Wall Street banks ride market volatility to post better-than-expected 1Q earnings: Bank of America was the latest US lender to exceed analysts’ expectations in its 1Q financial results, as investment banks’ trading revenue benefitted from market volatility spurred by war in Ukraine, Bloomberg reports. Though BoA’s net income plunged 12% — marking its first quarterly drop since 2020 — per-share earnings beat analyst expectations. The bank joined rivals Goldman Sachs, Morgan Stanley, Citigroup, and JPMorgan in posting stronger results than market-watchers had expected (though net incomes were generally down on declines in dealmaking and Russia-related losses).

China’s economy did better than expected in 1Q despite intensifying covid lockdowns hitting consumer spending, official figures released yesterday showed. The economy grew at a 4.8% clip in the January-March quarter, above analyst expectations that had forecast a 4.4% growth rate. Retail sales slid 3.5% in March as Shenzhen — one of the country’s manufacturing and commercial hubs — went into lockdown, a trend that is likely to have intensified this month with the shuttering of Shanghai.

The UAE has approved regs to attract foreign expats: The UAE cabinet has greenlit new entry and residence rules for foreigners, with the aim of allowing them a bigger stake in the Emirati economy. Bloomberg has a solid rundown.

In other global financial news:

• Libya’s oil production has fallen by more than 500k barrels per day after protesters demanding the resignation of Prime Minister Abdul Hamid Dbeibah shut oil fields in the west of the country. Output is likely to fall further in the coming days. (Bloomberg)
• French music streaming service Deezer is looking to SPAC. The planned merger with Paris-listed blank-check firm I2PO values the company at EUR 1.05 bn. (Financial Times)

THE CLOSING BELL-

The EGX30 rose 0.2% at yesterday’s close on turnover of EGP 601.34 mn (36% below the 90-day average). Foreign investors were net sellers. The index is down 10.3% YTD.

In the green: AMOC (+8.8%), Sidi Kerir Petrochemicals (+5.3%) and Credit Agricole (+4.4%).

In the red: EFG Hermes (-4.5%), Housing and Development Bank (-4.4%) and CIRA (-2.6%).

Asian markets are largely down in early trading this morning, with Japan’s Nikkei and the Shanghai and Hong Kong exchanges all in the red. Futures show Wall Street opening in the green across the board, while the picture is mixed in Europe, where the Euro Stoxx 50 and the German and London exchanges all look set to open in the red at the opening bell later today.