{"id":620611,"date":"2024-05-23T00:00:00","date_gmt":"2024-05-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/23\/emerging-markets-credit-ratings-are-on-the-up-at-last\/"},"modified":"2024-05-23T00:00:00","modified_gmt":"2024-05-23T00:00:00","slug":"emerging-markets-credit-ratings-are-on-the-up-at-last","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/23\/emerging-markets-credit-ratings-are-on-the-up-at-last\/","title":{"rendered":"Emerging markets\u2019 credit ratings are on the up at last"},"content":{"rendered":"

Sovereign credit ratings in the emerging markets are back on the up<\/strong> on the bank of hoped-for rate cuts, post-Covid recovery, and policy moves in select markets, Reuters<\/a> reports. The newswire points to Turkey, Brazil, Nigeria, Zambia and also us here in Egypt as adding to the growing evidence that there\u2019s a turnaround in ratings after decades of downgrades.<\/p>\n

Economies are in a very different place than they were during the pandemic: <\/strong>Three-quarters of sovereign credit rating movements in 2024 have been in a positive direction, while almost all were negative when we were all working from home during the pandemic, according to data from the Bank of America cited by Reuters.<\/p>\n

The why: <\/strong>It varies by economy, Fitch Ratings\u2019 Ed Parker told the newswire. Some economies have benefited from a recovery following the pandemic and energy price spikes from Russia\u2019s invasion of Ukraine, while others have had a change of fortunes on the back of policy improvements, and frontier economies are reaping the rewards of their new-found access to debt markets, he added.<\/p>\n

Remember: <\/strong>Egypt has had Moody\u2019s<\/a>, Fitch Ratings<\/a>, and S&P Global Ratings<\/a> upgrade its sovereign credit outlook to positive since March 2024 \u2014 though none of the \u201cbig three\u201d have upgraded Egypt\u2019s credit rating itself.<\/p>\n

Good news for sure, but EMs still have a long way to go: <\/strong>Ratings upgrades and better access to debt markets are obviously a positive sign, especially after a long period of high interest rates and a strong USD. But getting too excited about the ratings upgrades risks ignoring long-term trends in developing countries\u2019 debt markets.<\/p>\n

MARKETS THIS MORNING- <\/p>\n

Major Asian benchmarks slumped into the red this morning after the minutes of the US <\/strong>Fed\u2019s latest meeting were released. <\/strong>Traders and bankers alike are concerned that the central bank is getting \u201ccold feet on possible rate cuts\u201d<\/a> after data showed inflation was surprisingly stubborn. Of the big Asian indexes, only the Nikkei is in positive territory this morning. <\/p>\n

Looking ahead:<\/strong> Nasdaq and S&P futures were up overnight after Nvidia reported record earnings \u2014 but futures have the Dow headed for a lower open at the start of trading today. European futures declined overnight. <\/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

27,227<\/p>\n<\/td>\n

\n

0.0% (YTD: +9.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 46.74<\/p>\n<\/td>\n

\n

Sell 46.88<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 46.74<\/p>\n<\/td>\n

\n

Sell 46.84<\/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

12,157<\/p>\n<\/td>\n

\n

+0.3% (YTD: +1.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

8,973<\/p>\n<\/td>\n

\n

-0.4% (YTD: -6.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,058<\/p>\n<\/td>\n

\n

-0.4% (YTD: -0.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,307<\/p>\n<\/td>\n

\n

-0.3% (YTD: +11.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

8,370<\/p>\n<\/td>\n

\n

-0.6% (YTD: +9.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,025<\/p>\n<\/td>\n

\n

-0.4% (YTD: +11.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 81.90<\/p>\n<\/td>\n

\n

-1.2%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.84<\/p>\n<\/td>\n

\n

+6.4%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2,4116<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 69,423<\/p>\n<\/td>\n

\n

-0.5% (YTD: +64.4%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 remained flat at yesterday\u2019s close<\/strong> on turnover of EGP 4.0 bn (17.3% below the 90-day average). International investors were net sellers. The index is up 9.4% YTD.<\/p>\n

In the green: <\/strong>Edita (+7.0%), Orascom Development Egypt (+6.5%), and Heliopolis Housing (+4.2%).<\/p>\n

In the red: <\/strong>Abu Qir Fertilizers (-2.9%), Mopco (-2.3%), and AMOC (-2.2%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Three-quarters of sovereign credit rating movements in 2024 have been in a positive direction<\/p>\n","protected":false},"author":1,"featured_media":620612,"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":[115,72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-620611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-emerging-markets","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"77f34bcf-2b0c-4317-8e9c-98a080552235","order":"12","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/1842.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Emerging markets\u2019 credit ratings are on the up at last","related_issue":[620589],"teaser":"Three-quarters of sovereign credit rating movements in 2024 have been in a positive direction","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.c82b14a0-a3ea-434b-b7c2-5e7ed1828375.mp3"},"yoast_head":"\nEmerging markets\u2019 credit ratings are on the up at last - 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