{"id":618561,"date":"2024-04-16T00:00:00","date_gmt":"2024-04-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/16\/european-central-bank-will-likely-cut-rates-this-summer\/"},"modified":"2024-04-16T00:00:00","modified_gmt":"2024-04-16T00:00:00","slug":"european-central-bank-will-likely-cut-rates-this-summer","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/16\/european-central-bank-will-likely-cut-rates-this-summer\/","title":{"rendered":"European Central Bank will likely cut rates this summer"},"content":{"rendered":"

ECB to cut rates in June? <\/strong>The European Central Bank (ECB) will start cutting interest rates in June, Governing Council member Francois Villeroy de Galhau told French newspaper Le Journal du Dimanche<\/a> over the weekend. \u201cBar a surprise, we should decide on the first cut at our next meeting on 6 June \u2026 Our cut early June will have to be followed by other cuts by year-end,\u201d he said. <\/p>\n

Where rates currently stand? <\/strong>The ECB kept rates unchanged when it met last Thursday, keeping the deposit rate at a record 4% in place since September. <\/p>\n

Meanwhile in the US, June cuts are looking less likely: <\/strong>Traders have ruled out the Federal Reserve slashing rate over the summer \u2014 some have penciled in mid-September for when the Fed will start cutting rates, while some don\u2019t see the Fed cutting rates at all this year, Reuters<\/a> reports. This came in response to March\u2019s inflation data<\/a> coming in hotter than expected \u2014 consumer price inflation rose 3.5% y-o-y up from 3.2% the month before.<\/p>\n

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

Major Asian benchmarks are all substantially in the red this morning<\/strong>, following Wall Street\u2019s lead: Korea\u2019s Kospi is off 2.1%, the Nikkei is down 1.6%, and the Hang Seng has lost 1.2%. The Shanghai composite is fairing a bit better \u2014 it\u2019s off just 0.8% after China reported its economy grew 5.3% in 1Q 2024, beating expectations. <\/p>\n

European and US stock futures are largely unchanged<\/strong>, but point to a lower opening later today.<\/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

29,616<\/p>\n<\/td>\n

\n

+3.9% (YTD: +19.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 48.29<\/p>\n<\/td>\n

\n

Sell 48.43<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 48.3<\/p>\n<\/td>\n

\n

Sell 48.4<\/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

12,708<\/p>\n<\/td>\n

\n

+0.3% (YTD: +6.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,254<\/p>\n<\/td>\n

\n

+0.2% (YTD: -3.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,244<\/p>\n<\/td>\n

\n

0.0% (YTD: +4.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,062<\/p>\n<\/td>\n

\n

-1.2% (YTD: +6.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,966<\/p>\n<\/td>\n

\n

-0.4% (YTD: +3.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,984<\/p>\n<\/td>\n

\n

+0.6% (YTD: +10.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 90.10<\/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 1.68<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 2,398.40<\/p>\n<\/td>\n

\n

+0.7%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 63,303.90<\/p>\n<\/td>\n

\n

-0.7% (YTD: +49.2%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 closed with a 3.9% gain in the first session after the Eid break<\/strong> on turnover of EGP 4.8 bn (5.2% below the 90-day average). Local investors were net buyers. The index is up 19.0% YTD.<\/p>\n

In the green: <\/strong>Qalaa Holdings (+19.6%), E-finance (+11.8%), and Elsewedy Electric (+7.1%).<\/p>\n

In the red: <\/strong>Orascom Construction (-0.7%), Eastern Company (-0.6%), and Juhayna (-0.3%).<\/p>\n

CORPORATE ACTIONS- <\/p>\n

#1- GB Corp will pay out dividends of<\/strong> EGP 0.20 per s<\/strong>hare<\/strong> on its 2023 earnings, it said in an EGX disclosure (pdf)<\/a>.<\/p>\n

#2- Cheesemaker Domty will pay out dividends worth EGP 0.50 per share <\/strong>on its2023 earnings, it said in an EGX<\/a>disclosure (pdf)<\/a>.<\/p>\n

#3- SAIB bank will pay out dividends of USD 0.50 per share<\/strong>, it said in an EGX disclosure (pdf)<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

The ECB kept rates unchanged when it met last Thursday<\/p>\n","protected":false},"author":1,"featured_media":618562,"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":[184,72,725,119,182,349,122,388],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-618561","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-apple","tag-enterpriseam","tag-european-central-bank","tag-financial-markets","tag-inflation","tag-interest-rates","tag-planet-finance","tag-us-federal-reserve","wpautop","entry"],"acf":{"mongo_id":"221d86aa-15ae-47a4-ba58-bdbbb347b2eb","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/940.jpg","photo_position":"above","homepage_title":"","full_issue_title":"European 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Fed looks to chill market speculation about imminent rate cuts: Federal Reserve officials have been quick to urge caution to bullish markets that have priced in interest rate cuts as early as March, insisting that more encouraging inflation data is needed before the central bank can consider reversing its\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\/12\/985.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":616702,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/10\/ecb-fed-hint-at-upcoming-rate-cuts\/","url_meta":{"origin":618561,"position":1},"title":"ECB, Fed hint at upcoming rate cuts","author":"enterpriseam admin","date":"10 March 2024","format":false,"excerpt":"ECB hints at June rate cut: The European Central Bank (ECB) maintained borrowing costs at historically high levels when it met on Thursday but hinted at a shift, with a first interest rate cut potentially coming in June following the publication of 1Q 2024\u2019s wage data, Reuters reports. \u201cWe will\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\/2024\/3\/685.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":623551,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/06\/todays-rate-cuts-could-revive-the-eus-economy-but-the-path-forward-is-murky\/","url_meta":{"origin":618561,"position":2},"title":"Today\u2019s rate cuts could revive the EU\u2019s economy, but the path forward is murky","author":"enterpriseam admin","date":"6 June 2024","format":false,"excerpt":"Some wonder whether it would be a mistake for the ECB to diverge from the US Federal Reserve for the first time in five years","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\/2024\/6\/591.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":620887,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/28\/ecb-on-track-to-cut-interest-rates-next-week-top-bank-officials-suggest\/","url_meta":{"origin":618561,"position":3},"title":"ECB on track to cut interest rates next week, top bank officials suggest","author":"enterpriseam admin","date":"28 May 2024","format":false,"excerpt":"The bank will still need to maintain restrictive rates until the end of the year, the bank\u2019s chief economist added","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET 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