{"id":565155,"date":"2021-03-23T13:52:20","date_gmt":"2021-03-23T13:52:20","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/23\/what-were-tracking-tonight-on-23-march-2021\/"},"modified":"2021-03-23T13:52:20","modified_gmt":"2021-03-23T13:52:20","slug":"what-were-tracking-tonight-on-23-march-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/23\/what-were-tracking-tonight-on-23-march-2021\/","title":{"rendered":"What we\u2019re tracking tonight on 23 March 2021"},"content":{"rendered":"

Good afternoon, everyone, and welcome to a particularly torrid Tuesday<\/strong>, sand storm and all.<\/p>\n

THE BIG STORY OF THE DAY here at home<\/strong> is the unexpected and violent sell-off on the Egyptian Exchange, which is now in its second day and has seen the benchmark EGX30 move deeper into the red, having wiped out all of its gains for the year.<\/p>\n

<\/a> We\u2019re not the only market taking it on the chin right now \u2014 Turkish stocks dodged <\/strong>having their worst two-day slump in 20 years <\/strong>after investors swooped in to pick up shares at pennies on the greenback. The Borsa Istanbul plummeted 9% on the back of a sharp sell-off during the first few hours of play, Bloomberg<\/a> reports. It was the second day of turmoil since President Recep Tayyip Erdogan\u2019s decision to fire a central bank governor with a sound grasp of macro policy. The TRY, meanwhile, plunged to a new low<\/strong> against the greenback.<\/p>\n

So is this the start of a flight from emerging markets? Is the EGX slumping because of <\/strong>Turkey? \u201cProbably not\u201d and \u201cNo.\u201d <\/strong>The selloffs in Turkey and Egypt are unrelated: Turkish shares and the TRY are under pressure because Erdogan last week sacked his third central bank governor in less than two years. Bloomberg<\/a> columnist John Authers notes that other emerging markets \u2014 even those that elect \u201cmarket-unfriendly\u201d presidents \u2014 generally make sure not to mess with the independence of their central banks. \u201cInternational markets like central bank independence<\/strong>,\u201d he wrote.<\/p>\n

So what\u2019s going on with the EGX? <\/strong>We take a deeper dive in this afternoon\u2019s Speed Round, below.<\/p>\n

HAPPENING NOW- Today is the worst of the ongoing sandstorm<\/strong>, with dusty winds expected to reach speeds of 40-50 km\/hr, according to the national weather service<\/a>. Look for a high this afternoon of about 32\u00b0C. The forecast calls for clear skies tomorrow, with the mercury returning to a more seasonally appropriate 22\u00b0C and staying in the low 20s throughout the weeknd and well into next week.<\/p>\n

CATCH UP QUICK<\/strong> on the top stories from this morning\u2019s edition of EnterpriseAM:<\/p>\n