{"id":561521,"date":"2021-04-11T03:54:26","date_gmt":"2021-04-11T03:54:26","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/11\/what-the-markets-are-doing-on-11-april-2021\/"},"modified":"2021-04-11T03:54:26","modified_gmt":"2021-04-11T03:54:26","slug":"what-the-markets-are-doing-on-11-april-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/11\/what-the-markets-are-doing-on-11-april-2021\/","title":{"rendered":"What the markets are doing on 11 April 2021"},"content":{"rendered":"

<\/a> Alibaba just got slapped with China\u2019s largest antitrust penalty, with Chinese<\/strong> regulators imposing a USD 2.8 bn fine on the e-commerce group.<\/strong> 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 that also sold on other platforms following a four-month investigation, the Wall Street Journal<\/a> reports. The company will also have to submit a compliance report over the next three years. The probe followed comments by Alibaba founder Jack Ma criticizing Chinese regulatory restrictions \u2014 comments which ultimately also resulted in regulators halting Alibaba affiliate Ant Group\u2019s USD 37 bn planned IPO<\/a> days before it was set to go to market last year.<\/p>\n

Crypto miner Riot Blockchain will acquire North America\u2019s largest BTC hosting<\/strong> facility, Whinstone, in an almost USD 651 mn stock and cash transaction<\/strong> that would see the former standing as one of the largest listed mining centers in the world, according to a statement (pdf)<\/a>. The acquisition follows bitcoin prices clearing record highs of 60k last month<\/a>.<\/p>\n

US back to a \"great economy\" soon?<\/strong> Stocks climbed on Federal Reserve Chairman Jerome Powell's reassurance that the US central bank has the tools to curb inflationary pressures, Bloomberg<\/a> reports, with Powell vowing to get the US' economy back on track during an IMF panel (watch, runtime: 53:14<\/a>) over the weekend. The Federal Reserve is likely to keep interest rates stable till at least the end of 2023, according to the Fed\u2019s latest forecast, as the US positively cushions the economic fallout from the pandemic. \u201cWe would be monitoring inflation expectations very carefully. If we see them moving persistently and materially above levels we\u2019re comfortable with, then we\u2019d react to that,\u201d Powell said.<\/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

10,304<\/p>\n<\/td>\n

\n

+0.7% (YTD: -5.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.65<\/p>\n<\/td>\n

\n

Sell 15.75<\/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

10,012<\/p>\n<\/td>\n

\n

-% (YTD: +15.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

6,059<\/p>\n<\/td>\n

\n

+0.4% (YTD: +20.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

2,582<\/p>\n<\/td>\n

\n

+0.9% (YTD: +3.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,128<\/p>\n<\/td>\n

\n

+0.8% (YTD: +9.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

6,915<\/p>\n<\/td>\n

\n

-0.4% (YTD: +7.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 62.95<\/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 2.53<\/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 1,744.80<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 59,408<\/p>\n<\/td>\n

\n

+2.4% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

The EGX30 rose 0.7% on Thursday<\/strong> on turnover of EGP 692 mn (50.6% below the 90-day average). Foreign investors were net sellers. The index is down 5.0% YTD.<\/p>\n

In the green: <\/strong>SODIC (+3.3%), CI Capital (+2.7%) and Telecom Egypt (+2.5%).<\/p>\n

In the red: <\/strong>GB Auto (-1.1%), Credit Agricole (-0.4%) and Orascom Development (-0.4%).<\/p>\n","protected":false},"excerpt":{"rendered":"

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 that also sold on other […]<\/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":[2383,102,116,1157,344,72,119,272,182,1424,7128,122,3901,439,117,3902],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-561521","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-antitrust","tag-capital-markets","tag-china","tag-crypto-mining","tag-cryptocurrency","tag-enterpriseam","tag-financial-markets","tag-imf","tag-inflation","tag-jerome-powell","tag-ma-watch","tag-planet-finance","tag-riot-blockchain","tag-spacs","tag-us","tag-whinstone","wpautop","entry"],"acf":{"mongo_id":"7ac16eb0-26c5-4511-9a18-5742b522604d","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[561500],"teaser":"","voice_url":""},"yoast_head":"\nWhat the markets are doing on 11 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\/11\/what-the-markets-are-doing-on-11-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 11 April 2021\" \/>\n<meta property=\"og:description\" content=\"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. 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A total of 181 companies will publish their figures, starting with Tesla on Monday, with\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":568352,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/27\/what-the-markets-are-doing-on-27-december-2020\/","url_meta":{"origin":561521,"position":1},"title":"What the markets are doing on 27 December 2020","author":"enterpriseam admin","date":"27 December 2020","format":false,"excerpt":"China\u2019s competition watchdog has launched an antitrust investigation into Alibaba, it said in a statement cited by the Associated Press. The country\u2019s State Administration of Market Regulation recently opened the investigation after complaints of Alibaba\u2019s use of a policy known in China as \u201cpick one of two,\u201d which forces merchants\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":561624,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/14\/what-the-markets-are-doing-on-14-april-2021\/","url_meta":{"origin":561521,"position":2},"title":"What the markets are doing on 14 April 2021","author":"enterpriseam admin","date":"14 April 2021","format":false,"excerpt":"The biggest SPAC acquisition ever is coming out of Singapore as ride-hailing and food delivery platform Grab is going public on the Nasdaq through a record breaking USD 39.6 bn agreement that will see it merge with a US-based SPAC Altimer Growth, Reuters reports. Altimer Capital is leading the offering\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":561696,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/18\/what-the-markets-are-doing-on-18-april-2021\/","url_meta":{"origin":561521,"position":3},"title":"What the markets are doing on 18 April 2021","author":"enterpriseam admin","date":"18 April 2021","format":false,"excerpt":"US banks\u2019 earnings season is still going strong: Bank of America reported stronger-than-expected earnings in 1Q2021, with its net income doubling during the three-month period to reach USD 8.1 bn, according to the multinational investment bank's financials (pdf). 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":584324,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/29\/china-is-becoming-the-worlds-second-lender-of-last-resort\/","url_meta":{"origin":561521,"position":4},"title":"China is becoming the world\u2019s second \u2018lender of last resort\u2019","author":"enterpriseam admin","date":"29 March 2023","format":false,"excerpt":"China provided USD 104 bn in bailout loans between 2019 and 2021","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\/3\/611.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577240,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/vodacom-wants-to-launch-its-superapp-with-alibaba-in-egypt\/","url_meta":{"origin":561521,"position":5},"title":"Vodacom wants to launch its superapp with Alibaba in Egypt","author":"enterpriseam admin","date":"15 November 2022","format":false,"excerpt":"Vodacom is already making plans for Egypt: Vodafone\u2019s South African subsidiary plans to launch financial services products in Egypt through its Vodapay superapp that it is developing with Chinese tech giant Alibaba Group, its CEO, Shameel Joosub, told Bloomberg yesterday. The company hopes to soon enter Egypt with the EUR\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/235.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\/561521","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=561521"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561521\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/561500"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=561521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=561521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=561521"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=561521"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=561521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}