{"id":559866,"date":"2021-02-07T03:57:30","date_gmt":"2021-02-07T03:57:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/07\/what-the-markets-are-doing-on-7-february-2021\/"},"modified":"2021-02-07T03:57:30","modified_gmt":"2021-02-07T03:57:30","slug":"what-the-markets-are-doing-on-7-february-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/07\/what-the-markets-are-doing-on-7-february-2021\/","title":{"rendered":"What the markets are doing on 7 February 2021"},"content":{"rendered":"

<\/a> GameStonk falls back to earth:<\/strong> The brick-and-mortar games retailer subject to an epic tug-of war between retail investors and hedge funds gave up much of its extraordinary 2021 gains last week, falling 80% in a sell-off that saw USD 18 bn wiped from its market cap, Bloomberg<\/a> reports. The stock finished the week trading at USD 63.77, a far cry from the USD 483 peak seen at the end of January.<\/p>\n

This coincided with US stocks having their best week since November<\/strong> after poor jobs figures raised investor optimism that lawmakers would push through the Biden administration\u2019s USD 1.9 tn stimulus proposal, Bloomberg<\/a> says. \u201cThe market is going to be in a bad news is good news scenario \u2014 bad news is temporary and likely to be met with additional support,\u201d said Steve Chiavarone, portfolio manager and equity strategist at Federated Hermes.<\/p>\n

Global food prices are at near-seven year highs<\/strong> as governments stockpile strategic goods and erect trade barriers, weather hits supply, and covid-19 disrupts trade, the Financial Times<\/a> reports. The FAO Food Price Index<\/a> reached 113.3 points in January, its highest monthly average since July 2014, raising fears of rising hunger in poorer countries dependent on imports.<\/p>\n

And we could soon be paying more for our tea:<\/strong> Tea prices in India have leapt to record highs as flooding and covid-19 restrictions weighed on production last year, according to Reuters<\/a>. Egypt imports mns of kilos<\/a> of Indian CTC (crush-tear-curl) grade every year.<\/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

11,599<\/p>\n<\/td>\n

\n

-0.2% (YTD: +7.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.63<\/p>\n<\/td>\n

\n

Sell 15.73<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.62<\/p>\n<\/td>\n

\n

Sell 15.72<\/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

8,618<\/p>\n<\/td>\n

\n

+0.9% (YTD: -0.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,664<\/p>\n<\/td>\n

\n

-0.2% (YTD: +12.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

2,671<\/p>\n<\/td>\n

\n

-1.5% (YTD: +7.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,887<\/p>\n<\/td>\n

\n

+0.4% (YTD: +3.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

6,489<\/p>\n<\/td>\n

\n

-0.2% (YTD: +0.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 59.34<\/p>\n<\/td>\n

\n

+0.9%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.86<\/p>\n<\/td>\n

\n

-2.5%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,813.00<\/p>\n<\/td>\n

\n

+1.2%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 39,296.72<\/p>\n<\/td>\n

\n

+0.9%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

The EGX30 fell 0.2% on Thursday<\/strong> on turnover of EGP 1.8 bn (21.7% above the 90-day average). Domestic investors were net buyers. The index is up 7.0% YTD.<\/p>\n

In the green: <\/strong>Pioneers Holding (+5.3%), Cleopatra Hospitals Group (+3.2%) and Fawry (+2.4%).<\/p>\n

In the red: <\/strong>Ezz Steel (-3.9%), Orascom Development (-3.4%) and Emaar Misr (-2.6%).<\/p>\n","protected":false},"excerpt":{"rendered":"

GameStonk falls back to earth: The brick-and-mortar games retailer subject to an epic tug-of war between retail investors and hedge funds gave up much of its extraordinary 2021 gains last week, falling 80% in a sell-off that saw USD 18 bn wiped from its market cap, Bloomberg reports. The stock finished the week trading at […]<\/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":[116,518,3732,72,119,182,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559866","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-china","tag-digital-currency","tag-digital-yuan","tag-enterpriseam","tag-financial-markets","tag-inflation","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"781a0a38-849f-4f23-9836-05d9e589d8ec","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[559837],"teaser":"","voice_url":""},"yoast_head":"\nWhat the markets are doing on 7 February 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\/02\/07\/what-the-markets-are-doing-on-7-february-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 7 February 2021\" \/>\n<meta property=\"og:description\" content=\"GameStonk falls back to earth: The brick-and-mortar games retailer subject to an epic tug-of war between retail investors and hedge funds gave up much of its extraordinary 2021 gains last week, falling 80% in a sell-off that saw USD 18 bn wiped from its market cap, Bloomberg reports. 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BTC\u2019s price doubled to USD 58,858 this year and is alone worth over USD 1 trn, while Ether, Binance Coin, Polkadot, Tether and\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":561958,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/27\/what-the-markets-are-doing-on-27-april-2021\/","url_meta":{"origin":559866,"position":1},"title":"What the markets are doing on 27 April 2021","author":"enterpriseam admin","date":"27 April 2021","format":false,"excerpt":"The slow vaccine rollout in the developing world is holding back emerging-market stocks: The gap between developed and emerging markets is widening as the covid-19 pandemic continues to rage in the global south. 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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":559540,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/25\/what-the-markets-are-doing-on-25-january-2021\/","url_meta":{"origin":559866,"position":3},"title":"What the markets are doing on 25 January 2021","author":"enterpriseam admin","date":"25 January 2021","format":false,"excerpt":"Investors might be pinning their hopes on the Fed to maintain the emerging-market rally, which showed signs of faltering late last week, Bloomberg says. Vaccine hopes and optimism over the global recovery has pushed EM stocks to record highs in recent weeks but declines in local-currency bonds and a basket\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\/2021\/1\/309.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549638,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/emerging-markets-will-take-the-worst-of-the-hit-as-more-doom-and-gloom-swept-global-markets-last-week\/","url_meta":{"origin":559866,"position":4},"title":"Emerging markets will take the worst of the hit as more doom and gloom swept global markets last week","author":"enterpriseam admin","date":"25 September 2022","format":false,"excerpt":"Conditions in the financial markets went from bad to worse last week, as higher interest rates pushed everything from stocks to commodities to fresh lows amid weakening economic activity, rising inflation and a strengthening USD. The FTSE All-World index of global stocks lost 5.0% for its worst week since June,\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":562435,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/24\/oil-is-having-a-bad-week-off-of-irans-potential-reentry-to-the-market\/","url_meta":{"origin":559866,"position":5},"title":"Oil is having a bad week off of Iran\u2019s potential reentry to the market","author":"enterpriseam admin","date":"24 May 2021","format":false,"excerpt":"Oil posts worst weekly losses on Iran nuclear agreement progress: Oil prices suffered their biggest weekly losses in over a month, with the prospect of a supply glut following the lifting of US sanctions and the return of Iranian crude supplies weighing on prices, Bloomberg reports. Rising inflation concerns and\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\/559866","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=559866"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559866\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/559837"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=559866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=559866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=559866"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=559866"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=559866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}