Keep an eye out for a torrent of earnings releases from leaders across various industries this week: More than 100 S&P 500 companies are set to release their 4Q and full-year 2022 financials this week, the Wall Street Journal reports citing financial data provider FactSet. Apple, Alphabet, Amazon, Meta and McDonald’s will all report this week, providing an indicator of the health of the US economy, which has been struck by proliferating layoffs, rising interest rates, and slowing growth.

What the forecasts say: Drawing on the financials of the 145 S&P 500 companies that have already reported their 4Q 2022 earnings, FactSet expects net earnings to drop some 5% y-o-y in the quarter — attributing the decline largely to information technology and communications companies. Net revenues are set to rise 3.9%.

A “historic collapse” at Intel following terrible earnings: Intel’s shares tumbled 6.4% on Friday after the company reported dismal 4Q results and projected further losses in 1Q 2023. The company suffered a net loss of USD 664 mn in 4Q, while revenues fell 32% y-o-y on the back of steep declines in the chipmaker’s client computing and data center businesses. “No words can portray or explain the historic collapse of Intel," one analyst told Reuters.

CLOSER TO HOME- Eni just signed a huge agreement with our neighbors to the west: Eni has signed a USD 8 bn agreement with Libya’s National Oil Corporation to increase offshore gas production, as part of Italy’s efforts to decrease its dependence on Russian fossil fuels. Production is expected to begin in 2026 and will peak at 750 mn cubic feet per day. (Company statement | Reuters)

	EGX30	17,411	+3.7% (YTD: +19.3%)
	USD (CBE)	Buy 29.83	Sell 29.92
	USD at CIB	Buy 29.84	Sell 29.94
	Interest rates CBE	16.25% deposit	17.25% lending
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	DFM	3,329	-0.8% (YTD: -0.2%)
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	Euro Stoxx 50	4,178	+0.1% (YTD: +10.1%)
	Brent crude	USD 86.66	-0.9%
	Natural gas (Nymex)	USD 2.85	0.0
	Gold	USD 1,945.60	-0.1%
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THE CLOSING BELL-

The EGX30 rose 3.7% at yesterday’s close on turnover of EGP 2.5 bn (43.7% above the 90-day average). Local investors were net buyers. The index is up 19.3% YTD.

In the green: Telecom Egypt (+14.7%), Juhayna (+10.1%) and Ezz Steel (+7.4%).

In the red: Heliopolis Housing (-1.7%), Rameda Pharma (-1.4%) and CIRA Education (-0.6%).