{"id":607160,"date":"2023-09-27T00:00:00","date_gmt":"2023-09-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/global-trade-suffers-biggest-slump-since-covid-as-rate-hikes-bite\/"},"modified":"2023-09-27T00:00:00","modified_gmt":"2023-09-27T00:00:00","slug":"global-trade-suffers-biggest-slump-since-covid-as-rate-hikes-bite","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/global-trade-suffers-biggest-slump-since-covid-as-rate-hikes-bite\/","title":{"rendered":"Global trade suffers biggest slump since covid as rate hikes bite"},"content":{"rendered":"

Global trade <\/strong> takes biggest <\/strong> hit since the pandemic: <\/strong> Global trade contracted at its quickest rate since 2020 in July, according to figures picked by the Financial Times<\/a>. The World Trade Monitor, published by the Netherlands Bureau for Economic Policy Analysis, shows that volumes declined 3.2% y-o-y during the month, accelerating from June when trade fell 2.4%. This is the most severe fall since mid-2020 when global supply chains were suffering through the wave of covid-19 lockdowns across the world.<\/p>\n

Driving the trend: <\/strong> Sharply higher interest rates across the world, higher inflation, and increased domestic spending on services post-lockdown.<\/p>\n

A gloomier forecast: <\/strong> The figures are likely to add to the concerns that a slowdown in global growth could accelerate in the coming months. Industry experts anticipate trade volumes to continue to weaken: S&P Global\u2019s PMIs for the US, the eurozone and the UK have all signaled a sharp contraction in August and September.<\/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

20,355<\/p>\n<\/td>\n

\n

+0.2% (YTD: +39.4%)<\/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

10,918<\/p>\n<\/td>\n

\n

+0.4% (YTD: +4.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,813<\/p>\n<\/td>\n

\n

-0.2% (YTD: -3.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,154<\/p>\n<\/td>\n

\n

-0.7% (YTD: +24.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,274<\/p>\n<\/td>\n

\n

-1.5% (YTD: +11.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,626<\/p>\n<\/td>\n

\n

0.0% (YTD: +2.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,129<\/p>\n<\/td>\n

\n

-0.9% (YTD: +8.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 94.06<\/p>\n<\/td>\n

\n

+0.8%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.66<\/p>\n<\/td>\n

\n

+0.8%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,918.70<\/p>\n<\/td>\n

\n

-0.9%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 26,156<\/p>\n<\/td>\n

\n

-0.6% (YTD: +58.9%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 rose 0.2% at yesterday\u2019s close <\/strong> on turnover of EGP 3.0 bn (39.8% above the 90-day average). Local investors were net sellers. The index is up 39.4% YTD.<\/p>\n

In the green: <\/strong>Mopco (+6.4%), Abu Dhabi Islamic Bank (+3.4%), and Orascom Construction (+3.1%).<\/p>\n

In the red: <\/strong>Palm Hills Development (-3.2%), Heliopolis Housing (-2.9%) and Qalaa Holdings, (-2.7%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Trade volumes fell 3.2% y-o-y in June, according to new figures<\/p>\n","protected":false},"author":1,"featured_media":607161,"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":[72,119,2403,349,122,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-607160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-global-economy","tag-interest-rates","tag-planet-finance","tag-trade","wpautop","entry"],"acf":{"mongo_id":"ee4a962d-487a-46da-95af-74648e7a5291","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/1607.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Global trade suffers biggest slump since covid as rate hikes bite","related_issue":[607137],"teaser":"Trade volumes fell 3.2% y-o-y in June, according to new figures","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.cff4ff81-9413-46f1-aead-cfb8c6d9c660.mp3"},"yoast_head":"\nGlobal trade suffers biggest slump since covid as rate hikes bite - 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The state-owned company sold 9 bn\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":560019,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/11\/what-the-markets-are-doing-on-11-february-2021\/","url_meta":{"origin":607160,"position":1},"title":"What the markets are doing on 11 February 2021","author":"enterpriseam admin","date":"11 February 2021","format":false,"excerpt":"Saudi Arabia\u2019s economy continued to rebound from recession in the final quarter of 2020, growing by 2.8% compared to the previous three months, according to the official figures (pdf) released yesterday. Growth over the full year contracted by 4.1% thanks to covid-19 restrictions in 1H2020 which saw output plunge 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":598352,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/22\/oecd-trade-disputes-will-keep-global-growth-sluggish\/","url_meta":{"origin":607160,"position":2},"title":"OECD: trade disputes will keep global growth sluggish","author":"enterpriseam admin","date":"22 May 2019","format":false,"excerpt":"OECD: Trade disputes to hamper global growth: Trade tensions have caused a global economic slowdown in the past year and threaten future growth, according to a report released yesterday by the Organization for Economic Cooperation and Development (OECD). Trade growth is predicted to weaken to around 2%, its lowest rate\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/5\/3437.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562014,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/04\/egypt-remains-top-carry-trade-as-cbe-leaves-rates-on-hold\/","url_meta":{"origin":607160,"position":3},"title":"Egypt remains top carry trade as CBE leaves rates on hold","author":"enterpriseam admin","date":"4 May 2021","format":false,"excerpt":"The Central Bank of Egypt (CBE) left rates on hold for a fourth consecutive meeting last Wednesday as policymakers looked to keep Egypt\u2019s carry trade the most attractive in the world \u2014 and anticipated heightened inflation. The Monetary Policy Committee (MPC) said in a statement (pdf) following the meeting that\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/18.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596572,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/02\/what-were-tracking-on-2-july-2019\/","url_meta":{"origin":607160,"position":4},"title":"What we\u2019re tracking on 2 July 2019","author":"enterpriseam admin","date":"2 July 2019","format":false,"excerpt":"The question of the day is whether we should expect new 95-octane fuel price changes this month. All signs seem to indicate the answer is \u201cyes,\u201d particularly as the local press is on high alert for any clues. We have the full rundown in this morning\u2019s Speed Round, below. The\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":585054,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/10\/theres-no-knowing-where-crude-prices-are-going\/","url_meta":{"origin":607160,"position":5},"title":"There\u2019s no knowing where crude prices are going","author":"enterpriseam admin","date":"10 April 2023","format":false,"excerpt":"Could weakening demand outweigh OPEC\u2019s supply cuts?","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\/2023\/4\/402.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/607160","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=607160"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/607160\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/607137"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/607161"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=607160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=607160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=607160"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=607160"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=607160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}