What the markets are doing on 20 January 2021
Earnings season is kicking into high gear in the US: Goldman Sachs’ bottomline more than doubled y-o-y to USD 4.5 bn in 4Q2020, buoyed by Wall Street’s speedy recovery from the pandemic-induced panic. Bank of America, meanwhile, reported a 22% y-o-y drop in net income to USD 5.5 bn amid ultra-easy monetary policy by the Fed pushing interest rates to historic lows. Netflix, meanwhile, had a blast in 2020, crossing the 200 mn subscribers milestone, it said in a letter to shareholders (pdf). The streaming giant’s earnings also showed it will no longer need to rely on debt to fuel its future growth, notes Bloomberg.
Coming up today: Morgan Stanley and Procter & Gamble both report their earnings today.
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EGX30 |
11,486 |
+0.3% (YTD: +5.9%) |
|
|
USD (CBE) |
Buy 15.65 |
Sell 15.75 |
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USD at CIB |
Buy 15.66 |
Sell 15.76 |
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Interest rates CBE |
8.25% deposit |
9.25% lending |
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Tadawul |
8,901 |
-0.3% (YTD: +2.4%) |
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ADX |
5,661 |
+3.1% (YTD: +12.2%) |
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DFM |
2,753 |
+1.0% (YTD: +10.5%) |
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S&P 500 |
3,798 |
+0.8% (YTD: +1.1%) |
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FTSE 100 |
6,712 |
-0.1% (YTD: +3.9%) |
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Brent crude |
USD 55.90 |
+2.1% |
|
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Natural gas (Nymex) |
USD 2.55 |
+0.3% |
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Gold |
USD 1,839 |
-% |
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BTC |
USD 36,148 |
-1.7% |
The EGX30 rose 0.3% yesterday on turnover of EGP 1.4 bn (4.1% above the 90-day average). Foreign investors were net buyers. The index is up 5.9% YTD.
In the green: Dice (+3.0%), Palm Hills (+2.7%) and Oriental Weavers (+1.4%).
In the red: Egyptian Iron & Steel (-2.0%), Juhayna (-1.9%) and Cleopatra Hospital (-1.2%).
Asian markets are up in early trading this morning and futures suggest that markets in Europe and the US will follow them into the green later today.