{"id":627976,"date":"2018-06-20T04:04:47","date_gmt":"2018-06-20T04:04:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/20\/the-em-meltdown-is-real-courtesy-of-donald-trump\/"},"modified":"2018-06-20T04:04:47","modified_gmt":"2018-06-20T04:04:47","slug":"the-em-meltdown-is-real-courtesy-of-donald-trump","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/20\/the-em-meltdown-is-real-courtesy-of-donald-trump\/","title":{"rendered":"The EM meltdown is real, courtesy of Donald Trump"},"content":{"rendered":"

Keep it all in perspective #2: \u201c<\/strong>Mounting trade fears send waves through global markets<\/strong><\/a>\u201d <\/strong>the Financial Times declares, pointing to a sharp sell-off in Chinese shares yesterday as investors (who have for weeks shrugged off Trump\u2019s saber-rattling on trade) freaked out about the back-and-forth imposition of sanctions between Washington and Beijing, which we had noted yesterday.<\/p>\n

US stocks tumbled on Tuesday as fears of a trade war began to take hold, <\/strong>according to Reuters<\/a>. The threat of an imminent trade war was easy to shrug off at first, but the recent exchange of threats between the US and Chinese governments makes it \u201chard to ignore this particular flare-up, because there\u2019s not a lot of positive news to overshadow it,\u201d Invesco\u2019s Kristina Hooper tells the FT<\/a>. The S&P 500 was down 0.40%, while Nasdaq dropped 0.28%, and the Dow Jones Industrial Average fell 1.15% yesterday. JonesTrading\u2019s Michael O\u2019Rourke described the reaction from US stocks as \u201csedate,\u201d saying that the equity market \u201chas acted much stronger\u201d than global counterparts.<\/p>\n

The benchmark EGX30 closed down<\/strong> 0.94% yesterday, joining the ADX, DFM and KSE by closing in the red. Saudi\u2019s Tadawul bucked the trend, with the TASI closing up 0.32%.<\/p>\n

The latest chapter in the EM Zombie Apocalypse is brought to you by Donald Trump<\/strong>: Already strained emerging market currencies are taking a deeper nose dive thanks to the escalating trade war, especially as China threatens further action, the FT adds<\/a>. While Asian stocks slid across the board yesterday, China witnessed its sharpest equity sell-off in months, starting \u201ca ripple through global markets that hit companies in major exporting nations particularly hard.\u201d (The FT rounds up analysts\u2019 views here<\/a>).<\/p>\n

A Bloomberg currency index shows that carry-trade returns from eight emerging markets are on track for the biggest quarterly loss since 2011.<\/strong> The index has slumped 8.9% since the end of March, an eighth month low. The escalating beef has driven the MSCI Emerging Markets Index to below the 1,100 mark, according to Bloomberg<\/a>.<\/p>\n

Meanwhile, in the global oil market, Russia has redoubled its rhetoric pushing for an end to production cuts.<\/strong> \u201cOil demand usually grows at the steepest pace in the third quarter \u2026 We could face a deficit if we don\u2019t take measures,\u201d Russian Energy Minister Alexander Novak told reporters. \u201cIn our view, this could lead to market overheating.\u201d Russia wanted OPEC and non-OPEC to raise output by 1.5 mn bpd, Novak said, according to Reuters<\/a>. OPEC meets on Friday to decide output policy. Goldman Sachs sees oil climbing back north of USD 80<\/strong> in the coming months, CNBC reports<\/a>, picking up a report we noted yesterday.<\/p>\n

Also from the land of crushed football dreams, the Russian government says it\u2019s planning to impose new tariffs on US imports.<\/strong> The move comes at the request of businessmen burned by a US decision to impose duties on steel and aluminum imports into the United States and will \u201ctarget goods that have domestic equivalents in Russia,\u201d said Russian Economy Minister Maxim Oreshkin, Reuters reports<\/a>.<\/p>\n

And in miscellany today:<\/p>\n

Alexandria residents can obtain a visa to Germany starting today<\/strong> through a newly opened visa service in the nation\u2019s second city. (Al Mal<\/a>)<\/p>\n

General Electric is out of the Dow Jones Industrial Average<\/strong>, having been replaced by Walgreens Boots. If you came up in the age in which CEO Jack Welch was (unjustly) deified, you can\u2019t help but take a breath. GE was a founding member of the Dow back in 1896 and has been a continuous constituent of the index since 1907. The news is everywhere in financial media this morning. (FT<\/a> | Reuters<\/a> | CNBC<\/a> | WSJ<\/a>)<\/p>\n

The bigger cryptocurrencies get, the worse they perform<\/strong>, the Bank of International Settlements warned earlier this week. The report from the umbrella group for the world\u2019s central banks is being poo-poo\u2019ed by the crypto industry. You can get more from Reuters<\/a> or from Coindesk<\/a> or judge for yourself by reading the report (pdf)<\/a>. Or head over to Bloomberg<\/a>, which picks up where BIS leaves off by looking at what cryptocurrency markets need to do if they \u201cwant to move from the fringes of finance.\u201d Want to get straight to the doom and gloom?<\/strong> Business Insider has you covered, talking with CBOE boss Chris Concannon, who is warning that there\u2019s a reckoning in the making for the initial coin offering market<\/strong>, just as there was for tulips, junk bonds and mortgage-backed securities<\/a>.<\/p>\n

Consulting firms want to eat the lunches of advertising agencies<\/strong>, and the Wall Street Journal lets Accenture Interactive take lazy swings at softball question after softball question in Meet the New Advertising Agency: Consulting Firms<\/a>. (Because conflict of interest<\/a> isn\u2019t a thing at consulting companies, right, McKinsey?) It\u2019s all part of the WSJ\u2019s coverage of Cannes this week. Editor-at-large Gerard Baker has an overview<\/a>, and what passes for the package\u2019s landing page<\/a> is here.<\/p>\n

Visa and MasterCard are testing fingerprint sensors<\/strong> for added security. (WSJ<\/a>)<\/p>\n

Canada has ended its 95-year prohibition on cannabis<\/strong>, paving the way for mns of adults to \u201copenly smoke, ingest or grow the drug\u201d by early or mid-September \u2014 and creating what should become a multi-bn CAD industry. (Globe & Mail<\/a>)<\/p>\n

Two disruption-free professions (so far): <\/strong>Lawyers and plumbers look safe, the Michael Skapinker suggests (FT<\/a>)<\/p>\n

Baseball caps:<\/strong> Can you wear them without looking like a frat boy? (WSJ<\/a>)<\/p>\n

**REMINDER: Enterprise is off tomorrow. <\/strong>We\u2019re taking a day to do some planning and training as a team.<\/p>\n","protected":false},"excerpt":{"rendered":"

Keep it all in perspective #2: \u201cMounting trade fears send waves through global markets\u201d the Financial Times declares, pointing to a sharp sell-off in Chinese shares yesterday as investors (who have for weeks shrugged off Trump\u2019s saber-rattling on trade) freaked out about the back-and-forth imposition of sanctions between Washington and Beijing, which we had noted […]<\/p>\n","protected":false},"author":1,"featured_media":627977,"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":[72,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-627976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"d0cc5b77-c382-4036-9d2b-7a7e3feefc46","order":"0","is_powered_by":true,"section_story_id":"40bcafce-d2e3-4534-b0d2-d004be4dc4d8","story_type":"1","photo_url":"https:\/\/ent.news\/2018\/6\/621.jpg","photo_position":"above","related_issue":[627973],"teaser":"","voice_url":""},"yoast_head":"\nThe EM meltdown is real, courtesy of Donald Trump - 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We have coverage of the final day of the G7 \u2014 during which El Sisi met with US, UK and French leaders \u2014 as well as the news that we\u2019ve signed the final USD 500 mn agreement with India\u2019s\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":595535,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/30\/what-were-tracking-on-30-september-2019\/","url_meta":{"origin":627976,"position":2},"title":"What we\u2019re tracking on 30 September 2019","author":"enterpriseam admin","date":"30 September 2019","format":false,"excerpt":"We\u2019re one trading session into the week, and so far so good. The EGX gained another 3.3% yesterday, continuing last week\u2019s late rally to claw back losses in a torrid Sunday-Tuesday sell-off. The EGP also strengthened against the USD on the back of Thursday\u2019s interest rate cut and improving sentiment\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":595816,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/07\/what-were-tracking-on-7-august-2019\/","url_meta":{"origin":627976,"position":3},"title":"What we\u2019re tracking on 7 August 2019","author":"enterpriseam admin","date":"7 August 2019","format":false,"excerpt":"News dirth to reach a crescendo next week on expectations of widespread food coma epidemic: The August news lull continues, with yesterday being one of the slowest news days we\u2019ve seen all year, and it\u2019s not even Eid yet. Expect next week to be an even duller week in Egypt-related\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":599575,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/03\/what-were-tracking-on-03-january-2019\/","url_meta":{"origin":627976,"position":4},"title":"What we\u2019re tracking on 03 January 2019","author":"enterpriseam admin","date":"3 January 2019","format":false,"excerpt":"News is slow this morning as more than a handful of members of the community are either \u201cbridging\u201d until after Coptic Christmas or simply taking it a bit easy. That makes Apple\u2019s rare warning that it will fall short of its sales forecast the story of the day. And as\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":596296,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/25\/what-were-tracking-on-25-august-2019\/","url_meta":{"origin":627976,"position":5},"title":"What we\u2019re tracking on 25 August 2019","author":"enterpriseam admin","date":"25 August 2019","format":false,"excerpt":"Happy Sunday, ladies and gents: With the Eid break well and truly behind us, we\u2019re anticipating the news cycle to finally start picking back up. The CBE\u2019s aggressive 150 bps rate cut on Thursday was understandably the talk of Egypt\u2019s econo-sphere over the weekend (more on this in this morning\u2019s\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/627976","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=627976"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/627976\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/627973"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/627977"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=627976"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=627976"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=627976"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=627976"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=627976"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}