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Wednesday, 20 January 2021

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.

Up

EGX30

11,486

+0.3% (YTD: +5.9%)

Down

USD (CBE)

Buy 15.65

Sell 15.75

None

USD at CIB

Buy 15.66

Sell 15.76

None

Interest rates CBE

8.25% deposit

9.25% lending

Down

Tadawul

8,901

-0.3% (YTD: +2.4%)

Up

ADX

5,661

+3.1% (YTD: +12.2%)

Up

DFM

2,753

+1.0% (YTD: +10.5%)

Up

S&P 500

3,798

+0.8% (YTD: +1.1%)

Down

FTSE 100

6,712

-0.1% (YTD: +3.9%)

Up

Brent crude

USD 55.90

+2.1%

Up

Natural gas (Nymex)

USD 2.55

+0.3%

None

Gold

USD 1,839

-%

Down

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.

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.

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