{"id":560632,"date":"2021-03-07T04:02:06","date_gmt":"2021-03-07T04:02:06","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/what-the-markets-are-doing-on-7-march-2021\/"},"modified":"2021-03-07T04:02:06","modified_gmt":"2021-03-07T04:02:06","slug":"what-the-markets-are-doing-on-7-march-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/what-the-markets-are-doing-on-7-march-2021\/","title":{"rendered":"What the markets are doing on 7 March 2021"},"content":{"rendered":"

<\/a> Rising US treasury yields continued to hit tech stocks last week<\/strong>, as investor unease about sky-high valuations grew. The Nasdaq has lost USD 1.6 tn in market value over the past three weeks following its heaviest sell-off since October, according to Bloomberg<\/a>. Despite inching up 1.6% on Friday, the tech-heavy equities gauge closed the week 1.9% lower, leaving it down nearly 10%<\/a> from a February peak, though with valuations still well above the five-year average.<\/p>\n

Tesla was among the biggest losers: <\/strong>Elon Musk has lost USD 27 bn since Monday<\/a> as the company\u2019s shares tumbled. Musk still retains his spot as the world\u2019s second richest man, but he\u2019s now USD 20 bn below Jeff Bezos after having overtaken the Amazon mogul last week.<\/p>\n

Bond sell-off resumes:<\/strong> Bond traders have become increasingly anxious about the combined threat of inflation and an earlier-than-expected rate hike in past weeks, leading to a large sell off and spiking yields which is increasingly being felt in the equity markets. After a pause early in the week, the sell-off resumed after Fed Chairman Jerome Powell failed to reassure investors<\/a> that the bank would step in should yields continue to rise. The 10-year note closed at 1.547% on Thursday, its highest closing level since February 2020.<\/p>\n

Emerging markets are increasingly being caught in the cross-fire:<\/strong> Emerging markets saw daily outflows for the first time since October last week as fears of rising rates cause investors to pull back from risk assets. A tracker run by the Institute for International Finance using data from 30 EMs showed that investors pulled USD 290 mn each day last week, compared to USD 323 mn of net inflows in February, the Financial Times<\/a> says.<\/p>\n

IIF calls the <\/strong>Taper Tantrum 2.0<\/a><\/strong>: <\/strong>\u201cFlows have turned negative and that\u2019s really a surprise, as we were still early on in the rebound from a cataclysmic 2020,\u201d said Robin Brooks, the IIF\u2019s chief economist. \u201cThe honeymoon that began after positive vaccine headlines in November is unfortunately over. We are in a repeat of the 2013 taper tantrum.\u201d<\/p>\n

Oil spiked after OPEC+ votes to maintain supply curbs:<\/strong> Oil prices rose more than 5% on Thursday after the OPEC+ alliance of oil producers went against expectations and decided to maintain current curbs on supply. OPEC said in a statement<\/a> that it would keep output at current levels through April, though Russia and Kazakhstan were allowed to increase the production by a small amount. Saudi Arabia will extend its 1 mn barrels per day voluntary production cut into April.<\/p>\n

This caused prices to hit a near-two-year high:<\/strong> Brent futures climbed USD 2.68 to USD 66.73 per barrel and US crude rose USD 2.55 to USD 63.83 a barrel, 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

11,334<\/p>\n<\/td>\n

\n

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

\n

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

USD (CBE)<\/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

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

9,242<\/p>\n<\/td>\n

\n

-0.7% (YTD: +6.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,693<\/p>\n<\/td>\n

\n

-0.1% (YTD: +12.8%)<\/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

-0.8% (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

3,842<\/p>\n<\/td>\n

\n

+2.0% (YTD: +2.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

6,631<\/p>\n<\/td>\n

\n

-0.3% (YTD: +2.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 69.36<\/p>\n<\/td>\n

\n

+3.9%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.70<\/p>\n<\/td>\n

\n

-1.6%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,698.50<\/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 49,347.27<\/p>\n<\/td>\n

\n

+1.8%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

The EGX30 fell 0.5% on Thursday<\/strong> on turnover of EGP 1.16 bn (21.1% above the 90-day average). Local investors were net buyers. The index is up 4.5% YTD.<\/p>\n

In the green: <\/strong>GB Auto (+2.9%), Orascom Investment (+2.7%) and Orascom Development (+2.1%).<\/p>\n

In the red: <\/strong>Sidi Kerir (-2.3%), Qalaa Holding (-1.5%) and SODIC (-1.5%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Rising US treasury yields continued to hit tech stocks last week, as investor unease about sky-high valuations grew. The Nasdaq has lost USD 1.6 tn in market value over the past three weeks following its heaviest sell-off since October, according to Bloomberg. Despite inching up 1.6% on Friday, the tech-heavy equities gauge closed the week […]<\/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":[72,119,292,120,91,128,122,270,219],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-560632","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-kazakhstan","tag-nasdaq","tag-oil-and-gas","tag-opec","tag-planet-finance","tag-russia","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"4a4f373f-fa8a-4243-a936-08ff7be3fd9c","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[560610],"teaser":"","voice_url":""},"yoast_head":"\nWhat the markets are doing on 7 March 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\/03\/07\/what-the-markets-are-doing-on-7-march-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 7 March 2021\" \/>\n<meta property=\"og:description\" content=\"Rising US treasury yields continued to hit tech stocks last week, as investor unease about sky-high valuations grew. 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The buyout ordeal sunk Twitter\u2019s stock price, harming investors while strengthening Musk's negotiating\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":562288,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/elon-musk-has-the-crypto-markets-at-his-beck-and-call\/","url_meta":{"origin":560632,"position":2},"title":"Elon Musk has the crypto markets at his beck and call","author":"enterpriseam admin","date":"18 May 2021","format":false,"excerpt":"Elon Musk has the crypto markets at his beck and call: Crypto traders appear to be hanging on the bn\u2019aire tech tycoon\u2019s every word, with Musk\u2019s tweets causing huge gyrations in the price of BTC and other crypto assets over the past week. BTC hit new three-month lows yesterday after\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":704512,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/05\/21\/what-spacexs-ipo-means-for-the-gulf\/","url_meta":{"origin":560632,"position":3},"title":"What SpaceX\u2019s IPO means for the Gulf","author":"enterpriseam admin","date":"21 May 2026","format":false,"excerpt":"SpaceX filed its prospectus last night","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\/2026\/5\/1298.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546097,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/wall-street-extends-a-bad-run-on-trouble-for-tech-stocks\/","url_meta":{"origin":560632,"position":4},"title":"Wall Street extends a bad run on trouble for tech stocks","author":"enterpriseam admin","date":"27 April 2022","format":false,"excerpt":"Earnings season + Musk\u2019s Twitter bid drive Wall Street losses: US stocks extended their April losses yesterday on the back of falls in big tech firms and continued angst over inflation and heightened covid restriction in China, the Wall Street Journal writes. Shares in Microsoft and Google owner Alphabet both\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":677043,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/12\/10\/bis-flags-bubble-like-conditions-in-gold-us-equities\/","url_meta":{"origin":560632,"position":5},"title":"BIS flags bubble-like conditions in gold, US equities","author":"enterpriseam admin","date":"10 December 2025","format":false,"excerpt":"The bank noted this is the first time in at least five decades that equities and gold have hit bubble indicators simultaneously","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\/2025\/12\/586.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\/560632","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=560632"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/560632\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/560610"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=560632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=560632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=560632"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=560632"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=560632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}