{"id":578969,"date":"2023-01-19T04:15:08","date_gmt":"2023-01-19T04:15:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/19\/chinas-comeback-to-see-oil-demand-hit-a-record-high-in-2023-european-em-equities-gain-popularity-as-wall-street-takes-a-kicking\/"},"modified":"2023-01-19T04:15:08","modified_gmt":"2023-01-19T04:15:08","slug":"chinas-comeback-to-see-oil-demand-hit-a-record-high-in-2023-european-em-equities-gain-popularity-as-wall-street-takes-a-kicking","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/19\/chinas-comeback-to-see-oil-demand-hit-a-record-high-in-2023-european-em-equities-gain-popularity-as-wall-street-takes-a-kicking\/","title":{"rendered":"China\u2019s comeback to see oil demand hit a record high in 2023 + European, EM equities gain popularity as Wall Street takes a kicking"},"content":{"rendered":"

<\/a> China\u2019s loosening of covid-19 restrictions is forecasted to boost oil demand to a <\/strong>record high this year <\/strong>of 101.7 mn barrels per day, the International Energy Agency (IEA) said<\/a> yesterday. Expect to see a tighter market as \u201cRussian supply slows under the full impact of sanctions [while] China will drive\u2026 global demand growth even as the shape and speed of its reopening remains uncertain,\u201d the energy watchdog said. The IEA sees China taking India\u2019s place as the world\u2019s leader in oil demand growth, with the country set to account for half of the 1.9 mn barrel-per-day growth in demand next year. Oil supply growth, on the other hand, is expected to slow to 1.0 mn barrels per day, largely due to declines in Russian output on the back of the West\u2019s price cap<\/a> on Russian crude.<\/p>\n

And that\u2019s coming off a record-breaking year for the oil and gas industry:<\/strong> Western oil and gas giants are set to report combined record earnings of USD 200 bn in 2022 on the back of volatility in the energy markets triggered by the war in Ukraine, according to Reuters<\/a>.<\/p>\n

\n

A bleak outlook for US stocks: <\/strong>Fund managers are abandoning Wall Street in favor of higher returns in Europe and emerging markets, with allocations to US stocks falling to a record 17-year low in January, the Financial Times<\/a> reports citing a Bank of America survey. Some 39% of asset allocators were holding an underweight position in US stocks in January, up from 12% in December, the survey showed. US equities are struggling to keep pace with a rally in European stocks since the new year amid an \u201celevated and volatile inflationary environment which is likely to play havoc with profitability\u201d for listed firms, the FT quotes one equity strategist at Morgan Stanley as saying.<\/p>\n

All the more for EMs: <\/strong>More than a quarter of global fund managers are now overweight on emerging-market equities, the BoA survey showed.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

15,987<\/p>\n<\/td>\n

\n

+0.03% (YTD: +9.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 29.58<\/p>\n<\/td>\n

\n

Sell 29.70<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 29.60<\/p>\n<\/td>\n

\n

Sell 29.70<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

16.25% deposit<\/p>\n<\/td>\n

\n

17.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

10,664<\/p>\n<\/td>\n

\n

-0.2% (YTD: +1.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

10,241<\/p>\n<\/td>\n

\n

-0.3% (YTD: +0.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,349<\/p>\n<\/td>\n

\n

-0.2% (YTD: +0.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

3,929<\/p>\n<\/td>\n

\n

-1.6% (YTD: +2.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

F<\/strong>TSE 10<\/strong>0<\/strong><\/p>\n<\/td>\n

\n

7,831<\/p>\n<\/td>\n

\n

-0.3% (YTD: +5.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,174<\/p>\n<\/td>\n

\n

+0.0% (YTD: +10.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 84.98<\/p>\n<\/td>\n

\n

-1,1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 3.33<\/p>\n<\/td>\n

\n

+0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,908.70<\/p>\n<\/td>\n

\n

+0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 20,721<\/p>\n<\/td>\n

\n

-1.9% (YTD: +25.3%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 closed flat yesterday <\/strong>on turnover of EGP 946 mn (44.6% below the 90-day average). Local investors were net buyers. The index is up 9.5% YTD.<\/p>\n

In the green: <\/strong>Oriental Weavers (+3.3%), CIB (+3.2%) and QNB Al Ahli (+3.0%).<\/p>\n

In the red: <\/strong>AMOC (-6.2%), Sidi Kerir Petrochemicals (-4.2%) and GB Auto (-4.2%).<\/p>\n","protected":false},"excerpt":{"rendered":"

China\u2019s loosening of covid-19 restrictions is forecasted to boost oil demand to a record high this year of 101.7 mn barrels per day, the International Energy Agency (IEA) said yesterday. Expect to see a tighter market as \u201cRussian supply slows under the full impact of sanctions [while] China will drive\u2026 global demand growth even as […]<\/p>\n","protected":false},"author":1,"featured_media":578970,"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":[72,119,746,91,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-international-energy-agency","tag-oil-and-gas","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"cbe1c6cf-0e42-499f-ae69-5a81ccd054f3","is_powered_by":true,"section_story_id":"8193c3d1-2d7a-4f28-9562-b47272cd7bea","story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/336.jpg","photo_position":"above","related_issue":[578942],"teaser":"","voice_url":""},"yoast_head":"\nChina\u2019s comeback to see oil demand hit a record high in 2023 + European, EM equities gain popularity as Wall Street takes a kicking - 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\/2023\/01\/19\/chinas-comeback-to-see-oil-demand-hit-a-record-high-in-2023-european-em-equities-gain-popularity-as-wall-street-takes-a-kicking\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China\u2019s comeback to see oil demand hit a record high in 2023 + European, EM equities gain popularity as Wall Street takes a kicking\" \/>\n<meta property=\"og:description\" content=\"China\u2019s loosening of covid-19 restrictions is forecasted to boost oil demand to a record high this year of 101.7 mn barrels per day, the International Energy Agency (IEA) said yesterday. 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Despite a growing chorus of voices warning of recession in some of the world\u2019s largest economies, the energy think tank is forecasting global oil\u2026","rel":"","context":"In "PLANET FINANCE"","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":545878,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/14\/iea-says-global-oil-demand-set-to-slump-jpmorgan-kicks-off-a-turbulent-earnings-season\/","url_meta":{"origin":578969,"position":1},"title":"IEA says global oil demand set to slump + JPMorgan kicks off a turbulent earnings season","author":"enterpriseam admin","date":"14 April 2022","format":false,"excerpt":"IEA cuts forecast for global oil demand \u2014 again: The International Energy Agency (IEA) has revised downwards its oil demand projections for 2022 to 99.4 mn bpd, down 260k bpd from its previous forecast in March, it said in its monthly report yesterday. This comes as lockdowns in China dampen\u2026","rel":"","context":"In "PLANET FINANCE"","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":597678,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/global-oil-demand-hits-record-high-in-june-plus-threats-to-global-lng-supply-and-fresh-us-inflation-data\/","url_meta":{"origin":578969,"position":2},"title":"Global oil demand hits record high in June. PLUS: Threats to global LNG supply and fresh US inflation data.","author":"enterpriseam admin","date":"13 August 2023","format":false,"excerpt":"Oil prices have risen more than 10% since July as supply tightens and consumption in China grows","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/568.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":553993,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/15\/more-doom-and-gloom-for-ems-going-into-the-new-year\/","url_meta":{"origin":578969,"position":3},"title":"More doom and gloom for EMs going into the new year","author":"enterpriseam admin","date":"15 December 2021","format":false,"excerpt":"The case for investing in emerging market currencies into the new year is darkening, despite expectations for a surge in interest rate hikes in the coming months, Bloombergreports. MSCI\u2019s emerging currency index remains 1.6% below its June peak and traders are pessimistic about a recovery even as central banks in\u2026","rel":"","context":"In "PLANET FINANCE"","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":565950,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/iea-calls-for-halting-new-oil-and-gas-exploration-projects\/","url_meta":{"origin":578969,"position":4},"title":"IEA calls for halting new oil and gas exploration projects","author":"enterpriseam admin","date":"18 May 2021","format":false,"excerpt":"The International Energy Agency (IEA) is calling for an end to new oil and gas exploration to achieve net zero carbon dioxide emissions by 2050 and meet the Paris Agreement goals, the IEA said in its Net Zero by 2050 roadmap for the energy sector.This is a pretty big rethink\u2026","rel":"","context":"In "THE MACRO PICTURE"","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":610129,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/15\/iea-ups-oil-demand-forecast-for-next-year-on-expectations-for-lower-prices\/","url_meta":{"origin":578969,"position":5},"title":"IEA ups oil demand forecast for next year on expectations for lower prices","author":"enterpriseam admin","date":"15 November 2023","format":false,"excerpt":"Oil supply could see a surplus next year -IEA: The International Energy Agency (IEA) is anticipating a surplus in oil markets at the start of 2024, although it marginally raised its oil demand growth forecasts, according to its latest monthly report. 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