{"id":562805,"date":"2021-06-07T04:00:14","date_gmt":"2021-06-07T04:00:14","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/07\/what-the-markets-are-doing-on-7-june-2021\/"},"modified":"2021-06-07T04:00:14","modified_gmt":"2021-06-07T04:00:14","slug":"what-the-markets-are-doing-on-7-june-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/07\/what-the-markets-are-doing-on-7-june-2021\/","title":{"rendered":"What the markets are doing on 7 June 2021"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a><strong> Some foreign investors are starting to reposition their EM portfolios in <\/strong><strong>anticipation of an end to US stimulus measures.<\/strong> Some emerging-market investors are trying to reduce their exposure to a rise in US interest rates as speculation builds that the Federal Reserve may begin tapering its bond-buying programme, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-06-06\/taper-tantrum-woes-fuel-hunt-for-foolproof-emerging-markets?sref=mmeFTDW1\">Bloomberg<\/a> reports. Bank of America is telling investors to buy into EM EUR-denominated bonds while some funds are going in search of EM bonds that are less sensitive to rising US rates. Others are looking towards equities, which are seen by some as being less vulnerable to moves in the US treasury market.<\/p>\n<p><strong>Yellen just said exactly what EM central bankers don\u2019t want to hear<\/strong>, calling a higher interest rate environment in the US a \u201ca plus\u201d during an interview with <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-06-06\/yellen-says-higher-interest-rates-would-be-plus-for-u-s-fed?srnd=premium&sref=mmeFTDW1\">Bloomberg<\/a>. The Treasury Secretary and former<sup><\/sup> Fed chair said that the central bank wants interest rates to return to a normal level, having been ultra-low for much of the last decade.<\/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>10,122<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: -6.7%)<\/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 15.64<\/p>\n<\/td>\n<td>\n<p>Sell 15.74<\/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 15.64<\/p>\n<\/td>\n<td>\n<p>Sell 15.74<\/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-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>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>10,685<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: +23.0%)<\/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>6,623<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: +31.3%)<\/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>2,820<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: +13.2%)<\/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>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,229<\/p>\n<\/td>\n<td>\n<p>+0.9% (YTD: +12.6%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,069<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: +9.4%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 71.79<\/p>\n<\/td>\n<td>\n<p>-0.1%<\/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>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 3.10<\/p>\n<\/td>\n<td>\n<p>-%<\/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 1,893.50<\/p>\n<\/td>\n<td>\n<p>+0.1%<\/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 35,916<\/p>\n<\/td>\n<td>\n<p>+2.2% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>The EGX30 rose 0.7% at today\u2019s close<\/strong> on turnover of EGP 1.27 bn (2.2% below the 90-day average). Local investors were net buyers. The index is down 6.7% YTD.<\/p>\n<p><strong>In the green: <\/strong>Pioneers Holding (+7.1%), MM Group (+4.9%) and Cleopatra Hospital (+4.7%).<\/p>\n<p><strong>In the red: <\/strong>Fawry (-2.9%), Abu Qir Fertilizers (-1.4%) and Telecom Egypt (-1.0%).<\/p>\n<p><strong>Asian markets are slightly down in early trading this morning.<\/strong> European and US equities look set to follow them later today, according to the futures markets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Some foreign investors are starting to reposition their EM portfolios in anticipation of an end to US stimulus measures. Some emerging-market investors are trying to reduce their exposure to a rise in US interest rates as speculation builds that the Federal Reserve may begin tapering its bond-buying programme, Bloomberg reports. Bank of America is telling [&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":[115,72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-562805","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-emerging-markets","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"1f508293-819a-4ec2-a28c-006c8681bb8c","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[562783],"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 7 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\/07\/what-the-markets-are-doing-on-7-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 7 June 2021\" \/>\n<meta property=\"og:description\" content=\"Some foreign investors are starting to reposition their EM portfolios in anticipation of an end to US stimulus measures. 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Already under pressure from rising interest rates, the commodity price shock sparked by the conflict in Ukraine\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":554297,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/28\/it-was-a-terrible-horrible-no-good-year-for-bonds-except-for-ems\/","url_meta":{"origin":562805,"position":1},"title":"It was a terrible, horrible, no good year for bonds (except for EMs)","author":"enterpriseam admin","date":"28 December 2021","format":false,"excerpt":"2021 looks set to register the worst year for the global bond market since 1999, the Financial Times reports. Barclays global bond index, which tracks USD 68 tn worth of corporate and sovereign bonds, has delivered a negative return of 4.8% for the year so far as investors flee government\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":553882,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/inflows-to-em-bonds-equities-slow-fretting-over-us-inflation\/","url_meta":{"origin":562805,"position":2},"title":"Inflows to EM bonds, equities slow + fretting over US inflation","author":"enterpriseam admin","date":"12 December 2021","format":false,"excerpt":"MARKET WATCH- The last time US inflation was this high, Mubarak hadn\u2019t completed the first year of his presidency: Consumer prices in the US rose to 6.8% in November from last year \u2014 the quickest annual pace since 1982, according to official figures released Friday.The figures gave more fodder to\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":549852,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/03\/em-bond-funds-see-massive-outflows-amid-risk-off-wave-stronger-usd\/","url_meta":{"origin":562805,"position":3},"title":"EM bond funds see massive outflows amid risk-off wave, stronger USD","author":"enterpriseam admin","date":"3 October 2022","format":false,"excerpt":"Emerging-market bond funds have seen a record USD 70 bn of outflows so far this year, with investors pulling USD 4.2 bn in the past week alone, the Financial Times reports citing JPMorgan\u2019s analysis of EPFR Global data. Emerging markets are up against a continuing surge in interest rates in\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":582817,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/27\/rallies-in-em-assets-global-bonds-go-into-reverse-on-rate-fears\/","url_meta":{"origin":562805,"position":4},"title":"Rallies in EM assets, global bonds go into reverse on rate fears","author":"enterpriseam admin","date":"27 February 2023","format":false,"excerpt":"The great 2023 global bond rally goes kaput: The rally in the global bond marketthat marked the first few weeks of the year has gone into reverse as stubborn inflation and a resilient US labor market reverse cause investors to rethink their assumptions that central banks are almost done raising\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\/wp-content\/uploads\/2023\/02\/USD-Asian-1600px-1.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582621,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/13\/corporates-in-em-are-having-a-hard-time-in-the-debt-markets\/","url_meta":{"origin":562805,"position":5},"title":"Corporates in EM are having a hard time in the debt markets","author":"enterpriseam admin","date":"13 March 2023","format":false,"excerpt":"EM corporate bonds struggle on high cost of debt: Emerging-market companies have sold only USD 60 bn worth of bonds since the beginning of the year \u2014 an 18% drop from the same period last year \u2014 as higher interest rates and high-profile troubles at EM firms including India\u2019s Adani\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\/2023\/3\/Cairo-downtown-talaatharb-1600px.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\/562805","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=562805"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562805\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/562783"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=562805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=562805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=562805"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=562805"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=562805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}