{"id":633441,"date":"2024-07-15T00:00:00","date_gmt":"2024-07-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/15\/markets-are-digesting-the-attempted-assassination-of-donald-trump\/"},"modified":"2024-07-15T00:00:00","modified_gmt":"2024-07-15T00:00:00","slug":"markets-are-digesting-the-attempted-assassination-of-donald-trump","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/15\/markets-are-digesting-the-attempted-assassination-of-donald-trump\/","title":{"rendered":"Markets are digesting the attempted assassination of Donald Trump"},"content":{"rendered":"

From FX to stocks and wagers on the chances that Donald Trump will return to the Oval <\/strong>Office<\/strong>, it\u2019s a very US-centric morning on planet finance as markets digest the attempted assassination on the presumptive Republican candidate\u2019s life. Trump will be formally nominated this week at the Republican national convention.<\/p>\n

The USD rose against other currencies yesterday and overnight and BTC climbed to USD <\/strong>60k.<\/strong> \u201cFor us, the news does reinforce that Trump\u2019s the frontrunner,\u201d said Mark McCormick, global head of foreign-exchange and emerging-market strategy at Toronto Dominion Bank. \u201cWe remain USD bulls for the second half and early 2025.\u201d<\/p>\n

(Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

The downside: The shooting underscores the risk of political violence in the US<\/strong>, which could finally cool major US equities benchmarks if investors rotate even temporarily to safer assets. \u201cPolitical risk is binary and hard to hedge, and uncertainty was high as it is with the close nature of the race. This adds to volatility. I think it further increases the chance of a Republican sweep.\u201d <\/p>\n

\n

\n

ALSO ON PLANET FINANCE- US inflation and interest rates could remain higher for <\/strong>longer <\/strong>than many expect forecasts despite some signs of cooling inflation, CNBC<\/a> reports JPMorgan Chase boss Jamie Dimon as saying. \u201cThere has been some progress bringing inflation down, but there are still multiple inflationary forces in front of us: large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world,\u201d Dimon said. \u201cTherefore, inflation and interest rates may stay higher than the market expects.\u201d<\/p>\n

In context: Monthly US inflation in June for the first time in over four years<\/strong>, prompting some to expect the Federal Reserve is more likely to start cutting rates in September. Fed Chair Jerome Powell told Congress last week<\/a> that he has \u201csome confidence\u201d that inflation will cool to 2%. He also said that the Fed doesn\u2019t necessarily need to wait for inflation to fall to 2% before moving on interest rate cuts, adding to the speculation that the first cut could come this fall.<\/p>\n

MARKETS THIS MORNING- <\/p>\n

Major Asian benchmarks are flat this morning<\/strong> as investors mull the attempted assassination of Donald Trump and the start later today of China\u2019s Third Plenum meeting. The policy meeting of the Chinese Community Party takes place about once every five years and was expected last fall. Kickstarting the economy<\/a> is at the top of the list of topics<\/a>, but don\u2019t expect CCP officials to dive too deeply<\/a> into the rot that is the domestic real estate industry<\/a>. (Markets are closed in Japan in observance of the Marine Day holiday.)<\/p>\n

Futures suggest we\u2019ll see something of a relief rally on Wall Street<\/strong>, where futures for the major equities benchmarks were up in overnight trading. European futures, meanwhile, are mixed as we head toward dispatch time this morning.<\/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

28,042<\/p>\n<\/td>\n

\n

-0.9% (YTD: +12.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 47.88<\/p>\n<\/td>\n

\n

Sell 48.02<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 47.9<\/p>\n<\/td>\n

\n

Sell 48.0<\/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

11,882<\/p>\n<\/td>\n

\n

+0.8% (YTD: -0.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,143<\/p>\n<\/td>\n

\n

-0.1% (YTD: -4.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,104<\/p>\n<\/td>\n

\n

+0.3% (YTD: +1.01%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,615<\/p>\n<\/td>\n

\n

+0.6% (YTD: +17.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

8,253<\/p>\n<\/td>\n

\n

+0.4% (YTD: +6.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,043<\/p>\n<\/td>\n

\n

+1.3% (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 85.03<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 2.33<\/p>\n<\/td>\n

\n

+2.7%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2,421<\/p>\n<\/td>\n

\n

-0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 60,823<\/p>\n<\/td>\n

\n

+3.8% (YTD: +44.0%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 0.9% at yesterday\u2019s close<\/strong> on turnover of EGP 2.3 bn (45.4% below the 90-day average). Foreign investors were net buyers. The index is up 12.6% YTD.<\/p>\n

In the green: <\/strong>ADIB (+2.7%), Qalaa Holdings (+2.2%), and Heliopolis Housing (+2.2%).<\/p>\n

In the red: <\/strong>GB Corp (-4.1%), Talaat Moustafa Group (-3.9%), and Fawry (-3.9%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: Why Jamie Dimon thinks interest rates and inflation could stay higher for longer<\/p>\n","protected":false},"author":1,"featured_media":633442,"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":[984,72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-633441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-donald-trump","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"87799363-f8ac-461b-ac76-98568b8b07b0","order":"12","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1091.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Markets are digesting the attempted assassination of Donald Trump","related_issue":[633421],"teaser":"Plus: Why Jamie Dimon thinks interest rates and inflation could stay higher for longer","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.2abe3a78-56b7-4d33-a577-e41741ed23ed.mp3"},"yoast_head":"\nMarkets are digesting the attempted assassination of Donald Trump - 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Law is now the law of the land","author":"enterpriseam admin","date":"15 July 2024","format":false,"excerpt":"Good afternoon, friends and happy Monday. We are still waiting for the newscycle to pick up on the second day of the business week. Meanwhile\u2026PSA- We have another long weekend ahead. The public and private sectors will be off on Thursday 25 July in observance of the 23 July Revolution,\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1146.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558951,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/03\/what-the-markets-are-doing-on-3-january-2021\/","url_meta":{"origin":633441,"position":1},"title":"What the markets are doing on 3 January 2021","author":"enterpriseam admin","date":"3 January 2021","format":false,"excerpt":"The New York Stock Exchange is moving to delist three Chinese telecom companies with ties to the Chinese army, it said in a statement on Thursday. The move to take the shares of China Mobile, China Unicom, and China Telecom off the NYSE comes after US President Donald Trump blocked\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":568421,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/what-the-markets-are-doing-on-29-december-2020\/","url_meta":{"origin":633441,"position":2},"title":"What the markets are doing on 29 December 2020","author":"enterpriseam admin","date":"29 December 2020","format":false,"excerpt":"The EGX30 rose 0.7% yesterday on turnover of EGP 979 mn (27.5% below the 90-day average). Foreign investors were net sellers. The index is down 23.7% YTD.In the green: Sidi Kerir Petrochemicals (+5.5%), Ezz Steel (+4.0%) and Egyptian Iron & Steel (+3.2%).In the red: Sodic (-0.7%), Export Development Bank (-0.2%)\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":643844,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/16\/smes-are-in-line-for-a-whole-lotta-tax-incentives\/","url_meta":{"origin":633441,"position":3},"title":"SMEs are in line for a whole lotta tax incentives","author":"enterpriseam admin","date":"16 September 2024","format":false,"excerpt":"Good afternoon, everyone. We\u2019re still settling into the groove of things after the long weekend. THE BIG STORY TODAY- A whole lotta tax incentives for SMEs: Between fewer labor income tax settlements and setting a flat tax rate for businesses whose annual turnover doesn\u2019t exceed the EGP 15 mn mark,\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1189.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559180,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/what-the-markets-are-doing-on-12-january-2021\/","url_meta":{"origin":633441,"position":4},"title":"What the markets are doing on 12 January 2021","author":"enterpriseam admin","date":"12 January 2021","format":false,"excerpt":"Is the crypto bubble about to burst? Bitcoin lost nearly 26% of its value on Sunday and Monday, its biggest two-day slump since March, amid a fierce selloff, reports Bloomberg. The currency fell as low as USD 33.1k yesterday after having reached an all time high of nearly USD 42k\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":658004,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/30\/businesses-are-bracing-for-trump-tariffs-with-frontloading-and-price-hikes\/","url_meta":{"origin":633441,"position":5},"title":"Businesses are bracing for Trump tariffs with frontloading and price hikes","author":"enterpriseam admin","date":"30 December 2024","format":false,"excerpt":"Companies are frontloading orders and shifting their supply chain from China to other countries","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\/4\/344.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\/633441","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=633441"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/633441\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/633421"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/633442"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=633441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=633441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=633441"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=633441"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=633441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}