{"id":560948,"date":"2021-03-18T04:20:35","date_gmt":"2021-03-18T04:20:35","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/18\/what-the-markets-are-doing-on-18-march-2021\/"},"modified":"2021-03-18T04:20:35","modified_gmt":"2021-03-18T04:20:35","slug":"what-the-markets-are-doing-on-18-march-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/18\/what-the-markets-are-doing-on-18-march-2021\/","title":{"rendered":"What the markets are doing on 18 March 2021"},"content":{"rendered":"

<\/a> SUPERCYCLE WATCH-<\/strong> Oil prices are unlikely to surge dramatically this year <\/strong>despite vaccines boosting demand<\/strong>, with plenty of global supplies to prevent any potential new supercycle<\/a> and OPEC+ at the ready to quickly deploy backup supply, the International Energy Agency (IEA) said in a report<\/a>. Brent staged a rally since the oil market crash at the onset of the pandemic, reaching close to USD 70 a barrel last week for the first time in over a year, thanks to major producers surprising traders by deciding to keep a lid on supply. Still, a shortfall isn\u2019t a likely scenario as inventories are at historically high levels, and have held up well despite the \u201csteady decline,\u201d the IEA said. OPEC+, the 23-nation coalition of oil producers led by Saudi Arabia and Russia, also have 9.3 mn barrels-per-day of spare capacity at hand as a result of the pandemic-induced cuts, and could use it to keep the market supplied, it added.<\/p>\n

Oil erased its gains yesterday following the IEA report,<\/strong> with New York futures dropping 0.3% earlier today after having gained 0.8%, Bloomberg<\/a> reported.<\/p>\n

Mixed messages on a fresh boost of IMF funding for emerging economies:<\/strong> G7 countries have not yet agreed to proposals to boost the IMF\u2019s firepower to provide more pandemic relief to the developing world, Reuters<\/a> quoted unnamed sources as saying, a few hours after Japan\u2019s Kyodo news agency reported that they had agreed to increase its reserves of Special Drawing Rights (SDRs) by USD 650 bn. This would be higher than the USD 500 bn proposed by the IMF<\/a>. The seven countries are expected to sign off on the agreement Friday.<\/p>\n

What are SDRs, and why do they matter for EMs post-pandemic? <\/strong>We had more on this in our PM edition earlier this week<\/a>.<\/p>\n

Putting the 2021 SPAC craze into perspective: <\/strong>The value of IPOs by special purpose acquisition companies in the first three months of 2021 has exceeded the USD 83.4 bn raised by SPACs in all of 2020, as well as the USD 29.5 bn generated by traditional IPOs, Reuters<\/a> reports. Blank check companies are becoming an increasingly popular alternative to normal IPOs due to more lax regulations, and everyone from the US\u2019 Build Acquisition Corp \u2014 whose USD 200 mn IPO pushed 2021 SPACs above their 2020 levels \u2014 to our very own Nassef Sawiris<\/a> seems to be riding this investment trend.<\/p>\n

But what\u2019s a SPAC, you ask?<\/strong> We\u2019ve got you covered with this explainer<\/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

11,068<\/p>\n<\/td>\n

\n

-1.1% (YTD: +2.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/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

9,602<\/p>\n<\/td>\n

\n

-0.6% (YTD: +10.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,746<\/p>\n<\/td>\n

\n

-0.1% (YTD: +13.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

2,601<\/p>\n<\/td>\n

\n

-0.8% (YTD: +4.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,974<\/p>\n<\/td>\n

\n

+0.3% (YTD: +5.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

6,763<\/p>\n<\/td>\n

\n

-0.6% (YTD: +4.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 64.27<\/p>\n<\/td>\n

\n

-0.51%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.51<\/p>\n<\/td>\n

\n

-0.8%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,750.30<\/p>\n<\/td>\n

\n

+1.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 59,127.69<\/p>\n<\/td>\n

\n

+5.5%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

The EGX30 fell 1.1% yesterday<\/strong> on turnover of EGP 997 mn (32.6% below the 90-day average). Local investors were net sellers. The index is up 2.1% YTD.<\/p>\n

In the green: <\/strong>Orascom Investment (+2.7%), Palm Hills Development (+1.9%) and Sidi Kerir (+1.6%).<\/p>\n

In the red: <\/strong>CI Capital (-9.6%), Cleopatra (-3.0%) and Fawry (-3.0%).<\/p>\n","protected":false},"excerpt":{"rendered":"

SUPERCYCLE WATCH- Oil prices are unlikely to surge dramatically this year despite vaccines boosting demand, with plenty of global supplies to prevent any potential new supercycle and OPEC+ at the ready to quickly deploy backup supply, the International Energy Agency (IEA) said in a report. Brent staged a rally since the oil market crash at […]<\/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":[317,115,93,72,119,3833,1253,3832,272,746,508,122,439,897],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-560948","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-commodities","tag-emerging-markets","tag-energy","tag-enterpriseam","tag-financial-markets","tag-fs-investments","tag-g7","tag-galaxy-digital","tag-imf","tag-international-energy-agency","tag-morgan-stanley","tag-planet-finance","tag-spacs","tag-wall-street","wpautop","entry"],"acf":{"mongo_id":"637905e6-7a94-4d91-969f-a07638b3b426","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[560925],"teaser":"","voice_url":""},"yoast_head":"\nWhat the markets are doing on 18 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\/18\/what-the-markets-are-doing-on-18-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 18 March 2021\" \/>\n<meta property=\"og:description\" content=\"SUPERCYCLE WATCH- Oil prices are unlikely to surge dramatically this year despite vaccines boosting demand, with plenty of global supplies to prevent any potential new supercycle and OPEC+ at the ready to quickly deploy backup supply, the International Energy Agency (IEA) said in a report. 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Perhaps, according to Saudi Arabia\u2019s energy minister, who has warned that a drop-off in exploration could further squeeze supply in an already-tight market, causing prices to surge, according to Bloomberg.Oil prices have been on a tear as of\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":562072,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/05\/what-the-markets-are-doing-on-5-may-2021\/","url_meta":{"origin":560948,"position":1},"title":"What the markets are doing on 5 May 2021","author":"enterpriseam admin","date":"5 May 2021","format":false,"excerpt":"SUPERCYCLE WATCH- It looks like the \u201cperfect storm\u201d for a commodities supercycle is here: Demand for agricultural commodities, industrial metals, and energy is booming as economic recoveries take hold in the US, Europe, and China, suggesting that the commodities supercycle everyone has been talking about is now kicking off, the\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":562151,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/09\/planet-finance-rising-commodity-prices-are-good-news-for-em\/","url_meta":{"origin":560948,"position":2},"title":"Planet Finance: Rising commodity prices are good news for EM","author":"enterpriseam admin","date":"9 May 2021","format":false,"excerpt":"SUPERCYCLE WATCH- Copper prices are at all-time highs off of optimism over an economic rebound that has fueled talk of a commodities supercycle amid soaring raw material prices, Bloomberg reports. 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":547326,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/16\/things-could-get-rougher-in-the-global-energy-markets-next-year\/","url_meta":{"origin":560948,"position":3},"title":"Things could get rougher in the global energy markets next year","author":"enterpriseam admin","date":"16 June 2022","format":false,"excerpt":"So much for demand destruction: The global energy crunch isn\u2019t ending anytime soon if the International Energy Agency\u2019s (IEA) latest outlook is anything to go by. Despite a growing chorus of voices warning of recession in some of the world\u2019s largest economies, the energy think tank is forecasting global oil\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":559980,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/10\/what-the-markets-are-doing-on-10-february-2021\/","url_meta":{"origin":560948,"position":4},"title":"What the markets are doing on 10 February 2021","author":"enterpriseam admin","date":"10 February 2021","format":false,"excerpt":"Cookie jar, meet hand: Saudi Arabia\u2019s central bank is about to undergo its biggest changes in decades in what may result in more of the country\u2019s hard currency reserves going to the country\u2019s sovereign wealth fund, where they can be used to pay for Mohammed bin Salman\u2019s ambitious projects, the\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":562106,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/06\/what-the-markets-are-doing-on-6-may-2021\/","url_meta":{"origin":560948,"position":5},"title":"What the markets are doing on 6 May 2021","author":"enterpriseam admin","date":"6 May 2021","format":false,"excerpt":"That commodities supercycle could be putting a damper on the global energy transition: Rising demand for raw materials used in clean energy technologies, including lithium and cobalt, are pushing up commodity prices and threatening to stall the transition to green energy, the International Energy Agency\u2019s Executive Director Fatih Birol tells\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\/560948","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=560948"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/560948\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/560925"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=560948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=560948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=560948"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=560948"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=560948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}