{"id":611411,"date":"2023-12-06T00:00:00","date_gmt":"2023-12-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/06\/moodys-issues-negative-outlook-for-global-banks\/"},"modified":"2023-12-06T00:00:00","modified_gmt":"2023-12-06T00:00:00","slug":"moodys-issues-negative-outlook-for-global-banks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/06\/moodys-issues-negative-outlook-for-global-banks\/","title":{"rendered":"Moody\u2019s issues negative outlook for global banks"},"content":{"rendered":"

GLOBAL BANK GLOOM-<\/strong>Banks across the world are in for a bumpy 2024 <\/strong>-Moody\u2019s: <\/strong>Rating agency Moody\u2019s has issued a negative outlook for the global banking sector in 2024, citing slower growth, rising default risk, and weaker financial performance.<\/p>\n

#1- Slower growth: <\/strong>Growth will slow down as interest rates stay high \u201ceven as major central banks begin to cut rates.\u201d This will limit business prospects and therefore limit loan growth across banks\u2019 portfolios, which will prevent them from reaping the benefits of higher rates. \u201cElevated rates for the most part will lead to higher funding costs and greater asset risks among existing borrowers.\u201d<\/p>\n

#2- Bad loans: <\/strong>Financial conditions will reduce borrowers\u2019 liquidity and income, making them unable to meet loan payments. That paired with higher debt-servicing costs will deteriorate loan performance among banks. <\/p>\n

#3- Weaker profits: <\/strong>Moody\u2019s believes that banks\u2019 \u201cprofitability gains from the last two years will likely start to subside but remain sound,\u201d citing higher funding costs and weaker loan demand due to heightened rates. <\/p>\n

The news got attention from: <\/strong>Reuters<\/a> and the Financial Times<\/a>. <\/p>\n

CHINA SLOWDOWN-<\/strong>Mounting debt and a property crisis tip China\u2019s credit <\/strong>outlook into the red: <\/strong>Moody\u2019s has downgraded its outlook on China\u2019s sovereign credit rating to negative from stable on the back of the country\u2019s pileup of state debt and persistent property crisis, Moody\u2019s said in its latest report (pdf)<\/a>. China\u2019s credit rating was last downgraded by Moody\u2019s and S&P in 2017.<\/p>\n

The property downturn<\/strong>: China\u2019s real estate sector, which accounts for as much as 30% of the country\u2019s GDP, has significantly contracted since the collapse of its largest property developer Evergrande in 2021. Moody\u2019s is expecting the sector\u2019s role in the economy to remain smaller than its pre-2021 levels.<\/p>\n

ICYMI- <\/strong>Country Garden, one of China\u2019s biggest property developers, is expected to undergo the largest corporate debt restructuring<\/a> in the country\u2019s history after defaulting on a bond payment in October.<\/p>\n

EURO RATE PEAK? ECB official signals further interest rate are off the table:<\/strong>Hawkish ECB board member Isabel Schnabel said that further rate hikes are \u201crather unlikely\u201d due to the \u201cremarkable\u201d drop in inflation, according to Reuters<\/a>. Schnabel\u2019s stance prompted markets to bet on rate cuts being implemented as soon as March.<\/p>\n

<\/a><\/a> <\/p>\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

25,128<\/p>\n<\/td>\n

\n

-0.5% (YTD: +72.1%)<\/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

11,144<\/p>\n<\/td>\n

\n

-0.4% (YTD: +6.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,520<\/p>\n<\/td>\n

\n

-0.2% (YTD: -6.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,978<\/p>\n<\/td>\n

\n

-0.2% (YTD: +19.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,567<\/p>\n<\/td>\n

\n

-0.1% (YTD: +19.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,490<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

4,453<\/p>\n<\/td>\n

\n

+0.9% (YTD: +17.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 72.13<\/p>\n<\/td>\n

\n

-1.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.69<\/p>\n<\/td>\n

\n

0.0%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2,037.50<\/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 44,019<\/p>\n<\/td>\n

\n

+4.6% (YTD: +165.4%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

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

The EGX30 fell 0.5% at yesterday\u2019s close<\/strong> on turnover of EGP 5.2 bn (71.4% above the 90-day average). Local investors were net sellers. The index is up 72.1% YTD.<\/p>\n

In the green: <\/strong>Elsewedy Electric (+3.6%), Oriental Weavers (+3.3%) and Heliopolis Housing (+3.1%).<\/p>\n

In the red: <\/strong>GB Corp (-3.8%), Orascom Development Egypt (-3.8%) and B Investments Holding (-2.8%).<\/p>\n

Asian markets are bouncing back this morning <\/strong>after yesterday\u2019s broad-based selloff. European and North American markets are set to follow later today, futures suggest.<\/p>\n","protected":false},"excerpt":{"rendered":"

Moody\u2019s blames slower growth and risk of borrowers defaulting for its outlook<\/p>\n","protected":false},"author":1,"featured_media":611412,"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":[204,116,72,119,1324,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-611411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-banking","tag-china","tag-enterpriseam","tag-financial-markets","tag-moodys","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"e0022b80-dc73-486c-9206-9635e1143edd","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/396.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Moody\u2019s issues negative outlook for global banks","related_issue":[611384],"teaser":"Moody\u2019s blames slower growth and risk of borrowers defaulting for its outlook","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.0e69ecec-e083-46a9-bb7e-3e5fa5cb9aba.mp3"},"yoast_head":"\nMoody\u2019s issues negative outlook for global banks - 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The National Bank of Egypt (NBE), Banque Misr, Banque du Caire (BdC) and CIB have all seen their ratings downgraded to B3 from B2, the\u2026","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/banking-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586887,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/18\/fitch-downgrades-credit-ratings-of-four-local-banks\/","url_meta":{"origin":611411,"position":1},"title":"Fitch downgrades credit ratings of four local banks","author":"enterpriseam admin","date":"18 May 2023","format":false,"excerpt":"The banks now have a rating of B, down from B+","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\/2023\/5\/1032.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559444,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/21\/egypts-banks-to-remain-stable-in-2021-moodys\/","url_meta":{"origin":611411,"position":2},"title":"Egypt\u2019s banks to remain stable in 2021 -Moody\u2019s","author":"enterpriseam admin","date":"21 January 2021","format":false,"excerpt":"The Egyptian banking system will remain stable in 2021 even as bottom lines \u201ccome under pressure\u201d from rising loan losses and lower interest income, Moody\u2019s Investors Service said in a report yesterday. 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