{"id":618143,"date":"2024-04-03T00:00:00","date_gmt":"2024-04-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/03\/are-the-magnificent-seven-now-the-fab-four\/"},"modified":"2024-04-03T00:00:00","modified_gmt":"2024-04-03T00:00:00","slug":"are-the-magnificent-seven-now-the-fab-four","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/03\/are-the-magnificent-seven-now-the-fab-four\/","title":{"rendered":"Are the Magnificent Seven now the Fab Four?"},"content":{"rendered":"

Are the Magnificent Seven now the Fab Four? <\/strong>Apple, Tesla, and Alphabet shares have all sputtered in the first three months of the year, but the S&P 500 still turned in its best Q1 since before covid-19 became a household word. Nvidia, Meta, Microsoft, and Amazon <\/strong>have left the other three behind, with some analysts now dubbing them the Fab Four as their share prices keep appreciating, the Wall<\/a>Street<\/a>Journal<\/a> notes. <\/p>\n

\n

SIGN OF THE TIMES #1- <\/strong>Everyone from Citadel\u2019s Ken Griffin<\/a> to Bloomberg Economics<\/a> is raising flags that US borrowing is \u201con an unsustainable path.\u201d<\/strong><\/p>\n

SIGN OF THE TIMES #2- Donald Trump\u2019s media company <\/strong>has <\/strong>l<\/strong>ost 8% o<\/strong>f its value since Monday <\/strong>as \u201cthe fervor around the company\u2019s debut on public markets last week appeared to subside.\u201d The New York Times<\/a> goes deeper into why the valuation still \u2014 like much of US politics right now \u2014 just doesn\u2019t make sense.<\/p>\n

(Speaking of Trump: He posted a USD 175 mn bond<\/a> on Monday in a civil case, narrowly avoiding the seizure of some of his assets.)<\/p>\n

\n

MEANWHILE- The bloom is still off the rose for venture capital<\/strong>, where institutional investor interest peaked in 2021, about a year before the US Federal Reserve took the wind out of the asset class\u2019 sails with the first of a series of interest rate hikes. The lastest sign: <\/strong>New York\u2019s Tiger Global raised just USD 2.2 bn for its sixteenth fund<\/a>. It had aimed to raise USD 6 bn when it started lining up commitments from limited partners in late 2022. <\/p>\n

AND- Carmakers and industry analysts are worrying that the global slowdown in demand <\/strong>for electric vehicles could be more than a blip. <\/strong>\u201cIf prices do not fall, or legitimate [consumer] concerns over charging infrastructure are not met, motorists may resist indefinitely. The implications of the second are potentially concerning. Meeting long-term decarbonisation targets without removing all petrol and diesel cars from the roads is impossible,\u201d notes the Financial Times<\/a> \u2019 Peter Campbell in an Insider Business column. Will politicians look to use other levers to stimulate demand<\/strong>, from higher fuel prices to sharp taxes on petrol-powered cars?<\/p>\n

PLUS- Tesla has taken back the title as the world\u2019s top EV producer <\/strong>after the Chinese EV market leader BYD reported a 43%<\/a> drop in sales to 300k EVs in the first quarter of the year.<\/p>\n

THE MARKETS THIS MORNING- <\/p>\n

Asian markets are solidly in the red this morning<\/strong>, with CNBC<\/a> blaming poor sentiment on electric vehicles after Tesla said yesterday it had missed delivery targets. The decline in deliveries was worse than analysts had expected. Three listed Chinese automakers, including market leader BYD, led the decliners. The sea of red extends to Europe and on Wall Street<\/strong>, where stock futures edged down overnight.<\/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

27,934<\/p>\n<\/td>\n

\n

-1.3% (YTD: +12.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.10<\/p>\n<\/td>\n

\n

Sell 47.23<\/p>\n<\/td>\n<\/tr>\n

\n

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

USD (CIB)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.11<\/p>\n<\/td>\n

\n

Sell 47.21<\/p>\n<\/td>\n<\/tr>\n

\n

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

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

12,477<\/p>\n<\/td>\n

\n

+0.4% (YTD: +4.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,253<\/p>\n<\/td>\n

\n

+0.1% (YTD: -3.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,269<\/p>\n<\/td>\n

\n

+0.1% (YTD: +5.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,206<\/p>\n<\/td>\n

\n

-0.7% (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

7,935<\/p>\n<\/td>\n

\n

-0.2% (YTD: +2.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,042<\/p>\n<\/td>\n

\n

-0.8% (YTD: +11.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 88.92<\/p>\n<\/td>\n

\n

+1.7%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1.86<\/p>\n<\/td>\n

\n

+1.4%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2,281<\/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 65,651<\/p>\n<\/td>\n

\n

-5.7% (YTD: +55.1%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 1.3% at yesterday\u2019s close<\/strong> on turnover of EGP 3.1 bn (38.1% below the 90-day average). Foreign investors were net buyers. The index is up 12.2% YTD.<\/p>\n

In the green: <\/strong>Sidi Kerir Petrochemicals (+3.8%), AMOC (+2.8%), and Alexandria Containers and Cargo Handling (+2.8%).<\/p>\n

In the red: <\/strong>GB Corp (-6.4%), Orascom Development Egypt (-4.8%), and E-finance (-4.5%).<\/p>\n

CORPORATE ACTIONS- <\/p>\n

#1- Rakta winds up: <\/font><\/strong>Struggling<\/a> state-owned paper manufacturer General Company for Paper Industry\u2019s (Rakta) extraordinary general assembly approved insolvency proceedings for the company and moved forward with assessing and liquidating the company\u2019s assets, the company said in a bourse disclosure (pdf)<\/a>.<\/p>\n

#2- EgyTrans dividend payout delayed: <\/strong>EgyTrans\u2019 ordinary general assembly has decided to push paying out dividends on its 2023 earnings to shareholders to 2Q 2024, the transport and logistics company said in an EGX disclosure (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS: Venture capital is still out of fashion with institutions + worries about sustainability of US debt<\/p>\n","protected":false},"author":1,"featured_media":618144,"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":[102,72,119,122,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-618143","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-capital-markets","tag-enterpriseam","tag-financial-markets","tag-planet-finance","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"a8096c02-89c0-450c-869d-117302898717","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/188.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The S&P 500 now has a Fab Four","related_issue":[618127],"teaser":"PLUS: Venture capital is still out of fashion with institutions + worries about sustainability of US debt","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.98042b18-6ac4-4da8-bb9d-d43809c86d7c.mp3"},"yoast_head":"\nAre the Magnificent Seven now the Fab Four? 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Global borrowers issued USD 150 bn worth of fresh bonds in just four days at the start of January \u2014 suggesting newfound optimism in the bond markets after they recorded a 16.3% loss last year, Bloomberg writes. Hong Kong made its biggest ever\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\/120.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543936,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/24\/aramco-sells-49-stake-in-its-natgas-pipelines-fab-lines-up-usd-500-mn-in-sukuk\/","url_meta":{"origin":618143,"position":1},"title":"Aramco sells 49% stake in its natgas pipelines + FAB lines up USD 500 mn in sukuk","author":"enterpriseam admin","date":"24 February 2022","format":false,"excerpt":"Aramco closes USD multi-bn sale of minority stake in natgas pipelines: An investor group led by BlackRock has acquired a 49% stake in Saudi Aramco\u2019s natgas pipelines subsidiary for USD 15.5 bn, as the two firms enter into a pact to explore low carbon energy projects. (Bloomberg)FAB plans sukuk sale:\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":581506,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/12\/is-fab-still-interested-in-stanchart\/","url_meta":{"origin":618143,"position":2},"title":"Is FAB still interested in StanChart?","author":"enterpriseam admin","date":"12 February 2023","format":false,"excerpt":"FAB reportedly still has eyes for Standard Chartered: First Abu Dhabi Bank (FAB) is working under the radar on an all-cash bid of USD 30-35 bn for UK-headquartered bank Standard Chartered under the code name Silver-Foxtrot, after putting earlier takeover plans on hold. The bank denied the report in a\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":547006,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/this-morning-fab-isn-t-looking-to-buy-banque-misr-or-united-bank\/","url_meta":{"origin":618143,"position":3},"title":"THIS MORNING: FAB isn\u2019 t looking to buy Banque Misr or United Bank","author":"enterpriseam admin","date":"6 June 2022","format":false,"excerpt":"Good morning, friends. We hope your week is off to a great start.THE BIG STORY here at home: Our latest PMI reading shows that the non-oil economy contracted for the eighteenth consecutive month in May on the back of global inflationary pressures \u2014 which could also put a pin in\u2026","rel":"","context":"In "What We're Tracking Today"","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":543911,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/23\/fab-could-sell-payments-business-delek-rebrands\/","url_meta":{"origin":618143,"position":4},"title":"FAB could sell payments business, Delek rebrands","author":"enterpriseam admin","date":"23 February 2022","format":false,"excerpt":"Brookfield eyes FAB\u2019s payment business: Canadian asset management giant Brookfield is reportedly in talks to acquire Magnati, First Abu Dhabi Bank\u2019s (FAB) payment arm, in a transaction that could value it at more than USD 1 bn, Bloomberg reported yesterday, citing unidentified sources. The EFG Hermes-suitor could receive more bids\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":542982,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/26\/chimera-closes-usd-10-bn-venture-capital-fund\/","url_meta":{"origin":618143,"position":5},"title":"Chimera closes USD 10 bn venture capital fund","author":"enterpriseam admin","date":"26 January 2022","format":false,"excerpt":"Our friends at the UAE\u2019s Chimera closes fundraising for one of the largest funds in VC history: Our friends at Abu Dhabi-based investment firm Chimera Capital have closed their second venture capital fund at USD 10 bn, according to a company press release (pdf). The Alpha Wave Ventures II fund\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/618143","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=618143"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/618143\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/618127"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/618144"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=618143"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=618143"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=618143"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=618143"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=618143"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}