{"id":607444,"date":"2023-10-03T00:00:00","date_gmt":"2023-10-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/03\/em-stocks-suffer-worst-quarter-in-a-year-as-higher-rates-china-woes-bite\/"},"modified":"2023-10-03T00:00:00","modified_gmt":"2023-10-03T00:00:00","slug":"em-stocks-suffer-worst-quarter-in-a-year-as-higher-rates-china-woes-bite","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/03\/em-stocks-suffer-worst-quarter-in-a-year-as-higher-rates-china-woes-bite\/","title":{"rendered":"EM stocks suffer worst quarter in a year as higher rates, China woes bite"},"content":{"rendered":"

The third quarter wasn\u2019t kind to EM equities: <\/strong>Emerging-market stocks took a serious blow in 3Q 2023, with a deepening sell-off wiping out an estimated USD 688 bn of value in September alone, according to data compiled by Bloomberg<\/a>. The rout took total EM equity losses in August and September to USD 1.54 tn, erasing almost all of yearly gains and leaving the asset class nursing its heaviest quarterly losses in a year.<\/p>\n

Driving the bloodbath: <\/strong> Some of the most profitable trades in the EM space have gone into reverse on the back of a stronger USD, aggressive Fed policy and China\u2019s economic woes. \u201cIt was already a pretty painful eight, nine months,\u201d one fund manager told the news outlet. \u201cBut, really, the confirmation by the Fed and further appreciation by the market that rates will probably stay for long is really causing some volatility. The past few days have been specifically painful.\u201d<\/p>\n

On the upside: <\/strong> EM equities could be at an attractive entry point for those with patience to adopt a buy-and-hold strategy, another analyst said. \u201cGlobal leaders are ending their hawkish campaigns, or at least those endings are in sight. It is reasonable to believe that emerging markets as it is priced today, will be higher a year from now.\u201d<\/p>\n

ALSO- <\/strong> Saudi Arabia will return to international debt markets in the upcoming fiscal <\/strong> year to plug a projected budget deficit<\/strong>, the Finance Ministry said in its pre-budget statement. Riyadh had initially expected to report a surplus for 2023, but now expects a budget deficit of 2% of GDP due largely to lower oil prices and to its decision to extend oil production cuts. The statement did not specify how much Saudi Arabia plans to borrow during the year. (Reuters<\/a> | Saudi Press Agency<\/a>)<\/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

19,901<\/p>\n<\/td>\n

\n

-0.8% (YTD: +36.3%)<\/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 <\/strong> 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

11,006<\/p>\n<\/td>\n

\n

-0.3% (YTD: +5.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,788<\/p>\n<\/td>\n

\n

0.0% (YTD: -4.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,183<\/p>\n<\/td>\n

\n

+0.5% (YTD: +25.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,138<\/p>\n<\/td>\n

\n

-0.9% (YTD: +9.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,511<\/p>\n<\/td>\n

\n

-1.3% (YTD: +0.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,138<\/p>\n<\/td>\n

\n

-0.9% (YTD: +9.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 90.45<\/p>\n<\/td>\n

\n

-1.9%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.85<\/p>\n<\/td>\n

\n

-2.8%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,844.20<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 27,848<\/p>\n<\/td>\n

\n

+2.7% (YTD: +68.7%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 fell 0.8% at yesterday\u2019s close <\/strong> on turnover of EGP 3.3 bn (53.2% above the 90-day average). Local investors were net sellers. The index is up 36.3% YTD.<\/p>\n

In the green: <\/strong>EFG Holding (+3.2%), Heliopolis Housing (+2.8%) and Oriental Weavers (+2.2%).<\/p>\n

In the red: <\/strong>Orascom Construction (-8.3%), Fawry (-3.5%) and Credit Agricole (-3.3%). <\/p>\n

Asian markets are mostly in the red during early trading this morning <\/strong> as concerns about tightening financial conditions continue to stoke nerves in the market following yesterday\u2019s sell off in the US bond market. The Hang Seng (-3.0%) and the Nikkei (-1.6%) are heavily selling off, while shares in Australia are down 1.3%. Shares on Wall Street and in Europe look set to follow them later today, with equity futures all in the red this morning. <\/p>\n","protected":false},"excerpt":{"rendered":"

The third quarter wasn\u2019t kind to EM equities: Emerging-market stocks took a serious blow in 3Q 2023, with a deepening sell-off wiping out an estimated USD 688 bn of value in September alone, according to data compiled by Bloomberg. The rout took total EM equity losses in August and September to USD 1.54 tn, erasing […]<\/p>\n","protected":false},"author":1,"featured_media":607445,"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":[115,72,164,119,122,219],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-607444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-emerging-markets","tag-enterpriseam","tag-equities","tag-financial-markets","tag-planet-finance","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"112d0d91-8ef6-4eeb-950b-ff130d1911ac","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/189.jpg","photo_position":"above","homepage_title":"","full_issue_title":"EM stocks suffer worst quarter in a year as higher rates, China woes bite","related_issue":[607419],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.6fbe3f17-295c-436e-a950-54e2f62e198e.mp3"},"yoast_head":"\nEM stocks suffer worst quarter in a year as higher rates, China woes bite - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/03\/em-stocks-suffer-worst-quarter-in-a-year-as-higher-rates-china-woes-bite\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EM stocks suffer worst quarter in a year as higher rates, China woes bite\" \/>\n<meta property=\"og:description\" content=\"The third quarter wasn\u2019t kind to EM equities: Emerging-market stocks took a serious blow in 3Q 2023, with a deepening sell-off wiping out an estimated USD 688 bn of value in September alone, according to data compiled by Bloomberg. 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Morgan Stanley Investment Management last week said it is pulling money out of the US stock market and putting it into equities in developing economies. \u201cEvery decade, there is a new leader in the market. In the 2010s, it\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\/2023\/1\/484.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581455,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/14\/imf-praises-gulf-economies-on-move-away-from-oil-gcc-equities-left-out-of-em-tear\/","url_meta":{"origin":607444,"position":1},"title":"IMF praises Gulf economies on move away from oil + GCC equities left out of EM tear","author":"enterpriseam admin","date":"14 February 2023","format":false,"excerpt":"IMF gives the Gulf tub-tubs on battling its oil dependency: Oil-producing Gulf countries have been successful in diversifying their economies by advancing private investments and collecting more taxes, IMF chief Kristalina Georgieva said during the World Government Summit in Dubai, Bloombergreports. Georgieva dismissed the \u201cimpression\u201d that Gulf nations were only\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":544962,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/em-bonds-on-course-for-their-worst-quarter-in-24-years-uae-positioning-itself-as-a-global-crypto-hub\/","url_meta":{"origin":607444,"position":2},"title":"EM bonds on course for their worst quarter in 24 years + UAE positioning itself as a global crypto hub","author":"enterpriseam admin","date":"29 March 2022","format":false,"excerpt":"It hasn\u2019t been like this in 24 years: USD-denominated emerging bonds are on course to have their worst quarter since the Asian financial crisis shook emerging markets in 1998, according to Bloomberg.What gives? Already under pressure from rising interest rates, the commodity price shock sparked by the conflict in Ukraine\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":578969,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/19\/chinas-comeback-to-see-oil-demand-hit-a-record-high-in-2023-european-em-equities-gain-popularity-as-wall-street-takes-a-kicking\/","url_meta":{"origin":607444,"position":3},"title":"China\u2019s comeback to see oil demand hit a record high in 2023 + European, EM equities gain popularity as Wall Street takes a kicking","author":"enterpriseam admin","date":"19 January 2023","format":false,"excerpt":"China\u2019s loosening of covid-19 restrictions is forecasted to boost oil demand to a record high this year of 101.7 mn barrels per day, the International Energy Agency (IEA) said yesterday. Expect to see a tighter market as \u201cRussian supply slows under the full impact of sanctions [while] China will drive\u2026\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\/2023\/1\/336.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542564,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/03\/stocks-are-in-for-a-choppy-2022\/","url_meta":{"origin":607444,"position":4},"title":"Stocks are in for a choppy 2022","author":"enterpriseam admin","date":"3 January 2022","format":false,"excerpt":"Stocks are in for a choppy 2022: Few investors expect last year\u2019s \u201ceverythingrally\u201d to be repeated in 2022, the Wall Street Journal reports. Instead, stocks are set to see a wobbly and uncertain year as the US Federal Reserve\u2019s likely rate hikes combine with the rapidly spreading omicron variant to\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":594648,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/03\/investors-pulled-usd-13-8-bn-from-emerging-markets-in-august-iif\/","url_meta":{"origin":607444,"position":5},"title":"Investors pulled USD 13.8 bn from emerging markets in August -IIF","author":"enterpriseam admin","date":"3 September 2019","format":false,"excerpt":"IIF tracker confirms EMs might want to wipe August from their memories: Net emerging markets portfolio inflows witnessed their most unfortunate month in August since November 2016, according to the Institute of International Finance\u2019s (IIF) most recent capital flows tracker. 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