{"id":562652,"date":"2021-06-01T04:00:45","date_gmt":"2021-06-01T04:00:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/01\/what-the-markets-are-doing-on-1-june-2021\/"},"modified":"2021-06-01T04:00:45","modified_gmt":"2021-06-01T04:00:45","slug":"what-the-markets-are-doing-on-1-june-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/01\/what-the-markets-are-doing-on-1-june-2021\/","title":{"rendered":"What the markets are doing on 1 June 2021"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>Investors are pumping the brakes on the red-hot US IPO market:<\/strong> The strength of first-day IPO \u201cpops\u201d in the US is dipping, a sign that investors are becoming more discriminating after throwing money at everything during the first two months of the year, <a href=\"https:\/\/www.ft.com\/content\/ffe2e371-cc9e-41cc-94d4-b6d3446b6ed7\">the Financial Times<\/a> reports. The share prices of companies listing on the NYSE rose by an average of more than 40% on their first day of trading during January and February as investors poured money into the IPO market. This has since fallen back, averaging around 20% in March and April and 18% in May.<\/p>\n<p><strong>And companies aren\u2019t being quite as bold with their pricing:<\/strong> The final quarter of 2020 saw almost 40% of new companies price above their expected range, and a quarter doing the same in 1Q2021. So far in the second quarter, just 11% of companies have exceeded their pricing range.<\/p>\n<p><strong>Could Ether soon leave BTC in the dust?<\/strong> Ether, the world\u2019s second-largest cryptocurrency, has closed the gap on market leader BTC over the past month after proving more resilient during the recent crypto rout, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-05-31\/crypto-shakeout-stirs-debate-on-ether-s-shot-at-usurping-bitcoin?sref=mmeFTDW1\">Bloomberg<\/a>. A downturn in the asset class saw Ether lose 11% of its value, leaving it USD 350 bn closer in market value to BTC, which plunged 37% from its recent peak.<\/p>\n<p><strong>Some market watchers are tipping it to one day become the preeminent crypto asset:<\/strong> Though BTC\u2019s market value is more than double Ether\u2019s, the latter \u201cwill likely exceed BTC at some point in the future, as Ethereum will be superior when it comes to innovation and developer interest,\u201d one industry participant said. The currency is popular with blockchain-based financial services firms and digital collectibles, while efficiency upgrades are being made to the Ethereum network.<\/p>\n<p><strong>Others don\u2019t see bitcoin being knocked off its perch:<\/strong> \u201cBTC will still remain king of the cryptos,\u201d said one market analyst. \u201cIt had too big of a lead for Ethereum to catch and has one major advantage, a fixed supply of only 21 mn coins.\u201d<\/p>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,309<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: -4.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.63<\/p>\n<\/td>\n<td>\n<p>Sell 15.73<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.63<\/p>\n<\/td>\n<td>\n<p>Sell 15.73<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>10,551<\/p>\n<\/td>\n<td>\n<p>-% (YTD: +21.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>6,558<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: +30.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>2,797<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: +12.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,204<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: +11.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,022<\/p>\n<\/td>\n<td>\n<p>-% (YTD: +8.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 69.32<\/p>\n<\/td>\n<td>\n<p>+0.9%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 3.04<\/p>\n<\/td>\n<td>\n<p>+1.8%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,909.50<\/p>\n<\/td>\n<td>\n<p>+0.2%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 37,047<\/p>\n<\/td>\n<td>\n<p>+2.5% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 rose less than 0.1% at today\u2019s close<\/strong> on turnover of EGP 1.77 bn (26.6% above the 90-day average). Foreign investors were net sellers. The index is down 4.9% YTD.<\/p>\n<p><strong>In the green: <\/strong>CI Capital (+13.3%), Export Development Bank (+3.3%) and Orascom Financial Holding (+3.1%).<\/p>\n<p><strong>In the red: <\/strong>Sidi Kerir Petrochem (-2.4%), Ibnsina Pharma (-2.4%) and Cleopatra Hospital (-2.0%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investors are pumping the brakes on the red-hot US IPO market: The strength of first-day IPO \u201cpops\u201d in the US is dipping, a sign that investors are becoming more discriminating after throwing money at everything during the first two months of the year, the Financial Times reports. The share prices of companies listing on the [&hellip;]<\/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":[344,72,119,78,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-562652","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-cryptocurrency","tag-enterpriseam","tag-financial-markets","tag-ipo-watch","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"6efa0dfc-44bf-4753-9fd6-2e894801fa56","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[562633],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What the markets are doing on 1 June 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\/06\/01\/what-the-markets-are-doing-on-1-june-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 June 2021\" \/>\n<meta property=\"og:description\" content=\"Investors are pumping the brakes on the red-hot US IPO market: The strength of first-day IPO \u201cpops\u201d in the US is dipping, a sign that investors are becoming more discriminating after throwing money at everything during the first two months of the year, the Financial Times reports. 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Wednesday will be the 238th\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","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":565323,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/01\/global-ipo-activity-absolutely-smashed-it-in-1q2021-whats-the-catch\/","url_meta":{"origin":562652,"position":1},"title":"Global IPO activity absolutely smashed it in 1Q2021, what\u2019s the catch?","author":"enterpriseam admin","date":"1 April 2021","format":false,"excerpt":"Global IPO activity had its best first quarter in history, with proceeds raised throughout the first three months of 2021 more than 6x what was raised during 1Q2020. New listings so far into the year made a whopping USD 220 bn, compared to just USD 37 bn in 1Q2020. Vaccine\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/313.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546952,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/gulf-ipo-market-on-course-for-record-first-half\/","url_meta":{"origin":562652,"position":2},"title":"Gulf IPO market on course for record first half","author":"enterpriseam admin","date":"2 June 2022","format":false,"excerpt":"No IPO winter in the GCC, thanks to rising oil prices: Gulf IPOs are on course for a record first half as surging oil prices and foreign inflows protect the energy-rich region from the turbulence that has threatened listing in other parts of the world, Bloomberg reported. Companies in the\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","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":561126,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/25\/what-the-markets-are-doing-on-25-march-2021\/","url_meta":{"origin":562652,"position":3},"title":"What the markets are doing on 25 March 2021","author":"enterpriseam admin","date":"25 March 2021","format":false,"excerpt":"Robinhood could soon have an IPO in the works: US stock-trading app Robinhood has confidentially submitted paperwork to US regulators for a Nasdaq IPO that could take place in the next few months, the Financial Times reports, citing an unnamed source familiar with the matter. The company\u2019s zero-fee model has\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","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":548820,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/23\/the-us-ipo-market-heads-towards-one-of-its-worst-years-ever-efg-gets-uae-ipo-mandate\/","url_meta":{"origin":562652,"position":4},"title":"The US IPO market heads towards one of its worst years ever + EFG gets UAE IPO mandate","author":"enterpriseam admin","date":"23 August 2022","format":false,"excerpt":"2021 was a record year for IPOs in the US. 2022 could turn out to be the worst: The US IPO market is heading for its worst year in decades as rising interest rates, soaring inflation and the war in Ukraine rock financial markets. Traditional IPOs have raised a meager\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","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":546316,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/emerging-market-currencies-see-biggest-losses-since-2020\/","url_meta":{"origin":562652,"position":5},"title":"Emerging-market currencies see biggest losses since 2020","author":"enterpriseam admin","date":"11 May 2022","format":false,"excerpt":"EM currencies see biggest losses since 2020: Emerging-market currencies are suffering as investors pull out of risk assets in response to rising interest rates in the US and the economic slowdown in China, according to the Financial Times. The MSCI Emerging Markets Currency Index dropped over 4% since the beginning\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","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\/562652","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=562652"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562652\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/562633"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=562652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=562652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=562652"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=562652"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=562652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}