{"id":558989,"date":"2021-01-04T03:51:18","date_gmt":"2021-01-04T03:51:18","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/04\/what-the-markets-are-doing-on-4-january-2020\/"},"modified":"2021-01-04T03:51:18","modified_gmt":"2021-01-04T03:51:18","slug":"what-the-markets-are-doing-on-4-january-2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/04\/what-the-markets-are-doing-on-4-january-2020\/","title":{"rendered":"What the markets are doing on 4 January 2020"},"content":{"rendered":"

<\/a> We may see more caution in early 2021 valuations of emerging market stocks,<\/strong> bonds and currencies<\/strong> amid uneven covid-19 recovery rates in developing economies and suggestions of MSCI exuberance, Bloomberg reports<\/a>. But with central bank stimulus and vaccines on the horizon, overall investor sentiment remains buoyant, say analysts. EM stocks ended 2020 at their highest level in 13 years, currencies neared their 2018 record, and local-currency bonds had their best quarter in over a decade, with over USD 17 tn of negative-yielding debt worldwide.<\/p>\n

EM hard-currency bond sales will see a further boost in 2021: <\/strong>Over USD 757 bn in USD and EUR-denominated bonds was sold by EM governments and companies in 2020 \u2014 the most in over two decades \u2014 and this will continue over the next 12 months, driven by heavy government borrowing to fund covid-19 healthcare and poverty relief measures, and stimulate economic growth. Financing conditions are expected to support investment grade and high yield, say Goldman Sachs strategists. Companies will also borrow to capitalize on growth, and loose monetary policy will afford them much-needed liquidity, Bloomberg predicts<\/a>.<\/p>\n

Egypt has already approached banks for a USD 7 bn Eurobond sale in 1H 2021<\/strong> \u2014 one of several major agreements flagged for the year.<\/p>\n

US facing delayed economic recovery: <\/strong>Economic growth in the US is expected to slow in the opening months of 2021 before picking up later in the year, as spending increases thanks to the USD 900 bn pandemic-relief package, higher rates of personal saving and the vaccine rollout, the Wall Street Journal<\/a> says. US GDP is expected to grow 5.8% in 2021 after a 3.5% contraction in 2020, according to Goldman Sachs, while Moody\u2019s predicts 4.2% growth.<\/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

10,845<\/p>\n<\/td>\n

\n

Unchanged (YTD: -)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.67<\/p>\n<\/td>\n

\n

Sell 15.77<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/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

8,612<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

5,079<\/p>\n<\/td>\n

\n

+0.7% (YTD: +0.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

2,506<\/p>\n<\/td>\n

\n

+0.6% (YTD: +0.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,756<\/p>\n<\/td>\n

\n

- (YTD: -)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

6,460<\/p>\n<\/td>\n

\n

- (YTD: -)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 51.80<\/p>\n<\/td>\n

\n

+0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.54<\/p>\n<\/td>\n

\n

+4.8%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,895.10<\/p>\n<\/td>\n

\n

+0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 32,501<\/p>\n<\/td>\n

\n

-0.1%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

The EGX30 was flat at the end of yesterday\u2019s session<\/strong> on low turnover of EGP 874 mn (34.5% below the 90-day average). Local investors were net buyers. The index is flat YTD.<\/p>\n

In the green: <\/strong>Egyptian Iron & Steel (+8.3%), GB Auto (+5.7%) and Palm Hills (+2.9%).<\/p>\n

In the red: <\/strong>Cleopatra Hospital (-2.7%), Export Development Bank (-2.2%) and CIRA (-1.8%).<\/p>\n

Asian markets are in the green in early trading this morning<\/strong> while futures suggest that European markets will open in the red and US stocks will rise when the markets open later today.<\/p>\n","protected":false},"excerpt":{"rendered":"

We may see more caution in early 2021 valuations of emerging market stocks, bonds and currencies amid uneven covid-19 recovery rates in developing economies and suggestions of MSCI exuberance, Bloomberg reports. But with central bank stimulus and vaccines on the horizon, overall investor sentiment remains buoyant, say analysts. EM stocks ended 2020 at their highest […]<\/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":[82,107,104,115,72,164,119,527,122,117,113],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-558989","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-bonds","tag-covid-19","tag-economy","tag-emerging-markets","tag-enterpriseam","tag-equities","tag-financial-markets","tag-pandemic","tag-planet-finance","tag-us","tag-vaccines","wpautop","entry"],"acf":{"mongo_id":"696e4965-502d-432f-9426-b6b6e9442d2b","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[558966],"teaser":"","voice_url":""},"yoast_head":"\nWhat the markets are doing on 4 January 2020 - 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\/01\/04\/what-the-markets-are-doing-on-4-january-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What the markets are doing on 4 January 2020\" \/>\n<meta property=\"og:description\" content=\"We may see more caution in early 2021 valuations of emerging market stocks, bonds and currencies amid uneven covid-19 recovery rates in developing economies and suggestions of MSCI exuberance, Bloomberg reports. 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Emerging markets are set to outperform developed markets in 2020, predict 57 global investors, traders and strategists in a Bloomberg survey, with all assets \u2014 currencies, stocks, and bonds \u2014 having rallied this year after 2018\u2019s EM Zombie Apocalypse. Total\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\/2019\/12\/2354.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546316,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/emerging-market-currencies-see-biggest-losses-since-2020\/","url_meta":{"origin":558989,"position":1},"title":"Emerging-market currencies see biggest losses since 2020","author":"enterpriseam admin","date":"11 May 2022","format":false,"excerpt":"EM currencies see biggest losses since 2020: Emerging-market currencies are suffering as investors pull out of risk assets in response to rising interest rates in the US and the economic slowdown in China, according to the Financial Times. The MSCI Emerging Markets Currency Index dropped over 4% since the beginning\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":544962,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/em-bonds-on-course-for-their-worst-quarter-in-24-years-uae-positioning-itself-as-a-global-crypto-hub\/","url_meta":{"origin":558989,"position":2},"title":"EM bonds on course for their worst quarter in 24 years + UAE positioning itself as a global crypto hub","author":"enterpriseam admin","date":"29 March 2022","format":false,"excerpt":"It hasn\u2019t been like this in 24 years: USD-denominated emerging bonds are on course to have their worst quarter since the Asian financial crisis shook emerging markets in 1998, according to Bloomberg.What gives? Already under pressure from rising interest rates, the commodity price shock sparked by the conflict in Ukraine\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":559137,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/11\/what-the-markets-are-doing-on-11-january-2021\/","url_meta":{"origin":558989,"position":3},"title":"What the markets are doing on 11 January 2021","author":"enterpriseam admin","date":"11 January 2021","format":false,"excerpt":"Emerging market USD-denominated bonds posted their first weekly drop since October, with yields on the 10-year benchmark Treasury note creeping above 1%, according to Bloomberg. The USD strengthened against other currencies during the first week of 2021, putting upward pressure on yields (which means lower bond prices), notes the business\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":555881,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/30\/omicron-fed-taper-hits-emerging-market-bond-etfs\/","url_meta":{"origin":558989,"position":4},"title":"Omicron + Fed taper hits emerging-market bond ETFs","author":"enterpriseam admin","date":"30 November 2021","format":false,"excerpt":"Omicron + Fed taper hits emerging-market bond ETFs: Investors pulled more than USD 850 mn from emerging-market debt ETFs last week as the discovery of the Omicron covid variant and the decision to keep Jay Powell as Federal Reserve head for another term fuelled risk-off sentiment, data from Bloomberg shows.\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":559338,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/18\/what-the-markets-are-doing-on-18-january-2021\/","url_meta":{"origin":558989,"position":5},"title":"What the markets are doing on 18 January 2021","author":"enterpriseam admin","date":"18 January 2021","format":false,"excerpt":"EM currencies under pressure as greenback enjoys Biden bounce: Emerging-market currencies are coming under pressure as incoming US president Joe Biden\u2019s pledge to pass USD 1.9 tn in fresh stimulus sends the USD on a two-week tear, Bloomberg says. EM currencies, in turn, logged losses after having ended 2020 with\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\/558989","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=558989"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558989\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/558966"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=558989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=558989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=558989"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=558989"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=558989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}