{"id":558389,"date":"2021-08-08T04:37:48","date_gmt":"2021-08-08T04:37:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/08\/a-more-diverse-nasdaq-and-a-sooner-than-expected-fed-hike\/"},"modified":"2021-08-08T04:37:48","modified_gmt":"2021-08-08T04:37:48","slug":"a-more-diverse-nasdaq-and-a-sooner-than-expected-fed-hike","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/08\/a-more-diverse-nasdaq-and-a-sooner-than-expected-fed-hike\/","title":{"rendered":"A more diverse Nasdaq and a sooner-than-expected Fed hike?"},"content":{"rendered":"

<\/a> Fed could hike rates in early 2023:<\/strong> The Federal Reserve could move to raise interest rates from historic lows by early 2023 should the economy maintain current momentum, the central bank\u2019s vice chair Richard Clarida said last week, according to the Wall Street Journal<\/a>. Last September, the central bank pledged to maintain ultra-low interest rates until the economy reaches near maximum employment and inflation \u201cmoderately exceeds\u201d 2% for \u201csome time,\u201d two targets Clarida expects to be met by the end of 2022.<\/p>\n

We could soon see more diverse boards for Nasdaq-listed companies <\/strong>after the US\u2019 Securities and Exchange Commission gave the all-clear<\/a> for the exchange operator\u2019s plan to include gender, race and orientation in its listing rules. Under the proposal, Nasdaq would require its companies to have at least one or two \u201cdiverse\u201d board members, including one woman and one member of an \"underrepresented\" minority group, or explain in writing why they do not. A company that does not want to meet diversity objectives nor explain why \u201cmay transfer its listing to a competing listing exchange,\u201d though the proposal also provides flexibility and time for businesses to explain themselves, the SEC says. The Financial Times<\/a> and Bloomberg<\/a> also have the story.<\/p>\n

Aramco may have to hike its USD 75 bn dividend \u2014 already the highest in the <\/strong>world \u2014 to keep up with competitors<\/strong>, Bank of America Analysts said in a research note seen by Bloomberg<\/a>, ahead of the expected release of the oil giant\u2019s 2Q2021 earnings today. Shell, BP, and others recently upped their dividends to lure back wary investors to the fossil fuel industry. But Aramco has struggled to meet its investor obligations, and took to debt markets earlier this to raise USD 6 bn<\/a> in order to fund dividend payouts. However, surging oil prices as demand rebounds from the covid slump could give the company better cash flow in the current quarter.<\/p>\n

Huawei witnessed its biggest ever revenue drop off the back of US tech sanctions<\/strong> with the company\u2019s earnings plummeting by 29% y-o-y, the Financial Times<\/a> reports. A decline in smartphone sales was largely the culprit, with revenues in that line of business falling by 47% as US sanctions against local companies supplying parts to Huawei limited the supply of key items.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\"None\"<\/td>\nEGX30 <\/strong><\/td>\n10,723<\/td>\n-% (YTD: -1.1%)<\/td>\n<\/tr>\n
\"Up\"<\/td>\nUSD (CBE)<\/strong><\/td>\nBuy 15.64<\/td>\nSell 15.77<\/td>\n<\/tr>\n
\"None\"<\/td>\nUSD at CIB<\/strong><\/td>\nBuy 15.65<\/td>\nSell 15.75<\/td>\n<\/tr>\n
\"None\"<\/td>\nInterest rates CBE<\/strong><\/td>\n8.25% deposit<\/td>\n9.25% lending<\/td>\n<\/tr>\n
\"Up\"<\/td>\nTadawul<\/strong><\/td>\n11,209<\/td>\n+0.4% (YTD: +29.0%)<\/td>\n<\/tr>\n
\"Up\"<\/td>\nADX<\/strong><\/td>\n7,419<\/td>\n+0.2% (YTD: +47.1%)<\/td>\n<\/tr>\n
\"Up\"<\/td>\nDFM<\/strong><\/td>\n2,820<\/td>\n+0.3% (YTD: +13.2%)<\/td>\n<\/tr>\n
\"Up\"<\/td>\nS&P 500<\/strong><\/td>\n4,436<\/td>\n+0.2% (YTD: +18.1%)<\/td>\n<\/tr>\n
\"None\"<\/td>\nFTSE 100<\/strong><\/td>\n7,122<\/td>\n-% (YTD: +10.3%)<\/td>\n<\/tr>\n
\"Down\"<\/td>\nBrent crude<\/strong><\/td>\nUSD 70.70<\/td>\n-0.8%<\/td>\n<\/tr>\n
\"None\"<\/td>\nNatural gas <\/strong>(Nymex)<\/td>\nUSD 4.14<\/td>\n-%<\/td>\n<\/tr>\n
\"Down\"<\/td>\nGold<\/strong><\/td>\nUSD 1,763.10<\/td>\n-2.5%<\/td>\n<\/tr>\n
\"Up\"<\/td>\nBTC<\/strong><\/td>\nUSD 43,139.95<\/td>\n+3.39% (as of midnight)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

The EGX30 rose less than 0.1% during Thursday\u2019s trading session<\/strong> on turnover of EGP 1.6 bn (21.9% above the 90-day average). Local investors were net buyers. The index is down 1.1% YTD.<\/p>\n

In the green: <\/strong>Cleopatra Hospital (+2.9%), Alexandria Mineral Oils Company (+2.4%) and Qalaa Holdings (+2.3%).<\/p>\n

In the red: <\/strong>Ezz Steel (-2.6%), Eastern Company (-1.9%) and Rameda Pharma (-1.0%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Fed could hike rates in early 2023: The Federal Reserve could move to raise interest rates from historic lows by early 2023 should the economy maintain current momentum, the central bank\u2019s vice chair Richard Clarida said last week, according to the Wall Street Journal. Last September, the central bank pledged to maintain ultra-low interest rates […]<\/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":[72,119,349,724,122,117],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-558389","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-interest-rates","tag-monetary-policy","tag-planet-finance","tag-us","wpautop","entry"],"acf":{"mongo_id":"5c3d08fc-1497-4112-bf74-908f937f0028","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[558370],"teaser":"","voice_url":""},"yoast_head":"\nA more diverse Nasdaq and a sooner-than-expected Fed hike? - 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\/08\/a-more-diverse-nasdaq-and-a-sooner-than-expected-fed-hike\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A more diverse Nasdaq and a sooner-than-expected Fed hike?\" \/>\n<meta property=\"og:description\" content=\"Fed could hike rates in early 2023: The Federal Reserve could move to raise interest rates from historic lows by early 2023 should the economy maintain current momentum, the central bank\u2019s vice chair Richard Clarida said last week, according to the Wall Street Journal. 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The vast majority of officials were on board with lowering 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":576964,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/03\/fed-delivers-75-bps-rate-hike-powell-warns-we-still-have-some-ways-to-go-in-hawkish-presser\/","url_meta":{"origin":558389,"position":1},"title":"Fed delivers 75-bps rate hike, Powell warns \u201cwe still have some ways to go\u201d in hawkish presser","author":"enterpriseam admin","date":"3 November 2022","format":false,"excerpt":"US interest rates are now at their highest level since the beginning of 2008: As expected yesterday, the Federal Reserve delivered another huge interest rate hike, extending its most aggressive tightening cycle in decades and pushing rates to the highest level in almost 15 years. 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The index closed 0.1% in the green as\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":582745,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/16\/the-us-banking-crisis-has-upended-expectations-for-fed-rate-policy\/","url_meta":{"origin":558389,"position":3},"title":"The US banking crisis has upended expectations for Fed rate policy","author":"enterpriseam admin","date":"16 March 2023","format":false,"excerpt":"Bond traders now expect the central bank to start cutting rates in June","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\/2023\/3\/New-York-Stock-Exchange-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548391,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/07\/a-strong-us-jobs-report-could-mean-more-bad-news-for-emerging-markets\/","url_meta":{"origin":558389,"position":4},"title":"A strong US jobs report could mean more bad news for emerging markets","author":"enterpriseam admin","date":"7 August 2022","format":false,"excerpt":"The US labor market is still red-hot \u2014 and that means the Fed is unlikely to take its foot off the gas in coming meetings, economists and analysts said in reaction to job figures released Friday, which showed employers added 528k jobs to the economy in July, beating all estimates.This\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":544710,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/17\/this-morning-first-fed-rate-hike-in-4-years-the-clocks-wont-go-back-in-the-us-next-year\/","url_meta":{"origin":558389,"position":5},"title":"THIS MORNING: First Fed rate hike in 4 years; The clocks won\u2019t go back in the US next year.","author":"enterpriseam admin","date":"17 March 2022","format":false,"excerpt":"Well, friends, we\u2019ve nearly made it through another workweek together, and our reward is ending the week on St. Patrick\u2019s Day (which happens to be The Colonel\u2019s birthday. We miss you, Dad.) THE BIG GLOBAL BUSINESS STORY this morning- The Fed has hiked rates for first time in four years\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558389","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=558389"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558389\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/558370"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=558389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=558389"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=558389"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=558389"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=558389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}