{"id":579298,"date":"2023-02-01T04:15:29","date_gmt":"2023-02-01T04:15:29","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/saudi-economy-on-a-tear-chinese-business-is-back-in-expansion\/"},"modified":"2023-02-01T04:15:29","modified_gmt":"2023-02-01T04:15:29","slug":"saudi-economy-on-a-tear-chinese-business-is-back-in-expansion","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/saudi-economy-on-a-tear-chinese-business-is-back-in-expansion\/","title":{"rendered":"Saudi economy on a tear + Chinese business is back in expansion"},"content":{"rendered":"

<\/a> The Saudi non-oil economy expanded at its fastest pace in more than a year<\/strong> in 4Q 2022, according to government figures (pdf)<\/a> out yesterday. The non-oil economy grew by 6.2% in the final quarter of last year while the oil sector rose 6.1% on the back of heightened oil prices.<\/p>\n

Business activity in China expanded in January for the first time in four <\/strong>months<\/strong>following Beijing\u2019s decision to end its strict zero-covid policy, according to the latest official purchasing managers\u2019 index. Renewed private-sector growth in China is the latest bit of good news for the global economy: Weakening inflation and slowing interest rate hikes have led analysts to reverse recession forecasts in the US and Europe, and the IMF to upgrade its global growth outlook.<\/p>\n

But there\u2019s a catch:<\/strong> Strong economic growth in China could undercut efforts by central banks around the world to temper inflation, Bloomberg<\/a> wrote yesterday. The news outlet now expects China\u2019s economic growth to almost double this year, potentially stoking commodity prices and making global inflation harder to tame.<\/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

16,446<\/p>\n<\/td>\n

\n

-3.4% (YTD: +12.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 30.15<\/p>\n<\/td>\n

\n

Sell 30.23<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 30.13<\/p>\n<\/td>\n

\n

Sell 30.23<\/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

10,793<\/p>\n<\/td>\n

\n

-0.2% (YTD: +3.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,812<\/p>\n<\/td>\n

\n

+0.1% (YTD: -3.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,303<\/p>\n<\/td>\n

\n

-0.0% (YTD: -0.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,077<\/p>\n<\/td>\n

\n

+1.5% (YTD: +6.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,772<\/p>\n<\/td>\n

\n

-0.2% (YTD: +4.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,163<\/p>\n<\/td>\n

\n

+0.1% (YTD: +9.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 84.49<\/p>\n<\/td>\n

\n

-0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.68<\/p>\n<\/td>\n

\n

+0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,945.30<\/p>\n<\/td>\n

\n

+0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 22,987<\/p>\n<\/td>\n

\n

+1.1% (YTD: +38.9%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 fell 3.4% at yesterday\u2019s close<\/strong> on turnover of EGP 1.97 bn (11.5% above the 90-day average). Local investors were net buyers. The index is up 12.7% YTD.<\/p>\n

In the green: <\/strong>Telecom Egypt (+5.4%), AMOC (+1.0%) and Eastern Company (+0.9%).<\/p>\n

In the red: <\/strong>Alexandria Containers and Cargo Handling (-7.9%), Credit Agricole Egypt (-7.3%) and Housing and Development Bank (-6.2%).<\/p>\n","protected":false},"excerpt":{"rendered":"

The Saudi non-oil economy expanded at its fastest pace in more than a year in 4Q 2022, according to government figures (pdf) out yesterday. The non-oil economy grew by 6.2% in the final quarter of last year while the oil sector rose 6.1% on the back of heightened oil prices. Business activity in China expanded […]<\/p>\n","protected":false},"author":1,"featured_media":579299,"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":[72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-579298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"24eac5a2-acf0-4745-9ab3-7b6ec5d4f586","is_powered_by":true,"section_story_id":"48d01f94-2db2-4eb3-8efe-de13040a75b1","story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/12.jpg","photo_position":"above","related_issue":[579273],"teaser":"","voice_url":""},"yoast_head":"\nSaudi economy on a tear + Chinese business is back in expansion - 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\/02\/01\/saudi-economy-on-a-tear-chinese-business-is-back-in-expansion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi economy on a tear + Chinese business is back in expansion\" \/>\n<meta property=\"og:description\" content=\"The Saudi non-oil economy expanded at its fastest pace in more than a year in 4Q 2022, according to government figures (pdf) out yesterday. The non-oil economy grew by 6.2% in the final quarter of last year while the oil sector rose 6.1% on the back of heightened oil prices. 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The EUR is the new funding currency of choice for EM carry traders: Investors trading emerging-market currencies with borrowed EUR have seen as much as 29% gains this year as the EUR\u2019s fall against the greenback helps prop up some popular EM carry trades, Bloomberg reports. The\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":560910,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/17\/what-the-markets-are-doing-on-17-march-2021\/","url_meta":{"origin":579298,"position":1},"title":"What the markets are doing on 17 March 2021","author":"enterpriseam admin","date":"17 March 2021","format":false,"excerpt":"Saudi Arabia\u2019s oil sector is facing its biggest slump in a decade, keeping the kingdom in recession in 4Q2020. Activity in the Saudi oil sector fell 8.5% during the quarter, a contraction that Bloomberg says is the biggest since at least 2011. The fall in output is largely due to\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":548342,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/non-oil-business-activity-continues-to-fall-in-july-but-is-inflation-beginning-to-ease\/","url_meta":{"origin":579298,"position":2},"title":"Non-oil business activity continues to fall in July \u2014 but is inflation beginning to ease?","author":"enterpriseam admin","date":"4 August 2022","format":false,"excerpt":"Activity in Egypt\u2019s non-oil private sector continued to contract at a rapid pace in July as high inflation weighed on demand and output, according to the S&P Global purchasing managers\u2019 index (pdf). Business activity fell at a slightly slower pace during the month amid signs of softening inflation, though the\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/144.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576986,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/06\/private-sector-activity-contracts-for-23rd-consecutive-month\/","url_meta":{"origin":579298,"position":3},"title":"Private sector activity contracts for 23rd consecutive month","author":"enterpriseam admin","date":"6 November 2022","format":false,"excerpt":"Activity in Egypt\u2019s non-oil private sector continued to contract in October, remaining effectively unchanged from the month before as inflation, supply disruptions, and falling demand abroad continued to weigh on businesses, according to S&P Global\u2019s purchasing managers\u2019 index (pdf). The PMI index registered 47.7 last month, climbing just 0.1 points\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/87.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558453,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/10\/aluminium-prices-surge-to-near-decade-high-delta-variant-to-hit-china-growth-prospects\/","url_meta":{"origin":579298,"position":4},"title":"Aluminium prices surge to near decade high + Delta variant to hit China growth prospects","author":"enterpriseam admin","date":"10 August 2021","format":false,"excerpt":"SUPERCYCLE WATCH- Aluminium prices are nearing a decade high of c. USD 2.6k per tonne this week, supported by a post-pandemic global economic recovery and a sustained rebound in prices of industry-related materials, the Financial Times reports. Aluminium prices rose 31% y-o-y in 2021, with the potential for this year\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":562216,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/11\/what-the-markets-are-doing-on-11-march-2021-2\/","url_meta":{"origin":579298,"position":5},"title":"What the markets are doing on 11 March 2021","author":"enterpriseam admin","date":"11 May 2021","format":false,"excerpt":"The global ETF industry is going from strength to strength: Assets managed by the global passive investment industry grew to more than USD 15 tn last year as exchange-traded funds (ETFs) came close to surpassing the traditional index-tracking mutual funds for the first time ever, the Financial Times reports, citing\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/579298","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=579298"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/579298\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/579273"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/579299"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=579298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=579298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=579298"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=579298"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=579298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}