{"id":563241,"date":"2021-06-23T03:46:07","date_gmt":"2021-06-23T03:46:07","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/23\/inflation-inflation-inflation-2\/"},"modified":"2021-06-23T03:46:07","modified_gmt":"2021-06-23T03:46:07","slug":"inflation-inflation-inflation-2","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/23\/inflation-inflation-inflation-2\/","title":{"rendered":"Inflation, inflation, inflation"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a><strong> INFLATION STORY OF THE DAY #1: House prices in the US and parts of Europe have surged to record highs<\/strong> as emergency measures introduced in response to covid-19 cause a wave of new borrowing, <a href=\"https:\/\/www.ft.com\/content\/3082fe00-cdb7-4eb9-ab2d-2309b9848114\">the Financial Times<\/a> reports. Purchases in the US last year hit their highest level since the peak of the housing bubble in 2006 despite the pandemic devastating large parts of the economy, while in the Netherlands prices are growing at their fastest pace in 20 years.<\/p>\n<p><strong>More boom (and bust) to come?<\/strong> Analysts are split on where the market goes from here. Falling sales last month has some suggesting that the market has topped out, but others see the boom continuing. \u201cLoose monetary conditions could push asset prices even higher, risking an eventual sharp correction,\u201d said Adam Slater, economist at Oxford Economics. \u201cFor central banks, neither this outcome nor persistently higher inflation are attractive prospects.\u201d<\/p>\n<p><strong>INFLATION STORY OF THE DAY #2: Growing chorus of industry players suggest we\u2019re heading back to USD 100 \/ bbl oil:<\/strong> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-06-22\/qatar-may-sit-out-debt-binge-google-cfo-speaks-forum-update?srnd=premium-middle-east&sref=mmeFTDW1\">Leading oil firms<\/a> and <a href=\"https:\/\/www.reuters.com\/business\/energy\/demand-accelerates-bofa-expects-oil-reach-100bbl-next-year-2021-06-21\/\">Bank of America<\/a> have joined <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/79faa360-ddbe-4932-8b4a-83a14baa187e\">a number of commodities players<\/a> to float the possibility of USD 100 \/ bbl oil. This would be the first time we\u2019ve seen three-figure oil since the 2014 oil crash. Oil has seen strong gains in 2021 on the back of a surge in post-lockdown demand and shrinking supply.<\/p>\n<p><strong>INFLATION STORY OF THE DAY #3: Slightly less temporary- <\/strong>Recent inflation figures were larger than the Federal Reserve expected and higher prices may stick around for longer than previously thought, Fed chief Jay Powell said yesterday. \u201cI will say that these effects have been larger than we expected and they may turn out to be more persistent than we expected,\u201d he said, before reiterating his belief that inflation will soon start to decelerate. <a href=\"https:\/\/apnews.com\/article\/inflation-health-coronavirus-pandemic-business-6e7c813472a3eb706e0cdafe305c1477\">The Associated Press<\/a> and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-06-22\/powell-says-inflation-from-reopening-larger-than-expected?srnd=premium&sref=mmeFTDW1\">Bloomberg<\/a> have more.<\/p>\n<p><strong>Also worth noting this morning:<\/strong><\/p>\n<ul>\n<li><strong>Globalization probably isn\u2019t to blame for the past decade of low inflation in advanced economies:<\/strong> Policymakers have been concerned that a possible tilt towards deglobalization may feed into inflationary pressures, but a study by the European Central Bank argues otherwise. Researchers found that while fewer trade barriers, integrated supply chains, and globalized communication does help to curb inflation, the effect is relatively minimal. (<a href=\"https:\/\/www.ecb.europa.eu\/pub\/economic-bulletin\/articles\/2021\/html\/ecb.ebart202104_01~ae13f7fe4c.en.html\">ECB<\/a>)<\/li>\n<li><strong>Is Gamestop back (again)?<\/strong> The videogame retailer \/ meme stock raised as much as USD 1.13 bn in an <a href=\"https:\/\/news.gamestop.com\/news-releases\/news-release-details\/gamestop-completes-market-equity-offering-program-0\">equity offering<\/a> by selling up to 5 mn shares yesterday, further capitalizing on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/98be55c7-42e5-4672-9457-a72112711a70\">a Reddit-fueled mega-rally<\/a> earlier this year. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-06-22\/gamestop-jumps-after-raising-1-1-billion-in-stock-sale-program?sref=mmeFTDW1\">Bloomberg<\/a>)<\/li>\n<li><strong>US-based chip maker GlobalFoundries is building a new USD 4 bn facility <\/strong><strong>to manufacture semiconductors in Singapore<\/strong> as it looks to capitalize on the historic demand for chipsets that has led to a global shortage. (<a href=\"https:\/\/globalfoundries.com\/press-release\/globalfoundries-breaks-ground-new-fab-singapore\">Company statement<\/a>)<\/li>\n<\/ul>\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>10,206<\/p>\n<\/td>\n<td>\n<p>+1.4% (YTD: -5.9%)<\/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 15.61<\/p>\n<\/td>\n<td>\n<p>Sell 15.71<\/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 15.61<\/p>\n<\/td>\n<td>\n<p>Sell 15.71<\/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-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>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>10,891<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: +25.3%)<\/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>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>6,650<\/p>\n<\/td>\n<td>\n<p>+0.5% (YTD: +31.8%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>2,856<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: +14.6%)<\/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>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,246<\/p>\n<\/td>\n<td>\n<p>+0.5% (YTD: +13.1%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,090<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: +9.7%)<\/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 75.00<\/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>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 3.26<\/p>\n<\/td>\n<td>\n<p>+2.1%<\/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 1,777.40<\/p>\n<\/td>\n<td>\n<p>-0.3%<\/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>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 32,283<\/p>\n<\/td>\n<td>\n<p>+2.1% (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 1.4% at today\u2019s close<\/strong> on turnover of EGP 1.71 bn (26.1% above the 90-day average). Local investors were net sellers. The index is down 5.9% YTD.<\/p>\n<p><strong>In the green: <\/strong>TMG Holding (+8.5%), Palm Hills Development (+5.7%) and Cleopatra Hospital (+5.3%).<\/p>\n<p><strong>In the red: <\/strong>Ezz Steel (-1.7%), Oriental Weavers (-1.0%) and Orascom Financial Holding (-1.0%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>INFLATION STORY OF THE DAY #1: House prices in the US and parts of Europe have surged to record highs as emergency measures introduced in response to covid-19 cause a wave of new borrowing, the Financial Times reports. Purchases in the US last year hit their highest level since the peak of the housing bubble [&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":[104,93,72,7192,725,119,2869,3349,182,122,319,645,2436],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-563241","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-economy","tag-energy","tag-enterpriseam","tag-eu","tag-european-central-bank","tag-financial-markets","tag-gamestop","tag-globalfoundries","tag-inflation","tag-planet-finance","tag-reddit","tag-semiconductors","tag-singapore","wpautop","entry"],"acf":{"mongo_id":"61732b88-b36e-4f55-95b7-96c0cde9dc45","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[563218],"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>Inflation, inflation, inflation - 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\/23\/inflation-inflation-inflation-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inflation, inflation, inflation\" \/>\n<meta property=\"og:description\" content=\"INFLATION STORY OF THE DAY #1: House prices in the US and parts of Europe have surged to record highs as emergency measures introduced in response to covid-19 cause a wave of new borrowing, the Financial Times reports. 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The failure to reach an agreement to raise oil supply last week won\u2019t impact the recent boom in commodity prices, which will\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":543533,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/planet-finance-aramco-plots-record-usd-50-bn-offering-turkish-inflation-nears-50-in-january\/","url_meta":{"origin":563241,"position":1},"title":"Planet Finance: Aramco plots record USD 50 bn offering + Turkish inflation nears 50% in January","author":"enterpriseam admin","date":"6 February 2022","format":false,"excerpt":"Aramco plots largest share sale ever: Saudi Aramco is in discussions to sell as much as a USD 50 bn stake to investors in a new share listing, the Wall Street Journal reports, citing unnamed sources. 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