{"id":592437,"date":"2023-08-06T00:00:00","date_gmt":"2023-08-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/jpmorgan-rolls-back-us-recession-wager\/"},"modified":"2023-08-06T00:00:00","modified_gmt":"2023-08-06T00:00:00","slug":"jpmorgan-rolls-back-us-recession-wager","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/jpmorgan-rolls-back-us-recession-wager\/","title":{"rendered":"JPMorgan rolls back US recession wager"},"content":{"rendered":"

JPMorgan is no longer predicting a US recession: <\/strong>JPMorgan Chase analysts are the latest to roll back earlier forecasts of a recession for the US economy as data increasingly indicates that the US Federal Reserve may pull off the \u2018soft landing\u2019 officials have been aiming for, CNBC<\/a> reports. The bank is now predicting growth of 2.5% in 3Q 2023, up from an earlier 0.5%, making its previous forecast for a contraction by 4Q unlikely. <\/p>\n

Aramco raises oil prices: <\/strong>Saudi Arabian oil giant Aramco raised the price for its key Arab Light crude for sale to Asia and Europe as supply tightens, according to a price list seen by Bloomberg<\/a>. Benchmark oil prices have been on the rise<\/a> in recent weeks on the back of OPEC+ supply cuts and rising demand in Asia. <\/p>\n

Apple shares fall on sales slump:<\/strong> The tech giant saw its shares fall 2% on Thursday as it said it expects a retail slump to continue into 3Q 2023. Apple recorded a 1.4% drop in sales thanks to fewer iPhone purchases in 2Q 2023. (Reuters<\/a>)<\/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 <\/strong><\/p>\n<\/td>\n

\n

17,451<\/p>\n<\/td>\n

\n

-0.0% (YTD: +19.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

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

\n

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

\n

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

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

\n

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

\n

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

\n

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

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

\n

19.25% deposit<\/p>\n<\/td>\n

\n

20.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

11,376<\/p>\n<\/td>\n

\n

-0.9% (YTD: +8.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,786<\/p>\n<\/td>\n

\n

+0.0% (YTD: -4.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,083<\/p>\n<\/td>\n

\n

+0.8% (YTD: +22.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,478<\/p>\n<\/td>\n

\n

-0.5% (YTD: +16.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,564<\/p>\n<\/td>\n

\n

+0.5% (YTD: +1.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,333<\/p>\n<\/td>\n

\n

+0.7% (YTD: +14.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 86.24<\/p>\n<\/td>\n

\n

+1.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.58<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 1,976.10<\/p>\n<\/td>\n

\n

+0.4%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 29,064<\/p>\n<\/td>\n

\n

+0.1% (YTD: +76.1%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

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

The EGX30 was almost flat at Thursday\u2019s close<\/strong> on turnover of EGP 1.72 bn (11.5% below the trailing 90-day average). Regional investors were net sellers. The index is up 19.5% YTD.<\/p>\n

In the green: <\/strong>Sidpec (+3.0%), Oriental Weavers (+2.1%), and Beltone Financial (+2.0%).<\/p>\n

In the red: <\/strong>Eastern Company (-1.4%), Juhayna (-1.0%) and E-finance (-0.9%).<\/p>\n","protected":false},"excerpt":{"rendered":"

The US Fed could pull off a soft landing, say JPMorgan analysts<\/p>\n","protected":false},"author":1,"featured_media":592438,"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":[184,394,72,119,91,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-592437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-apple","tag-aramco","tag-enterpriseam","tag-financial-markets","tag-oil-and-gas","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"4dd3b024-150d-42c8-ae03-f08e61edb420","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/219.jpg","photo_position":"below","homepage_title":"","full_issue_title":"JPMorgan rolls back US recession wager. PLUS: Aramco hikes crude prices to Asia, Europe + Weaker iPhone sales hit Apple share price","related_issue":[592412],"teaser":"The US Fed could pull off a soft landing, say JPMorgan analysts","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.a6976f75-9b70-442f-aff9-81c4ddc8c357.mp3"},"yoast_head":"\nJPMorgan rolls back US recession wager - 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\/08\/06\/jpmorgan-rolls-back-us-recession-wager\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JPMorgan rolls back US recession wager\" \/>\n<meta property=\"og:description\" content=\"The US Fed could pull off a soft landing, say JPMorgan analysts\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/jpmorgan-rolls-back-us-recession-wager\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-06T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/219.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/jpmorgan-rolls-back-us-recession-wager\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/jpmorgan-rolls-back-us-recession-wager\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"JPMorgan rolls back US recession wager\",\"datePublished\":\"2023-08-06T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/jpmorgan-rolls-back-us-recession-wager\/\"},\"wordCount\":274,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/jpmorgan-rolls-back-us-recession-wager\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/219.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Apple\",\"Aramco\",\"EnterpriseAM\",\"Financial Markets\",\"oil and gas\",\"Planet Finance\"],\"articleSection\":[\"PLANET FINANCE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/jpmorgan-rolls-back-us-recession-wager\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/jpmorgan-rolls-back-us-recession-wager\/\",\"name\":\"JPMorgan rolls back US recession wager - 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Other unnamed sources told Reuters that only JPMorgan and Morgan Stanley were tapped to assist with the IPO, but that Aramco \u201ccould call on\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"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":592437,"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":545610,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/05\/usd-1-bn-ipo-in-the-works-for-aramco-subsidiary-the-uk-wants-in-on-nfts\/","url_meta":{"origin":592437,"position":2},"title":"USD 1 bn IPO in the works for Aramco subsidiary + the UK wants in on NFTs","author":"enterpriseam admin","date":"5 April 2022","format":false,"excerpt":"Yet another Gulf IPO? Saudi Aramco subsidiary Luberef is looking to make its Tadawul debut in an IPO that could raise over USD 1 bn, Bloombergreports citing people familiar with the matter. The company reportedly plans to sell a 30% stake currently owned by Jadwa Investment and has tapped 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":595542,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/30\/efg-lands-role-in-saudi-aramco-ipo\/","url_meta":{"origin":592437,"position":3},"title":"EFG lands role in Saudi Aramco IPO","author":"enterpriseam admin","date":"30 September 2019","format":false,"excerpt":"Is EFG getting a slice of the Aramco pie? EFG Hermes has reportedly landed a gig as joint bookrunner in Saudi Aramco\u2019s anticipated IPO, according to Bloomberg. Our friends will reportedly be working alongside global investment banks Bank of America, Citigroup, Credit Suisse, Goldman Sachs, JPMorgan Chase, and Morgan Stanley,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":581295,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/07\/odds-of-us-recession-now-just-25-according-to-goldman\/","url_meta":{"origin":592437,"position":4},"title":"Odds of US recession now just 25%, according to Goldman","author":"enterpriseam admin","date":"7 February 2023","format":false,"excerpt":"The odds of a US recession are dwindling, according to Goldman: Goldman Sachs has slashed estimates for the likelihood of a US recession in the next year to 25% on the back of last week\u2019s stronger-than-expected labor data, falling inflation, and signs of improving business sentiment, Bloomberg reports. The US\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\/2020\/9\/goldman-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548286,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/global-ma-isnt-in-kansas-anymore\/","url_meta":{"origin":592437,"position":5},"title":"Global M&A isn\u2019t in Kansas anymore","author":"enterpriseam admin","date":"2 August 2022","format":false,"excerpt":"Global M&A activity has slowed dramatically this year: The value of global M&A transactions has fallen almost a third so far this year as the conditions that enabled an explosion of dealmaking in 2020 and 2021 go into reverse. Mergers worth USD 2.4 tn had been announced globally as of\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\/592437","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=592437"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/592437\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/592412"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/592438"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=592437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=592437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=592437"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=592437"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=592437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}