{"id":560448,"date":"2021-02-28T04:42:01","date_gmt":"2021-02-28T04:42:01","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/28\/what-the-markets-are-doing-on-28-february-2021\/"},"modified":"2021-02-28T04:42:01","modified_gmt":"2021-02-28T04:42:01","slug":"what-the-markets-are-doing-on-28-february-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/28\/what-the-markets-are-doing-on-28-february-2021\/","title":{"rendered":"What the markets are doing on 28 February 2021"},"content":{"rendered":"

<\/a> The global economic recovery is looking increasingly uneven<\/strong>, with a \u201cdangerous divergence\u201d opening up between the developed and developing worlds, the IMF\u2019s Managing Director Kristalina Georgieva said in a statement<\/a> during the meeting of G20 finance ministers on Friday. Prospects for global growth remain promising, and the world\u2019s GDP could surpass the IMF\u2019s 5.5% projection. Yet the impact of the pandemic isn\u2019t being evenly felt across the world: Developing countries are expected to suffer per capita income losses up to 22% by 2022, versus 13% in developed economies, she said.<\/p>\n

US backs more IMF firepower for emerging economies:<\/strong> US Treasury Secretary Janet Yellen came out in support of increasing the IMF\u2019s lending power at the meeting which would boost liquidity for vulnerable countries hit by covid-19, but said that new parameters are needed to ensure the transparent use of the Fund\u2019s reserves, Reuters<\/a>reported. The expansion of Special Drawing Rights was opposed by the Trump administration<\/a>, which prevented the fund from increasing lending to developing countries during the height of the covid pandemic.<\/p>\n

And it could be playing ball on moves to tax Big Tech: <\/strong>Yellen said during the meeting that Washington will not proceed with the Trump administration\u2019s measure to let some major tech firms like Amazon and Facebook opt into the global digital taxation voluntarily, according to the Financial Times<\/a>. The US will come up with a resolution for the tax challenges of digitization and a global minimum tax by July, she added. The rules, proposed by the Organization for Economic Co-operation and Development<\/a> last year, aim to make tech companies pay taxes in every country where they operate and crack down on tax avoidance.<\/p>\n

Bitcoin is heading for its worst week since the pandemic-fueled selloff last March<\/strong>, reaching a 24-hour low of USD 45.1k<\/a> on Friday after trading as high as USD 58.3k less than two weeks ago. The cryptocurrency\u2019s prices turned choppy and slipped 5% since Friday after it was \u201cridiculously overbought\u201d amid a sell-off in the broader stock market due to rising concerns over surging bond yields, analysts say, according to Bloomberg<\/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

11,618<\/p>\n<\/td>\n

\n

+1.6% (YTD: +7.12%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.65<\/p>\n<\/td>\n

\n

Sell 15.75<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.65<\/p>\n<\/td>\n

\n

Sell 15.75<\/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

9,195<\/p>\n<\/td>\n

\n

+0.9% (YTD: +5.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,628<\/p>\n<\/td>\n

\n
    \n
  • (YTD: +11.6%)<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n

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

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

\n

2,528<\/p>\n<\/td>\n

\n

+0.8% (YTD: +1.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,811<\/p>\n<\/td>\n

\n

-0.5% (YTD: +1.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

6,484<\/p>\n<\/td>\n

\n

-2.5% (YTD: +0.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 64.42<\/p>\n<\/td>\n

\n

-2.6%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.77<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 1,728.80<\/p>\n<\/td>\n

\n

-2.6%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 45,943.26<\/p>\n<\/td>\n

\n

-4.3%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

The EGX30 rose 1.6% on Thursday<\/strong> on turnover of EGP 1.83 bn (20.7% above the 90-day average). Local investors were net buyers. The index is up 7.12% YTD.<\/p>\n

In the green: <\/strong>Orascom Development Holding (+8.8%), Orascom Investment Holding (+3.4%) and Cleopatra Hospital (+3.3%).<\/p>\n

In the red: <\/strong>MM Group (-1.6%) and El Sewedy Electric (-0.3%).<\/p>\n","protected":false},"excerpt":{"rendered":"

The global economic recovery is looking increasingly uneven, with a \u201cdangerous divergence\u201d opening up between the developed and developing worlds, the IMF\u2019s Managing Director Kristalina Georgieva said in a statement during the meeting of G20 finance ministers on Friday. Prospects for global growth remain promising, and the world\u2019s GDP could surpass the IMF\u2019s 5.5% projection. […]<\/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":[294,3776,344,302,72,119,926,272,3380,1368,3777,3779,122,3778],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-560448","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-citigroup","tag-craig-erlam","tag-cryptocurrency","tag-earnings","tag-enterpriseam","tag-financial-markets","tag-g20","tag-imf","tag-janet-yellen","tag-kristalina-georgieva","tag-oanda-europe","tag-operational-losses","tag-planet-finance","tag-revlon","wpautop","entry"],"acf":{"mongo_id":"af214fd5-5918-46c5-aed3-db02f1c55ef6","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[560423],"teaser":"","voice_url":""},"yoast_head":"\nWhat the markets are doing on 28 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\/28\/what-the-markets-are-doing-on-28-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 28 February 2021\" \/>\n<meta property=\"og:description\" content=\"The global economic recovery is looking increasingly uneven, with a \u201cdangerous divergence\u201d opening up between the developed and developing worlds, the IMF\u2019s Managing Director Kristalina Georgieva said in a statement during the meeting of G20 finance ministers on Friday. 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The two talked about the Egyptian government\u2019s response to the covid-19 crisis, the IMF\u2019s expectations for the global economy, and the need for\u2026","rel":"","context":"In "Enterprise+: Last Night\u2019s Talk Shows"","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":560982,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/21\/what-the-markets-are-doing-on-21-march-2021\/","url_meta":{"origin":560448,"position":1},"title":"What the markets are doing on 21 March 2021","author":"enterpriseam admin","date":"21 March 2021","format":false,"excerpt":"SIGN OF THE TIMES- Morgan Stanley\u2019s wealth management clients could soon have access to three funds that enable BTC ownership, in a move that\u2019s the first of its kind in the US, CNBC reported, citing unnamed sources in the know. The new funds grant BTC exposure to clients with \u201can\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":654012,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/27\/imf-signals-openness-to-changing-loan-terms-amid-regional-conflict-pressures\/","url_meta":{"origin":560448,"position":2},"title":"IMF signals openness to changing loan terms amid regional conflict pressures","author":"enterpriseam admin","date":"27 October 2024","format":false,"excerpt":"IMF boss Kristalina Georgieva should land in Egypt next week","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/2270.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579136,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/25\/gulf-growth-set-to-halve-on-weaker-crude-demand-imf-doesnt-want-ems-to-lose-out-in-the-green-transition\/","url_meta":{"origin":560448,"position":3},"title":"Gulf growth set to halve on weaker crude demand + IMF doesn\u2019t want EMs to lose out in the green transition","author":"enterpriseam admin","date":"25 January 2023","format":false,"excerpt":"Gulf oil exporters will see economic growth halve this year as revenues decline on the back of the global economic slowdown, according to a Reuters poll of economists. Crude prices have fallen more than a third from last year and the trend is expected to continue this year as recession\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\/1\/453.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581444,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/14\/el-sisi-meets-with-imfs-georgieva-at-dubai-world-government-summit\/","url_meta":{"origin":560448,"position":4},"title":"El Sisi meets with IMF\u2019s Georgieva at Dubai World Government Summit","author":"enterpriseam admin","date":"14 February 2023","format":false,"excerpt":"President Abdel Fattah El-Sisi had a busy day on the sidelines of the WorldGovernment Summit in Dubai, meeting with IMF Managing Director Kristalina Georgieva, UAE Vice President and Prime Minister Mohammed bin Rashed Al Maktoum, and private sector executives. El Sisi x Georgieva: Our USD 3 bn loan agreement with\u2026","rel":"","context":"In "Diplomacy"","block_context":{"text":"Diplomacy","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/diplomacy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/Sisi-WGS-Dubai-2.14.23-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550798,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/the-2022-imf-world-bank-spring-meetings-have-ended-here-are-the-key-takeaways\/","url_meta":{"origin":560448,"position":5},"title":"The 2022 IMF + World Bank Spring Meetings have ended: Here are the key takeaways","author":"enterpriseam admin","date":"27 April 2022","format":false,"excerpt":"RECAP \u2014 The IMF \/ World Bank Spring: The war in Ukraine and ensuring food security in developing countries stole most of the attention last week as global financial chiefs descended upon Washington, DC for the IMF \/ World Bank\u2019s annual Spring Meetings. The general outlook this year was grim\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/528.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\/560448","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=560448"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/560448\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/560423"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=560448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=560448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=560448"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=560448"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=560448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}