More what we’re tracking on 22 November 2018: New era for equities, oil closes up, most-clicked stories, Happy Thanksgiving
Is the tech-led selloff the start of a new era for equities? Western markets took a bit of a breather yesterday heading into Thanksgiving weekend in the US, and trading in Asia is relatively calm this morning. But something is shifting: “A market tornado that began in the US technology sector broadened into a global stock sell-off this week, transporting investors to an environment that looks very different from the benign and predictable one they have enjoyed since the recovery from the financial crisis. … A new, more ambiguous and volatile market regime is beckoning … but what this new era will look like remains unclear.” Read Investors struggle to deal with ‘Land of Oz’ markets in the Financial Times.
It’s not an easy morning to be a Goldman exec in MENA: “An Abu Dhabi sovereign wealth fund has sued Goldman Sachs over the Malaysian 1MDB scandal, accusing the US bank of bribing its officials during a ‘massive global conspiracy,’” according to the Financial Times. Bloomberg and the Wall Street Journal also have the story. Haven’t been following the case? Bloomberg’s indispensable primer is here.
The most-clicked stories in Enterprise in the past week included:
- How a low-carb diet might help you maintain a healthy weight (NYT)
- Landing the plane (Goldman Sachs economic research note)
- Bloomberg and the Wall Street Journal look at the slowdown in Dubai
- Regional economic outlook for the Middle East and Central Asia (IMF, pdf)
- How one family built a USD 8 bn software startup. (Bloomberg)
- What’s happening to the global price of oil? (NYT)
- Energy sector causes spike in Egypt’s M&A activity and the PE market heats up in 2018 (Mergermarket, pdf)
This year’s Cairo International Film Festival is underway and features 11 virtual reality films, a star-studded audience and films from around the world. The festival runs through 29 November and will include 11 virtual reality films. VIP attendees include execs from HBO, Netflix, France’s Gaumont as well as the Middle East’s OSN, Front Row Distribution, and New Century Productions. The festival’s jury committee is headed by Danish film director and two-time Cannes Film Festival winner Bille August. Two awards — one for People’s Choice and another for Best Arab Film — have been added to the awards program at this year’s gathering.
PSA- Wish your American colleague / client / friend / family member a Happy Thanksgiving. Celebrating abroad and feeling a bit nostalgic? We suggest Thanksgiving-themed episodes of Friends and this gallery of old-time images from the Macy’s Thanksgiving parade in New York, courtesy the NYT.