Archegos’ meltdown could cost global banks USD 6 bn: Shares at Morgan Stanley, Goldman Sachs, Nomura, and Credit Suisse all took a tumble yesterday following a global selloff of banking stocks after banks that had lent to Archegos were forced to sell off stocks after Archegos defaulted on a margin call last week, Reuters reports. The firm, which is run as a family office by Bill Hwang and was subsequently subject to less regulatory scrutiny, was estimated to have held positions of over USD 50 bn, while having only USD 10 bn in assets, sources said, resulting in an incredibly overleveraged and risk exposed portfolio, Bloomberg says.”

No idea what we’re talking about? We broke down the story — and what it means for Egypt — in yesterday’s edition of EnterprisePM.

A major smartphone maker (not Apple) is entering the EV space: Xiaomi announced yesterday it is investing USD 10 bn over the next decade in a subsidiary focused on the "smart electric vehicle business." The Chinese company will spend an initial CNY 10 bn (c. USD 1.5 bn) to launch the business, expanding its investment in the coming years.

The EGX30 ended yesterday flat on turnover of EGP 1.05 bn (27.8% below the 90-day average). Foreign investors were net buyers. The index is down 1.0% YTD.

In the green: Orascom Financial (+6.0%), Pioneers (+3.5%) and Orascom Investment (+2.4%).

In the red: Eastern Co. (-2.6%), Oriental Weavers (-1.5%), and MM Group (-1.3%).