{"id":560767,"date":"2021-03-11T04:07:22","date_gmt":"2021-03-11T04:07:22","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/11\/what-the-markets-are-doing-on-11-march-2021\/"},"modified":"2021-03-11T04:07:22","modified_gmt":"2021-03-11T04:07:22","slug":"what-the-markets-are-doing-on-11-march-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/11\/what-the-markets-are-doing-on-11-march-2021\/","title":{"rendered":"What the markets are doing on 11 March 2021"},"content":{"rendered":"

<\/a> Resource-based emerging markets usually get a big boost in a commodities <\/strong>supercycle, but it\u2019s a bit more complicated this time around<\/strong>, Reuters<\/a> says. In a supercycle, EM usually find higher demand for their wares, whether that\u2019s agricultural output from Argentina and Egypt, minerals and ores out of Brazil, or metallurgical and other products from Egypt and the GCC. That usually gives a nice boost to EM currencies, but Reuters argues that this time around, the currencies of developed market commodities players such as Australia and Canada are going to outperform their EM competitors.<\/p>\n

What gives? <\/strong>EM currencies are under pressure as US treasury yields rise \u2014 and Reuters suggests that \u201ca mix of slower vaccination rollouts, fading growth prospects, rising debt burdens and geopolitical tensions\u201d will continue to put pressure on select EM currencies, muting the bump they get from the supercycle.<\/p>\n

How is the commodities boom affecting Egypt?<\/strong> Businesses in the metals and fertilizers industries in Egypt (of which Egypt is a net exporter) stand to gain, analysts told us last week<\/a>. Muted demand for foodstuffs should keep Egypt shielded from a supercycle-induced rise in inflation, they said.<\/p>\n

The news comes as developed countries\u2019 economic recoveries appear to be slowing in <\/strong>March<\/strong>, reversing a boom in market activity in February, according to Bloomberg<\/a> economic indicators. The exception is Spain, whose recovery has continued to accelerate.<\/p>\n

Chinese stocks have fallen 14% from record highs over the past two weeks<\/strong>, wiping out some USD 1.3 tn and slashing the value of retail holdings, Bloomberg<\/a> reports. Attempts by state-backed funds to quell a Tuesday sell-off by buying shares only briefly steadied markets, reversing a 3.2% drop in China\u2019s benchmark CSI 300 index to a 0.3% gain, before closing at a 2.2% slump at the end of trading. Analysts say state-backed purchases could ramp up to prevent the rut from turning into a full blown selling panic.<\/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

11,236<\/p>\n<\/td>\n

\n

-0.9% (YTD: +3.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.68<\/p>\n<\/td>\n

\n

Sell 15.78<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.68<\/p>\n<\/td>\n

\n

Sell 15.78<\/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

9,596<\/p>\n<\/td>\n

\n

+1.3% (YTD: +10.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,607<\/p>\n<\/td>\n

\n

+0.4% (YTD: +11.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

2,547<\/p>\n<\/td>\n

\n

+0.3% (YTD: +2.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,899<\/p>\n<\/td>\n

\n

+0.6% (YTD: +3.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

6,726<\/p>\n<\/td>\n

\n

-0.1% (YTD: +4.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 68.38<\/p>\n<\/td>\n

\n

+0.7%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.68<\/p>\n<\/td>\n

\n

-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,727.40<\/p>\n<\/td>\n

\n

+0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 56,107.99<\/p>\n<\/td>\n

\n

+3.7%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

The EGX30 fell 0.9% yesterday<\/strong> on turnover of EGP 1.5 bn (1.6% above the 90-day average), the second day in a row it has closed in the red. Foreign investors were net sellers. The index is up 3.6% YTD.<\/p>\n

In the green: <\/strong>Orascom Investment (+4.9%), CI Capital (+1.3%) and Sidi Kerir (+1.3%).<\/p>\n

In the red: <\/strong>Ezz Steel (-2.5%), Fawry (-2.5%) and Heliopolis Housing (-2.1%).<\/p>\n

It\u2019s shaping up to be a great day for Asian shares <\/strong>and futures suggest shares in Europe, on Wall Street and in Toronto will all open in the green later today.<\/p>\n","protected":false},"excerpt":{"rendered":"

Resource-based emerging markets usually get a big boost in a commodities supercycle, but it\u2019s a bit more complicated this time around, Reuters says. In a supercycle, EM usually find higher demand for their wares, whether that\u2019s agricultural output from Argentina and Egypt, minerals and ores out of Brazil, or metallurgical and other products from Egypt […]<\/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":[116,317,3576,3815,115,72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-560767","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-china","tag-commodities","tag-developed-countries","tag-em-currencies","tag-emerging-markets","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"8e8e03cd-fe00-4d0a-8e8c-fe3991ef011e","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[560748],"teaser":"","voice_url":""},"yoast_head":"\nWhat the markets are doing on 11 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\/11\/what-the-markets-are-doing-on-11-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 11 March 2021\" \/>\n<meta property=\"og:description\" content=\"Resource-based emerging markets usually get a big boost in a commodities supercycle, but it\u2019s a bit more complicated this time around, Reuters says. 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The surge in prices is raising the prospect of imminent inflation \u2014 despite some analysts suggesting it will be transitory\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":560247,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/21\/what-the-markets-are-doing-on-21-february-2021\/","url_meta":{"origin":560767,"position":1},"title":"What the markets are doing on 21 February 2021","author":"enterpriseam admin","date":"21 February 2021","format":false,"excerpt":"Climate change mitigation is the only factor that can drive the so-called commodities supercycle. This is the takeaway from an op-ed by CRU Chief Economist Jumana Saleheen for the Financial Times who casts doubt that the recent \u201cpanglossian\u201d optimism over vaccines will bring us a new commodities boom, and warns\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":560767,"position":2},"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":546316,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/emerging-market-currencies-see-biggest-losses-since-2020\/","url_meta":{"origin":560767,"position":3},"title":"Emerging-market currencies see biggest losses since 2020","author":"enterpriseam admin","date":"11 May 2022","format":false,"excerpt":"EM currencies see biggest losses since 2020: Emerging-market currencies are suffering as investors pull out of risk assets in response to rising interest rates in the US and the economic slowdown in China, according to the Financial Times. The MSCI Emerging Markets Currency Index dropped over 4% since the beginning\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":590214,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/16\/slowing-us-inflation-is-bringing-the-greenback-back-down-to-earth\/","url_meta":{"origin":560767,"position":4},"title":"Slowing US inflation is bringing the greenback back down to earth","author":"enterpriseam admin","date":"16 July 2023","format":false,"excerpt":"And that could be good news for emerging markets","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\/7\/560.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":580604,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/09\/what-will-impact-emerging-markets-in-2023\/","url_meta":{"origin":560767,"position":5},"title":"What will impact emerging markets in 2023?","author":"enterpriseam admin","date":"9 January 2023","format":false,"excerpt":"Last year was a tough one for emerging markets. What will 2023 bring? Emerging markets had a rough ride last year. Aggressive monetary tightening led by the US Federal Reserve combined with inflation and commodities shocks to bring currency woes, losses in stocks and bonds, and even debt defaults for\u2026","rel":"","context":"In "Macro picture"","block_context":{"text":"Macro picture","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/620.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\/560767","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=560767"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/560767\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/560748"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=560767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=560767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=560767"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=560767"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=560767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}