The EGX30 fell 0.3% yesterday on turnover of EGP 1.8 bn (27.1% above the 90-day average). Regional investors were net sellers. The index is down 21.3% YTD.

In the green: Egyptian Iron & Steel (+5.9%), Dice (+5.1%) and Orascom Development Egypt (+2.3%).

In the red: Juhayna (-5.1%), Emaar Misr (-2.3%) and Egypt Kuwait Holding (-2.2%).

Asian markets in the red so far this morning and futures suggest Wall Street and most European markets will follow suit later today.

IPO WATCH- It’s a big week for IPOs in the US of A, as Airbnb and DoorDash look to break December records by raising a combined USD 6.2 bn when they make their trading debuts:

• Airbnb will raise its price range to USD 56-60 from USD 44-50, upping its valuation to USD 42 bn, the Wall Street Journal reports. The company IPOs on the Nasdaq today and begins trading tomorrow.
• DoorDash has done likewise, increasing its price range to USD 90-95 from USD 75-85, valuing the company at more than USD 35 bn, according to Bloomberg. MarketWatch is calling DoorDash “the most ridiculous IPO of 2020,” claiming that bankers are rushing the listing of the “terrible business” before the end of the pandemic kills demand for food delivery.

Dubai’s perma property slump is hitting Emaar, which is temporarily putting a lid on new developments in the city, according to a Bloomberg report quoting Mohamed Alabbar, chairman of the real estate giant. The combination of a long-term supply glut and the covid-19 pandemic has seen property prices fall by almost a third in the past six years.

Also worth knowing this morning:

• An activist investor is getting in Exxon’s face over its shoddy climate record: Engine No. 1, a small investment firm which appeared on the scene only a week ago, is sending a letter to the US oil giant urging it to pivot to clean energy and hopes larger shareholders — such as BlackRock and State Street which own 20% of Exxon — will be sympathetic to the cause, according to the Wall Street Journal.
• The digital yuan has its first online retailer: China’s largest retailer JD.com has become the first company to begin accepting the digital yuan the government continues to trial its new national digital currency, according to CNBC.
• French giant Société Générale is one bank that is already cutting back on costs, announcing that it will close 600 branches in France and slash EUR 450 mn from its budget, the Financial Times reports.