{"id":601743,"date":"2019-03-10T03:56:31","date_gmt":"2019-03-10T03:56:31","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/10\/what-were-tracking-on-10-march-2019\/"},"modified":"2019-03-10T03:56:31","modified_gmt":"2019-03-10T03:56:31","slug":"what-were-tracking-on-10-march-2019","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/10\/what-were-tracking-on-10-march-2019\/","title":{"rendered":"What we\u2019re tracking on 10 March 2019"},"content":{"rendered":"

Two thoughts are rattling through our brains this morning <\/b>as we slide back into our usual routine after a week in the UAE at the EFG Hermes One on One conference. It was the best-attended edition of the One on One yet, and sentiment is strong. Those two thoughts (because we\u2019re rarely capable of maintaining more than one at a time): First, the themes running through emerging markets are striking. From Cairo to Kampala by way of Port Louis and Dar Es Salaam, companies are largely facing variations on the same challenges \u2014 and the same upside. Second, Mark Mobius<\/b><\/a> still goes to investor meetings<\/b>. The man invented emerging markets as an asset class (and created jobs for so many of us in the process) and still goes to investor meetings at age 82. [Redacted] legend.<\/p>\n

Wall Street\u2019s oldest-ever bull market turned 10 yesterday. <\/b>\u201cThe S&P 500 has more than quadrupled from its devil's bottom of 666 in March 2009. The Dow has spiked nearly 19,000 points, or almost 300%. And the Nasdaq has skyrocketed just under 500%,\u201d CNN<\/a> reports. Reuters<\/a> and Seeking Alpha<\/a> have the story, but Bloomberg isn\u2019t sure how much longer it will last.<\/p>\n

Deutsche Bank and Commerzbank are mulling a potential merger<\/b>, the Wall Street Journal<\/a> writes, saying top Deutsche execs have agreed to hold discussions with their rivals at Commerzbank as the two sides \u201cexplore strategic options after suffering prolonged performance and share-price declines.\u201d<\/p>\n

Elizabeth Warren<\/b><\/a> is promising to break up Facebook, Google and Amazon <\/b>if she wins the US presidency. The Democratic senator said at a campaign event this weekend that it is \u201ctime to challenge the increasing dominance of America\u2019s biggest technology companies,\u201d Reuters<\/a> and the Verge<\/a> report.<\/p>\n

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Qatar returned to the bond market last week with a USD 12 bn issuance<\/b>, meaning the country has now raised some USD 24 bn in less than a year, Bloomberg reports<\/a>. The issuance saw healthy appetite from investors flocking back to emerging markets, recording demand of USD 50 bn.<\/p>\n

Speaking of EM debt (Egypt, take note):<\/b> Investors are worried the market may be overheated, Bloomberg reported<\/a>. EM borrowers have so far raised about USD 360 bn in 2019 (including Egypt\u2019s USD 4 bn eurobond issuance<\/a>) \u2014 a record on a year-to-date basis fueled by a pause in US interest rate increases and prospects of an \u2018imminent\u2019 trade agreement between US and China. Investors expect yields to take a hit if the US Fed changes policies to target inflation.<\/p>\n

Libyans fear a shutdown as the country\u2019s eastern commander Khalifa Haftar may move to take control of Tripoli, <\/b>reports Reuters.<\/a> The Egypt and UAE-backed leader of the Libyan National Army recently took control of Libya\u2019s southern oil fields, effectively monopolizing the country\u2019s crude oil output. The news comes after discussions of potential Libyan elections were floated just last week<\/a> in a United Nations-led effort to de-escalate tensions between Haftar and Tripoli\u2019s UN-recognised government led by Prime Minister Fayez al-Serraj.<\/p>\n

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PSA #1- Clocks change in the US and Canada this morning. <\/b>Readers visiting (or living in) much of North America will \u2018spring forward\u2019 today, meaning New York and Toronto will become CLT -6. Remember:<\/p>\n