{"id":615211,"date":"2024-02-14T00:00:00","date_gmt":"2024-02-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/14\/markets-arent-happy-after-hotter-than-expected-us-inflation-report\/"},"modified":"2024-02-14T00:00:00","modified_gmt":"2024-02-14T00:00:00","slug":"markets-arent-happy-after-hotter-than-expected-us-inflation-report","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/14\/markets-arent-happy-after-hotter-than-expected-us-inflation-report\/","title":{"rendered":"Markets aren\u2019t happy after hotter-than-expected US inflation report"},"content":{"rendered":"

US markets fell yesterday and Asian shares have followed suit this morning <\/strong>as traders digest a hot US inflation report that some fear made it even less likely that the Federal Reserve will cut interest rates in March.<\/p>\n

Why rates interest matters to the stock market: <\/strong>Lower rates traditionally = more money seeking (hopefully) better returns in public equities. Traders also generally figure that lower rates = better fortunes ahead for many types of companies on the back of more consumer spending and cheaper borrowing for corporates.<\/p>\n

What happened yesterday: <\/strong>The Dow, S&P and Nasdaq all dropped<\/a> 1.4-1.9% yesterday after data showed consumer prices in the US had risen in January by the most in eight months. Observers had expected inflation to continue cooling, but it ticked up to 3.1% on an annual basis<\/a>.<\/p>\n

Where we stand right now: <\/strong>The Nikkei, Kospi, and Hong Kong\u2019s Hang Seng are down in early trading; it\u2019s Hong Kong\u2019s first day of trading this week after the Lunar New Year holiday, while Shanghai is still closed. US futures have firmed up but still point to a soft (but not outrageous) opening on Wall Street, and European equities look set to dip at the opening bell. <\/p>\n

MEANWHILE- BTC hits the USD 50k mark for the first time in two years:<\/strong> BTC hit the USD 50k mark yesterday for the first time since December 2021, rallying on the back of expectations of interest rate cuts later this year and optimism that the US government\u2019s approval of spot BTC exchange-traded funds last month<\/a> could herald larger mainstream acceptance, Reuters<\/a> reports. BTC was trading at around USD 49.7k as of midnight last night.<\/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

28,605<\/p>\n<\/td>\n

\n

+0.4% (YTD: +15.0%)<\/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

21.25% deposit<\/p>\n<\/td>\n

\n

22.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

12,405<\/p>\n<\/td>\n

\n

+0.9% (YTD: +3.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,351<\/p>\n<\/td>\n

\n

+0.3% (YTD: -2.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,219<\/p>\n<\/td>\n

\n

+0.2% (YTD: +3.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,953<\/p>\n<\/td>\n

\n

-1.4% (YTD: +3.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,512<\/p>\n<\/td>\n

\n

-0.8% (YTD: -2.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,689<\/p>\n<\/td>\n

\n

-1.2% (YTD: +3.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 82.77<\/p>\n<\/td>\n

\n

+0.9%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1.69<\/p>\n<\/td>\n

\n

-4.5%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2,006<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 49,668<\/p>\n<\/td>\n

\n

-0.8% (YTD: +17.0%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

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

The EGX30 rose 0.4% at yesterday\u2019s close<\/strong> on turnover of EGP 6.5 bn (75.5% above the 90-day average). Local investors were net sellers. The index is up 14.9% YTD.<\/p>\n

In the green: <\/strong>Juhayna (+13.5%), Ibnsina Pharma (+11.7%), and Edita (+10.2%).<\/p>\n

In the red: <\/strong>CIB (-2.5%), Orascom Development (-1.4%), and Oriental Weavers (-1.2%).<\/p>\n

\n

CORPORATE ACTIONS-<\/p>\n

EFG Holding grants 17 mn shares to its employees:<\/strong> EFG Holding has granted 17 mn of its issued shares at a total value of EGP 129 mn as part of its employee stock ownership plan, the company announced in an EGX bulletin<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Traders worry the overshoot will make the Fed even less likely to cut interest rates in March<\/p>\n","protected":false},"author":1,"featured_media":615212,"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-615211","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":"1af8093c-b206-4440-b8f9-30c9c932f47c","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/1354.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Markets aren\u2019t happy after hotter-than-expected US inflation report","related_issue":[615191],"teaser":"Traders worry the overshoot will make the Fed even less likely to cut interest rates in March","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.a06d99a3-5830-481f-b4c9-0eee25e118a1.mp3"},"yoast_head":"\nMarkets aren\u2019t happy after hotter-than-expected US inflation report - 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Russia, Chile and India have lowered their benchmark rates last week as emerging markets struggle with lower than expected growth and a turbulent macro climate. The hint from central bankers in other EMs\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/6\/1152.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587342,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/25\/fed-less-certain-about-further-rate-hikes\/","url_meta":{"origin":615211,"position":1},"title":"Fed \u201cless certain\u201d about further rate hikes","author":"enterpriseam admin","date":"25 May 2023","format":false,"excerpt":"Some Fed members thought the May meeting would be the final time the central bank would hike rates","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\/5\/1401.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559072,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/06\/what-the-markets-are-doing-on-6-january-2021\/","url_meta":{"origin":615211,"position":2},"title":"What the markets are doing on 6 January 2021","author":"enterpriseam admin","date":"6 January 2021","format":false,"excerpt":"Optimism for the year ahead reigns supreme on Wall Street, as the world\u2019s biggest banks and investment firms predict broad economic growth this year. Bloomberg has collected forecasts from 40 investment banks and asset managers on everything from covid and inflation to regulation and the greenback, and buoyancy is underpinning\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":582745,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/16\/the-us-banking-crisis-has-upended-expectations-for-fed-rate-policy\/","url_meta":{"origin":615211,"position":3},"title":"The US banking crisis has upended expectations for Fed rate policy","author":"enterpriseam admin","date":"16 March 2023","format":false,"excerpt":"Bond traders now expect the central bank to start cutting rates in June","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\/3\/New-York-Stock-Exchange-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":588270,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/08\/turkey-is-moving-to-a-flexible-exchange-rate-as-govt-adopts-rational-economic-policies\/","url_meta":{"origin":615211,"position":4},"title":"Turkey is moving to a flexible exchange rate as gov\u2019t adopts \u2018rational\u2019 economic policies","author":"enterpriseam admin","date":"8 June 2023","format":false,"excerpt":"The currency fell more than 7% yesterday","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\/6\/404.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581947,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/us-stocks-finish-february-in-the-red-on-rate-worries\/","url_meta":{"origin":615211,"position":5},"title":"US stocks finish February in the red on rate worries","author":"enterpriseam admin","date":"1 March 2023","format":false,"excerpt":"Wall Street ends February in the red: US stocks resumed their decline yesterday, capping a nervy month for stock traders concerned about rising borrowing costs. The Dow Jones shed more than 200 points yesterday to end 0.7% in the red while the S&P 500 lost 0.3%, leaving it down 2.6%\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\/3\/feds-powell-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/615211","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=615211"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/615211\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/615191"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/615212"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=615211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=615211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=615211"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=615211"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=615211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}