{"id":568229,"date":"2020-12-22T04:17:16","date_gmt":"2020-12-22T04:17:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/what-the-markets-are-doing-on-22-december-2020\/"},"modified":"2020-12-22T04:17:16","modified_gmt":"2020-12-22T04:17:16","slug":"what-the-markets-are-doing-on-22-december-2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/what-the-markets-are-doing-on-22-december-2020\/","title":{"rendered":"What the markets are doing on 22 December 2020"},"content":{"rendered":"<p><a id=\"tldr-story-08\" class=\"content-anchor\"><\/a> <strong>After months of stalled progress, US congressional leaders finally agreed on a<\/strong><strong> new USD 900 bn stimulus bill<\/strong> \u2014 which will be the second-largest aid package in US history, following the USD 2.3 tn stimulus bill passed in March, <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-usa-congress\/u-s-congress-reaches-deal-on-covid-19-aid-package-plans-votes-for-monday-idUSKBN28U061\">Reuters<\/a> reports. The package includes doling out a round of USD 600 checks, as well as adding USD 300 to weekly unemployment payments. Non-covid measures also include protection from surprise medical bills, among other things, the <a href=\"https:\/\/www.wsj.com\/articles\/covid-19-aid-package-set-for-final-votes-in-house-senate-11608566895?mod=hp_lead_pos1\">Wall Street Journal<\/a> reports. The stimulus package is part of a USD 1.4 tn spending bill to finance government programs until next September.<\/p>\n<p><strong>But some say the stimulus is a day late and (several) USD short<\/strong>, with unemployment on the rise and the US economy USD 1 tn smaller than it would have been without covid-19, <a href=\"https:\/\/www.reuters.com\/article\/health-coronavirus-usa-economy\/better-than-nothing-the-u-s-900-bln-covid-19-stimulus-helps-but-underwhelms-idUSL1N2J00M0\">Reuters<\/a> reports. Economists agree that unemployment payouts are an effective way to kickstart the economy, they are less enthusiastic about the program\u2019s aid to small businesses, which proved inefficient as relief under the first stimulus program in March.<\/p>\n<p><strong>Citigroup and Morgan Stanley overtook JPMorgan as the Middle East\u2019s top <\/strong><strong>dealmakers<\/strong>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-12-21\/jpmorgan-ousted-as-mideast-africa-s-top-dealmaker-by-u-s-rivals?sref=mmeFTDW1\">Bloomberg<\/a> reports. Buoyed by its entry into Saudi Arabia, as well as its work on placements for Egypt\u2019s Hikma Pharma and the UAE\u2019s Network International Holdings, Citigroup is ending the year as the top dealmaker for IPOs. Morgan Stanley leads in takeovers, having advised on the USD 18 bn merger of Saudi Arabia\u2019s National Commercial Bank and Samba Financial Group gave it an edge. Transaction activity in the Middle East has slowed since last year, which saw the USD 30 bn IPO of Saudi\u2019s Aramco, as well as the company\u2019s USD 70 bn acquisition of a stake in Saudi Basic Industries.<\/p>\n<p><strong>Next year could be another challenging one for Dubai\u2019s real estate market<\/strong>, property developer Damac Chairman Hussain Sajwani tells <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-12-21\/dubai-developer-damac-warns-against-property-dumping-next-year?sref=mmeFTDW1\">Bloomberg<\/a>. The main risk is if developers start \u201cdumping,\u201d or flooding a market already in excess supply with new properties in hope of selling \u201canother few hundred villas or apartments,\u201d Sajwani said.<\/p>\n<p><strong>Some of the UK\u2019s green investment funds aren\u2019t quite so green:<\/strong> A third of UK climate funds have investments in oil and gas companies, putting pressure on regulators to tackle so-called \u201cgreenwashing,\u201d where fund managers over-egg their green credentials to tap into the increasingly lucrative ESG market, the <a href=\"https:\/\/www.ft.com\/content\/cd819461-1925-48e0-86af-e81a56c0d3f8\">Financial Times<\/a> reports, citing research by the CommonWealth think tank.<\/p>\n<p><strong>The world\u2019s largest sovereign wealth fund has entered the age-old active vs<\/strong> <strong>passive debate:<\/strong> The new head of Norway\u2019s SWF is pushing to actively manage the fund\u2019s portfolio, an unorthodox position in an industry that has historically opted for passive investing, the <a href=\"https:\/\/www.wsj.com\/articles\/the-worlds-largest-sovereign-wealth-fund-weighs-a-more-active-approach-11608391342\">Wall Street Journal<\/a> reports. Newly-appointed manager Nicolai Tangen says he believes active management would boost returns and open the door to involvement with companies, while his critics \u2014 bemused by some of the arrangements agreed by the central bank and the hedge fund manager \u2014 are pushing back on the idea, arguing that returns offered by active investment don\u2019t justify the extra costs.<\/p>\n<table class=\"markets-table\">\n<tbody>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\"  \/><\/td>\n<td><strong>EGX30 <\/strong><\/td>\n<td>10,582<\/td>\n<td>-2.8% (YTD: -24.2%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\"  \/><\/td>\n<td><strong>USD (CBE)<\/strong><\/td>\n<td>Buy 15.61<\/td>\n<td>Sell 15.71<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/none.png?w=14&#038;ssl=1\" alt=\"None\"  \/><\/td>\n<td><strong>USD at CIB<\/strong><\/td>\n<td>Buy 15.62<\/td>\n<td>Sell 15.72<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/none.png?w=14&#038;ssl=1\" alt=\"None\"  \/><\/td>\n<td><strong>Interest rates CBE<\/strong><\/td>\n<td>8.25% deposit<\/td>\n<td>9.25% lending<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\"  \/><\/td>\n<td><strong>Tadawul<\/strong><\/td>\n<td>8,539<\/td>\n<td>-1.7% (YTD: +1.8%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\"  \/><\/td>\n<td><strong>ADX<\/strong><\/td>\n<td>5,073<\/td>\n<td>-0.8% (YTD: -0.1%)<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\"  \/><\/td>\n<td><strong>DFM<\/strong><\/td>\n<td>2,461<\/td>\n<td>-3.9% (YTD: -11.0%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\"  \/><\/td>\n<td><strong>S&P 500<\/strong><\/td>\n<td>3,695<\/td>\n<td>-0.4% (YTD: +14.4%)<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\"  \/><\/td>\n<td><strong>FTSE 100<\/strong><\/td>\n<td>6,416<\/td>\n<td>-1.7% (YTD: -14.9%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\"  \/><\/td>\n<td><strong>Brent crude<\/strong><\/td>\n<td>USD 47.74<\/td>\n<td>-2.8%<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\"  \/><\/td>\n<td><strong>Natural gas <\/strong>(Nymex)<\/td>\n<td>USD 2.70<\/td>\n<td>-0.1%<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\"  \/><\/td>\n<td><strong>Gold<\/strong><\/td>\n<td>USD 1,884.20<\/td>\n<td>+0.1%<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\"  \/><\/td>\n<td><strong>BTC<\/strong><\/td>\n<td>USD 22,884.80<\/td>\n<td>-2.7%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>The EGX30 fell 2.8% yesterday<\/strong> on turnover of EGP 1.6 bn (15% above the 90-day average). Domestic investors were net sellers. The index is down 24.2% YTD.<\/p>\n<p><strong>In the green: <\/strong>CIRA (+0.14%).<\/p>\n<p><strong>In the red: <\/strong>Export Development Bank (-9.8%), Beltone Financial (-9.1%) and Egyptian Iron & Steel (-9.0%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After months of stalled progress, US congressional leaders finally agreed on a new USD 900 bn stimulus bill \u2014 which will be the second-largest aid package in US history, following the USD 2.3 tn stimulus bill passed in March, Reuters reports. The package includes doling out a round of USD 600 checks, as well as [&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":[163,72,119,1096,122,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-568229","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-dubai","tag-enterpriseam","tag-financial-markets","tag-norway","tag-planet-finance","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"85b47826-c5ba-4440-a125-38a2a20b6a9a","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[568207],"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 22 December 2020 - 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\/2020\/12\/22\/what-the-markets-are-doing-on-22-december-2020\/\" \/>\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 22 December 2020\" \/>\n<meta property=\"og:description\" content=\"After months of stalled progress, US congressional leaders finally agreed on a new USD 900 bn stimulus bill \u2014 which will be the second-largest aid package in US history, following the USD 2.3 tn stimulus bill passed in March, Reuters reports. 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Foreign investors were net sellers. The index is down -21.1% YTD.In the green: Eastern Company (+4.9%), Export Development Bank of Egypt (+4.3%) and Dice (+4.3%).In the red: Juhayna (-6.3%), Edita (-2.1%) and GB Auto\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":561020,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/22\/what-the-markets-are-doing-on-22-march-2021\/","url_meta":{"origin":568229,"position":1},"title":"What the markets are doing on 22 March 2021","author":"enterpriseam admin","date":"22 March 2021","format":false,"excerpt":"The Biden administration's USD 1.9 tn stimulus plan could propel the global economy back to pre-covid levels \u201cif US domestic sensitivities over trade can be contained,\u201d analysts tell the Financial Times. The White House is likely to come under pressure to place new curbs on imports, as his stimulus bill\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":567791,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/07\/what-the-markets-are-doing-on-7-december-2020\/","url_meta":{"origin":568229,"position":2},"title":"What the markets are doing on 7 December 2020","author":"enterpriseam admin","date":"7 December 2020","format":false,"excerpt":"The EGX30 rose 0.1% yesterday on turnover of EGP 1.6 bn (18.5% above the 90-day average). Domestic investors were net sellers. The index is down 21.0% YTD.In the green: Dice (+6.2%), Orascom Investment Holding (+4.5%) and Beltone Financial Holding (+4.1%).In the red: Sodic (-2.3%), Juhayna (-2.3%) and Edita (-2.2%).Asian markets\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":561305,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/01\/what-the-markets-are-doing-on-1-april-2021\/","url_meta":{"origin":568229,"position":3},"title":"What the markets are doing on 1 April 2021","author":"enterpriseam admin","date":"1 April 2021","format":false,"excerpt":"KSA\u2019s top listed companies are redirecting dividends into MbS\u2019 investment plan: Twenty-four of Saudi Arabia\u2019s largest companies have agreed to reduce dividend payouts and commit USD 1.3 tn over the next 10 years to Crown Prince Mohammed bin Salman\u2019s new domestic investment strategy, Al Arabiya reports. The \u201cShareek\u201d program, announced\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":593065,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/surging-debt-levels-in-emerging-markets-hit-record-usd-71-4-tn-in-2q2019-iif\/","url_meta":{"origin":568229,"position":4},"title":"Surging debt levels in emerging markets hit record USD 71.4 tn in 2Q2019 -IIF","author":"enterpriseam admin","date":"17 November 2019","format":false,"excerpt":"Surging debt levels in emerging markets hit record USD 71.4 tn in 2Q2019 -IIF: Total debt owed by emerging market businesses, governments and households reached a record USD 71.4 tn in 2Q2019, amounting to around 220% of EM GDP, according to the Institute of International Finance (IIF). The Global Debt\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/11\/2601.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570314,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/26\/global-stocks-see-second-consecutive-day-of-gains-on-bailout-hopes\/","url_meta":{"origin":568229,"position":5},"title":"Global stocks see second-consecutive day of gains on bailout hopes","author":"enterpriseam admin","date":"26 March 2020","format":false,"excerpt":"Global stocks see second-consecutive day of gains on bailout hopes: Global equity markets continued Tuesday\u2019s rally yesterday on hopes that US lawmakers would soon pass a record-breaking USD 2 tn bailout and news that EU leaders would open discussions on a \u201cMarshall Plan-like\u201d economic rescue package. US equities saw their\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/304.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\/568229","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=568229"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/568229\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/568207"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=568229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=568229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=568229"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=568229"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=568229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}