{"id":584622,"date":"2023-04-03T00:00:00","date_gmt":"2023-04-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/03\/us-banking-turmoil-dampens-hopes-of-an-em-boom\/"},"modified":"2023-04-03T00:00:00","modified_gmt":"2023-04-03T00:00:00","slug":"us-banking-turmoil-dampens-hopes-of-an-em-boom","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/03\/us-banking-turmoil-dampens-hopes-of-an-em-boom\/","title":{"rendered":"US banking turmoil dampens hopes of an EM boom"},"content":{"rendered":"

<\/span>A roaring \u201820s for EMs? Try \u201changing in there\u201d: <\/span>The emerging market boom <\/span>asset managers including Morgan Stanley were <\/span>predicting<\/a><\/span> at the start of 2023 may have been <\/span>scuppered by recent banking turmoil, <\/span>Bloomberg<\/a><\/span> reports. Developing stocks ended the quarter up 3.6% \u2014 around half the return of developed market peers \u2014 as a strong start to the year gave way to concerns over volatility triggered by the recent collapse of several US banks. <\/span><\/p>\n

All is not lost: <\/span>That EM assets are notching gains at all is a sign of resilience and strong <\/span>fundamentals, Morgan Stanley\u2019s Steven Quattry told the business news outlet. \u201cIf I told you over a year ago that the Fed rate would be near 5%, the USD has strengthened, and EM is still hanging in there, you might have been surprised,\u201d he said. <\/span><\/p>\n

ALSO- Nasdaq makes a comeback in the last stretch of 1Q:<\/span> The tech-heavy US Nasdaq <\/span>notched its strongest quarterly performance since 2020 in 1Q 2023 on expectations that the Federal Reserve will relax interest rate hikes, the <\/span>Financial Times<\/a><\/span> reports. Tech stocks looked to be on the rocks after Silicon Valley Bank (SVB) collapsed in February \u2014 but banking sector troubles have had the unintended upside of persuading investors that the US Federal Reserve will soon wind up its tightening cycle to protect the economy, the FT says. The Nasdaq gained 1.7 percent on Friday to end the quarter up 16.8%. The S&P 500 increased 7% during the quarter after rising 1.4% on the last trading day of 1Q. <\/span><\/p>\n

SOUND SMART- <\/span>So-called growth stocks \u2014 typically expensive firms like Big Tech that spend <\/span>on innovation for long-term gains \u2014 tend to do better in a lower-rate environment. The tech juggernauts have also been insulated from fears of a drop in bank lending, the FT notes, while small-cap companies have borne the brunt of volatility in the wake of the SVB collapse. <\/span><\/p>\n

<\/a><\/a><\/p>\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 <\/span><\/p>\n<\/td>\n

\n

16,694<\/span><\/p>\n<\/td>\n

\n

+1.7% (YTD: +14.4%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 30.84<\/span><\/p>\n<\/td>\n

\n

Sell 30.96<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 30.85<\/span><\/p>\n<\/td>\n

\n

Sell 30.95<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

18.25% deposit<\/span><\/p>\n<\/td>\n

\n

19.25% lending<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

10,637<\/span><\/p>\n<\/td>\n

\n

+0.4% (YTD: +1.5%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,430<\/span><\/p>\n<\/td>\n

\n

-0.5% (YTD: -7.7%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,407<\/span><\/p>\n<\/td>\n

\n

-0.6% (YTD: +2.1%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,109<\/span><\/p>\n<\/td>\n

\n

+1.4% (YTD: +7.0%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,632<\/span><\/p>\n<\/td>\n

\n

+0.2% (YTD: +2.4%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,315<\/span><\/p>\n<\/td>\n

\n

+0.7% (YTD: +13.7%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 79.77<\/span><\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 2.22<\/span><\/p>\n<\/td>\n

\n

+5.3%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,986.20<\/span><\/p>\n<\/td>\n

\n

-0.6%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 28,018<\/span><\/p>\n<\/td>\n

\n

-1.6% (YTD: +70.0%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

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

The EGX30 rose 1.7% at yesterday\u2019s close<\/span> on turnover of EGP 1.2 bn <\/span>(39% below the trailing 90-day average)<\/span>. Local investors were <\/span>net<\/span> buyers. The index is up 14.4% YTD. <\/span><\/p>\n

In the green: <\/span>Ezz Steel (+8.8%), Fawry (+7.2%) and Heliopolis Housing and Development (+6.1%).<\/span><\/p>\n

In the red: <\/span>Egypt Kuwait Holding (-1.9%), CIRA Education (-1.7%) and Eastern Company (-1.1%).<\/span><\/p>\n

Asian markets are mixed this morning<\/span>, while futures have European indices opening largely <\/span>in the green and Wall Street in the red later on today as traders digest OPEC\u2019s shock production cuts, which had Brent crude futures soaring as much as 8% on today\u2019s open. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Emerging markets still have strong fundamentals<\/p>\n","protected":false},"author":1,"featured_media":584623,"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":[115,72,164,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-emerging-markets","tag-enterpriseam","tag-equities","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"79908723-562b-4f03-8081-ddc851653e0d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/77.jpg","photo_position":"below","homepage_title":"","full_issue_title":"US banking turmoil dampens hopes of emerging market boom","related_issue":[584596],"teaser":"Emerging markets still have strong fundamentals","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.da67bd1e-84fd-493a-912b-650611d44a97.mp3"},"yoast_head":"\nUS banking turmoil dampens hopes of an EM boom - 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\/04\/03\/us-banking-turmoil-dampens-hopes-of-an-em-boom\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US banking turmoil dampens hopes of an EM boom\" \/>\n<meta property=\"og:description\" content=\"Emerging markets still have strong fundamentals\" \/>\n<meta property=\"og:url\" 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The failure to reach an agreement to raise oil supply last week won\u2019t impact the recent boom in commodity prices, which will\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":544883,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/24\/ipos-gulf-europe\/","url_meta":{"origin":584622,"position":3},"title":"IPOs: Gulf > Europe","author":"enterpriseam admin","date":"24 March 2022","format":false,"excerpt":"Gulf > Europe in the IPO market: Surging oil prices are fueling an IPO boom in the MENA region, helping it to surpass the European IPO market for only the second time since the global financial crisis, Bloomberg reports. Companies listing in the region have raised a combined USD 4.8\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":547427,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/21\/em-corporate-bonds-are-holding-their-own-no-eurozone-debt-crisis-take-2\/","url_meta":{"origin":584622,"position":4},"title":"EM corporate bonds are holding their own + No eurozone debt crisis take 2?","author":"enterpriseam admin","date":"21 June 2022","format":false,"excerpt":"EM sovereign debt might not be doing so great right now. Corporate debt on the other hand\u2026: Emerging-market corporate bonds are holding up against a wave of interest rate hikes around the world, faring better than high-yield debt and equities in the US, Bloomberg reports. The EM sell-off is being\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":549528,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/20\/asian-markets-are-doing-better-than-the-rest-of-us-at-weathering-the-global-market-turmoil\/","url_meta":{"origin":584622,"position":5},"title":"Asian markets are doing better than the rest of us at weathering the global market turmoil","author":"enterpriseam admin","date":"20 September 2022","format":false,"excerpt":"Emerging Asia could offer a haven from stagflation: Investors are pivoting towards emerging Asian bonds and currencies amid global market turmoil, Bloomberg reports. 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