{"id":558320,"date":"2021-08-04T04:22:37","date_gmt":"2021-08-04T04:22:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/04\/a-second-covid-summer-isnt-good-for-em-that-rely-on-tourism-wall-street-is-loving-earnings-season\/"},"modified":"2021-08-04T04:22:37","modified_gmt":"2021-08-04T04:22:37","slug":"a-second-covid-summer-isnt-good-for-em-that-rely-on-tourism-wall-street-is-loving-earnings-season","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/04\/a-second-covid-summer-isnt-good-for-em-that-rely-on-tourism-wall-street-is-loving-earnings-season\/","title":{"rendered":"A second covid summer isn\u2019t good for EM that rely on tourism + Wall Street is loving earnings season"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>A second covid summer will hit tourism-reliant economies hard, <\/strong>with many emerging economies missing out on potential revenues as the cost of fighting the pandemic weighs on their balance sheets, the <a href=\"https:\/\/www.ft.com\/content\/ab4ad418-ad6f-4dae-a1b1-b7d05369eb3b\">Financial Times<\/a> reports. The first five months of 2021 saw international travel 85% down from its pre-covid levels, according to data from the World Tourism Organization. Smaller, less diversified economies such as the Bahamas, Maldives, and Fiji are set to feel the pinch the most, while countries such as Brazil, Mexico, and Argentina benefited from an increase in domestic tourism.<\/p>\n<p><strong>Strong earnings reports from major firms have buoyed Wall Street stocks<\/strong>, despite continued worries over the spread of the delta variant and a regulatory crackdown in China, the <a href=\"https:\/\/www.ft.com\/content\/c3ed2723-6eaa-4d7a-9873-17953854f5e7\">Financial Times<\/a> reports. The S&P 500 had its highest close in a week, while the Nasdaq saw gains of 0.6%. More than 86% of US companies have topped earnings expectations so far, with 55% of companies in Europe also performing better than expected, though the results are \u201cflattered by depressed levels in the year-ago period,\u201d UBS Wealth analysts wrote in a note.<\/p>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,726<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: -1.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.65<\/p>\n<\/td>\n<td>\n<p>Sell 15.75<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.65<\/p>\n<\/td>\n<td>\n<p>Sell 15.75<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,208<\/p>\n<\/td>\n<td>\n<p>+0.46% (YTD: 28.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>7,433<\/p>\n<\/td>\n<td>\n<p>+0.39% (YTD: 47.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>2,795<\/p>\n<\/td>\n<td>\n<p>+0.19% (YTD: 12.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,423<\/p>\n<\/td>\n<td>\n<p>+0.82% (YTD: 17.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,105<\/p>\n<\/td>\n<td>\n<p>+0.34% (YTD: 10%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 72.1<\/p>\n<\/td>\n<td>\n<p>-1.08%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 4.03<\/p>\n<\/td>\n<td>\n<p>+2.34%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,814.1<\/p>\n<\/td>\n<td>\n<p>-0.44%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 38,218<\/p>\n<\/td>\n<td>\n<p>-8.9% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 fell 0.9% at yesterday\u2019s close<\/strong> on turnover of EGP 1.80 bn (29.8% above the 90-day average). Foreign investors were net sellers. The index is down 1.1% YTD.<\/p>\n<p><strong>In the green: <\/strong>Ezz Steel (+3.8%), Pioneers Holding (+2.9%) and GB Auto (+2.1%).<\/p>\n<p><strong>In the red: <\/strong>Orascom Development Egypt (-9.3%), Egyptian Resorts Company (-4.2%) and Cleopatra Hospital (-3.2%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A second covid summer will hit tourism-reliant economies hard, with many emerging economies missing out on potential revenues as the cost of fighting the pandemic weighs on their balance sheets, the Financial Times reports. The first five months of 2021 saw international travel 85% down from its pre-covid levels, according to data from the World [&hellip;]<\/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":[107,344,302,72,119,120,122,121,9585],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-558320","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-covid-19","tag-cryptocurrency","tag-earnings","tag-enterpriseam","tag-financial-markets","tag-nasdaq","tag-planet-finance","tag-sp-500","tag-sec","wpautop","entry"],"acf":{"mongo_id":"9de51a47-4825-464d-8644-87fc9f08e2b6","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[558299],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>A second covid summer isn\u2019t good for EM that rely on tourism + Wall Street is loving earnings season - 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\/08\/04\/a-second-covid-summer-isnt-good-for-em-that-rely-on-tourism-wall-street-is-loving-earnings-season\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A second covid summer isn\u2019t good for EM that rely on tourism + Wall Street is loving earnings season\" \/>\n<meta property=\"og:description\" content=\"A second covid summer will hit tourism-reliant economies hard, with many emerging economies missing out on potential revenues as the cost of fighting the pandemic weighs on their balance sheets, the Financial Times reports. 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Though BoA\u2019s net income plunged 12%\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","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":546097,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/wall-street-extends-a-bad-run-on-trouble-for-tech-stocks\/","url_meta":{"origin":558320,"position":1},"title":"Wall Street extends a bad run on trouble for tech stocks","author":"enterpriseam admin","date":"27 April 2022","format":false,"excerpt":"Earnings season + Musk\u2019s Twitter bid drive Wall Street losses: US stocks extended their April losses yesterday on the back of falls in big tech firms and continued angst over inflation and heightened covid restriction in China, the Wall Street Journal writes. Shares in Microsoft and Google owner Alphabet both\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","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":570759,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/14\/what-were-tracking-on-14-april-2020\/","url_meta":{"origin":558320,"position":2},"title":"What we\u2019re tracking on 14 April 2020","author":"enterpriseam admin","date":"14 April 2020","format":false,"excerpt":"Words that should never be said again by anyone, anywhere: \u201cWe\u2019re all in this together.\u201d Just sayin\u2019. TWO THEMES are playing out today in the global policymaking circles, each relevant to those of us doing business here in Egypt. #1- When is it time to re-open economies? To lift restrictions\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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":558285,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/03\/hedge-funds-are-coming-for-unlisted-companies-murdoch-buys-ihs-energy-info-service\/","url_meta":{"origin":558320,"position":3},"title":"Hedge funds are coming for unlisted companies + Murdoch buys IHS\u2019 energy info service","author":"enterpriseam admin","date":"3 August 2021","format":false,"excerpt":"PE, watch out: Hedge funds are starting to eye up unlisted companies: Third Point, Marshall Wace, and BlueCrest Capital are among the hedge funds that want to invest in unlisted companies usually snapped up by private equity firms, the Financial Times reports.GLOBAL EARNINGS WATCH- HSBC\u2019s net income more than doubled\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","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":575319,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/12\/what-were-tracking-on-12-october-2020\/","url_meta":{"origin":558320,"position":4},"title":"What we\u2019re tracking on 12 October 2020","author":"enterpriseam admin","date":"12 October 2020","format":false,"excerpt":"Mondays are typically the quietest news day of the week, and today is no exception. So a pro tip for those of you out there with news to break: Liven up our Mondays by feeding us a big, juicy news tip on a Thursday or Sunday, please? Pretty please? Food\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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":571017,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/what-were-tracking-on-27-april-2020\/","url_meta":{"origin":558320,"position":5},"title":"What we\u2019re tracking on 27 April 2020","author":"enterpriseam admin","date":"27 April 2020","format":false,"excerpt":"It\u2019s a relatively light news day, but the big story of the day is \u2026 big: The Madbouly government did the right thing yesterday and formally asked the IMF for a helping hand in the form of a one-year \u201crapid financing\u201d facility and a separate stand-by funding arrangement. 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