{"id":594491,"date":"2019-10-31T04:07:16","date_gmt":"2019-10-31T04:07:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/31\/what-were-tracking-on-30-october-2019-2\/"},"modified":"2019-10-31T04:07:16","modified_gmt":"2019-10-31T04:07:16","slug":"what-were-tracking-on-30-october-2019-2","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/31\/what-were-tracking-on-30-october-2019-2\/","title":{"rendered":"What we\u2019re tracking on 30 October 2019"},"content":{"rendered":"

The Finance Ministry will meet today with five international banks it hired<\/b> to manage an upcoming USD-denominated bond issuance, the domestic press<\/a> reports. Citibank, JPMorgan, BNP Paribas, Natixis and Standard Chartered have all won mandates. We have more in this morning\u2019s Speed Round, below.<\/p>\n

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<\/a> The US Federal Reserve cut interest rates yesterday for the third time this year<\/b>, pushing ahead with an easing cycle as it slashed rates 25 bps. The benchmark Fed Funds rate is now in the 1.5%-1.75% range. The move was widely expected ahead of the meeting, with financial markets giving an almost 95% chance of a cut. Read the full statement here<\/a>.<\/p>\n

Powell hints this may be the last cut for 2019:<\/b> Fed Chairman Jay Powell indicated at the post-meeting presser that the so-called \u201cmid-cycle adjustment\u201d was now at an end, meaning that the bank would not make a fourth cut at its December meeting. \u201cWe see the current stance of monetary policy as likely to remain appropriate as long as incoming information about the state of the economy remains broadly consistent with our outlook,\u201d he told reporters. CNBC has the story<\/a>.<\/p>\n

The news came as data said the US economy grew at a slightly slower clip<\/b> of 1.9% clip in the third quarter, down from 2% in the previous quarter on falling business investment and slowing consumer spending. The figures were better than expected, with economists telling MarketWatch<\/a> prior to the release that growth would slow to 1.6%.<\/p>\n

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Liquidity squeeze, spiking yields bring prospect of capital controls in Lebanon as banks prepare to open: <\/b>Lebanese economists and politicians are calling on the government to introduce capital controls to prevent an anticipated bank run and capital exodus when banks reopen on Friday, Bloomberg reports<\/a>. Bankers have reported clients asking to withdraw money from the country, prompting calls for limits to be placed on the transfer of funds overseas. Banks have remained closed throughout the past two weeks of mass demonstrations, prompting the central bank governor earlier this week<\/a> to warn of an imminent financial catastrophe.<\/p>\n

The yield on Lebanon\u2019s USD bonds due in 2021 soared to a record <\/b>hitting a record 39%<\/a> yesterday. The bid-ask spread (the difference between the buying and selling price) widened to 2%, its highest level in more than a decade.<\/p>\n

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Saudi gets lots of love from Bloomberg during \u201cDavos in the Desert\u201d:<\/b> Saudi coverage is reaching a fever-pitch, particularly at Bloomberg. Case in point:<\/p>\n