{"id":611914,"date":"2023-12-14T00:00:00","date_gmt":"2023-12-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/14\/fed-signals-pivot-to-rate-cuts-sparking-market-rally\/"},"modified":"2023-12-14T00:00:00","modified_gmt":"2023-12-14T00:00:00","slug":"fed-signals-pivot-to-rate-cuts-sparking-market-rally","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/14\/fed-signals-pivot-to-rate-cuts-sparking-market-rally\/","title":{"rendered":"Fed signals pivot to rate cuts, sparking market rally"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends. <\/strong>After so much macro and gnashing of teeth in the past few months, your Thursday morning read is packed with corporate announcements. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the news well: EFG Hermes<\/strong> is said to be fundraising for <strong>Vortex<\/strong>, its high-profile renewable energy fund, <strong>Raya<\/strong> is making a smart play to up its stake in <strong>Ostool<\/strong>, <strong>B Investments<\/strong>\u2019 board is going ahead with its bid for <strong>Orascom Financial<\/strong>, and the red-hot <strong>securitization<\/strong> market shows no sign of flagging heading into the final days of the year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In Also on our Radar: <\/strong>There\u2019s a gentle current of optimism running through the news. <strong>Majid Al <\/strong><strong>Futtaim<\/strong> is looking to invest some EGP 5.7 bn to open 50 new Carrefour branches and 144 branches of wholesale grocery Supeco. <strong>Beltone Mortgage Finance<\/strong> is aggressively raising its capital, signaling confidence in its quick-turnaround mortgage product that could help breathe life into a frozen secondary market. And <strong>Sky Investments<\/strong> is lining up an EGP 3 bn facility to finance the buildout of a real estate project in the Fifth Settlement.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BEFORE YOU READ anything else this morning: Benedict Evans is back with his annual <\/strong><strong>presentation on the macro and strategic <\/strong><strong>trends he thinks will shape technology and business <\/strong>in the new year. Evans rose to prominence at Andreessen Horowitz and now runs his own consultancy \u2014 and is a sharp presence on Threads, for those so inclined. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>His AI-focused deck this year has few answers, and plenty of questions <\/strong>\u2014 many of them worth pondering regardless of the industry in which you do business. Among the questions and takeaways:<\/p>\n<ul>\n<li>The tech venture space is slowing down across the board \u2014 except within AI<\/li>\n<li>Finance and tech executives are pushing hardest to figure out what AI means for their businesses. Retail and professional services execs are lagging behind. <\/li>\n<li>Nobody knows what\u2019s next: Is this a platform shift? Does generative AI change the nature of software? Does it take us to artificial general intelligence?<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^^ The presentation is at its best when it\u2019s unpacking all the questions within those last <strong>three questions. <\/strong>It\u2019s worth an hour of your time this morning to <a target=\"_blank\" href=\"https:\/\/www.ben-evans.com\/presentations?utm_source=pocket_saves\" style=\"\" rel=\"noopener\">read the presentation (87 easy-to-read slides)<\/a> and then watch Evans deliver it in this video recorded earlier this month (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=xNBiPd2H9J0\" style=\"\" rel=\"noopener\">watch, runtime: 27:40<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">HOTEL BOOKINGS REBOUND- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>Hotel bookings in Egypt + the Middle East are rebounding -Accor: <\/strong>Bookings in the region are rebounding after an initial freeze that followed Israel\u2019s invasion of Gaza in October, with occupancy rates in Egypt holding strong, Accor CEO S\u00e9bastien Bazin tells <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-12-13\/middle-east-hotel-bookings-went-from-total-panic-to-recovery-accor-ceo-says\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. The hospitality giant saw heavy cancellations during the \u201ctotal panic\u201d of the first few weeks after the outbreak of hostilities, but this was \u201cvery, very short-lived, he said. \u201cThe occupancy we have today in Sharm el-Sheikh, in Cairo, and many other places has been very, very strong.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Business for our tourism sector has <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6b948aec-8dcc-44e0-89b4-81dbe56c2bda\" style=\"\" rel=\"noopener\">remained steady<\/a> despite the war on Gaza, with Tourism Minister Ahmed Issa still expecting we will hit our <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/17592ef1-2055-49cb-94c1-4ab525d57ba5\" style=\"\" rel=\"noopener\">target<\/a> of bringing a record 15 mn tourists into the country this year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">COMMODITY CRUNCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Coping with the commodities crisis: <\/strong>Prime Minister Moustafa Madbouly held \u201cintensive talks\u201d yesterday with a number of ministers and senior officials to lay out his government\u2019s response plan spiraling prices and short supply of a number of basic commodities including sugar and onions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The goal, per <\/strong><strong><a target=\"_blank\" href=\"http:\/\/tinyurl.com\/4skkkxp3\" style=\"\" rel=\"noopener\">a cabinet readout<\/a><\/strong><strong>: Short-term price stability. <\/strong>Here\u2019s the rundown:<\/p>\n<ul>\n<li><strong>Clear definitions: <\/strong>Cabinet will finalize and issue a list of what, exactly, constitutes a \u201cbasic commodity\u201d at any given time; <\/li>\n<li><strong>The Supply Ministry will take steps to improve the supply of those goods in the <\/strong><strong>market<\/strong><strong>.<\/strong> The statement didn\u2019t say whether the ministry would tap strategic reserves or import more to address the gaps.<\/li>\n<li><strong>Are you hoarding? Price gouging? <\/strong>Government inspectors are going to be making more visits to wholesalers and retailers alike. <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PSA- The blackouts are back:<\/strong> With the election over, the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9a94a949-f75e-4fd7-a9da-0a8bea3bd687\" style=\"\" rel=\"noopener\">four-day respite<\/a> from blackouts is officially at a close. Expect two hours of power cuts a day from here on out, Electricity Ministry sources tell <a target=\"_blank\" href=\"http:\/\/tinyurl.com\/5n72pbes\" style=\"\" rel=\"noopener\">Al Mal<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">HAPPENING TODAY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Deadline day for brownfield mining bid round:<\/strong> Companies have until 12 pm today to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/774ecd5a-ec41-482f-b0e3-6eda3a89a4f3\" style=\"\" rel=\"noopener\">bid<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/774ecd5a-ec41-482f-b0e3-6eda3a89a4f3\" style=\"\" rel=\"noopener\">for<\/a> five brownfield gold concessions in the Eastern Desert from the state-owned Shalateen Mining Resources Company. Another 13 exploration concessions will also soon be up for grabs at the start of next year, a government source <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/17080952-e361-438a-bceb-1ef189921871\" style=\"\" rel=\"noopener\">recently told<\/a> Enterprise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another extension could be in the cards:<\/strong> The government will wait until the end of submissions to determine whether to extend the deadline for a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/17080952-e361-438a-bceb-1ef189921871\" style=\"\" rel=\"noopener\">third time<\/a>, our source said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/foodafrica-expo.com\/\" style=\"\" rel=\"noopener\">Food Africa Expo<\/a><\/strong><strong> concludes today: <\/strong>The three-day trade show in Cairo has hosted b2b networking and taste-testing between F&B players from 30 countries around the Middle East and Africa.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Hopes for yet more trade with KSA:<\/strong> Egyptian manufacturers have <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/2rsmvf5p\" style=\"\" rel=\"noopener\">spent the week<\/a> in Jeddah vying for more orders on pumps, car parts, and other engineered goods from Saudi Arabia, the largest importer for our engineering sector. The trip, organized by Egypt\u2019s Engineering Export Council, wraps tomorrow.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#4- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/elgounafilmfestival.com\" style=\"\" rel=\"noopener\">El Gouna Film Festival<\/a><\/strong><strong> kicks off today<\/strong> after having been postponed from its original October date. In response to the catastrophe unfolding in Gaza, this year\u2019s edition will also feature a program of Palestinian cinema in collaboration with the Palestine Film Institute.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">HAPPENING THIS WEEK- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>Negotiators are giving GERD talks another go:<\/strong> Efforts to find a breakthrough in the so far intractable GERD dispute <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/54befe91-5ef8-48b6-9d14-c3fe0d4a1389\" style=\"\" rel=\"noopener\">will resume<\/a> in the Ethiopian capital on 16-18 December.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/996.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">THE BIG STORIES ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a><strong> #1- Fed signals pivot to rate cuts, sparking market rally: <\/strong>Federal Reserve chair Jerome Powell said on Wednesday that the US central bank\u2019s tightening cycle is \u201clikely at or near its peak,\u201d and that officials are now discussing the prospect of lowering interest rates from their current 22-year high, <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/ff1f4787-57fb-4187-a215-5a32c55deeed\" style=\"\" rel=\"noopener\">Financial Times<\/a> reports. As expected, the central bank held the fed funds rate unchanged at 5.25-5.5% in the wake of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a50497d7-8f54-4561-aa6a-d13b98a12e5b\" style=\"\" rel=\"noopener\">inflation data<\/a> that showed price growth moving closer to the 2% target in November, despite indications of persisting underlying pressures. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fed officials penciled in no further rate hikes in their projections<\/strong> \u2014 the first time they\u2019ve done so since March 2021, boosting traders\u2019 predictions of a reduction in March to \u201ca near certainty,\u201d according to <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-12-13\/fed-holds-rates-steady-again-and-pivots-toward-cuts-in-2024\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Officials expect to lower rates by 75 bps in 2024<\/strong>, and expect them to fall to 3.5-3.75% by 2025, according to the Fed\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/12\/984.pdf\" style=\"\" rel=\"noopener\">\u201cdot plot\u201d (pdf)<\/a>. This is a bigger drop than analysts expected, as a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0b3e70c0-d980-4d77-8747-62cc7b67828f\" style=\"\" rel=\"noopener\">recent poll<\/a> saw economists predicting that the Fed would only trim rates by half a percentage point or less in 2024.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What analysts said: <\/strong>\u201cHis presser certainly had a tone of finality to it,\u201d one economist told Bloomberg. \u201cJerome Powell seems to be done taking the punch bowl away,\u201d <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-12-12\/stock-market-today-dow-s-p-live-updates\" style=\"\" rel=\"noopener\">said another<\/a>. \u201cIt\u2019s a big change in the language that indicates policymakers see less need to aggressively tighten.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cue huge market rally:<\/strong><\/p>\n<ul>\n<li><strong>US stocks rallied: <\/strong>The Dow Jones closed at a record high of 37k, while the benchmark S&P 500 gained 1.4% to close at its highest level since January 2022. <\/li>\n<li><strong>Bond yields tanked:<\/strong> The two-year treasury yield recorded its <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/ff1f4787-57fb-4187-a215-5a32c55deeed\" style=\"\" rel=\"noopener\">biggest daily fall since<\/a> the collapse of Silicon Valley Bank in March. <\/li>\n<li><strong>Gold popped:<\/strong> The precious metal gained 2.7%.<\/li>\n<li><strong>The greenback fell:<\/strong> The USD fell to a four-month low.<\/li>\n<li><strong>BTC spiked:<\/strong> The cryptocurrency jumped as much as 4% to more than USD 43k.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Powell\u2019s presser is <\/strong><strong>already having an effect here at home:<\/strong> The surge in the international gold price pushed local gold prices to record highs. The price of 24 karat gold rose 1.4% to <a target=\"_blank\" href=\"http:\/\/tinyurl.com\/4r3zks2r\" style=\"\" rel=\"noopener\">EGP<\/a><a target=\"_blank\" href=\"http:\/\/tinyurl.com\/4r3zks2r\" style=\"\" rel=\"noopener\">3,234<\/a> per gram yesterday, leaving it almost 70% higher year-to-date.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** It\u2019s the CBE\u2019s turn next week:<\/strong> The Central Bank of Egypt (CBE) is scheduled to convene for its final meeting of 2023 next Thursday, 21 December.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The news is dominating the global business news agenda this morning:<\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/us\/fed-likely-hold-rates-steady-signal-couple-cuts-2024-2023-12-13\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-12-13\/fed-holds-rates-steady-again-and-pivots-toward-cuts-in-2024?srnd=premium\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/ff1f4787-57fb-4187-a215-5a32c55deeed\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/live\/2023\/12\/13\/business\/fed-meeting-interest-rates\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/economy\/central-banking\/fed-holds-rates-steady-and-sees-cuts-next-year-4d554e9f\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2023\/12\/13\/fed-interest-rate-decision-december-2023.html\" style=\"\" rel=\"noopener\">CNBC<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN OTHER BUSINESS NEWS-<\/strong><\/p>\n<ul>\n<li><strong>Bad day for Tesla:<\/strong> The EV giant has been forced to recall almost all 2 mn of its cars on the road in the US to patch the safety features of its autopilot system. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/tesla-update-software-autopilot-control-issue-2-mln-vehicles-nhtsa-2023-12-13\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/li>\n<li><strong>Argentina\u2019s Chicago boy starts the shock therapy:<\/strong> Argentina\u2019s currency plunged more than 50% yesterday, as the country\u2019s new libertarian president Javier Milei kicked off his (slightly less) radical reform agenda, which includes slashing government spending (but doesn\u2019t include burning the central bank to the ground). (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/markets-greet-argentinas-tough-pill-fix-economy-with-cautious-optimism-2023-12-13\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/li>\n<li><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/069c1eaa-df8e-408b-bf8a-f60760eb10f7\" style=\"\" rel=\"noopener\">SBF\u2019s<\/a><\/strong><strong> lawyer breaks silence on his client:<\/strong> \u201cHe may be at the very top of the list as the worst person I\u2019ve ever seen do a cross examination.\u201d (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-12-12\/sbf-defense-legal-architect-david-mills-says-ftx-trial-was-unwinnable\" style=\"\" rel=\"noopener\">Bloomberg<\/a>)<\/li>\n<\/ul>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n  <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">WAR ECONOMICS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#1- The cost of the war on Israel\u2019s neighbors: <\/strong>Egypt, Lebanon and Jordan could suffer an economic blow of at least USD 10 bn from the ongoing war in Gaza, according to a UN study picked up by <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/gaza-war-hits-neighbouring-arab-economies-could-cut-gdp-23-un-study-2023-12-13\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. The three countries could together lose USD 10.3 bn (equivalent to around 2.3% of GDP), an amount that could double if the fighting continues for another six months.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Ships are rerouting away from the Red Sea and Gulf of Aden <\/strong>amid increasing attacksonvessels by the Houthis, according to <a target=\"_blank\" href=\"https:\/\/www.spglobal.com\/commodityinsights\/en\/market-insights\/latest-news\/oil\/121123-shippers-avoiding-red-sea-transits-after-attacks-watching-suez-canal-traffic\" style=\"\" rel=\"noopener\">S&P Global<\/a>. Companies are tightening security measures, with some choosing to transit around Africa to avoid the risk of attack, despite prolonging their journeys by around two weeks. Ins. rates have also climbed as the Houthis <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/yemens-houthis-say-they-will-target-ships-red-sea-en-route-israel-2023-12-09\/\" style=\"\" rel=\"noopener\">warned<\/a> last week that they would expand their target to all ships heading to Israel, regardless of their nationality.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another vessel came under attack yesterday near the Bab El Mandeb strait:<\/strong> Two missiles fired from a Houthi stronghold in Yemen narrowly missed a commercial tanker heading to the Suez Canal and carrying Indian-manufactured jet fuel, the <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/yemen-houthi-rebels-ship-attacks-us-navy-1727df3d95e548c6e4d20b51f096268f\" style=\"\" rel=\"noopener\">Associated Press<\/a> reported.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, friends. After so much macro and gnashing of teeth in the past few months, your Thursday morning read is packed with corporate announcements. In the news well: EFG Hermes is said to be fundraising for Vortex, its high-profile renewable energy fund, Raya is making a smart play to up its stake in Ostool, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":611915,"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":[7204],"tags":[72,8780,119,2403,349,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-611914","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-federal-reserve","tag-financial-markets","tag-global-economy","tag-interest-rates","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"e85e6761-fae3-4acd-9327-e62118539734","order":"0","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/12\/994.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Fed signals pivot to rate cuts, sparking market rally","related_issue":[611912],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.ee61bd50-c8cf-42f2-92d0-ed1b9117fb20.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fed signals pivot to rate cuts, sparking market rally - 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\/12\/14\/fed-signals-pivot-to-rate-cuts-sparking-market-rally\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fed signals pivot to rate cuts, sparking market rally\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends. After so much macro and gnashing of teeth in the past few months, your Thursday morning read is packed with corporate announcements. 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We\u2019re following suit and will be back in your inboxes at the usual time on Monday morning.That said: We have plenty of news in a packed\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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":567848,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/09\/what-were-tracking-on-9-december-2020\/","url_meta":{"origin":611914,"position":1},"title":"What we\u2019re tracking on 9 December 2020","author":"enterpriseam admin","date":"9 December 2020","format":false,"excerpt":"Good morning, wonderful people, and welcome to Wednesday, where the big news remains the rollout of Pfizer and BioNTech\u2019s covid-19 vaccine in the UK \u2014 the first widescale vaccination campaign with an internationally tested jab. The news dominates front pages across the globe this morning, from the Financial Times to\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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":599515,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/02\/what-were-tracking-on-02-january-2019\/","url_meta":{"origin":611914,"position":2},"title":"What we\u2019re tracking on 02 January 2019","author":"enterpriseam admin","date":"2 January 2019","format":false,"excerpt":"Happy New Year, friends, and welcome to 2019. We\u2019re delighted to be back in your inboxes this morning after our end-of-year publication break the first half of this week. Don\u2019t expect a rush of news before the week of 13 January. It\u2019s prime vacation time this week and well into\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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":597814,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/06\/what-were-tracking-on-06-may-2019\/","url_meta":{"origin":611914,"position":3},"title":"What we\u2019re tracking on 06 May 2019","author":"enterpriseam admin","date":"6 May 2019","format":false,"excerpt":"It\u2019s a reasonably quiet news morning in Egypt as we begin the Holy Month, but what news there is is big: Thailand has a new king, and he\u2019d like USD 1 bn from Egypt to mark the occasion. And non-oil business activity expanded last month, snapping an eight-month losing streak.\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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":634288,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/11\/what-were-tracking-on-11-january-2018\/","url_meta":{"origin":611914,"position":4},"title":"What we\u2019re tracking on 11 January 2018","author":"enterpriseam admin","date":"11 January 2018","format":false,"excerpt":"A fairly slow news day abroad is balanced by a very busy one here in Egypt, so we\u2019re keeping the miscellany to a minimum this morning.Among the (very small) handful of international stories worth your time this morning: The \u201clast of the bears\u201d are still waiting in hope of a\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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":567888,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/10\/what-were-tracking-on-10-december-2020\/","url_meta":{"origin":611914,"position":5},"title":"What we\u2019re tracking on 10 December 2020","author":"enterpriseam admin","date":"10 December 2020","format":false,"excerpt":"Good morning, friends. We made it through another week together. There are just 21 days left in 2020, if you \u2014 like us \u2014 are keeping count. *** We\u2019re a bit late this morning because one of our cloud services is glitching this morning. We\u2019ve addressed most of the problem,\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/611914","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=611914"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/611914\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/611912"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/611915"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=611914"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=611914"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=611914"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=611914"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=611914"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}