{"id":607536,"date":"2023-10-04T00:00:00","date_gmt":"2023-10-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/04\/middle-east-enters-golden-era-thanks-to-global-volatility-says-jpmorgans-european-chief\/"},"modified":"2023-10-04T00:00:00","modified_gmt":"2023-10-04T00:00:00","slug":"middle-east-enters-golden-era-thanks-to-global-volatility-says-jpmorgans-european-chief","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/04\/middle-east-enters-golden-era-thanks-to-global-volatility-says-jpmorgans-european-chief\/","title":{"rendered":"Middle East enters \u201cgolden era\u201d thanks to global volatility, says JPMorgan\u2019s European chief"},"content":{"rendered":"

Middle Eastern firms are experiencing a \u201cgolden era\u201d: <\/strong> That\u2019s according to JPMorgan\u2019s European chief, who told Bloomberg<\/a> this week that volatility in other parts of the world is working out well for Gulf companies. Global headwinds are pushing more money and talent into the region, bringing a \u201cgolden era for attracting both attention and investment that is here to stay,\u201d Viswas Raghavan told the news outlet in an interview. <\/p>\n

\u201cIt really is the moment of the Middle East. <\/strong> We have seen liquidity migrate to the Middle East. You\u2019re seeing a real kind of swagger as countries like Saudi Arabia, UAE, Qatar, all of which are pretty well positioned both for attracting money managers and hedge funds, see their own domestic economies becoming mainstream,\u201d he said.<\/p>\n

\n

\n

World Bank downgrades Asia\u2019s economic growth outlook as stresses on the Chinese <\/strong> economy pull the region down: <\/strong>GDP growth in Asia is predicted to dip to 4.5% for the coming year, below the World Bank\u2019s previous 4.8% projection made in April and down on the 2023 projection of 5%, according to World Bank figures (pdf)<\/a>. However, excluding China, the region\u2019s growth is projected to modestly increase to 4.7% in 2024 from 4.6% in 2023 on the back of a recovery in global growth. The crises in China\u2019s property sector coupled with a fall in global demand has taken its toll on China, nudging the World Bank to project a reduced projection of 4.4% for next year, below its April projection of 4.8% and down from the 5.1% expected to be achieved in 2023.<\/p>\n

The region\u2019s \u201cnext big key to growth\u201d: <\/strong>Turning the region\u2019s economic fortunes around will come from diversifying away from the hitherto prosperous areas of trade and investment in manufacturing, a World Bank economist told the Financial Times<\/a>. The importance of diversifying beyond manufacturing comes as new US legislation, such as the Inflation Reduction Act and the Chips and Science Act, has boosted US manufacturing<\/a> and reduced dependence on China. Additionally, weaker global demand has led to lower goods export figures in China and other major Asian economies. After US President Joe Biden introduced these protectionist policies, electronics and machinery exports also fell in Indonesia, Vietnam, Philippines, Malaysia, and Thailand. <\/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

19,707<\/p>\n<\/td>\n

\n

-1.0% (YTD: +35.0%)<\/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

10,952<\/p>\n<\/td>\n

\n

-0.5% (YTD: +4.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,839<\/p>\n<\/td>\n

\n

+0.5% (YTD: -3.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,202<\/p>\n<\/td>\n

\n

+0.5% (YTD: +26.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,229<\/p>\n<\/td>\n

\n

-1.4% (YTD: +10.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,470<\/p>\n<\/td>\n

\n

-0.5% (YTD: +0.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,095<\/p>\n<\/td>\n

\n

-1.0% (YTD: +8.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 91.05<\/p>\n<\/td>\n

\n

+0.4%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.94<\/p>\n<\/td>\n

\n

+3.5%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,839.10 <\/p>\n<\/td>\n

\n

-0.4%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 27,391<\/p>\n<\/td>\n

\n

-1.7% (YTD: +65.5%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 fell 1.0% at yesterday\u2019s close <\/strong> on turnover of EGP 1.6 bn (26.2% below the 90-day average). Local investors were net sellers. The index is up 35.0% YTD.<\/p>\n

In the green: <\/strong>EFG Holding (+1.3%), Fawry (+1.1%) and ADIB (+0.9%).<\/p>\n

In the red: <\/strong>Alexandria Mineral Oils (-7.9%), Orascom Development (-5.3%) and Ezz Steel (-4.6%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Money and talent have poured into the region in recent months as investors and companies search for safety from the volatility in other parts of the world<\/p>\n","protected":false},"author":1,"featured_media":607537,"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":[72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-607536","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"7edf9d6a-bd1e-40a5-b3cd-543dc4dff7c2","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/287.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Middle East enters \u201cgolden era\u201d thanks to global volatility, says JPMorgan\u2019s European chief","related_issue":[607507],"teaser":"Money and talent have poured into the region in recent months as investors and companies search for safety from the volatility in other parts of the world","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.8bfea93d-b558-4ff3-b6e1-3b134743c241.mp3"},"yoast_head":"\nMiddle East enters \u201cgolden era\u201d thanks to global volatility, says JPMorgan\u2019s European chief - 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