Maersk expects a major correction this year after bumper earnings in 2022: Danish shipping giant Maersk, widely considered a barometer for global trade, forecasts that underlying operating profits (EBIT) will plunge to USD 2-5 bn this year from a record USD 31 bn in 2022 as the shipping boom ends, the Financial Times reports. Last year’s earnings — the highest in the company’s history — were buoyed by soaring freight rates triggered by pandemic-related supply chain snarls. But a massive correction is now expected as freight rates normalize and demand for global containers falls, with clients now dealing with oversupply. “When this congestion goes away, you get more goods, your warehouses are full, your inventory is high,” Maersk CEO Vincent Clerc told the FT.

Turkey’s bourse suspended trading yesterday for the first time in 24 years as stocks plummeted in the wake of this week’s devastating earthquakes. The exchange will be closed for five days after a selloff erased USD 35 bn from the main equities gauge, according to Bloomberg.

ALSO WORTH NOTING

• TotalEnergies is the latest energy firm to register bumper earnings in 2022: Oil and gas giant TotalEnergies’ adjusted bottom line doubled y-o-y to USD 36.2 bn in 2022 on higher oil and gas prices. (Statement, pdf)
• Uber beats estimates: Uber’s revenues rose 47% to USD 8.6 bn in 4Q 2022, beating an estimate of USD 8.49 bn. The company’s shares rose 5.5% on the news. (Statement)
• The UK could torpedo the biggest gaming acquisition ever: Microsoft’s USD 75 bn acquisition of Call of Duty maker Activision Blizzard would hurt competition in the gaming market, the UK’s competition watchdog said yesterday. (Statement)

	EGX30	16,948	+0.3% (YTD: +16.1%)
	USD (CBE)	Buy 30.33	Sell 30.43
	USD at CIB	Buy 30.32	Sell 30.42
	Interest rates CBE	16.25% deposit	17.25% lending
	Tadawul	10,508	+0.4% (YTD: +0.3%)
	ADX	10,008	0.0% (YTD: -2.0%)
	DFM	3,417	+0.4% (YTD: +2.4%)
	S&P 500	4,118	-1.1% (YTD: +7.3%)
	FTSE 100	7,885	+0.3% (YTD: +5.8%)
	Euro Stoxx 50	4,209	0.0% (YTD: +11.0%)
	Brent crude	USD 85.13	+1.7%
	Natural gas (Nymex)	USD 2.41	-6.6%
	Gold	USD 1,888.10	+0.2%
	BTC	USD 22,962	-1.0% (YTD: +38.5%)

THE CLOSING BELL-

The EGX30 rose 0.3% at yesterday’s close on turnover of EGP 1.93 bn (5.1% above the 90-day average). Regional investors were net buyers. The index is up 16.1% YTD.

In the green: Mopco (+3.0%), Abu Qir Fertilizers (+2.1%) and CIB (+1.9%).

In the red: Abu Dhabi Islamic Bank Egypt (-5.2%), Juhayna (-5.1%) and Qalaa Holdings (-3.9%).