{"id":653923,"date":"2024-10-24T00:00:00","date_gmt":"2024-10-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/24\/ecbs-easing-cycle-is-continuing-but-pace-is-still-uncertain\/"},"modified":"2024-10-24T00:00:00","modified_gmt":"2024-10-24T00:00:00","slug":"ecbs-easing-cycle-is-continuing-but-pace-is-still-uncertain","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/24\/ecbs-easing-cycle-is-continuing-but-pace-is-still-uncertain\/","title":{"rendered":"ECB\u2019s easing cycle is continuing, but pace is still uncertain"},"content":{"rendered":"

The European Central Bank (ECB) will continue cutting interest rates but the pace of <\/strong>rate cuts is yet to be determined<\/strong>, ECB President Christine Lagarde told Bloomberg TV on the sidelines of the IMF \/ World Bank meetings in Washington (watch, runtime: 29:11<\/a>). Despite inflation moving in the right direction, other data including backward and forward-looking figures are also factored into decisions on the pace of monetary easing, Lagarde said.<\/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

REMEMBER-<\/strong> The ECB trimmed interest rates<\/a> last week for the third time this year as the central bank looks to curb potential for \u201cdownside surprises\u201d in the eurozone economy. The move was the bank\u2019s first back-to-back rate cut in 13 years, five weeks after a previous rate cut. The ECB\u2019s monetary easing cycle comes amid decelerating inflation across the bloc and what could be the second straight year<\/a> of contraction in Germany, the eurozone\u2019s largest economy. Inflation dropped below the eurozone\u2019s 2% target to 1.7% in September, its lowest level in three years.<\/p>\n

The inflation outlook may look rosy, but the ECB is keeping a watchful eye:<\/strong> The ECB is confident the eurozone will reach its inflation target \u201con a sustainable basis\u201d by 2025, Lagarde said, but called for attention for certain markers citing possible leeway in energy and services prices \u2014 which she deemed as lower \u201cto where they could be.\u201d <\/p>\n

Other central banks are on the same wavelength,<\/strong> with the US Federal Reserve spearheading the global policy-easing cycle and cutting interest rates by half a percentage point in September<\/a>. Meanwhile, a surprisingly upbeat<\/a> US September jobs report has reinforced economists\u2019 hopes that the Fed is on track to pull off a \u201csoft landing.\u201d<\/p>\n

What the pundits think: <\/strong>Investors are putting their money on quarter-point reductions from the central bank\u2019s next four meetings and deposit rates reaching 2% by mid-2025, according to Bloomberg<\/a>. Money markets followed suit, increasing their expectations for rate cuts and loosening bets to a 32 bps cut in December \u2014 up from the previously forecasted 30 bps \u2014 and 58 bps by January \u2014 up from 56 bps. This shift suggests a 28% chance of a half-point rate cut in December, according to the business information service. <\/p>\n

\n

MARKETS THIS MORNING-<\/p>\n

Early trading in Asia-Pacific markets is showing another mixed mornin<\/strong>g, with Japan\u2019s Nikkei clawing its way back from losses earlier in the day to rise 0.4%. The Hang Seng Index and mainland China\u2019s Shanghai Composite are both in the red.<\/p>\n

Meanwhile, futures suggest Wall Street could continue to see selling pressure today<\/strong>, as Dow Jones futures remain firmly in the red after the index closed yesterday with its worst performance in over a month. <\/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

30,414<\/p>\n<\/td>\n

\n

0.0% (YTD: +22.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 48.67<\/p>\n<\/td>\n

\n

Sell 48.81<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 48.66<\/p>\n<\/td>\n

\n

Sell 48.76<\/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

11,902<\/p>\n<\/td>\n

\n

-0.5% (YTD: -0.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,205<\/p>\n<\/td>\n

\n

-0.5% (YTD: -3.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,465<\/p>\n<\/td>\n

\n

-0.1% (YTD: +10.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,797<\/p>\n<\/td>\n

\n

-0.9% (YTD: +21.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

8,259<\/p>\n<\/td>\n

\n

-0.6% (YTD: +6.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,923<\/p>\n<\/td>\n

\n

-0.3% (YTD: +8.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 75.26<\/p>\n<\/td>\n

\n

-1.0%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.41<\/p>\n<\/td>\n

\n

+4.4%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2,729<\/p>\n<\/td>\n

\n

-1.1%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 66,603<\/p>\n<\/td>\n

\n

-1.40% (YTD: +57.7%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 was almost flat at yesterday\u2019s close<\/strong> on turnover of EGP 5.8 bn (39.6% above the 90-day average). Regional investors were the sole net sellers. The index is up 22.2% YTD.<\/p>\n

In the green: <\/strong>Orascom Construction (+4.4%), GB Corp (+4.2%), and ADIB (+3.8%).<\/p>\n

In the red: <\/strong>Oriental Weavers (-4.6%), Ezz Steel (-3.4%), and Beltone Holding (-2.6%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Eurozone inflation hit a three-year low in September<\/p>\n","protected":false},"author":1,"featured_media":653924,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[72,8864,7327,119,122,388],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-653923","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-european-central-bank-ecb","tag-eurozone","tag-financial-markets","tag-planet-finance","tag-us-federal-reserve","wpautop","entry"],"acf":{"mongo_id":"d4e49e94-74b4-4bdf-9ae2-e3004cc2683e","order":"15","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/2136.jpg","photo_position":"above","homepage_title":"","full_issue_title":"ECB\u2019s easing cycle is continuing, but pace is still uncertain -Lagarde","related_issue":[653896],"teaser":"Eurozone inflation hit a three-year low in September","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.cc82be31-4eef-42ba-b638-6fef20b59223.mp3"},"yoast_head":"\nECB\u2019s easing cycle is continuing, but pace is still uncertain - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/24\/ecbs-easing-cycle-is-continuing-but-pace-is-still-uncertain\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ECB\u2019s easing cycle is continuing, but pace is still uncertain\" \/>\n<meta property=\"og:description\" content=\"Eurozone inflation hit a three-year low in September\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/24\/ecbs-easing-cycle-is-continuing-but-pace-is-still-uncertain\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-24T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/2136.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/24\/ecbs-easing-cycle-is-continuing-but-pace-is-still-uncertain\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/24\/ecbs-easing-cycle-is-continuing-but-pace-is-still-uncertain\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"ECB\u2019s easing cycle is continuing, but pace is still uncertain\",\"datePublished\":\"2024-10-24T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/24\/ecbs-easing-cycle-is-continuing-but-pace-is-still-uncertain\/\"},\"wordCount\":568,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/24\/ecbs-easing-cycle-is-continuing-but-pace-is-still-uncertain\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/2136.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"European Central Bank (ECB)\",\"eurozone\",\"Financial Markets\",\"Planet Finance\",\"US Federal Reserve\"],\"articleSection\":[\"PLANET FINANCE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/24\/ecbs-easing-cycle-is-continuing-but-pace-is-still-uncertain\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/24\/ecbs-easing-cycle-is-continuing-but-pace-is-still-uncertain\/\",\"name\":\"ECB\u2019s easing cycle is continuing, but pace is still uncertain - 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