{"id":563136,"date":"2021-06-20T04:00:20","date_gmt":"2021-06-20T04:00:20","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/20\/us-stocks-suffer-biggest-weekly-losses-since-february-on-fed-rate-hike-fears\/"},"modified":"2021-06-20T04:00:20","modified_gmt":"2021-06-20T04:00:20","slug":"us-stocks-suffer-biggest-weekly-losses-since-february-on-fed-rate-hike-fears","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/20\/us-stocks-suffer-biggest-weekly-losses-since-february-on-fed-rate-hike-fears\/","title":{"rendered":"US stocks suffer biggest weekly losses since February on Fed rate hike fears"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>US stocks sustained their worst weekly losses since February Friday<\/strong>, after the Fed's signal that it may hike interest rates sooner than they had previously anticipated in a bid to control inflation, according to <a href=\"https:\/\/www.ft.com\/content\/7fa14ef2-edc0-41bb-870c-303542d6e7c8\">the Financial Times<\/a>. The benchmark S&P 500 fell 1.3%, taking its losses for the week to 1.9%, while the tech-heavy Nasdaq Composite lost 0.9% to end the week down 0.3%.<\/p>\n<p><strong>Noises made by the Fed following last week\u2019s meeting have been interpreted as the <\/strong><strong>opening salvo of a \u201c<\/strong><strong>transition phase<\/strong><strong>,\u201d<\/strong> where policymakers will slowly start to roll back the ultra-loose policy and set expectations for rate hikes and an end to its USD 120 bn per month bond-buying programme, analysts tell <a href=\"https:\/\/www.ft.com\/content\/a7982c61-3da6-4e02-a056-8b6116371d37\">the salmon-colored paper<\/a>.<\/p>\n<p><strong>And expect bumps along the way:<\/strong> \u201cThe big picture here is that this is the beginning of the transition phase from really accommodative monetary policy to what is going to be less accommodative monetary policy,\u201d said one fund manager. \u201cWe are going to start with tapering and then there are going to be some rate hikes, and I think the market is going to have trouble adjusting to that. It is going to lead to a little more volatility.\u201d<\/p>\n<p><strong>Saudi Aramco has sold a near-majority stake in its oil pipeline operations arm <\/strong><strong>for USD 12.4 bn to a consortium of international investors<\/strong> led by US-based EIG Global Energy Partners, EIG said in <a href=\"https:\/\/eigpartners.com\/eig-led-consortium-closes-12-4-billion-infrastructure-deal-with-aramco\/\">a statement<\/a> Friday. Aramco will retain a 51% stake and and operational control of the unit.<\/p>\n<p><strong>The UK is anticipated to bounce back to its pre-covid output levels one year <\/strong><strong>ahead of schedule, <\/strong><a href=\"https:\/\/www.ft.com\/content\/d6adb73d-cd56-403e-a6d6-b352a29eec2e\">the Financial Times<\/a> reports. The Confederation of British Industry predicts that the GDP will grow by 8.2%, and a further 6.2% in 2022, twice as fast as previously expected. Roughly 70% of the growth in 2022 will be driven by consumer spending, which is seen as \u201cthe linchpin of the recovery.\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-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>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>9,866<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: -9.0%)<\/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 15.60<\/p>\n<\/td>\n<td>\n<p>Sell 15.70<\/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 15.60<\/p>\n<\/td>\n<td>\n<p>Sell 15.70<\/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>10,853<\/p>\n<\/td>\n<td>\n<p>-% (YTD: +24.9%)<\/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>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>6,646<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: +31.7%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>2,862<\/p>\n<\/td>\n<td>\n<p>+0.8% (YTD: +14.9%)<\/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>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,166<\/p>\n<\/td>\n<td>\n<p>-1.3% (YTD: +10.9%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,017<\/p>\n<\/td>\n<td>\n<p>-1.9% (YTD: +8.6%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 73.51<\/p>\n<\/td>\n<td>\n<p>+0.6%<\/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>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 3.22<\/p>\n<\/td>\n<td>\n<p>-1.2%<\/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>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,769.00<\/p>\n<\/td>\n<td>\n<p>-0.33%<\/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 36,010<\/p>\n<\/td>\n<td>\n<p>+1.2% (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 fell 0.2% at today\u2019s close<\/strong> on turnover of EGP 1.40 bn (9.1% above the 90-day average). Foreign investors were net sellers. The index is down 9.0% YTD.<\/p>\n<p><strong>In the green: <\/strong>Ezz Steel (+6.0%), Cleopatra Hospital (+4.5%), and AMOC (+3.1).<\/p>\n<p><strong>In the red: <\/strong>GB Auto (-1.8%), Heliopolis Housing (-1.7%) and Pioneers Holding (-1.7%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>US stocks sustained their worst weekly losses since February Friday, after the Fed's signal that it may hike interest rates sooner than they had previously anticipated in a bid to control inflation, according to the Financial Times. The benchmark S&#038;P 500 fell 1.3%, taking its losses for the week to 1.9%, while the tech-heavy Nasdaq [&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":[394,72,119,3379,122,4089,4088],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-563136","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-aramco","tag-enterpriseam","tag-financial-markets","tag-mubadala-investment-company","tag-planet-finance","tag-samsung-asset-management","tag-silk-road-fund","wpautop","entry"],"acf":{"mongo_id":"2b1292e9-844a-4923-8aa8-9894d71e7019","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[563115],"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>US stocks suffer biggest weekly losses since February on Fed rate hike fears - 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\/20\/us-stocks-suffer-biggest-weekly-losses-since-february-on-fed-rate-hike-fears\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US stocks suffer biggest weekly losses since February on Fed rate hike fears\" \/>\n<meta property=\"og:description\" content=\"US stocks sustained their worst weekly losses since February Friday, after the Fed&#039;s signal that it may hike interest rates sooner than they had previously anticipated in a bid to control inflation, according to the Financial Times. 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The S&P 500 closed down 2.9% for the week on Friday, while the tech-heavy Nasdaq dropped 3.5% \u2014 marking the fourth weekly\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":576964,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/03\/fed-delivers-75-bps-rate-hike-powell-warns-we-still-have-some-ways-to-go-in-hawkish-presser\/","url_meta":{"origin":563136,"position":1},"title":"Fed delivers 75-bps rate hike, Powell warns \u201cwe still have some ways to go\u201d in hawkish presser","author":"enterpriseam admin","date":"3 November 2022","format":false,"excerpt":"US interest rates are now at their highest level since the beginning of 2008: As expected yesterday, the Federal Reserve delivered another huge interest rate hike, extending its most aggressive tightening cycle in decades and pushing rates to the highest level in almost 15 years. The central bank announced it\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":544701,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/us-stocks-rally-ahead-of-fed-decision-oil-continues-to-plunge\/","url_meta":{"origin":563136,"position":2},"title":"US stocks rally ahead of Fed decision; oil continues to plunge","author":"enterpriseam admin","date":"16 March 2022","format":false,"excerpt":"Stocks rally ahead of Fed meeting: US stocks staged a comeback in yesterday\u2019s session as oil prices continued to fall and weak data from a key manufacturing survey calmed concerns that the Federal Reserve will hike interest rates aggressively, according to Bloomberg. The tech-heavy Nasdaq ended three straight days of\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":582745,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/16\/the-us-banking-crisis-has-upended-expectations-for-fed-rate-policy\/","url_meta":{"origin":563136,"position":3},"title":"The US banking crisis has upended expectations for Fed rate policy","author":"enterpriseam admin","date":"16 March 2023","format":false,"excerpt":"Bond traders now expect the central bank to start cutting rates in June","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\/New-York-Stock-Exchange-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557247,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/wall-street-is-turning-bearish-on-stocks-economists-forecast-early-fed-rate-hike\/","url_meta":{"origin":563136,"position":4},"title":"Wall Street is turning bearish on stocks + economists forecast early Fed rate hike","author":"enterpriseam admin","date":"12 September 2021","format":false,"excerpt":"Have US equities peaked? Some analysts are beginning to think so, after US stocks last week saw their worst performance since June, according to the Financial Times. The S&P 500 closed down 1.7% over the week on Friday and the tech-heavy Nasdaq lost 1.6% as investors started to take heed\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":609418,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/05\/us-stocks-have-best-week-in-almost-a-year-on-interest-rate-hopes\/","url_meta":{"origin":563136,"position":5},"title":"US stocks have best week in almost a year on interest rate hopes","author":"enterpriseam admin","date":"5 November 2023","format":false,"excerpt":"The S&P 500, Nasdaq 100 both saw their best weekly performances all year long","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\/11\/174.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\/563136","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=563136"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/563136\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/563115"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=563136"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=563136"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=563136"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=563136"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=563136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}