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Sunday, 25 April 2021

What the markets are doing on 25 April 2021

It’s a big earnings week stateside this week: More than a third of the S&P500’s constituents are set to report 1Q earnings this week, including Apple, Tesla, Amazon and Alphabet, the Wall Street Journal reports. A total of 181 companies will publish their figures, starting with Tesla on Monday, with Microsoft and Alphabet following on Tuesday.

Ant Group could be forced to hand over consumer data to a new Chinese state-backed credit-scoring company set up to wrest control of tech companies’ data as Beijing takes an increasingly hard line against them, the Financial Times reports, citing unnamed sources with direct knowledge of the matter. To downplay government intervention, the Alibaba affiliate is reportedly looking to lead the new entity, which would serve rival financial institutions including state lenders, a former banker who formerly worked with Ant Group tells the newspaper. For now, Chinese regulators have given tech companies a month to clear up anti-competitive practices following the antitrust ruling against e-commerce giant Alibaba which saw it slapped with a record USD 2.8 bn fine.

Down

EGX30

10,600

-0.4% (YTD: -2.3%)

None

USD (CBE)

Buy 15.63

Sell 15.73

None

USD at CIB

Buy 15.63

Sell 15.73

None

Interest rates CBE

8.25% deposit

9.25% lending

Up

Tadawul

10,134

+0.4% (YTD: +16.6%)

Up

ADX

6,101

+0.7% (YTD: +20.9%)

Up

DFM

2,625

+1.0% (YTD: +5.4%)

Up

S&P 500

4,180

+1.1% (YTD: +11.3%)

None

FTSE 100

6,938

-% (YTD: +7.4%)

Up

Brent crude

USD 66.11

+1.1%

Down

Natural gas (Nymex)

USD 2.73

-0.7%

Down

Gold

USD 1,777.80

-0.2%

Down

BTC

USD 50,379

-0.5% (as of midnight)

The EGX30 fell 0.4% on Thursday on turnover of EGP 923 mn (29.6% below the 90-day average). Foreign investors were net buyers. The index is down 2.3% YTD.

In the green: SODIC (+4.8%), Orascom Development (+2.4%) and Orascom Financial (+1.7%).

In the red: AMOC (-1.6%), CIB (-1.2%) and Fawry (-1.1%).

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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