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Tuesday, 4 January 2022

US stocks opened 2022 with fresh highs but treasury yields soared in worst start since 2009

US stocks got 2022 off to a good start yesterday, climbing to a new record high despite expectations of headwinds in the coming months as the Federal Reserve tapers stimulus and prepares to raise interest rates, says Bloomberg. The S&P 500 climbed 0.6% to an all-time high, while the Nasdaq closed 1.1% in the green and the Dow rose 0.7%.

Concerns over rising borrowing costs were felt in the treasury market: The US 10-year note had its worst start to a year since 2009, as a sell-off pushed the yield up 13 basis points to 1.64%. The greenback gained 0.7%.

Alpha Dhabi has bought an additional 17% stake in the UAE’s Aldar Properties in a USD 1.5 bn transaction, bringing its total stake to 29.8%, according to a statement (pdf). The acquisition makes the International Holding Company subsidiary one of the largest shareholders in Aldar — the new co-owners of Egyptian real estate giant SODIC alongside Abu Dhabi sovereign wealth fund ADQ.

Failing Evergrande kicks off 2022 with trading halt: The crumbling Chinese real estate giant’s shares were suspended from trading yesterday, before it confirmed that it had been ordered to tear down some under-construction buildings, Bloomberg reports.




-0.1% (YTD: -0.4%)



Buy 15.66

Sell 15.76



Buy 15.66

Sell 15.76


Interest rates CBE

8.25% deposit

9.25% lending




0.0% (YTD: +0.4%)




-0.3% (YTD: -0.3%)




-0.2% (YTD: -0.2%)


S&P 500


+0.6% (YTD: +0.6%)


FTSE 100


-0.3% (YTD: 0.0%)


Brent crude

USD 78.98



Natural gas (Nymex)

USD 3.83




USD 1,804.30




USD 46,071

-2.0% (as of midnight)


The EGX30 fell 0.1% yesterday on turnover of EGP 908 mn (29.8% below the 90-day average). Foreign investors were net sellers. The index is down 0.4% YTD.

In the green: MM Group (+11.0%), Rameda (+2.5%) and Abu Qir Fertilizers (+2.2%).

In the red: Credit Agricole Egypt (-3.8%), Sidi Kerir Petrochemicals (-2.7%) and Aspire Capital (-2.4%).

It’s a mixed day in Asia this morning: Markets in China, Hong Kong and South Korea are down, while the Nikkei and the ASX are solidly in the green. Stock futures suggest that most European bourses will see early gains later this morning while US shares will fall.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.