{"id":606342,"date":"2023-09-14T00:00:00","date_gmt":"2023-09-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/14\/rising-oil-prices-drive-hotter-than-expected-us-inflation-in-august\/"},"modified":"2023-09-14T00:00:00","modified_gmt":"2023-09-14T00:00:00","slug":"rising-oil-prices-drive-hotter-than-expected-us-inflation-in-august","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/14\/rising-oil-prices-drive-hotter-than-expected-us-inflation-in-august\/","title":{"rendered":"Rising oil prices drive hotter-than-expected US inflation in August"},"content":{"rendered":"

Inflation headache returns for the Fed: <\/strong> US consumer prices climbed more than expected in August on the back of rising energy prices, according to data<\/a> out yesterday. Inflation rose 3.7% y-o-y during the month from 3.2% in July, slightly above forecasts for 3.6% growth. Prices climbed 0.6% on a monthly basis.<\/p>\n

Driving the growth: <\/strong> The bulk of the monthly increase came from increased gasoline costs, driven by rising global oil prices. Global prices have reached 10-month highs this month after Saudi Arabia and Russia agreed to extend supply cuts through to the end of the year in a bid to push oil prices towards USD 100 a barrel. OPEC data suggests that the curbs are setting the market up for its largest supply deficit in a decade<\/a> in 4Q 2023, potentially triggering a fresh bout of volatility in the market. <\/p>\n

Just what the Fed doesn\u2019t want: <\/strong>The prospect of a fresh energy supply shock and USD 100<\/a> oil<\/a> will complicate the Federal Reserve\u2019s efforts to curb inflation and introduce fresh uncertainty into the markets about the direction of interest rates. Yesterday\u2019s hotter-than-expected inflation data make it more likely that the central bank raises rates by another 25 bps in either its November or December meetings, analysts told Bloomberg<\/a> yesterday. <\/p>\n

\n

\n

Adnoc is looking to turn its \u201cfledgling\u201d trading business into a multi-bn USD operation <\/strong> before the decade is out, Bloomberg<\/a> reported yesterday. The Emirati energy giant will focus on sales of LNG to Europe (filling a hole caused by Vladimir Putin) as well as Africa. Adnoc is pursuing contracts for LNG, crude, and refined fuels, the business information service says, flagging the focus on Europe and Africa as a \u201cchange in strategy\u201d for the outfit, which traditionally focused on Asian markets.<\/p>\n

Remember: Adnoc is eyeing a slice of our energy industry. <\/strong>Adnoc has been pursuing expansion in our neighborhood as it angles for a piece of the growing Eastern Mediterranean gas industry. The company in March submitted a bid<\/a> alongside BP to acquire 50% of Israel\u2019s NewMed, which owns 45% of the Leviathan gas field that feeds into Egypt\u2019s Idku and Damietta LNG processing plants. Egypt is hoping to pump more LNG to Europe in the coming years after Israel agreed<\/a> to ramp up exports from Leviathan. On the downstream side, Adnoc in February bought a 50% stake<\/a> in one of our largest fuel retailers, TotalEnergies Egypt.<\/p>\n

\n

\n

BP CEO Bernard Looney resigns: <\/strong>The multinational oil giant announced<\/a> Looney\u2019s departure on Tuesday, stating that he had not been \u201cfully transparent \u201d <\/strong>aboutpast personal relationships with colleagues. No more details were given about the nature of the allegations. BP CFO Murray Auchincloss will act as interim CEO, according to the release. <\/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 <\/strong><\/p>\n<\/td>\n

\n

19,362<\/p>\n<\/td>\n

\n

+1.1% (YTD: +32.6%)<\/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

11,122<\/p>\n<\/td>\n

\n

-0.3% (YTD: +6.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,755<\/p>\n<\/td>\n

\n

+0.1% (YTD: -4.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,051<\/p>\n<\/td>\n

\n

-0.3% (YTD: +21.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,467<\/p>\n<\/td>\n

\n

+0.1% (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

7,526<\/p>\n<\/td>\n

\n

0.0% (YTD: +1.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,223<\/p>\n<\/td>\n

\n

-0.4% (YTD: +11.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 92.19<\/p>\n<\/td>\n

\n

+0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.71<\/p>\n<\/td>\n

\n

-1.2%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,930.90 <\/p>\n<\/td>\n

\n

-0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 26,232<\/p>\n<\/td>\n

\n

+0.5% (YTD: +58.6%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 rose 1.1% at yesterday\u2019s close <\/strong> on turnover of EGP 1.5 bn (29% below the 90-day average). Foreign investors were net sellers. The index is up 32.6% YTD.<\/p>\n

In the green: <\/strong>Ezz Steel (+5.1%), Talaat Moustafa Group (+3.5%) and Elsewedy Electric (+3.2%).<\/p>\n

In the red: <\/strong>Juhayna (-1.5%), Edita (-0.8%) and Egypt Kuwait Holding (-0.8%). <\/p>\n

Asian markets are uniformly in the green this morning. <\/strong>Futures suggest a mixed open in Europe (Euro Stoxx 50 and DAX 30 are trending up, while both the FTSE 100 and CAC 40 looking to open under pressure). Futures point to a comfortably green open for stocks in New York and Toronto later today.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi Arabia and Russia are trying to push oil prices towards USD 100, complicating the Federal Reserve\u2019s attempts to calm inflation<\/p>\n","protected":false},"author":1,"featured_media":606343,"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":[1703,196,72,8780,119,182,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-606342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-adnoc","tag-bp","tag-enterpriseam","tag-federal-reserve","tag-financial-markets","tag-inflation","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"5773827a-c463-44bc-aa32-65a96e13e46e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/983.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Rising oil prices drive hotter-than-expected US inflation in August","related_issue":[606316],"teaser":"Saudi Arabia and Russia are trying to push oil prices towards USD 100, complicating the Federal Reserve\u2019s attempts to calm inflation","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.2f367ffe-3604-4c32-b922-b6e1e83c8bba.mp3"},"yoast_head":"\nRising oil prices drive hotter-than-expected US inflation in August - 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