{"id":559180,"date":"2021-01-12T04:13:08","date_gmt":"2021-01-12T04:13:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/what-the-markets-are-doing-on-12-january-2021\/"},"modified":"2021-01-12T04:13:08","modified_gmt":"2021-01-12T04:13:08","slug":"what-the-markets-are-doing-on-12-january-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/what-the-markets-are-doing-on-12-january-2021\/","title":{"rendered":"What the markets are doing on 12 January 2021"},"content":{"rendered":"<p><strong>Is the crypto bubble about to burst?<\/strong> Bitcoin lost nearly 26% of its value on Sunday and Monday, its biggest two-day slump since March, amid a fierce selloff, reports <a href=\"http:\/\/bloomberg.com\/news\/articles\/2021-01-11\/bitcoin-drops-most-over-two-days-since-may-as-volatility-resumes\">Bloomberg<\/a>. The currency fell as low as USD 33.1k yesterday after having reached an all time high of nearly USD 42k on 8 January. \u201cIt\u2019s to be determined whether this is the start of a larger correction,\u201d Vijay Ayyar, business development head at Singapore\u2019s crypto exchange Luno said.<\/p>\n<p><strong>China is on track to challenge Wall Street and London<\/strong> <strong>to become the world\u2019s most<\/strong><strong> important financial center<\/strong>, according to bn\u2019aire hedge fund manager Ray Dalio, who told <a href=\"https:\/\/www.ft.com\/content\/1af5a599-53c5-4481-82d6-6f768e4b7146\">the Financial Times<\/a> that 2020 was a watershed year for what he sees as the world\u2019s next preeminent financial power. \u201cChina already has the world\u2019s second largest capital markets, and I think they will eventually vie for having the world\u2019s financial center,\u201d the Bridgewater founder said, comparing Beijing\u2019s rise to the transition from the British to the American empire.<\/p>\n<p><strong>Saudi Arabia is looking to raise upwards of USD 5 bn in a bond-market comeback<\/strong> designed to bolster its state coffers, which have been battered by low oil prices, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-01-11\/saudi-arabia-aims-to-raise-over-5-billion-in-bond-market-return?sref=mmeFTDW1\">Bloomberg<\/a> reports. Although Brent has recovered to more than USD 55 per barrel, this is still far below the USD 80 price the kingdom needs to balance its budget.<\/p>\n<p><strong>Twitter\u2019s shares fell 7% on Monday following the suspension of Agent Orange\u2019s a<\/strong><strong>ccount<\/strong> as investors worried the move might shift interest away from the platform, reports <a href=\"https:\/\/www.reuters.com\/article\/us-twitter-stocks-trump\/twitter-shares-slump-8-after-trump-account-suspension-idUSKBN29G0XG\">Reuters<\/a>.<\/p>\n<p><strong>Hyundai and Apple plan to begin joint production of autonomous electric <\/strong><strong>cars in the US in 2024<\/strong> under the terms of a partnership agreement to be signed in March, <a href=\"https:\/\/www.reuters.com\/article\/us-hyundai-motor-apple\/apple-hyundai-set-to-agree-electric-car-tie-up-says-korea-it-news-idUSKBN29F0C3\">Reuters<\/a> reports, citing a Korean news outlet.<\/p>\n<table class=\"markets-table\">\n<tbody>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\"  \/><\/td>\n<td><strong>EGX30 <\/strong><\/td>\n<td>11,279<\/td>\n<td>+0.6% (YTD: +4.0%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\"  \/><\/td>\n<td><strong>USD (CBE)<\/strong><\/td>\n<td>Buy 15.59<\/td>\n<td>Sell 15.69<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\"  \/><\/td>\n<td><strong>USD at CIB<\/strong><\/td>\n<td>Buy 15.60<\/td>\n<td>Sell 15.70<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/none.png?w=14&#038;ssl=1\" alt=\"None\"  \/><\/td>\n<td><strong>Interest rates CBE<\/strong><\/td>\n<td>8.25% deposit<\/td>\n<td>9.25% lending<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\"  \/><\/td>\n<td><strong>Tadawul<\/strong><\/td>\n<td>8,869<\/td>\n<td>+0.6% (YTD: +2.1%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\"  \/><\/td>\n<td><strong>ADX<\/strong><\/td>\n<td>5,237<\/td>\n<td>+1.2% (YTD: +3.8%)<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\"  \/><\/td>\n<td><strong>DFM<\/strong><\/td>\n<td>2,698<\/td>\n<td>+0.9% (YTD: +8.3%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\"  \/><\/td>\n<td><strong>S&P 500<\/strong><\/td>\n<td>3,799<\/td>\n<td>-0.7% (YTD: +1.2%)<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\"  \/><\/td>\n<td><strong>FTSE 100<\/strong><\/td>\n<td>6,798<\/td>\n<td>-1.1% (YTD: +5.2%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\"  \/><\/td>\n<td><strong>Brent crude<\/strong><\/td>\n<td>USD 55.62<\/td>\n<td>-0.7%<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\"  \/><\/td>\n<td><strong>Natural gas <\/strong>(Nymex)<\/td>\n<td>USD 2.75<\/td>\n<td>+1.7%<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\"  \/><\/td>\n<td><strong>Gold<\/strong><\/td>\n<td>USD 1,850<\/td>\n<td>+0.8%<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\"  \/><\/td>\n<td><strong>BTC<\/strong><\/td>\n<td>USD 34,800<\/td>\n<td>-9.7%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>The EGX30 rose 0.6% yesterday<\/strong> on turnover of EGP 1.5 bn (11.5% above the 90-day average). Regional investors were net sellers. The index is up 4.0% YTD.<\/p>\n<p><strong>In the green: <\/strong>Cleopatra Hospital (+3.3%), Orascom Development Egypt (+2.3%) and Sidi Kerir Petrochemicals (+2.3%).<\/p>\n<p><strong>In the red: <\/strong>SODIC (-2.9%), Dice (-1.5%) and Ibnsina Pharma (-1.4%).<\/p>\n<p><strong>Most <\/strong><strong>Asian markets are up in early trading this morning<\/strong> and futures suggest European markets will open in the red later today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Is the crypto bubble about to burst? Bitcoin lost nearly 26% of its value on Sunday and Monday, its biggest two-day slump since March, amid a fierce selloff, reports Bloomberg. The currency fell as low as USD 33.1k yesterday after having reached an all time high of nearly USD 42k on 8 January. \u201cIt\u2019s to [&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":[116,344,984,72,119,293,122,1010],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559180","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-china","tag-cryptocurrency","tag-donald-trump","tag-enterpriseam","tag-financial-markets","tag-hong-kong","tag-planet-finance","tag-twitter","wpautop","entry"],"acf":{"mongo_id":"48107c81-4d72-4f17-b09a-7d533d383bba","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[559154],"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>What the markets are doing on 12 January 2021 - 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\/12\/what-the-markets-are-doing-on-12-january-2021\/\" \/>\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 12 January 2021\" \/>\n<meta property=\"og:description\" content=\"Is the crypto bubble about to burst? Bitcoin lost nearly 26% of its value on Sunday and Monday, its biggest two-day slump since March, amid a fierce selloff, reports Bloomberg. The currency fell as low as USD 33.1k yesterday after having reached an all time high of nearly USD 42k on 8 January. \u201cIt\u2019s to [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/what-the-markets-are-doing-on-12-january-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-12T04:13:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ent.news\/2020\/9\/positive.png\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/what-the-markets-are-doing-on-12-january-2021\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/what-the-markets-are-doing-on-12-january-2021\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"What the markets are doing on 12 January 2021\",\"datePublished\":\"2021-01-12T04:13:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/what-the-markets-are-doing-on-12-january-2021\/\"},\"wordCount\":405,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/what-the-markets-are-doing-on-12-january-2021\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ent.news\/2020\/9\/positive.png\",\"keywords\":[\"China\",\"cryptocurrency\",\"Donald Trump\",\"EnterpriseAM\",\"Financial Markets\",\"Hong Kong\",\"Planet Finance\",\"Twitter\"],\"articleSection\":[\"PLANET FINANCE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/what-the-markets-are-doing-on-12-january-2021\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/what-the-markets-are-doing-on-12-january-2021\/\",\"name\":\"What the markets are doing on 12 January 2021 - 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China, which produces 56% of the world\u2019s steel, plans to cut 236 mn tonnes of steel capacity in its\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":563203,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/22\/china-escalates-crypto-crackdown\/","url_meta":{"origin":559180,"position":1},"title":"China escalates crypto crackdown","author":"enterpriseam admin","date":"22 June 2021","format":false,"excerpt":"China is further escalating its clampdown on crypto, ordering all of the country\u2019s major financial bodies to cut off all transactions linked to BTC and other digital currencies, according to a statement by the People's Bank of China yesterday. The Agricultural Bank of China, China Construction Bank, Industrial and Commercial\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":562151,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/09\/planet-finance-rising-commodity-prices-are-good-news-for-em\/","url_meta":{"origin":559180,"position":2},"title":"Planet Finance: Rising commodity prices are good news for EM","author":"enterpriseam admin","date":"9 May 2021","format":false,"excerpt":"SUPERCYCLE WATCH- Copper prices are at all-time highs off of optimism over an economic rebound that has fueled talk of a commodities supercycle amid soaring raw material prices, Bloomberg reports. The surge in prices is raising the prospect of imminent inflation \u2014 despite some analysts suggesting it will be transitory\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":559107,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/10\/what-the-markets-are-doing-on-10-january-2021\/","url_meta":{"origin":559180,"position":3},"title":"What the markets are doing on 10 January 2021","author":"enterpriseam admin","date":"10 January 2021","format":false,"excerpt":"MARKET WATCH- Friday was a record-breaking day for emerging markets: EM stocks reached a record high during Friday\u2019s session after their fastest rally in history amid a flood of liquidity and optimism over a global recovery driving risk appetite, says Bloomberg. The recovery from the Great Covid Crash of 2020\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":562618,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/31\/what-the-markets-are-doing-on-31-may-2021\/","url_meta":{"origin":559180,"position":4},"title":"What the markets are doing on 31 May 2021","author":"enterpriseam admin","date":"31 May 2021","format":false,"excerpt":"US regulators are continuing to make vague statements about maybe doing something to temper the madness in the crypto markets: US regulators may be about to put a leash on your doges, according to this front page story in the Financial Times, which may be overreaching slightly with its headline.\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":560733,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/10\/what-the-markets-are-doing-on-10-march-2021\/","url_meta":{"origin":559180,"position":5},"title":"What the markets are doing on 10 March 2021","author":"enterpriseam admin","date":"10 March 2021","format":false,"excerpt":"GLOBAL M&A WATCH- It\u2019s a record-breaking year for domestic M&A in China, with the country seeing USD 77.5 bn of transactions so far this year, the FT says. 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