{"id":566344,"date":"2021-06-14T13:44:51","date_gmt":"2021-06-14T13:44:51","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/14\/tonight-shoukry-is-in-qatar-oil-is-up-to-a-32-month-high-also-efg-hermes-and-saudi-exchange-virtual-investor-conference-kicks-off-today\/"},"modified":"2021-06-14T13:44:51","modified_gmt":"2021-06-14T13:44:51","slug":"tonight-shoukry-is-in-qatar-oil-is-up-to-a-32-month-high-also-efg-hermes-and-saudi-exchange-virtual-investor-conference-kicks-off-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/14\/tonight-shoukry-is-in-qatar-oil-is-up-to-a-32-month-high-also-efg-hermes-and-saudi-exchange-virtual-investor-conference-kicks-off-today\/","title":{"rendered":"TONIGHT: Shoukry is in Qatar. + Oil is up to a 32-month high. ALSO: EFG Hermes and Saudi Exchange Virtual Investor Conference kicks off today."},"content":{"rendered":"

It\u2019s another macro-heavy issue this afternoon<\/strong>, friends, with both the US Fed and our own central bank meeting this week to decide on interest rates. Consequently, inflation is the big concern both domestically and internationally, thanks to the continued commodities price boom of 2021.<\/p>\n

<\/a> Not helping matters was o<\/strong>il hitting a 32-month high yesterday, with futures rising 0.9% in New York<\/strong>, reflecting bolstered demand in the US and Europe as vaccine rollouts continue, as well as the expected delay in reviving the 2015 Iran nuclear agreement, according to Bloomberg<\/a>. Negotiations to reactivate the agreement were expected to be complete before Iran\u2019s elections take place this Friday, a target which seems increasingly unlikely to be met. Increased road and air traffic in the West has also given investors a bullish outlook on crude, with some forecasting continued price increases over the coming weeks.<\/p>\n

Inflation will be front and center when the Fed\u2019s Open Market Committee kicks off its two-day meeting tomorrow, <\/strong>especially after a heated US consumer prices report out last week<\/a> and May prices coming 5% higher than forecasts<\/a>. Market watchers floated the idea that inflation will prove short-lived, and no policy action is to be expected. Investors will still, however, be on the lookout for clues on how and when the Fed will shift its policy stance.<\/p>\n

The Fed is pushing the idea that \u201cthe current spike in inflation is transitory,\u201d <\/strong>and this week\u2019s meeting will be a test of this so-called \u201cnarrative,\u201d market sage Mohamed El Erian writes for the Financial Times<\/a>.<\/p>\n

REMINDER- It\u2019s <\/strong>interest<\/strong> rate day here on Thursday: <\/strong>The Central Bank of Egypt\u2019s (CBE) own Monetary Policy Committee meets on Thursday to review rates here at home. All 11 analysts and economists surveyed in our poll<\/a> are calling another hold as inflation hit its highest level<\/a> all year in May as the global commodities boom began to hit the domestic economy.<\/p>\n

Inflation will be something investors will be eyeing when looking at which emerging markets to invest in<\/strong>, according to a Bloomberg survey, with takers suggesting that the more an EM central bank promotes inflation control the more investors will likely jump in. What does that mean for us? Read today\u2019s Speed Round to find out.<\/p>\n

\n

** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM:<\/p>\n