{"id":560910,"date":"2021-03-17T03:53:15","date_gmt":"2021-03-17T03:53:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/17\/what-the-markets-are-doing-on-17-march-2021\/"},"modified":"2021-03-17T03:53:15","modified_gmt":"2021-03-17T03:53:15","slug":"what-the-markets-are-doing-on-17-march-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/17\/what-the-markets-are-doing-on-17-march-2021\/","title":{"rendered":"What the markets are doing on 17 March 2021"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>Saudi Arabia\u2019s oil sector is facing its biggest slump in a decade, keeping the<\/strong> <strong>kingdom in recession in 4Q2020.<\/strong> Activity in the Saudi oil sector fell 8.5% during the quarter, a contraction that <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-03-16\/saudi-economy-contracted-3-9-in-fourth-quarter-oil-drags?sref=mmeFTDW1\">Bloomberg<\/a> says is the biggest since at least 2011. The fall in output is largely due to the OPEC+ mandated production cuts, which have seen Saudi Arabia hold back 5 mn barrels of daily output. Saudi\u2019s economy contracted 3.9% y-o-y compared to the same period in 2019, according to <a href=\"https:\/\/ent.news\/2021\/3\/Gross-Domestic-Product-fourth-Quarter-2020-EN.pdf\">official figures (pdf)<\/a> released yesterday. This was the sixth consecutive quarter of falling output, though the figure was an improvement from the 4.6% contraction seen in 3Q2020.<\/p>\n<p><strong>Oil turbulence has nothing on Vitol, whose bottom line hit a record USD 3 bn last<\/strong><strong> year<\/strong>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-03-16\/world-s-top-oil-trader-vitol-smashed-profit-record-in-2020?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> reports, citing unnamed sources with direct knowledge of the oil trader\u2019s financials. The company\u2019s performance shows how \u2014 despite a year of sluggish growth \u2014 trading houses enjoyed a \u201cbonanza\u201d thanks to a month-long oil price war between Saudi Arabia and Russia that was followed by output cuts from OPEC+, the business information service says.<\/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-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>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>11,190<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: +3.2%)<\/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>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/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>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/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>9,660<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: +11.2%)<\/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>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>5,749<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: +14.0%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>2,621<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: +5.2%)<\/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>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,963<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: +5.5%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>6,804<\/p>\n<\/td>\n<td>\n<p>+0.8% (YTD: +5.3%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 68.28<\/p>\n<\/td>\n<td>\n<p>-0.2%<\/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>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 2.56<\/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 1,732.80<\/p>\n<\/td>\n<td>\n<p>+0.1%<\/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 56,175.85<\/p>\n<\/td>\n<td>\n<p>+3.3%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>The EGX30 fell 0.3% yesterday<\/strong> on turnover of EGP 805 mn (45.5% below the 90-day average). Local investors were net buyers. The index is up 3.2% YTD.<\/p>\n<p><strong>In the green: <\/strong>GB Auto (+2.5%), Abu Qir Fertilizers (+2.0%) and Orascom Development (+1.9%).<\/p>\n<p><strong>In the red: <\/strong>Ezz Steel (-4.1%), Orascom Financial (-3.8%) and Edita (-3.5%).<\/p>\n<p><strong>Major Asian indices are almost uniformly in the red this morning<\/strong>, with only the Nikkei edging ever so slightly into the green. Futures point to a mixed open in Europe (London and Frankfurt down, Paris up) and they also suggest the Nasdaq, Dow and S&P will open in the red this afternoon, as will shares in Toronto.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Saudi Arabia\u2019s oil sector is facing its biggest slump in a decade, keeping the kingdom in recession in 4Q2020. Activity in the Saudi oil sector fell 8.5% during the quarter, a contraction that Bloomberg says is the biggest since at least 2011. The fall in output is largely due to the OPEC+ mandated production cuts, [&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":[3828,104,93,72,119,348,128,122,270,219,3829],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-560910","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-crude-output","tag-economy","tag-energy","tag-enterpriseam","tag-financial-markets","tag-gdp","tag-opec","tag-planet-finance","tag-russia","tag-saudi-arabia","tag-vitol","wpautop","entry"],"acf":{"mongo_id":"22f5921c-3b3e-445d-83b0-87b827b31244","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[560892],"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 17 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\/17\/what-the-markets-are-doing-on-17-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 17 March 2021\" \/>\n<meta property=\"og:description\" content=\"Saudi Arabia\u2019s oil sector is facing its biggest slump in a decade, keeping the kingdom in recession in 4Q2020. 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OPEC\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\/2019\/2\/1966.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547028,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/markets-shrug-after-opec-ups-oil-supply-increases-the-us-turns-to-foes-for-oil\/","url_meta":{"origin":560910,"position":1},"title":"Markets shrug after OPEC ups oil supply increases + the US turns to foes for oil","author":"enterpriseam admin","date":"6 June 2022","format":false,"excerpt":"Oil producers to temporarily up supply: OPEC+ has agreed to boost oil production in July and August by 650k barrels a day from the current 400k bpd, the alliance of oil producers announced in a statement following its Thursday meeting, bringing forward an increase it had initially scheduled for September.\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":544469,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/pmi-says-youre-not-optimistic-but-our-survey-said-you-are\/","url_meta":{"origin":560910,"position":2},"title":"PMI says you\u2019re not optimistic, but our survey said you are\u2026","author":"enterpriseam admin","date":"6 March 2022","format":false,"excerpt":"Non-oil business activity in Egypt saw a \u201csolid decline\u201d in February as inflationary pressures continued to impact business confidence and demand, according to IHS Markit\u2019s purchasing managers\u2019 index (PMI) survey (pdf). The contraction eased slightly to 48.1 from 47.9 in January but concerns about economic conditions sent confidence levels to\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\/2022\/3\/54.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":628038,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/24\/opec-and-allies-agree-to-pump-additional-c-1-mn-bpd-of-oil-as-of-july\/","url_meta":{"origin":560910,"position":3},"title":"OPEC and allies agree to pump additional c. 1 mn bpd of oil as of July","author":"enterpriseam admin","date":"24 June 2018","format":false,"excerpt":"Egypt\u2019s bid to tame its subsidy spending got a shot in the arm over the weekend after OPEC and other oil producers agreed to increase output starting next month, although the meeting in Vienna stopped short of outlining clear targets, Reuters reports. OPEC and other major producers said in a\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/6\/1596.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":629250,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/27\/are-saudi-arabia-russia-going-to-turn-on-the-oil-tap-this-year\/","url_meta":{"origin":560910,"position":4},"title":"Are Saudi Arabia, Russia going to turn on the oil tap this year?","author":"enterpriseam admin","date":"27 May 2018","format":false,"excerpt":"Is the oil production tap about to be turned on? With oil still in the USD 80 neighborhood, Saudi Arabia and Russia are signaling that they may dial-up oil output this year. Saudi Energy Minister Khalid Al Falih said that it is likely production will ramp up in 2H2018, according\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":559072,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/06\/what-the-markets-are-doing-on-6-january-2021\/","url_meta":{"origin":560910,"position":5},"title":"What the markets are doing on 6 January 2021","author":"enterpriseam admin","date":"6 January 2021","format":false,"excerpt":"Optimism for the year ahead reigns supreme on Wall Street, as the world\u2019s biggest banks and investment firms predict broad economic growth this year. Bloomberg has collected forecasts from 40 investment banks and asset managers on everything from covid and inflation to regulation and the greenback, and buoyancy is underpinning\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\/560910","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=560910"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/560910\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/560892"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=560910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=560910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=560910"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=560910"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=560910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}