{"id":559905,"date":"2021-02-08T03:52:59","date_gmt":"2021-02-08T03:52:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/08\/what-the-markets-are-doing-on-8-february-2021\/"},"modified":"2021-02-08T03:52:59","modified_gmt":"2021-02-08T03:52:59","slug":"what-the-markets-are-doing-on-8-february-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/08\/what-the-markets-are-doing-on-8-february-2021\/","title":{"rendered":"What the markets are doing on 8 February 2021"},"content":{"rendered":"

<\/a> Another Wall Street vet just called a bubble:<\/strong> Peter Kraus has warned that the US market may be due a correction, telling Bloomberg TV<\/a> that stocks could lose 10-15% of their value. The expected rising inflation over the US stimulus package estimated at USD 5 tn could also turn real rates positive and affect overvalued stocks.<\/p>\n

Uber\u2019s Middle East subsidiary Careem has dropped commission for GCC <\/strong>restaurants<\/strong> and introduced a subscription fee-based model, in a step to relieve the adverse impact of covid-19 on Gulf eateries, it announced on Twitter<\/a>. Careem\u2019s new structure would return at least 5% more value on small food delivery orders, ascending to over 17% on big batches, awarding merchants a \u201cmuch larger share of the pie.\u201d Mudassir Sheikha, the company\u2019s CEO and co-founder, told the Financial Times<\/a>. The news comes on the very same day Mohamed Alabbar\u2019s Dubai-based e-commerce platform Noon uncovered its reduced commission offer for restaurants, reflecting the traditional model\u2019s \u201cunsustainability\u201d in the wake of the pandemic disruption.<\/p>\n

Oil jumps to near 1-year high:<\/strong> Oil markets are rebounding at a faster-than-expected rate following the historic crash last year, Bloomberg<\/a> reports. Last week, Brent-crude futures rallied to a one-year high approaching USD 60 \/ bbl, driven by increased Chinese consumption, the global vaccine rollout, and OPEC+ production curbs. But observers say the marketmay be getting ahead of itself<\/a>, betting on OPEC+\u2019s ability to deliver muted supply and the rest of the world\u2019s ability to boost demand, both of which may not last.<\/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

11,603<\/p>\n<\/td>\n

\n

- (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 15.61<\/p>\n<\/td>\n

\n

Sell 15.71<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.60<\/p>\n<\/td>\n

\n

Sell 15.70<\/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

8,688<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

5,672<\/p>\n<\/td>\n

\n

+0.1% (YTD: +12.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

2,667<\/p>\n<\/td>\n

\n

-0.2% (YTD: +7.0%)<\/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 59.89<\/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 2.91<\/p>\n<\/td>\n

\n

+1.8%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,861.50<\/p>\n<\/td>\n

\n

+0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 38,782.83<\/p>\n<\/td>\n

\n

-2.1%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

The EGX30 was flat yesterday<\/strong> on turnover of EGP 1.75 bn (19.5% above the 90-day average). Foreign investors were net sellers. The index is up 7.0% YTD.<\/p>\n

In the green:<\/strong> Orascom Investment (+7.5%), Pioneers Holding (+6.1%) and GB Auto (+4.1%).<\/p>\n

In the red:<\/strong> Sidi Kerir Petrochemicals (-1.3%), Abu Qir Fertilizers (-1.1%) and Heliopolis Housing (-1.0%).<\/p>\n

Korea\u2019s Kospi is the lone Asian market in the red this morning <\/strong>and futures suggest Wall Street and European markets will open in the green later today.<\/p>\n","protected":false},"excerpt":{"rendered":"

Another Wall Street vet just called a bubble: Peter Kraus has warned that the US market may be due a correction, telling Bloomberg TV that stocks could lose 10-15% of their value. The expected rising inflation over the US stimulus package estimated at USD 5 tn could also turn real rates positive and affect overvalued […]<\/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":[82,442,93,72,164,119,1304,128,122,328,207,441],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559905","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-bonds","tag-careem","tag-energy","tag-enterpriseam","tag-equities","tag-financial-markets","tag-gcc","tag-opec","tag-planet-finance","tag-ride-hailing","tag-transport","tag-uber","wpautop","entry"],"acf":{"mongo_id":"e816841a-42e3-4e55-bfbe-b3fc1616e6db","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[559881],"teaser":"","voice_url":""},"yoast_head":"\nWhat the markets are doing on 8 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\/08\/what-the-markets-are-doing-on-8-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 8 February 2021\" \/>\n<meta property=\"og:description\" content=\"Another Wall Street vet just called a bubble: Peter Kraus has warned that the US market may be due a correction, telling Bloomberg TV that stocks could lose 10-15% of their value. 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Uber is in talks with its Middle East unit Careem to \u201cbring outside investors\u201d into the business, Reuters reports, citing sources in the know. It\u2019s so far unclear what the size or structure of the investment would be, but the sources\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":626667,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/09\/careem-is-planning-to-spend-usd-150-mn-to-launch-careemfood\/","url_meta":{"origin":559905,"position":1},"title":"Careem is planning to spend USD 150 mn to launch CareemFood","author":"enterpriseam admin","date":"9 July 2018","format":false,"excerpt":"Also from the ride-hailing space, Careem is planning to spend USD 150 mn to launch CareemFood: Careem is in talks with investors to raise as much as USD 150 mn to finance the launch of CareemFood, a regional competitor to UberEats, sources close to the matter tell Reuters. The Dubai-based\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597774,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/05\/egyptian-competition-authority-uber-careem-meet-to-smooth-out-regulatory-snags-in-merger-process\/","url_meta":{"origin":559905,"position":2},"title":"Egyptian Competition Authority, Uber, Careem meet to smooth out regulatory snags in merger process","author":"enterpriseam admin","date":"5 May 2019","format":false,"excerpt":"Competition authority meets with Uber, Careem on merger: The Egyptian Competition Authority (ECA) met on Thursday with representatives from Uber and Careem to discuss the regulatory approvals necessary for the ride-hailing companies\u2019 planned merger, the ECA said in a statement (pdf). The sit-down \u201cfocused on the extent to which investments\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":566957,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/08\/uber-careem-merger-official-in-egypt-saudi-uae-jordan\/","url_meta":{"origin":559905,"position":3},"title":"Uber-Careem merger official in Egypt, Saudi, UAE, Jordan","author":"enterpriseam admin","date":"8 January 2020","format":false,"excerpt":"M&A WATCH- Uber-Careem merger done in Egypt, Saudi, UAE, Jordan: Uber has formally closed its acquisition of Careem in most major markets, including Egypt. The transaction is still pending regulatory approvals to close in Qatar, Pakistan, and Morocco, Uber said in a statement. For now, Careem will become a wholly-owned\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/540.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556273,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/the-taxman-is-coming-for-ride-hailing-apps-in-saudi\/","url_meta":{"origin":559905,"position":4},"title":"The taxman is coming for ride-hailing apps in Saudi","author":"enterpriseam admin","date":"18 October 2021","format":false,"excerpt":"Uber + Careem just got hit with a massive tax bill in KSA. The ride-hailing companies will be charged a combined USD 100 mn in taxes in Saudi Arabia as the kingdom resolves disputes on how to calculate VAT by gig economy firms over the past few years, Bloomberg reports,\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":544587,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/btc-surges-after-biden-signs-crypto-executive-order\/","url_meta":{"origin":559905,"position":5},"title":"BTC surges after Biden signs crypto executive order","author":"enterpriseam admin","date":"10 March 2022","format":false,"excerpt":"BTC jumps after Biden takes first step to regulation: BTC surged as much as 9% to almost USD 42k last night, after US President Joe Biden signed an executive order outlining a \u201cnational policy for digital assets.\u201d The order requires the government to look into the potential benefits and risks\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\/559905","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=559905"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559905\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/559881"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=559905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=559905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=559905"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=559905"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=559905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}