{"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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With global demand for oil surging and supply rapidly tightening, observers are urging the alliance of oil producing nations to start reversing some of the output cuts made last year at their meeting this Thursday, 4 March, Bloomberg reports. OPEC+ are holding back\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":614975,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/11\/is-another-us-banking-crisis-brewing-heres-what-you-need-to-know\/","url_meta":{"origin":558320,"position":5},"title":"Is another US banking crisis brewing? 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