{"id":607274,"date":"2023-10-01T00:00:00","date_gmt":"2023-10-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/01\/bond-sell-off-accelerates-sending-yields-to-unthinkable-highs-bloomberg\/"},"modified":"2023-10-01T00:00:00","modified_gmt":"2023-10-01T00:00:00","slug":"bond-sell-off-accelerates-sending-yields-to-unthinkable-highs-bloomberg","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/01\/bond-sell-off-accelerates-sending-yields-to-unthinkable-highs-bloomberg\/","title":{"rendered":"Bond sell-off accelerates, sending yields to \u201cunthinkable\u201d highs -Bloomberg"},"content":{"rendered":"

Bond markets are reckoning with the end of easy money: <\/strong> The sell-off in the US and European bond markets accelerated last week, pushing yields towards their highest levels in years, as the reality that interest rates are staying high over the long term sinks in, Bloomberg<\/a> reports. Yields on US 10-years are inching closer towards 5%, a rate that hasn\u2019t been seen since mid-2007, while 10-year German bunds \u2014 which were either close to or below zero for a large part of the previous decade \u2014 are at 12-year highs and approaching 3%. \u201cThe selloff has been so extreme it\u2019s forced bullish investors to capitulate and Wall Street banks to tear up their forecasts,\u201d the news outlet writes.<\/p>\n

What analysts are saying: <\/strong> \u201cWhat happened over the last few months was basically markets were wrong because they thought inflation would come down quickly and central banks would be very dovish,\u201d one asset manager told the news outlet. \u201cEverything will depend about how inflation lands over the medium to long run, but it\u2019s fair to say that we have changed from the ultra low-yield regime<\/strong>.\u201d<\/p>\n

The higher the yields, the worse for Egypt: <\/strong> Higher yields on US treasuries put pressure on emerging-market assets such as Egyptian debt, which become less attractive to foreign investors (Egypt\u2019s case is made worse by the fact that its real interest rates are also deeply negative due to the soaring rate of inflation). Rising yields have also helped send the USD to its highest level in 10 months, increasing Egypt\u2019s import bill and raising debt repayments.<\/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

20,174<\/p>\n<\/td>\n

\n

-0.9% (YTD: +38.2%)<\/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

11,056<\/p>\n<\/td>\n

\n

-0.2% (YTD: +5.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,785<\/p>\n<\/td>\n

\n

-0.3% (YTD: -4.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,164<\/p>\n<\/td>\n

\n

+0.5% (YTD: +24.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,288<\/p>\n<\/td>\n

\n

-0.3% (YTD: +11.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,608<\/p>\n<\/td>\n

\n

+0.1% (YTD: +2.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,175<\/p>\n<\/td>\n

\n

+0.3% (YTD: +10.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 92.20<\/p>\n<\/td>\n

\n

-1.0%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.93<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 1,866.10<\/p>\n<\/td>\n

\n

-0.7%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 27,078<\/p>\n<\/td>\n

\n

+0.7% (YTD: +63.7%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 fell 0.9% at Wednesday\u2019s close <\/strong> on turnover of EGP 2.1 bn (0.6% below the 90-day average). Local investors were net buyers. The index is up 38.2% YTD.<\/p>\n

In the green: <\/strong>Orascom Construction (+3.7%), AMOC (+3.1%), and Palm Hills Developments (+2.9%).<\/p>\n

In the red: <\/strong>Fawry (-4.1%), Juhayna (-4.0%), and Abu Qir Fertilizers (-3.6%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Higher yields in advanced economies isn\u2019t good news for Egypt<\/p>\n","protected":false},"author":1,"featured_media":607275,"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":[82,72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-607274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-bonds","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"dac928e8-3527-4d1c-a950-b286e24e4c96","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/9.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Bond sell-off accelerates, sending yields to \u201cunthinkable\u201d highs -Bloomberg","related_issue":[607247],"teaser":"Higher yields in advanced economies isn\u2019t good news for Egypt","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.70b15a78-a02a-47b0-ae01-ed32faa68d76.mp3"},"yoast_head":"\nBond sell-off accelerates, sending yields to \u201cunthinkable\u201d highs -Bloomberg - 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