{"id":561305,"date":"2021-04-01T03:51:59","date_gmt":"2021-04-01T03:51:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/01\/what-the-markets-are-doing-on-1-april-2021\/"},"modified":"2021-04-01T03:51:59","modified_gmt":"2021-04-01T03:51:59","slug":"what-the-markets-are-doing-on-1-april-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/01\/what-the-markets-are-doing-on-1-april-2021\/","title":{"rendered":"What the markets are doing on 1 April 2021"},"content":{"rendered":"

<\/a> KSA\u2019s top listed companies are redirecting dividends into MbS\u2019 investment plan:<\/strong> Twenty-four of Saudi Arabia\u2019s largest companies have agreed to reduce dividend payouts and commit USD 1.3 tn over the next 10 years to Crown Prince Mohammed bin Salman\u2019s new domestic investment strategy, Al Arabiya<\/a> reports. The \u201cShareek\u201d program, announced on Tuesday<\/a>, is meant to bolster private sector contribution to GDP by up to 65% by the end of the decade, MbS said. Around 60% of the USD 1.3 tn are being contributed by Aramco and Sabic alone, Bloomberg<\/a> reported. The total amount of the program will rise to USD 7.2 tn, including USD 2.6 tn from government spending, as well as USD 800 bn from Saudi\u2019s Public Investment Fund, MbS added.<\/p>\n

The EU is trying to capitalize on Brexit to take euroclearing away from London <\/strong>as a big portion of EUR-denominated contracts are cleared in the City, says Politico<\/a>. While the British are clearly opposed to those efforts, the biggest challenge facing Brussels isn\u2019t so much UK opposition as it is the gigantic volume of financial trades that would need to be shifted over to mainland-based clearinghouses. The market size for clearing EUR interest-rate swaps<\/a>, or forward contracts used by financial institutions to hedge against interest rate fluctuations, alone runs into the tns, and 90% of those are being cleared by London-based LCH.<\/p>\n

What is clearing, you ask? <\/strong>Tap \/ click here for our recent primer<\/a>.<\/p>\n

The renminbi had its worst month in a year-and-a-half low against the <\/strong>USD in March<\/strong>:<\/strong> The onshore currency fell 1.4% during the month to RMB 6.57 \u2014 the worst performance since the height of US-China trade tensions in August 2019, the Financial Times<\/a> reports. Investors fear the country\u2019s economic bounce to pre-pandemic levels could lead to the government withdrawing stimulus, which according to Capital Economics\u2019 Senior Economist Julian Evans-Pritchard could cause a \u201ccyclical slowdown.\u201d The country\u2019s central bank will welcome some currency depreciation to give exports a boost, but significant fall in the currency is unlikely to happen, analysts say.<\/p>\n

The US private sector hired more new employees in March than any month since <\/strong>last September<\/strong>, according to data from the ADP Research Institute released Wednesday, Bloomberg<\/a> reports. A bounceback in the leisure and hospitality industries was widely responsible for the gains, as the US\u2019 successful vaccine rollout continues to buoy economic prospects. The economy is also getting a boost from President Joe Biden\u2019s recent USD 1.9 tn stimulus package, as well as a new USD 2 tn infrastructure investment plan, the details of which<\/a> we had in yesterday\u2019s PM.<\/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

10,568<\/p>\n<\/td>\n

\n

-1.6% (YTD: -2.6%)<\/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

9,908<\/p>\n<\/td>\n

\n

+2.8% (YTD: +14.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,913<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

2,550<\/p>\n<\/td>\n

\n

-0.3% (YTD: +2.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,973<\/p>\n<\/td>\n

\n

+0.4% (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

6,714<\/p>\n<\/td>\n

\n

-0.9% (YTD: +3.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 63.54<\/p>\n<\/td>\n

\n

-0.9%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.60<\/p>\n<\/td>\n

\n

-0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,710.20<\/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 59,088.62<\/p>\n<\/td>\n

\n

+0.4%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

The EGX30 fell 1.6% yesterday<\/strong> on turnover of EGP 1.21 bn (16.4% below the 90-day average). Foreign investors were net sellers. The index is down 2.6% YTD.<\/p>\n

In the green: <\/strong>Orascom Financial (+5.0%), Heliopolis Housing (+0.6%) and Madinet Nasr Housing (+0.5%).<\/p>\n

In the red: <\/strong>Fawry (-4.4%), Pioneers (-2.6%) and Ibnsina Pharma (-2.4%).<\/p>\n

It\u2019s green as far as the eye can see on Asian exchanges<\/strong>, but futures suggest a mixed open in Europe and in North America, where the Dow, S&P and TSX look set to open in the red, while the Nasdaq will start out in positive territory.<\/p>\n","protected":false},"excerpt":{"rendered":"

KSA\u2019s top listed companies are redirecting dividends into MbS\u2019 investment plan: Twenty-four of Saudi Arabia\u2019s largest companies have agreed to reduce dividend payouts and commit USD 1.3 tn over the next 10 years to Crown Prince Mohammed bin Salman\u2019s new domestic investment strategy, Al Arabiya reports. The \u201cShareek\u201d program, announced on Tuesday, is meant to […]<\/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":[2393,102,380,72,119,122,3875],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-561305","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-brexit","tag-capital-markets","tag-currencies","tag-enterpriseam","tag-financial-markets","tag-planet-finance","tag-renminbi","wpautop","entry"],"acf":{"mongo_id":"021d3825-4bac-4a91-8849-8e931618f722","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[561282],"teaser":"","voice_url":""},"yoast_head":"\nWhat the markets are doing on 1 April 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\/04\/01\/what-the-markets-are-doing-on-1-april-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 1 April 2021\" \/>\n<meta property=\"og:description\" content=\"KSA\u2019s top listed companies are redirecting dividends into MbS\u2019 investment plan: Twenty-four of Saudi Arabia\u2019s largest companies have agreed to reduce dividend payouts and commit USD 1.3 tn over the next 10 years to Crown Prince Mohammed bin Salman\u2019s new domestic investment strategy, Al Arabiya reports. 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The USD 606 bn sovereign wealth fund revealed that its total shareholder returns averaged 12%\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":577071,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/08\/the-uaes-chimera-capital-enters-private-credit-market\/","url_meta":{"origin":561305,"position":2},"title":"The UAE\u2019s Chimera Capital enters private credit market","author":"enterpriseam admin","date":"8 November 2022","format":false,"excerpt":"Chimera Capital enters the private credit space: Our friends at Chimera Capital have launched a USD 2 bn global private credit fund with US alternative asset manager Alpha Wave Global, the company said in a statement (pdf) yesterday. The fund will primarily lend senior secured, floating-rate private loans to private\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":562216,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/11\/what-the-markets-are-doing-on-11-march-2021-2\/","url_meta":{"origin":561305,"position":3},"title":"What the markets are doing on 11 March 2021","author":"enterpriseam admin","date":"11 May 2021","format":false,"excerpt":"The global ETF industry is going from strength to strength: Assets managed by the global passive investment industry grew to more than USD 15 tn last year as exchange-traded funds (ETFs) came close to surpassing the traditional index-tracking mutual funds for the first time ever, the Financial Times reports, citing\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":548719,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/18\/one-of-sodics-new-owners-just-got-a-major-new-shareholder\/","url_meta":{"origin":561305,"position":4},"title":"One of SODIC\u2019s new owners just got a major new shareholder","author":"enterpriseam admin","date":"18 August 2022","format":false,"excerpt":"Giant UAE firm wants to go long on EMs: Emirati firm International Holdings Co. (IHC) plans to invest bns of USDs into emerging markets like India, Colombia and Turkey as part of its plans to expand its exposure, IHC CEO Syed Basar Shueb told Bloomberg in an interview. The company,\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":547392,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/the-global-financial-mood-has-well-and-truly-turned\/","url_meta":{"origin":561305,"position":5},"title":"The global financial mood has well and truly turned","author":"enterpriseam admin","date":"20 June 2022","format":false,"excerpt":"Time to batten down the hatches: The business press is warning of coming storms on all fronts. Investors should prepare for potentially extreme movements in the markets as central banks end years of easy monetary policy to curb inflation, writes James Mackintosh in the Wall Street Journal. As the US\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\/561305","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=561305"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561305\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/561282"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=561305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=561305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=561305"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=561305"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=561305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}