergrande problem? Step #1: Find a big rug. <\/strong>The cash-strapped company \u2014 simultaneously billed as China\u2019s largest real estate developer, the world\u2019s most-indebted company and the potential trigger of Beijing\u2019s \u201cLehman moment\u201d \u2014 is about to sell a USD 1.5 bn minority stake it owns in a Chinese bank<\/a> to a state-owned company. The Wall Street Journal<\/a> interprets this as \u201can indication that authorities in the country are moving to contain the fallout from the property giant\u2019s financial difficulties.\u201d But that doesn\u2019t mean that foreign bondholders, who are mulling next steps<\/a> after Evergrande missed an interest payment, are going to see a penny of the proceeds from the sale, Reuters writes: The USD 1.5 bn transaction is designed to minimize Evergrande\u2019s impact on a big Chinese bank.<\/p>\n

** IN CASE YOU MISSED IT <\/strong>\u2014 catch up quick on the top stories from yesterday\u2019s edition of EnterprisePM:<\/p>\n