Earnings season is kicking into high gear in the US: Goldman Sachs’ bottomline more than doubled y-o-y to USD 4.5 bn in 4Q2020, buoyed by Wall Street’s speedy recovery from the pandemic-induced panic. Bank of America, meanwhile, reported a 22% y-o-y drop in net income to USD 5.5 bn amid ultra-easy monetary policy by the Fed pushing interest rates to historic lows. Netflix, meanwhile, had a blast in 2020, crossing the 200 mn subscribers milestone, it said in a letter to shareholders (pdf). The streaming giant’s earnings also showed it will no longer need to rely on debt to fuel its future growth, notes Bloomberg.

Coming up today: Morgan Stanley and Procter & Gamble both report their earnings today.

EGX30

11,486

+0.3% (YTD: +5.9%)

USD (CBE)

Buy 15.65

Sell 15.75

USD at CIB

Buy 15.66

Sell 15.76

Interest rates CBE

8.25% deposit

9.25% lending

Tadawul

8,901

-0.3% (YTD: +2.4%)

ADX

5,661

+3.1% (YTD: +12.2%)

DFM

2,753

+1.0% (YTD: +10.5%)

S&P 500

3,798

+0.8% (YTD: +1.1%)

FTSE 100

6,712

-0.1% (YTD: +3.9%)

Brent crude

USD 55.90

+2.1%

Natural gas (Nymex)

USD 2.55

+0.3%

Gold

USD 1,839

-%

BTC

USD 36,148

-1.7%

The EGX30 rose 0.3% yesterday on turnover of EGP 1.4 bn (4.1% above the 90-day average). Foreign investors were net buyers. The index is up 5.9% YTD.

In the green: Dice (+3.0%), Palm Hills (+2.7%) and Oriental Weavers (+1.4%).

In the red: Egyptian Iron & Steel (-2.0%), Juhayna (-1.9%) and Cleopatra Hospital (-1.2%).

Asian markets are up in early trading this morning and futures suggest that markets in Europe and the US will follow them into the green later today.

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