{"id":560662,"date":"2021-03-08T04:09:24","date_gmt":"2021-03-08T04:09:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/08\/what-the-markets-are-doing-on-8-march-2021\/"},"modified":"2021-03-08T04:09:24","modified_gmt":"2021-03-08T04:09:24","slug":"what-the-markets-are-doing-on-8-march-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/08\/what-the-markets-are-doing-on-8-march-2021\/","title":{"rendered":"What the markets are doing on 8 March 2021"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>We\u2019re not on HSBC\u2019s list of emerging markets most vulnerable to a possible Taper Tantrum 2.0.<\/strong> Brazil, Indonesia, Mexico and South Africa are the most exposed emerging economies to rising bond yields in the US, according to bond strategists at HSBC, <a href=\"https:\/\/www.economist.com\/finance-and-economics\/2021\/03\/06\/which-emerging-markets-are-most-exposed-to-a-treasury-tantrum\">the Economist<\/a> reports. All of these countries have a history of running current account deficits while South Africa and Brazil\u2019s large debt piles leave them vulnerable to rising rates. And it isn\u2019t just countries which have borrowed extensively in foreign currencies that are exposed: Foreign investors hold almost half of Mexico\u2019s local-currency debt, making it heavily exposed to outflows of hot money.<\/p>\n<p><strong>Want to read more about Taper Tantrum 2.0?<\/strong> Look no further than our explainer <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/15dfd0a7-91a0-44c1-8303-adefafb2d22b\">in EnterprisePM<\/a>.<\/p>\n<p><strong>Spiking oil prices have put the balance sheets of Gulf oil exporters in the clear: <\/strong>Last week\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4a4f373f-fa8a-4243-a936-08ff7be3fd9c\">decision by OPEC+ to maintain production curbs<\/a> could work wonders for public finances in the Gulf. Brent prices surged to USD 71.14 per barrel after the meeting \u2014 a level which analysts say would allow Gulf oil exporters to balance their budgets. \u201cWe would see fiscal surpluses for the larger GCC economies,\u201d Monica Malik, chief economist at Abu Dhabi Commercial Bank, tells <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-03-07\/opec-surprise-sees-oil-soar-past-gulf-s-budget-balancing-levels?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>. \u201cThis provides more fiscal space to support economic activity and recovery.\u201d<\/p>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>11,558<\/p>\n<\/td>\n<td>\n<p>+2.0% (YTD: +6.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.65<\/p>\n<\/td>\n<td>\n<p>Sell 15.75<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.65<\/p>\n<\/td>\n<td>\n<p>Sell 15.75<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>9,351<\/p>\n<\/td>\n<td>\n<p>+1.2% (YTD: +7.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>5,692<\/p>\n<\/td>\n<td>\n<p>- (YTD: +12.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>2,546<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: +2.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,842<\/p>\n<\/td>\n<td>\n<p>+2.0% (YTD: +2.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>6,631<\/p>\n<\/td>\n<td>\n<p>-0.5% (YTD: +2.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 71.14<\/p>\n<\/td>\n<td>\n<p>+2.6%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 2.71<\/p>\n<\/td>\n<td>\n<p>+0.2%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,708.90<\/p>\n<\/td>\n<td>\n<p>+0.6%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 51,285.60<\/p>\n<\/td>\n<td>\n<p>+4.7%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>The EGX30 rose 2.0% yesterday<\/strong> on turnover of EGP 954 mn (35.3% below the 90-day average), pulled upward by index heavyweight CIB, which rose 2.7% yesterday at the closing bell. Foreign investors were net sellers. The index is up 6.6% YTD<\/p>\n<p><strong>In the green: <\/strong>AMOC (+7.9%), Sidi Kerir (+6.5%) and Orascom Investment (+6.4%).<\/p>\n<p><strong>In the red: <\/strong>Edita (-1.2%), Eastern Co. (-0.2%) and EFG-Hermes (-0.1%).<\/p>\n<p><strong>It\u2019s a mixed morning for global markets: <\/strong>Japan\u2019s Nikkei is the only major Asian market in the green this morning, with shares in Shanghai, Honk Kong and Korea all starting the trading week in the red. Futures suggest the Dow will open in the green, while Nasdaq and the S&P will both start the week in the red. The picture is similarly mixed across Europe.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We\u2019re not on HSBC\u2019s list of emerging markets most vulnerable to a possible Taper Tantrum 2.0. Brazil, Indonesia, Mexico and South Africa are the most exposed emerging economies to rising bond yields in the US, according to bond strategists at HSBC, the Economist reports. All of these countries have a history of running current account [&hellip;]<\/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":[82,115,72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-560662","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-bonds","tag-emerging-markets","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"09e9ba13-f649-43e3-8656-a1b5a4eeab4f","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[560646],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What the markets are doing on 8 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\/08\/what-the-markets-are-doing-on-8-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 8 March 2021\" \/>\n<meta property=\"og:description\" content=\"We\u2019re not on HSBC\u2019s list of emerging markets most vulnerable to a possible Taper Tantrum 2.0. 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Despite enjoying the highest real interest rate in the world, a\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/72.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557228,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/egypt-can-withstand-a-us-taper-says-maait\/","url_meta":{"origin":560662,"position":2},"title":"Egypt can withstand a US taper, says Maait","author":"enterpriseam admin","date":"12 September 2021","format":false,"excerpt":"Egypt should be able to cope if US interest rates rise as the Federal Reserve begins unwinding its covid stimulus programme, Finance Minister Mohamed Maait told Bloomberg last week in a TV appearance (watch, runtime: 18:47). Policymakers are \u201cclosely monitoring\u201d the potential effects of rising US rates on Egypt\u2019s borrowing\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/138.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564818,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/01\/taper-tantrum-2-0\/","url_meta":{"origin":560662,"position":3},"title":"Taper Tantrum 2.0?","author":"enterpriseam admin","date":"1 March 2021","format":false,"excerpt":"Emerging market assets took a hit toward the end of February, with the MSCI gauge of shares falling 3% on Friday and major currencies including the ZAR and the MXN tumbling during the final few days, according to Bloomberg. This came following a sharp sell-off in the US bond market,\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","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":555881,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/30\/omicron-fed-taper-hits-emerging-market-bond-etfs\/","url_meta":{"origin":560662,"position":4},"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 &quot;PLANET FINANCE&quot;","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":560632,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/what-the-markets-are-doing-on-7-march-2021\/","url_meta":{"origin":560662,"position":5},"title":"What the markets are doing on 7 March 2021","author":"enterpriseam admin","date":"7 March 2021","format":false,"excerpt":"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\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","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\/560662","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=560662"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/560662\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/560646"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=560662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=560662"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=560662"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=560662"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=560662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}