{"id":586302,"date":"2023-05-09T00:00:00","date_gmt":"2023-05-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/09\/credit-crunch-could-slow-us-growth-fed-warns\/"},"modified":"2023-05-09T00:00:00","modified_gmt":"2023-05-09T00:00:00","slug":"credit-crunch-could-slow-us-growth-fed-warns","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/09\/credit-crunch-could-slow-us-growth-fed-warns\/","title":{"rendered":"Credit crunch could slow US growth, Fed warns"},"content":{"rendered":"

Tightening credit conditions have the Fed worried:<\/span> The Federal Reserve has <\/span>warned that the recent crisis in the US banking system poses a risk to economic growth as lenders grow more concerned about their balance sheets. In its latest <\/span>financial stability report (pdf)<\/a><\/span>, the central bank said that banks could hold back on making loans due to the uncertainty, further tightening liquidity and raising borrowing costs further. \u201cA sharp contraction in the availability of credit would drive up the cost of funding for businesses and households, potentially resulting in a slowdown in economic activity,\u201d it wrote. <\/span>Bloomberg<\/a><\/span> and the <\/span>Financial Times<\/a><\/span> have more.<\/span><\/p>\n

MEANWHILE- Drilling starts at Aphrodite:<\/span> Chevron, Shell, and Israeli energy firm <\/span>NewMed Energy have started drilling at Cyprus\u2019 Aphrodite field, <\/span>Reuters<\/a><\/span> reports, citing <\/span>a statement from NewMed<\/span>. The field is thought to contain up to 129 bcm of gas, according to <\/span>NewMed\u2019s website<\/a><\/span>. The appraisal well will confirm the reserves and will take three months to finish, the company said.<\/span><\/p>\n

Egypt is expected to export Aphrodite gas:<\/span> Egypt and Cyprus are in talks to <\/span>construct a<\/a><\/span>pipeline<\/a><\/span> linking the field to Egypt\u2019s liquefaction facilities, allowing the gas to be exported as LNG.<\/span><\/p>\n

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

\n

17,643<\/span><\/p>\n<\/td>\n

\n

+2.4% (YTD: +20.9%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 30.83<\/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 CI<\/span>B<\/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

11,256<\/span><\/p>\n<\/td>\n

\n

0.0% (YTD: +7.4%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,691<\/span><\/p>\n<\/td>\n

\n

-0.2% (YTD: -5.1%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,583<\/span><\/p>\n<\/td>\n

\n

0.0% (YTD: +7.4%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,138<\/span><\/p>\n<\/td>\n

\n

+0.1% (YTD: +7.8%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,778<\/span><\/p>\n<\/td>\n

\n

+1.0% (YTD: +4.4%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,349<\/span><\/p>\n<\/td>\n

\n

+0.2% (YTD: +14.6%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 76.59<\/span><\/p>\n<\/td>\n

\n

+1.7%<\/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 2.24<\/span><\/p>\n<\/td>\n

\n

+4.9%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2,028.60<\/span><\/p>\n<\/td>\n

\n

+0.2%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 27,459<\/span><\/p>\n<\/td>\n

\n

-5.0% (<\/span>YTD: +66.6%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 rose 2.4% at yesterday\u2019s clos<\/span>e<\/span> on turnover of EGP 2.1<\/span>2 bn. Local investors were <\/span>net buyers. The index is up 20.9% YTD.<\/span><\/p>\n

In the green: <\/span>Abu Qir Fertilizers (+9.4%), AMOC (+7.3%) and Qalaa Holdings (+5.6%).<\/span><\/p>\n

In the red: <\/span>Ibnsina Pharma (-2.3%), and Juhayna (-0.7%).<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The recent banking crisis has increased concern about bank balance sheets<\/p>\n","protected":false},"author":1,"featured_media":586303,"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":[93,72,8780,119,91,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-energy","tag-enterpriseam","tag-federal-reserve","tag-financial-markets","tag-oil-and-gas","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"0a288ea8-1ab0-4e90-880c-9cef9dc30ae5","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/485.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Credit crunch could slow US growth, Federal Reserve warns","related_issue":[586276],"teaser":"The recent banking crisis has increased concern about bank balance sheets","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.307f79d7-f274-4add-9976-d48488485a37.mp3"},"yoast_head":"\nCredit crunch could slow US growth, Fed warns - 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\/05\/09\/credit-crunch-could-slow-us-growth-fed-warns\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Credit crunch could slow US growth, Fed warns\" \/>\n<meta property=\"og:description\" content=\"The recent banking crisis has increased concern about bank balance sheets\" \/>\n<meta property=\"og:url\" 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the meeting","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\/3\/418.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586137,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/07\/federal-reserve-raises-interest-rates-by-another-25-bps-despite-regional-banking-crisis\/","url_meta":{"origin":586302,"position":1},"title":"Federal Reserve raises interest rates by another 25 bps despite regional banking crisis","author":"enterpriseam admin","date":"7 May 2023","format":false,"excerpt":"Incoming inflation and jobs data + the plight of shaky regional lenders to determine what happens next","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET 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