{"id":596094,"date":"2023-08-10T00:00:00","date_gmt":"2023-08-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/10\/china-enters-deflation-territory\/"},"modified":"2023-08-10T00:00:00","modified_gmt":"2023-08-10T00:00:00","slug":"china-enters-deflation-territory","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/10\/china-enters-deflation-territory\/","title":{"rendered":"China enters deflation territory"},"content":{"rendered":"

China has stepped into deflation territory: <\/strong> China\u2019s consumer price index fell 0.3% y-o-y in July, while year-to-date inflation is at 0.5% \u2014 far below the government\u2019s annual inflation target of 3%. The country\u2019s deflationary trend, which comes as many other countries grapple with persistently sticky inflation, was attributed to weaker local consumer demand after lifting covid-19 restrictions.<\/p>\n

\u201cThe Chinese economy is now at serious risk of sliding into a deflationary episode that could spark a self-reinforcing downward spiral in growth and private sector confidence,\u201d China finance expert at Cornell University Eswar Prasad told the Financial Times<\/a>. The Wall Street Journal<\/a> and Reuters<\/a> also had coverage. <\/p>\n

WeWork in the danger zone: <\/strong>The coworking spaces provider once privately valued at USD 47 bn saw its market cap plummet to just USD 260 mn on Wednesday, Reuters<\/a> reports. Shares dropped nearly 40% to close at USD 0.12 after the SoftBank-backed company warned that it could be facing bankruptcy.<\/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

17,764<\/p>\n<\/td>\n

\n

+0.1% (YTD: +21.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 30.83<\/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

11,286<\/p>\n<\/td>\n

\n

+0.4% (YTD: +7.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,953<\/p>\n<\/td>\n

\n

-0.4% (YTD: -2.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,071<\/p>\n<\/td>\n

\n

-0.2% (YTD: +22.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,468<\/p>\n<\/td>\n

\n

-0.7% (YTD: +16.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,587<\/p>\n<\/td>\n

\n

+0.8% (YTD: +1.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,317<\/p>\n<\/td>\n

\n

+0.7% (YTD: +13.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 87.40<\/p>\n<\/td>\n

\n

+1.4%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.96<\/p>\n<\/td>\n

\n

+6.6%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,950.60<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 29,498<\/p>\n<\/td>\n

\n

-1.2% (YTD: +78.5%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

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

The EGX30 was unchanged at Wednesday\u2019s close <\/strong> on turnover of EGP 2.37 bn (21.6% above the 90-day average). Foreign investors were net sellers. The index is up 21.7% YTD.<\/p>\n

In the green: <\/strong>Ezz Steel (+4.4%), Heliopolis Housing (+4.0%) and Eastern Company (+2.3%).<\/p>\n

In the red: <\/strong>Beltone Financial Holding (-4.7%), Sidepc (-2.1%) and Qalaa Holdings (-1.3%).<\/p>\n

Asian markets are down across the board in early trading this morning <\/strong>. The picture is the opposite to our west, where futures suggest that both European and US benchmarks will open in the green later on today. <\/p>\n","protected":false},"excerpt":{"rendered":"

The country\u2019s post-covid rebound is stalling hard<\/p>\n","protected":false},"author":1,"featured_media":596095,"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":[116,72,119,182,122,1220],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-596094","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-china","tag-enterpriseam","tag-financial-markets","tag-inflation","tag-planet-finance","tag-wework","wpautop","entry"],"acf":{"mongo_id":"ffcb52b3-f1c7-4b2c-aebb-2b1878aed0e4","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/498.jpg","photo_position":"below","homepage_title":"","full_issue_title":"China enters deflation territory","related_issue":[596071],"teaser":"The country\u2019s post-covid rebound is stalling hard","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.df5f3e80-8fc7-42c7-a815-ef9b405e29fb.mp3"},"yoast_head":"\nChina enters deflation territory - 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THE BIG STORIES TODAY #1- Ocior Energy proceeds with green hydrogen plans: India\u2019s Ocior Energy has inked preliminary contracts with the government to set up a USD 4 bn green hydrogen plant in the Suez Canal Economic Zone (SCZone), Asharq Business reports,\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/5975.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555391,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/11\/us-inflation-hits-30-year-high-stocks-arent-happy\/","url_meta":{"origin":596094,"position":3},"title":"US inflation hits 30-year high; stocks aren\u2019t happy","author":"enterpriseam admin","date":"11 November 2021","format":false,"excerpt":"Inflation worries hit stocks: US stocks experienced their biggest single-drop in a month and treasury yields rose the most since February yesterday after fresh data (pdf) showed inflation reaching a 30-year high in October. The S&P 500 fell 0.8% during trading and the Nasdaq slipped 1.4% after figures released by\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":557545,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/22\/universal-music-is-europes-largest-listing-of-2021-as-shares-soar-on-debut\/","url_meta":{"origin":596094,"position":4},"title":"Universal Music is Europe\u2019s largest listing of 2021 as shares soar on debut","author":"enterpriseam admin","date":"22 September 2021","format":false,"excerpt":"A star is born: Universal Music Group\u2019s shares jumped by more than 40% in their stock market debut in Amsterdam yesterday, handing the company a EUR 46 bn valuation. The company\u2019s shares climbed to EUR 26.45, up 43% from their EUR 18.50 reference price on the Euronext Amsterdam stock exchange,\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":547755,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/05\/commodity-prices-are-falling-back-but-is-it-enough-to-tame-inflation\/","url_meta":{"origin":596094,"position":5},"title":"Commodity prices are falling back \u2014 but is it enough to tame inflation?","author":"enterpriseam admin","date":"5 July 2022","format":false,"excerpt":"Commodity prices are beginning to cool \u2014 and it\u2019s stirring hope that inflation has peaked: Investors who piled into assets like fuel, corn and wheat to hedge against rising inflation have been making their exits, an indicator that a major contributor to wave of global inflation has begun to cool,\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\/596094","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=596094"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596094\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/596071"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/596095"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=596094"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=596094"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=596094"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=596094"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=596094"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}