{"id":561090,"date":"2021-03-24T04:12:58","date_gmt":"2021-03-24T04:12:58","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/24\/what-the-markets-are-doing-on-24-march-2021\/"},"modified":"2021-03-24T04:12:58","modified_gmt":"2021-03-24T04:12:58","slug":"what-the-markets-are-doing-on-24-march-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/24\/what-the-markets-are-doing-on-24-march-2021\/","title":{"rendered":"What the markets are doing on 24 March 2021"},"content":{"rendered":"

<\/a> Don\u2019t hold your breath for a digital USD anytime soon: <\/strong>The US Federal Reserve remains cautious about issuing a central bank-sponsored digital currency, despite China leaping ahead with trials of its digital yuan and other countries considering introducing national digital currencies, CNBC<\/a> reports. Although covid-19 helped highlight the importance of running faster payment systems, the Fed is still moving \u201cwith great care and transparency with regard to developing a central bank digital currency\u201d said Federal Reserve Chairman Jerome Powell, emphasizing the high volatility of crypto assets.<\/p>\n

GLOBAL M&A WATCH- Microsoft is in talks to acquire video game-centric chat app <\/strong>Discord for north of USD 10 <\/strong>bn<\/strong>, a turn of events that would give your teenager\u2019s favourite chat platform an alternative to going public, Bloomberg<\/a> reports, citing sources familiar with private discussions. Microsoft is among other potential private buyers the company is in talks with, though it is still more likely to take the IPO route, the sources said.<\/p>\n

GLOBAL IPO WATCH- Dubai could see its second IPO in three years:<\/strong> UAE-based Tristar Group<\/a> could raise up to USD 160 mn in an IPO in Dubai next month, the company announced<\/a> yesterday. The logistics player plans to offer up to 24% of its shares in a sale that would value it at just under USD 1 bn \u2014 the largest IPO on Dubai\u2019s stock exchange since Emaar\u2019s blockbuster USD 1.3 bn sale in 2017, Bloomberg<\/a> reported.<\/p>\n

The <\/strong>youngs<\/strong> are piling into high-risk investments despite most saying they can't<\/strong> afford sustaining significant losses on their investments<\/strong>, Britain\u2019s Financial Conduct Authority<\/a>. A new wave of amateur investors who are considering or already trading higher-risk investments such as FX and crypto skews more towards younger, non-white women, the FCA indicated, based on a survey of 550 people.<\/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

10,471<\/p>\n<\/td>\n

\n

-0.6% (YTD: -3.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.71<\/p>\n<\/td>\n

\n

Sell 15.81<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.71<\/p>\n<\/td>\n

\n

Sell 15.81<\/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

9,490<\/p>\n<\/td>\n

\n

-0.6% (YTD: +9.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,735<\/p>\n<\/td>\n

\n
    \n
  • (YTD: +13.7%)<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n

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

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

\n

2,534<\/p>\n<\/td>\n

\n

-0.7% (YTD: +1.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,911<\/p>\n<\/td>\n

\n

-0.8% (YTD: +4.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

6,699<\/p>\n<\/td>\n

\n

-0.4% (YTD: +3.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 60.72<\/p>\n<\/td>\n

\n

-0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.52<\/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 1,732.40<\/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 54,435.08<\/p>\n<\/td>\n

\n

-1.0%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

The EGX30 fell 0.6% yesterday<\/strong> on turnover of EGP 1.1 bn (32.1% above the 90-day average). Local investors were net buyers. The index is down 3.5% YTD.<\/p>\n

In the green: <\/strong>CI Capital (+3.4%), Orascom Development (+3.0%) and GB Auto (+2.7%).<\/p>\n

In the red: <\/strong>Qalaa Holdings (-5.8%), Orascom Financial (-5.2%) and Export Development Bank (-5.1%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Don\u2019t hold your breath for a digital USD anytime soon: The US Federal Reserve remains cautious about issuing a central bank-sponsored digital currency, despite China leaping ahead with trials of its digital yuan and other countries considering introducing national digital currencies, CNBC reports. Although covid-19 helped highlight the importance of running faster payment systems, the […]<\/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":[344,518,3851,163,72,119,1424,7128,462,122,639,3852],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-561090","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-cryptocurrency","tag-digital-currency","tag-discord","tag-dubai","tag-enterpriseam","tag-financial-markets","tag-jerome-powell","tag-ma-watch","tag-microsoft","tag-planet-finance","tag-technology","tag-tristar-group","wpautop","entry"],"acf":{"mongo_id":"ae62e8c5-f1bc-4323-b557-eeb98cf2618f","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[561070],"teaser":"","voice_url":""},"yoast_head":"\nWhat the markets are doing on 24 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\/24\/what-the-markets-are-doing-on-24-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 24 March 2021\" \/>\n<meta property=\"og:description\" content=\"Don\u2019t hold your breath for a digital USD anytime soon: The US Federal Reserve remains cautious about issuing a central bank-sponsored digital currency, despite China leaping ahead with trials of its digital yuan and other countries considering introducing national digital currencies, CNBC reports. 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Addressing the gathering of central bankers in\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":616339,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/04\/feds-jerome-powell-expected-to-fend-off-hopes-of-an-imminent-rate-cut\/","url_meta":{"origin":561090,"position":1},"title":"Fed\u2019s Jerome Powell expected to fend off hopes of an imminent rate cut","author":"enterpriseam admin","date":"4 March 2024","format":false,"excerpt":"The Fed is in no hurry to cut rates: US Federal Reserve Chief Jerome Powell is widely expected to deliver a hawkish message on interest rates to the US House and Senate in a semiannual monetary policy testimony on Wednesday and Thursday, writes Bloomberg. The why: The Fed is worried\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\/2024\/3\/145.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561521,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/11\/what-the-markets-are-doing-on-11-april-2021\/","url_meta":{"origin":561090,"position":2},"title":"What the markets are doing on 11 April 2021","author":"enterpriseam admin","date":"11 April 2021","format":false,"excerpt":"Alibaba just got slapped with China\u2019s largest antitrust penalty, with Chinese regulators imposing a USD 2.8 bn fine on the e-commerce group. The State Administration for Market Regulation imposed the fine \u2014 equivalent to 4% of Alibaba\u2019s annual sales \u2014 after ruling it had abused its position to \u201cpunish\u201d sellers\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":557130,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/07\/us-regulators-are-rushing-to-get-a-handle-on-crypto\/","url_meta":{"origin":561090,"position":3},"title":"US regulators are rushing to get a handle on crypto","author":"enterpriseam admin","date":"7 September 2021","format":false,"excerpt":"US regulators are rushing to get a handle on crypto: From \u201cbank-like\u201d institutions that hold and lend digital currency deposits, to the murkier world of decentralized finance \u2014 known as DeFi \u2014 where anonymous traders buy and sell on automated markets, the New York Times reports that US lawmakers have\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":622208,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/29\/us-federal-reserve-signals-slowdown-on-2019-rate-hikes\/","url_meta":{"origin":561090,"position":4},"title":"US Federal Reserve signals slowdown on 2019 rate hikes?","author":"enterpriseam admin","date":"29 November 2018","format":false,"excerpt":"US Fed signaling slowdown on 2019 rate hikes? Meanwhile, US Federal Reserve boss Jay Powell gave markets a shot in the arm when he suggested yesterday that US interest rates are \u201cjust below \u2026 neutral\u201d levels. Analysts have interpreted his remarks (transcript here) as a sign that the Fed may\u2026","rel":"","context":"In "What We're Tracking Today"","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\/2018\/11\/Jerome-Powell-web.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544822,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/a-terrible-day-in-the-us-bond-market-as-powell-ups-the-ante-on-inflation\/","url_meta":{"origin":561090,"position":5},"title":"A terrible day in the US bond market as Powell ups the ante on inflation","author":"enterpriseam admin","date":"22 March 2022","format":false,"excerpt":"US treasuries experienced one of their biggest daily sell-offs in the past decade yesterday after Federal Reserve Chairman Jay Powell indicated that the central bank could hike interest rates more aggressively than expected, according to Bloomberg. Following last week\u2019s policy meeting, the market had already priced in a further six\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\/561090","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=561090"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561090\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/561070"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=561090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=561090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=561090"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=561090"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=561090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}