{"id":558875,"date":"2021-08-30T04:01:41","date_gmt":"2021-08-30T04:01:41","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/30\/ems-cannot-weather-another-taper-tantrum-storm-imf-says\/"},"modified":"2021-08-30T04:01:41","modified_gmt":"2021-08-30T04:01:41","slug":"ems-cannot-weather-another-taper-tantrum-storm-imf-says","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/30\/ems-cannot-weather-another-taper-tantrum-storm-imf-says\/","title":{"rendered":"EMs cannot weather another taper tantrum storm, IMF says"},"content":{"rendered":"

<\/a> EMs cannot withstand another taper tantrum, says IMF: <\/strong>Emerging Markets whose balance sheets are stretched due to covid-19 could see significant damage to their economies in the event that the US Federal reserve instigates a repeat of the 2013 so-called Taper tantrum IMF\u2019s chief economist Gita Gopinath told the Financial Times<\/a>. While already grappling with the havoc wrought by covid, EMs are not in the best shape to dodge \u201ca tantrum of financial markets originating from the major central banks,\u201d Gopinath said. Inflationary pressures pose an additional risk, and the US may be pressured to tighten policy even sooner if high inflation persists, Gopinath says.<\/p>\n

What\u2019s a \u201ctaper tantrum,\u201d you ask?<\/strong> In 2013, an announcement by the Fed that it would roll back its large bond-buying program (rolled out during the \u201cGlobal Financial Crisis\u201d of 2007-2008) sooner than expected triggered an exodus of capital from emerging markets<\/a>. The fear was that the move would push down US bond prices and drive yields higher. This triggered an exodus from EMs for fear of what rising rates in the US and a stronger greenback would mean for emerging economies. Statements<\/a> by Fed head Jerome Powell at the Jackson Hole summit last week signalling that the Fed could begin rolling back its program as early as this year have put EMs on the alert.<\/p>\n

The Fed\u2019s tapering news is likely to add an additional burden to EMs<\/strong>, which have already been aggressively tightening in response to rising inflation. Russia, Mexico and Chile have all raised interest rates this year, while Brazil this month went ahead with a 100-bps rate hike<\/a> \u2014 its biggest since 2003. That could ultimately put more pressure on Egypt to keep rates high <\/strong>as the country looks to maintain the competitiveness of the USD-EGP carry trade.<\/p>\n

And some EM currencies are already losing steam as central banks change gear:<\/strong> Speculation concerning when central banks may reel in the pace of monetary-policy tightening have seen Brazilian and Russian currencies, which were among 1H2021s biggest gainers, sinking almost 4.5% since July, outstripping losses recorded by any other major currency tracked by Bloomberg<\/a>.<\/p>\n

A new covid-19 outbreak in Malaysia could prolong the global chip shortage:<\/strong> The major center for chip testing and packaging has been hit with a fresh wave of infections that has forced the implementation of strict lockdowns, hampering production at factories and jeopardizing plans for the rebound of global semiconductor supply chains, the Wall Street Journal<\/a> reports. The delays have intensified pressures on automakers<\/a>, who had already been forced to cut down production due to the ongoing chip shortage, which is now expected to continue into 2022.<\/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

11113.74<\/p>\n<\/td>\n

\n

-0.11% (YTD: +2.48%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 15.65<\/p>\n<\/td>\n

\n

Sell 15.75<\/p>\n<\/td>\n<\/tr>\n

\n

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

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 15.65<\/p>\n<\/td>\n

\n

Sell 15.75<\/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

11,180.19<\/p>\n<\/td>\n

\n

+0.5% (YTD: +28.66%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,652.15<\/p>\n<\/td>\n

\n

+0.4% (YTD: +51.67%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

2,901.21<\/p>\n<\/td>\n

\n

+0.04% (YTD: +16.42%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,509.37<\/p>\n<\/td>\n

\n

+0.9% (YTD: +20.06%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,148.01<\/p>\n<\/td>\n

\n

+0.3% (YTD: +10.64%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 72.70<\/p>\n<\/td>\n

\n

+2.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 4.39<\/p>\n<\/td>\n

\n

+4.2%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,819.50<\/p>\n<\/td>\n

\n

+1.4%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 48,826.13<\/p>\n<\/td>\n

\n

-0.31% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 fell 0.1% at yesterday\u2019s close<\/strong> on turnover of EGP 1.65 bn (12% above the 90-day average). Foreign investors were net sellers. The index is up 2.5% YTD.<\/p>\n

In the green: <\/strong>Heliopolis Housing (+4.9%), Raya Holding (+4.1%) and Cleopatra Hospitals (+3.7%).<\/p>\n

In the red: <\/strong>Speed Medical (-5.1%), Pioneers Holding (-3.3%) and GB Auto (-1.9%).<\/p>\n

It\u2019s looking fairly bright out there this morning, ladies and gentlemen<\/strong>, with most Asian benchmarks largely in the green and futures suggesting the trading week will got off to a nice, green start at the opening bell in Europe and North America.<\/p>\n","protected":false},"excerpt":{"rendered":"

EMs cannot withstand another taper tantrum, says IMF: Emerging Markets whose balance sheets are stretched due to covid-19 could see significant damage to their economies in the event that the US Federal reserve instigates a repeat of the 2013 so-called Taper tantrum IMF\u2019s chief economist Gita Gopinath told the Financial Times. While already grappling with […]<\/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":[144,3589,653,115,72,119,272,3590,349,1383,131,122,645],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-558875","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-automotive","tag-bond-purchase","tag-chip-shortage","tag-emerging-markets","tag-enterpriseam","tag-financial-markets","tag-imf","tag-inflationary-pressures","tag-interest-rates","tag-malaysia","tag-manufacturing","tag-planet-finance","tag-semiconductors","wpautop","entry"],"acf":{"mongo_id":"f0c6a337-db89-4903-8bc0-7a4a21becfb4","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[558858],"teaser":"","voice_url":""},"yoast_head":"\nEMs cannot weather another taper tantrum storm, IMF says - 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\/30\/ems-cannot-weather-another-taper-tantrum-storm-imf-says\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EMs cannot weather another taper tantrum storm, IMF says\" \/>\n<meta property=\"og:description\" content=\"EMs cannot withstand another taper tantrum, says IMF: Emerging Markets whose balance sheets are stretched due to covid-19 could see significant damage to their economies in the event that the US Federal reserve instigates a repeat of the 2013 so-called Taper tantrum IMF\u2019s chief economist Gita Gopinath told the Financial Times. 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Policymakers are \u201cclosely monitoring\u201d the potential effects of rising US rates on Egypt\u2019s borrowing\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/138.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564818,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/01\/taper-tantrum-2-0\/","url_meta":{"origin":558875,"position":1},"title":"Taper Tantrum 2.0?","author":"enterpriseam admin","date":"1 March 2021","format":false,"excerpt":"Emerging market assets took a hit toward the end of February, with the MSCI gauge of shares falling 3% on Friday and major currencies including the ZAR and the MXN tumbling during the final few days, according to Bloomberg. This came following a sharp sell-off in the US bond market,\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/390.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557081,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/06\/can-egypt-weather-a-taper-tantrum-2-0\/","url_meta":{"origin":558875,"position":2},"title":"Can Egypt weather a taper tantrum 2.0?","author":"enterpriseam admin","date":"6 September 2021","format":false,"excerpt":"Egypt\u2019s world-beating real interest rate will help it weather an uptick in global rates, but the country faces some risk from capital outflows unless it acts to reduce its debt costs, S&P Global Ratings said in a report yesterday. Despite enjoying the highest real interest rate in the world, a\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/72.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560662,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/08\/what-the-markets-are-doing-on-8-march-2021\/","url_meta":{"origin":558875,"position":3},"title":"What the markets are doing on 8 March 2021","author":"enterpriseam admin","date":"8 March 2021","format":false,"excerpt":"We\u2019re not on HSBC\u2019s list of emerging markets most vulnerable to a possible Taper Tantrum 2.0. Brazil, Indonesia, Mexico and South Africa are the most exposed emerging economies to rising bond yields in the US, according to bond strategists at HSBC, the Economist reports. All of these countries have a\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":560632,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/what-the-markets-are-doing-on-7-march-2021\/","url_meta":{"origin":558875,"position":4},"title":"What the markets are doing on 7 March 2021","author":"enterpriseam admin","date":"7 March 2021","format":false,"excerpt":"Rising US treasury yields continued to hit tech stocks last week, as investor unease about sky-high valuations grew. The Nasdaq has lost USD 1.6 tn in market value over the past three weeks following its heaviest sell-off since October, according to Bloomberg. Despite inching up 1.6% on Friday, the tech-heavy\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":548323,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/03\/ems-trade-bonds-for-bank-loans-bp-uber-report-strong-2q-earnings-growth\/","url_meta":{"origin":558875,"position":5},"title":"EMs trade bonds for bank loans + BP, Uber report strong 2Q earnings growth","author":"enterpriseam admin","date":"3 August 2022","format":false,"excerpt":"Emerging markets are turning to syndicated loans after being effectively shut out of bond markets due to heightened commodity prices and rising borrowing costs, the Wall Street Journal reports. More than a dozen governments in Africa and the Middle East took out syndicated loans worth about USD 13 bn during\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\/558875","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=558875"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558875\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/558858"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=558875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=558875"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=558875"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=558875"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=558875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}