{"id":560130,"date":"2021-02-16T03:34:01","date_gmt":"2021-02-16T03:34:01","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/16\/what-the-markets-are-doing-on-16-february-2021\/"},"modified":"2021-02-16T03:34:01","modified_gmt":"2021-02-16T03:34:01","slug":"what-the-markets-are-doing-on-16-february-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/16\/what-the-markets-are-doing-on-16-february-2021\/","title":{"rendered":"What the markets are doing on 16 February 2021"},"content":{"rendered":"

<\/a> Less than half of Lebanon\u2019s large banks expect to meet the central bank\u2019s <\/strong>new capital requirements<\/strong> when they are introduced at the end of this month, which Reuters<\/a> says \u201cunderscores the scale of the problem facing Lebanon\u2019s banks, heavily exposed to one of the world\u2019s most indebted states and starved of funding.\u201d<\/p>\n

It\u2019s Hawks vs. Doves in the EM-verse: <\/strong>Several emerging-market central banks are likely to follow in Turkey\u2019s footsteps and tighten monetary policy this year, according to Bloomberg Economics<\/a> forecasts. Argentina, Brazil, and Nigeria are all expected by the business news information service to raise rates at some point this year, while China, Indonesia, India, and Mexico will remain dovish and could move to further reduce rates.<\/p>\n

Currency markets have returned to their pre-pandemic calm even as equities <\/strong>remain volatile:<\/strong> Indices that measure volatility in US stocks and in currencies \u2014 which over the past decade have risen and fallen in tandem \u2014 have recently become detached, with Eurodollar volatility falling and the VIX<\/a> remaining elevated. The Wall Street Journal<\/a> suggests that the weak USD is responsible for the lower currency volatility, something could change should the US economy recover faster than expected or investors anticipate a rise in interest rates.<\/p>\n

Luxury goods baron + banker are latest to push Europe on the USD 100 bn SPAC bandwagon: <\/strong>LVMH chairman and current owner of legacy brand Louis Vuitton Bernard Arnault is teaming up with former UniCredit boss Jean Pierre Mustier to launch a special purpose acquisition company (SPAC) to invest in EU financial companies, Mustier told the Financial Times<\/a>. The SPAC, Pegasus Europe, will be sponsored by Groupe Arnault and listed in Amsterdam, which has been emerging as the European hub for SPACs as trading shifted away from post-Brexit London.<\/p>\n

Europe is expected to witness a wave of new SPACs<\/strong> as the bloc catches up with what has predominantly been a US phenomenon. <\/strong>The SPAC craze set records in 2020, a year which saw 143 of the blank-check companies attract more than USD 44 bn. And there are at least another 113 firms looking to raise USD 30 bn lining up for IPOs. Not clear on what SPACs are? <\/strong>Check out our explainer here<\/a>.<\/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

11,527<\/p>\n<\/td>\n

\n

+0.2% (YTD: +6.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.56<\/p>\n<\/td>\n

\n

Sell 15.66<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.55<\/p>\n<\/td>\n

\n

Sell 15.65<\/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

9,082<\/p>\n<\/td>\n

\n

+0.5% (YTD: +4.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,649<\/p>\n<\/td>\n

\n

-0.3% (YTD: +12.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

2,642<\/p>\n<\/td>\n

\n

+0.7% (YTD: +6.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,935<\/p>\n<\/td>\n

\n

+0.5% (YTD: +4.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

6,756<\/p>\n<\/td>\n

\n

+2.5% (YTD: +4.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 63.54<\/p>\n<\/td>\n

\n

+0.4%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 3.07<\/p>\n<\/td>\n

\n

+5.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,825.10<\/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 48,372.93<\/p>\n<\/td>\n

\n

+3.39%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

The EGX30 rose 0.2% yesterday<\/strong> on turnover of EGP 1.6 bn (10.1% above the 90-day average). Foreign investors were net sellers. The index is up 6.3% YTD.<\/p>\n

In the green: <\/strong>MM Group (+11.2%), Fawry (+2.4%) and Palm Hills Development (+1.2%).<\/p>\n

In the red: <\/strong>Export Development Bank of Egypt (-1.7%), ElSewedy Electric (-1.4%) and Sidi Kerir Petrochemicals (-1.4%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Less than half of Lebanon\u2019s large banks expect to meet the central bank\u2019s new capital requirements when they are introduced at the end of this month, which Reuters says \u201cunderscores the scale of the problem facing Lebanon\u2019s banks, heavily exposed to one of the world\u2019s most indebted states and starved of funding.\u201d It\u2019s Hawks vs. […]<\/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":[3752,82,380,72,164,119,3753,122,219,439],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-560130","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-bernard-arnault","tag-bonds","tag-currencies","tag-enterpriseam","tag-equities","tag-financial-markets","tag-jean-pierre-mustier","tag-planet-finance","tag-saudi-arabia","tag-spacs","wpautop","entry"],"acf":{"mongo_id":"a39b5378-d00b-436d-8bcc-41921d747084","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[560108],"teaser":"","voice_url":""},"yoast_head":"\nWhat the markets are doing on 16 February 2021 - 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Central banks sold a combined USD\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":561041,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/23\/bank-abc-is-within-arms-reach-of-blom-bank\/","url_meta":{"origin":560130,"position":2},"title":"Bank ABC is within arm\u2019s reach of Blom Bank","author":"enterpriseam admin","date":"23 March 2021","format":false,"excerpt":"Bahrain\u2019s Bank ABC is finalizing its acquisition of Lebanon\u2019s Blom Bank\u2019s Egypt arm after getting the green light from Bahrain and Lebanon\u2019s central banks, according to a report in Al Mal\u2019s print edition citing sources it says are in the know. ABC still needs to get the OK from the\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555920,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/03\/forget-about-crypto-central-banks-are-worried-about-their-own-digital-currencies\/","url_meta":{"origin":560130,"position":3},"title":"Forget about crypto \u2014 central banks are worried about their own digital currencies","author":"enterpriseam admin","date":"3 October 2021","format":false,"excerpt":"Central banks are still worrying about the effects of central bank digital currencies (CBDCs) on the global financial system: Adoption of national digital currencies could exacerbate financial crises in the future by intensifying runs on commercial banks, according to a report (pdf) by the Bank of International Settlements picked up\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":559072,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/06\/what-the-markets-are-doing-on-6-january-2021\/","url_meta":{"origin":560130,"position":4},"title":"What the markets are doing on 6 January 2021","author":"enterpriseam admin","date":"6 January 2021","format":false,"excerpt":"Optimism for the year ahead reigns supreme on Wall Street, as the world\u2019s biggest banks and investment firms predict broad economic growth this year. Bloomberg has collected forecasts from 40 investment banks and asset managers on everything from covid and inflation to regulation and the greenback, and buoyancy is underpinning\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":567190,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/15\/bank-audi-could-actually-be-exiting-egypt\/","url_meta":{"origin":560130,"position":5},"title":"Bank Audi could actually be exiting Egypt","author":"enterpriseam admin","date":"15 January 2020","format":false,"excerpt":"M&A WATCH- Bank Audi could actually be exiting Egypt: Lebanon\u2019s Bank Audi is \u201cconsidering\u201d selling its Egypt arm if it receives a suitable offer, CFO Tamer Ghazaleh tells Reuters in an about-face from its statement on Monday denying media reports that it is planning to exit the country. 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