{"id":636748,"date":"2024-08-06T00:00:00","date_gmt":"2024-08-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/global-markets-meltdown\/"},"modified":"2024-08-06T00:00:00","modified_gmt":"2024-08-06T00:00:00","slug":"global-markets-meltdown","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/06\/global-markets-meltdown\/","title":{"rendered":"Global markets meltdown"},"content":{"rendered":"

Good morning, friends. <\/strong>It has been a crazy 24 hours after a global sell-off triggered a market meltdown, pushing most major indices to close in the red \u2014 Egypt wasn\u2019t spared, with the sell-off echoing through our local debt market and the EGP, which fell to its lowest level since March. <\/p>\n

THE BIG STORY ABROAD- <\/p>\n

<\/a> Equity markets have endured after a \u201cbrutal\u201d sell-off<\/strong> that wiped USD 6.4 tn from global stock markets, triggered by concerns about the US economy potentially slowing faster than expected while the Fed keeps policy rates unchanged.<\/p>\n

REMEMBER-<\/strong> Last Friday, the US released its July payroll data, showing slower job growth and unemployment rising to 4.3%. The news caused a big selloff, with stocks and bonds taking a hit. Earlier reports about weak manufacturing and construction only made things worse.<\/p>\n

Where the day ended:<\/strong> US markets all ended in the red, despite paring back some of their losses during the day as \u201cencouraging\u201d US services data helped to steady markets. Treasury yields also clawed back some losses following the fresh data. Still, all three major US indexes were down more than 2.5%:<\/p>\n