{"id":561232,"date":"2021-03-30T04:21:11","date_gmt":"2021-03-30T04:21:11","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/30\/what-the-markets-are-doing-on-30-march-2021\/"},"modified":"2021-03-30T04:21:11","modified_gmt":"2021-03-30T04:21:11","slug":"what-the-markets-are-doing-on-30-march-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/30\/what-the-markets-are-doing-on-30-march-2021\/","title":{"rendered":"What the markets are doing on 30 March 2021"},"content":{"rendered":"

<\/a> The USD 20 bn \u201cfiresale\u201d of Chinese and US tech stocks last week is the doing of <\/strong>hedge fund Archegos Capital Management,<\/strong> which defaulted on margin calls by a number of prime brokerages last week following a tumble in ViacomCBS and several tech stocks to which the fund was highly exposed, the Financial Times<\/a> reports. Having been slower to offload equity blocks than Goldman Sachs and Morgan Stanley, Credit Suisse and Japanese bank Nomura are likely to suffer losses, with Credit Suisse insiders saying the bank could lose in the realm of USD 3-4 bn, and the bank saying losses \u201ccould be highly significant and material to [their] first-quarter results.\u201d Further block sell-offs could ensue in coming days, hedge fund managers said, as other funds wind down overleveraged positions.<\/p>\n

But how did Archegos amass such an overleveraged portfolio to begin with? <\/strong>Most of the money was provided by banks in swaps, or contracts-for-difference agreements, meaning Archegos may not have owned most of the securities underlying its stocks, Bloomberg<\/a> reports. The types of derivatives used by Archegos are made off of exchange markets, meaning the company is not bound by market rules to disclose holdings of more than 5%, and future transactions, in a US-listed company.<\/p>\n

MEANWHILE: Visa is jumping on the crypto bandwagon<\/strong>, saying yesterday that it will now support payments in cryptocurrency USD Coin as part of a pilot program with payment platform Crypto.com, in the latest sign that crypto is going mainstream, Reuters<\/a> reports.<\/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

10,738<\/p>\n<\/td>\n

\n

-1.2% (YTD: -1.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.67<\/p>\n<\/td>\n

\n

Sell 15.77<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.67<\/p>\n<\/td>\n

\n

Sell 15.77<\/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

9,616<\/p>\n<\/td>\n

\n

+1.4% (YTD: +10.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,824<\/p>\n<\/td>\n

\n

+1.2% (YTD: +15.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

2,553<\/p>\n<\/td>\n

\n

+2.1% (YTD: +2.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,971<\/p>\n<\/td>\n

\n

-0.1% (YTD: +5.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

6,736<\/p>\n<\/td>\n

\n

-0.1% (YTD: +4.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 65.22<\/p>\n<\/td>\n

\n

+0.4%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.59<\/p>\n<\/td>\n

\n

+1.1%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,709.40<\/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 57,294.13<\/p>\n<\/td>\n

\n

+3.94%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

The EGX30 fell 1.2% yesterday<\/strong> on turnover of EGP 1.1 bn (24.7% below the 90-day average). Local investors were net buyers. The index is down 1.0% YTD.<\/p>\n

In the green: <\/strong>EFG Hermes (+3.0%), Pioneers (+2.0%) and GB Auto (+1.8%).<\/p>\n

In the red: <\/strong>Eastern Co. (-3.6%), CIB (-2.5%) and Heliopolis Housing (-2.3%).<\/p>\n","protected":false},"excerpt":{"rendered":"

The USD 20 bn \u201cfiresale\u201d of Chinese and US tech stocks last week is the doing of hedge fund Archegos Capital Management, which defaulted on margin calls by a number of prime brokerages last week following a tumble in ViacomCBS and several tech stocks to which the fund was highly exposed, the Financial Times reports. […]<\/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":[344,72,119,122,666],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-561232","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-cryptocurrency","tag-enterpriseam","tag-financial-markets","tag-planet-finance","tag-visa","wpautop","entry"],"acf":{"mongo_id":"31075772-f30b-4304-948c-a2e478d26365","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[561211],"teaser":"","voice_url":""},"yoast_head":"\nWhat the markets are doing on 30 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\/30\/what-the-markets-are-doing-on-30-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 30 March 2021\" \/>\n<meta property=\"og:description\" content=\"The USD 20 bn \u201cfiresale\u201d of Chinese and US tech stocks last week is the doing of hedge fund Archegos Capital Management, which defaulted on margin calls by a number of prime brokerages last week following a tumble in ViacomCBS and several tech stocks to which the fund was highly exposed, the Financial Times reports. 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Arm\u2019s business is seen\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":560059,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/14\/what-the-markets-are-doing-on-14-february-2021\/","url_meta":{"origin":561232,"position":1},"title":"What the markets are doing on 14 February 2021","author":"enterpriseam admin","date":"14 February 2021","format":false,"excerpt":"Even stonks that make it to the moon, must return to Earth: That\u2019s the message from Muddy Waters\u2019 Carson Block, who writes in the Financial Times that GameStop\u2019s recent boom and bust should alert us to the fragility of the \u201cstonk bubble\u201d that lies before us. The dominance of passive\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":581167,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/21\/vc-funding-falls-to-nine-year-low-in-4q-2022\/","url_meta":{"origin":561232,"position":2},"title":"VC funding falls to nine-year low in 4Q 2022","author":"enterpriseam admin","date":"21 February 2023","format":false,"excerpt":"Economic uncertainty sent fundraising by venture-capital firms plunging to a nine-year low in the fourth quarter of 2022, the Wall Street Journal reports, citing data from investment data company Preqin. VCs raised USD 20.6 bn in new funds during the October-December period, down 65% y-o-y \u2014 the lowest fourth-quarter total\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":592602,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/08\/aramco-ups-its-dividend-despite-falling-oil-earnings\/","url_meta":{"origin":561232,"position":3},"title":"Aramco ups its dividend despite falling oil earnings","author":"enterpriseam admin","date":"8 August 2023","format":false,"excerpt":"The Saudi oil firm will pay out nearly USD 30 bn in dividends","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\/8\/354.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561268,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/31\/what-the-markets-are-doing-on-31-march-2021\/","url_meta":{"origin":561232,"position":4},"title":"What the markets are doing on 31 March 2021","author":"enterpriseam admin","date":"31 March 2021","format":false,"excerpt":"Archegos\u2019 meltdown could cost global banks USD 6 bn: Shares at Morgan Stanley, Goldman Sachs, Nomura, and Credit Suisse all took a tumble yesterday following a global selloff of banking stocks after banks that had lent to Archegos were forced to sell off stocks after Archegos defaulted on a margin\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":562725,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/03\/hedge-fund-assets-hit-record-high\/","url_meta":{"origin":561232,"position":5},"title":"Hedge fund assets hit record high","author":"enterpriseam admin","date":"3 June 2021","format":false,"excerpt":"Global hedge fund industry assets grew to a new all-time high of USD 4.1 tn at the end of March as a strong economic recovery, a rise in equity and commodity prices, and an unwinding of covid restrictions fuels optimism, CNBC reports, citing figures from BarclayHedge. Hedge funds have generated\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\/561232","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=561232"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561232\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/561211"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=561232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=561232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=561232"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=561232"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=561232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}