Earnings season is well and truly upon us, with major US firms including Amazon, Apple and Facebook parent Meta all set to report their 3Q results this week, the Wall Street Journal writes. Around a third of S&P 500 companies are sharing their earnings this week. Market watchers will be looking closely at their balance sheets for insights on how a stronger USD, soaring inflation, and supply chain disruption is impacting business, as many predict the US economy falling into recession at some point next year.

Another UAE bank merger? Bank of Sharjah, United Arab Bank, and Invest Bank are reportedly considering a merger. (CNBC Arabia | Watch, runtime: 5:45)

Also worth knowing about this morning:

• Full-tilt Erdonomics: Turkey’s central bank slashed interest rates by 150 basis points to 10.5% on Thursday, intensifying a spell of ultra-loose monetary policy that has helped send inflation soaring to more than 83%. (Bloomberg)
• Dubai Islamic Bank has set up a green financing framework that allows it to issue green and sustainable Islamic bonds and loans to fund projects in sectors like renewable energy, sustainable transport, green buildings, and wastewater management. (Statement)

THE CLOSING BELL-

The EGX30 rose 1.2% at Thursday’s close on turnover of EGP 1.18 bn (14.7% above the 90-day average). Foreign investors were net sellers. The index is down 14.0% YTD.

In the green: Fawry (+5.6%), Ezz Steel (+4.4%) and e-Finance (+3.5%).

In the red: Telecom Egypt (-1.5%), QNB Alahly (-1.4%) and Talaat Moustafa Holding (-0.5%).