{"id":561268,"date":"2021-03-31T04:11:08","date_gmt":"2021-03-31T04:11:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/31\/what-the-markets-are-doing-on-31-march-2021\/"},"modified":"2021-03-31T04:11:08","modified_gmt":"2021-03-31T04:11:08","slug":"what-the-markets-are-doing-on-31-march-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/31\/what-the-markets-are-doing-on-31-march-2021\/","title":{"rendered":"What the markets are doing on 31 March 2021"},"content":{"rendered":"

<\/a> Archegos\u2019 meltdown could cost global banks USD 6 bn: <\/strong>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 call last week, Reuters<\/a> reports. The firm, which is run as a family office by Bill Hwang and was subsequently subject to less regulatory scrutiny, was estimated to have held positions of over USD 50 bn, while having only USD 10 bn in assets, sources said, resulting in an incredibly overleveraged and risk exposed portfolio, Bloomberg<\/a> says.\u201d<\/p>\n

No idea what we\u2019re talking about?<\/strong> We broke down the story \u2014 and what it means for Egypt \u2014 in yesterday\u2019s edition<\/a> of EnterprisePM.<\/p>\n

A major smartphone maker (not Apple) is entering the EV space: <\/strong>Xiaomi announced<\/a> yesterday it is investing USD 10 bn over the next decade in a subsidiary focused on the \"smart electric vehicle business.\" The Chinese company will spend an initial CNY 10 bn (c. USD 1.5 bn) to launch the business, expanding its investment in the coming years.<\/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

10,740<\/p>\n<\/td>\n

\n
    \n
  • (YTD: -1.0%)<\/li>\n<\/ul>\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

9,635<\/p>\n<\/td>\n

\n

+0.2% (YTD: +10.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,911<\/p>\n<\/td>\n

\n

+1.5% (YTD: +17.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

2,559<\/p>\n<\/td>\n

\n

+0.2% (YTD: +2.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,959<\/p>\n<\/td>\n

\n

-0.3% (YTD: +5.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

6,772<\/p>\n<\/td>\n

\n

+0.5% (YTD: +4.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 64.20<\/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 2.62<\/p>\n<\/td>\n

\n
    \n
  • <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n

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

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

\n

USD 1,680.50<\/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 58,810.77<\/p>\n<\/td>\n

\n

+2.7%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

The EGX30 ended yesterday flat<\/strong> on turnover of EGP 1.05 bn (27.8% below the 90-day average). Foreign investors were net buyers. The index is down 1.0% YTD.<\/p>\n

In the green: <\/strong>Orascom Financial (+6.0%), Pioneers (+3.5%) and Orascom Investment (+2.4%).<\/p>\n

In the red: <\/strong>Eastern Co. (-2.6%), Oriental Weavers (-1.5%), and MM Group (-1.3%).<\/p>\n","protected":false},"excerpt":{"rendered":"

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 call last week, Reuters 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":[72,119,122,3871],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-561268","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-planet-finance","tag-smartphone-makers","wpautop","entry"],"acf":{"mongo_id":"e234b66c-56d3-4e20-89f6-67a06bcd7e5b","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[561247],"teaser":"","voice_url":""},"yoast_head":"\nWhat the markets are doing on 31 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\/31\/what-the-markets-are-doing-on-31-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 31 March 2021\" \/>\n<meta property=\"og:description\" content=\"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 call last week, Reuters reports. 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Bank of America\u2019s performance comes as it released USD 2.7 bn 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":546139,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/28\/charges-brought-against-the-man-behind-the-invisible-whale\/","url_meta":{"origin":561268,"position":2},"title":"Charges brought against the man behind the invisible whale","author":"enterpriseam admin","date":"28 April 2022","format":false,"excerpt":"Archegos founder, CFO arrested on 11 criminal counts, including security fraud: Archegos Capital Management founder Bill Hwang and CFO Patrick Halligan were indicted yesterday on charges of securities fraud, wire fraud, and racketeering. Both pleaded not guilty to the charges. Hwang posted a staggering USD 100 mn in bail, while\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":561766,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/20\/what-the-markets-are-doing-on-20-april-2021\/","url_meta":{"origin":561268,"position":3},"title":"What the markets are doing on 20 April 2021","author":"enterpriseam admin","date":"20 April 2021","format":false,"excerpt":"GLOBAL M&A WATCH- UK competition watchdog to probe multi-bn acquisition of country\u2019s most valuable tech business: The UK\u2019s Competition and Markets Authority is investigating the potential USD 40 bn acquisition of Cambridge-based Arm Holding by the US\u2019 Nvidia on national security grounds, according to a statement. 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":561995,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/28\/what-the-markets-are-doing-on-28-april-2021\/","url_meta":{"origin":561268,"position":4},"title":"What the markets are doing on 28 April 2021","author":"enterpriseam admin","date":"28 April 2021","format":false,"excerpt":"Yesterday was a huge day for tech earnings: Google parent Alphabet smashed sales records in 1Q thanks to a splurge in digital ad spending, the Financial Times reports. Revenues hit a record USD 55.3 bn during the three-month period, causing net profit to surge 162% to USD 17.9 bn, blowing\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":590740,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/25\/federal-reserve-expected-to-hike-rates-this-week\/","url_meta":{"origin":561268,"position":5},"title":"Federal Reserve expected to hike rates this week","author":"enterpriseam admin","date":"25 July 2023","format":false,"excerpt":"A 25-bps hike would take the benchmark rate to its highest level since 2001","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\/940.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\/561268","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=561268"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561268\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/561247"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=561268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=561268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=561268"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=561268"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=561268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}