{"id":560556,"date":"2021-03-03T04:04:32","date_gmt":"2021-03-03T04:04:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/03\/what-the-markets-are-doing-on-3-march-2021\/"},"modified":"2021-03-03T04:04:32","modified_gmt":"2021-03-03T04:04:32","slug":"what-the-markets-are-doing-on-3-march-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/03\/what-the-markets-are-doing-on-3-march-2021\/","title":{"rendered":"What the markets are doing on 3 March 2021"},"content":{"rendered":"

<\/a> EM bonds are likely to continue to oscillate between rallies and sell-offs for the<\/strong> coming months<\/strong>, BlackRock\u2019s Head of Emerging Market Debt Sergio Trigo Paz tells Bloomberg<\/a>, as investors respond to an increase in US treasury yields and stimulus programs in emerging markets taper out.<\/p>\n

2021 isn\u2019t 2013, he says:<\/strong> Despite seeing their most significant losses since September<\/a> last week, Trigo Paz is confident EM equities won\u2019t suffer the same fate as in 2013\u2019s \u201ctaper tantrum,\u201d when an announcement by the Federal Reserve that it would begin phasing out its crisis-era bond-buying program prompted panic selling and a rise in US treasury yields. This time around though EM equities are likely to avoid a crash, thanks to improving economic fundamentals, fiscal stimulus driving up the prices of commodities, and the possibility of a weaker USD, he says.<\/p>\n

OPEC oil production fell to an eight-month low last month as Saudi Arabia made<\/strong> good on its pledge to cut supply<\/strong> in an effort to counteract weak energy demand during the pandemic, Bloomberg<\/a> reports. OPEC oil output fell by some 920k barrels a day last month, reaching 24.87 mn barrels per day, after Saudi Arabia reduced its daily production by 11%. The pledged cuts came amid efforts to revive collapsed oil prices that had suffered from a global supply glut last year. Prices have now recovered to more than USD 60 a barrel, and the cartel is expected to begin unwinding some of production cuts when it meets later this week, possibly bringing 500k barrels back online.<\/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

11,471<\/p>\n<\/td>\n

\n

-0.4% (YTD: +6.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.64<\/p>\n<\/td>\n

\n

Sell 15.74<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

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

\n

Sell 15.73<\/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

9,248<\/p>\n<\/td>\n

\n

+1.2% (YTD: +6.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,711<\/p>\n<\/td>\n

\n

+0.8% (YTD: +13.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

2,569<\/p>\n<\/td>\n

\n

+0.7% (YTD: +3.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,879<\/p>\n<\/td>\n

\n

-0.8% (YTD: +3.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

6,614<\/p>\n<\/td>\n

\n

+0.4% (YTD: +2.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 62.99<\/p>\n<\/td>\n

\n

+0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.84<\/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 1,733<\/p>\n<\/td>\n

\n
    \n
  • <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n

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

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

\n

USD 48,594.85<\/p>\n<\/td>\n

\n

-0.6%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

The EGX30 fell 0.4% yesterday<\/strong> on turnover of EGP 1.67 bn (12.8% above the 90-day average). Foreign investors were net sellers. The index is up 5.77% YTD.<\/p>\n

In the green: <\/strong>Sidi Kerir (+5.0%), Orascom Development Egypt (+4.7%) and Sodic (+3.8%).<\/p>\n

In the red: <\/strong>Ibn Sina Pharma (-3.5%), Emaar (-2.8%) and Heliopolis Housing (-2.6%).<\/p>\n

Asian markets are mixed in early trading this morning<\/strong> and futures suggest US markets will open solidly in the green.<\/p>\n","protected":false},"excerpt":{"rendered":"

EM bonds are likely to continue to oscillate between rallies and sell-offs for the coming months, BlackRock\u2019s Head of Emerging Market Debt Sergio Trigo Paz tells Bloomberg, as investors respond to an increase in US treasury yields and stimulus programs in emerging markets taper out. 2021 isn\u2019t 2013, he says: Despite seeing their most significant […]<\/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":[115,93,72,119,128,122,219],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-560556","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-emerging-markets","tag-energy","tag-enterpriseam","tag-financial-markets","tag-opec","tag-planet-finance","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"05bb9ba2-f0dc-490c-a1d6-964ffba93e2f","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[560536],"teaser":"","voice_url":""},"yoast_head":"\nWhat the markets are doing on 3 March 2021 - 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This came following a sharp sell-off in the US bond market,\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\/2021\/3\/390.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559137,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/11\/what-the-markets-are-doing-on-11-january-2021\/","url_meta":{"origin":560556,"position":1},"title":"What the markets are doing on 11 January 2021","author":"enterpriseam admin","date":"11 January 2021","format":false,"excerpt":"Emerging market USD-denominated bonds posted their first weekly drop since October, with yields on the 10-year benchmark Treasury note creeping above 1%, according to Bloomberg. 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":559338,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/18\/what-the-markets-are-doing-on-18-january-2021\/","url_meta":{"origin":560556,"position":2},"title":"What the markets are doing on 18 January 2021","author":"enterpriseam admin","date":"18 January 2021","format":false,"excerpt":"EM currencies under pressure as greenback enjoys Biden bounce: Emerging-market currencies are coming under pressure as incoming US president Joe Biden\u2019s pledge to pass USD 1.9 tn in fresh stimulus sends the USD on a two-week tear, Bloomberg says. EM currencies, in turn, logged losses after having ended 2020 with\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":555881,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/30\/omicron-fed-taper-hits-emerging-market-bond-etfs\/","url_meta":{"origin":560556,"position":3},"title":"Omicron + Fed taper hits emerging-market bond ETFs","author":"enterpriseam admin","date":"30 November 2021","format":false,"excerpt":"Omicron + Fed taper hits emerging-market bond ETFs: Investors pulled more than USD 850 mn from emerging-market debt ETFs last week as the discovery of the Omicron covid variant and the decision to keep Jay Powell as Federal Reserve head for another term fuelled risk-off sentiment, data from Bloomberg shows.\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":542742,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/13\/high-real-rates-ward-off-bears-in-em-fx-markets-ksa-plans-equities-splurge\/","url_meta":{"origin":560556,"position":4},"title":"High real rates ward off bears in EM FX markets + KSA plans equities splurge","author":"enterpriseam admin","date":"13 January 2022","format":false,"excerpt":"Bearish sentiment on emerging-market currencies is lifting as traders u-turn on assumptions that the asset class will be hit when the Federal Reserve starts to hike rates later this year, Bloomberg reports. The MSCI index of EM currencies hit a four-month high last week as rate hikes in developing economies\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":562805,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/07\/what-the-markets-are-doing-on-7-june-2021\/","url_meta":{"origin":560556,"position":5},"title":"What the markets are doing on 7 June 2021","author":"enterpriseam admin","date":"7 June 2021","format":false,"excerpt":"Some foreign investors are starting to reposition their EM portfolios in anticipation of an end to US stimulus measures. Some emerging-market investors are trying to reduce their exposure to a rise in US interest rates as speculation builds that the Federal Reserve may begin tapering its bond-buying programme, 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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/560556","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=560556"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/560556\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/560536"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=560556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=560556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=560556"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=560556"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=560556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}