{"id":559980,"date":"2021-02-10T03:50:28","date_gmt":"2021-02-10T03:50:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/10\/what-the-markets-are-doing-on-10-february-2021\/"},"modified":"2021-02-10T03:50:28","modified_gmt":"2021-02-10T03:50:28","slug":"what-the-markets-are-doing-on-10-february-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/10\/what-the-markets-are-doing-on-10-february-2021\/","title":{"rendered":"What the markets are doing on 10 February 2021"},"content":{"rendered":"

<\/a> Cookie jar, meet hand: <\/strong>Saudi Arabia\u2019s central bank is about to undergo its biggest changes in decades in what may result in more of the country\u2019s hard currency reserves going to the country\u2019s sovereign wealth fund, where they can be used to pay for Mohammed bin Salman\u2019s ambitious projects, the Financial Times<\/a> reports. The Saudi Arabian Monetary Authority (Sama), the custodian of the kingdom\u2019s oil wealth which has long favored low-risk assets, has been increasingly overshadowed by MbS\u2019 Public Investment Fund, which has been diverting Sama\u2019s reserves to finance projects associated with his Vision 2030. And this new balance of power will likely be formalized this month when a new law comes into force that analysts say will enable the transfer of more of the kingdom\u2019s wealth to the PIF.<\/p>\n

A rise in commodity prices is stoking predictions of long-term \u201csupercycle\u201d <\/strong>growth <\/strong>driven by Chinese demand for raw materials and a global energy transition away from carbon, the Financial Times<\/a> reports. Positive growth in 27 commodities futures over the past six months \u2014 including in oil, copper, soybeans and coffee \u2014 has led some analysts to liken the trend to the impact that rapid Chinese industrialization had on prices in the early 2000\u2019s. Goldman Sachs is now saying that recent growth points to a \u201cmuch longer structural bull market.\u201d<\/p>\n

French energy giant Total posted a steep decline in annual profit last year<\/strong>, as it reckoned with a historic collapse in oil prices due to the covid-19 pandemic. Profits in 2020 tumbled 66% to come in at just USD 4.06 bn versus USD 11.8 bn a year ago, the company announced in its earnings release (pdf)<\/a> yesterday.<\/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

11,448<\/p>\n<\/td>\n

\n

-0.65% (YTD: +5.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

USD (CBE)<\/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

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

\n

Buy 15.59<\/p>\n<\/td>\n

\n

Sell 15.69<\/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

8,893<\/p>\n<\/td>\n

\n

+1.0% (YTD: +2.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,663<\/p>\n<\/td>\n

\n

+0.1% (YTD: +12.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

2,647<\/p>\n<\/td>\n

\n

+0.2% (YTD: +6.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,911<\/p>\n<\/td>\n

\n

-0.1% (YTD: +4.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

6,532<\/p>\n<\/td>\n

\n

+0.1% (YTD: +1.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 61.14<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 2.81<\/p>\n<\/td>\n

\n

-0.7%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,837.00<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 46,422.09<\/p>\n<\/td>\n

\n

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

The EGX30 fell 0.65% yesterday<\/strong> on turnover of EGP 1.37 bn (3.5% above the 90-day average). Foreign investors were net sellers. The index is up 5.6% YTD.<\/p>\n

In the green:<\/strong> Pioneers Holding (+2.0%), Eastern Company (+1.0%) and Telecom Egypt (+0.5%).<\/p>\n

In the red:<\/strong> Alexandria Mineral Oils (-2.1%), Qalaa Holdings (-1.8%) and Sodic (-1.6%).<\/p>\n

Asian markets are all solidly in the green this morning <\/strong>and future suggest both European bourses and Wall Street will follow suit later today.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cookie jar, meet hand: Saudi Arabia\u2019s central bank is about to undergo its biggest changes in decades in what may result in more of the country\u2019s hard currency reserves going to the country\u2019s sovereign wealth fund, where they can be used to pay for Mohammed bin Salman\u2019s ambitious projects, the Financial Times reports. The Saudi […]<\/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":[3739,163,72,119,180,1317,3738,122,185,100,150,219,1990,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559980","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-adani-green-energy","tag-dubai","tag-enterpriseam","tag-financial-markets","tag-legislation","tag-mohammed-bin-salman","tag-non-oil-sectors","tag-planet-finance","tag-pmi","tag-policy","tag-renewable-energy","tag-saudi-arabia","tag-totalenergies","tag-uae","wpautop","entry"],"acf":{"mongo_id":"a9a71fd5-07e8-41c9-a4ce-03d17fdba47f","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[559956],"teaser":"","voice_url":""},"yoast_head":"\nWhat the markets are doing on 10 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\/10\/what-the-markets-are-doing-on-10-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 10 February 2021\" \/>\n<meta property=\"og:description\" content=\"Cookie jar, meet hand: Saudi Arabia\u2019s central bank is about to undergo its biggest changes in decades in what may result in more of the country\u2019s hard currency reserves going to the country\u2019s sovereign wealth fund, where they can be used to pay for Mohammed bin Salman\u2019s ambitious projects, the Financial Times reports. 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Bloomberg rounded up the main points of\u2026","rel":"","context":"In "Worth watching"","block_context":{"text":"Worth watching","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-watching\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2017\/5\/1464.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":605658,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/04\/the-saudi-sovereign-wealth-fund-is-creating-a-national-champion-in-its-steel-industry\/","url_meta":{"origin":559980,"position":2},"title":"The Saudi sovereign wealth fund is creating a national champion in its steel industry","author":"enterpriseam admin","date":"4 September 2023","format":false,"excerpt":"Saudi sovereign wealth fund\u2019s steel takeover: The Public Investment Fund (PIF) is on course to take over two of Saudi Arabia\u2019s largest steel producers as it looks to create a giant \u201cnational champion,\u201d it said in a statement yesterday. The wealth fund will take control of Sabic\u2019s metals unit, Saudi\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\/2023\/9\/91.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":639331,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/26\/klaus-kleinfeld-to-head-up\/","url_meta":{"origin":559980,"position":3},"title":"Klaus Kleinfeld to head up","author":"enterpriseam admin","date":"26 October 2017","format":false,"excerpt":"Still more about the Saudi robot utopia known as NEOM: Klaus Kleinfeld, the former CEO of Siemens and US engineering firm Arconic, tapped by Saudi Crown Prince Mohammed Bin Salman to head NEOM, comes with some baggage. Kleinfeld arrives at Saudi Westworld after a controversial exit from Arconic over a\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":546628,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/23\/some-investors-are-dipping-their-toes-back-into-em\/","url_meta":{"origin":559980,"position":4},"title":"Some investors are dipping their toes back into EM","author":"enterpriseam admin","date":"23 May 2022","format":false,"excerpt":"Time to buy emerging-market assets? Some investors are seeing buying opportunities in emerging markets despite the multifaceted risks posed by rising interest rates, heightened inflation and geopolitical uncertainty, Bloomberg reports. Some USD 5 tn has fled emerging markets over the past 15 months, making valuations more attractive to those who\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":609662,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/08\/saudi-aramco-fertiglobe-report-lower-earnings-following-bumper-2022\/","url_meta":{"origin":559980,"position":5},"title":"Saudi Aramco, Fertiglobe report lower earnings following bumper 2022","author":"enterpriseam admin","date":"8 November 2023","format":false,"excerpt":"Saudi Aramco\u2019s 3Q earnings drop on the back of production cuts and falling oil prices: Saudi oil giant Saudi Aramco posted a 23% y-o-y drop in its 3Q earnings, according to an earnings release (pdf) yesterday. Net income fell to USD 32.6 bn in the quarter, down from USD 42.4\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\/2023\/11\/384.JPG?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559980","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=559980"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559980\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/559956"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=559980"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=559980"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=559980"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=559980"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=559980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}