The coming earnings season — like so much these days — will be all about inflation, according to
the Wall Street Journal, which writes that Q1 performance will depend heavily on the impact of price
hikes on different sectors. Energy companies are likely to see their bottom
lines skyrocket, while higher freight and logistics costs mean others won’t be
so lucky. “This quarter we’re going to find out who can pass on costs and who
can’t,” said one market strategist.

ALSO ON PLANET FINANCE-

  • The UAE’s DeFi drive continues: Investcorp has launched the
    GCC’s first institutional blockchain fund in Abu Dhabi. The fund will be led
    by Investcorp’s Abu Dhabi office and will invest in early-stage companies
    specialized in blockchain infrastructure, platforms and exchanges,
    decentralized finance, and data analytics. UAE wealth fund Mubadala is
    InvestCorp’s largest shareholder. (Statement)
  • Elon Musk won’t be taking up his seat on Twitter’s board … but don’t
    expect     him to keep his beak shut (or his thumbs idle). He’ll
    still have the right to weigh in on the company’s activities “without
    limitation,” both directly to board members and over social media, according
    to a
    regulatory filing (pdf)
  • Apple vs Spotify antitrust probe: The iPhone maker is set
    to face another antitrust charge in Europe in the coming weeks. The company
    is accused of distorting competition in the music streaming market in an
    investigation triggered by a complaint from Spotify. (Reuters)

EGX30

10,729

-1.6% (YTD: -10.2%)

USD (CBE)

Buy 18.37

Sell 18.47

USD at CIB

Buy 18.37

Sell 18.47

Interest rates CBE

9.25% deposit

10.25% lending

Tadawul

13,483

+0.7% (YTD: +19.5%)

ADX

10,166

+0.7% (YTD: +19.8%)

DFM

3,588

+1.3% (YTD: +12.3%)

S&P 500

4,413

-1.7% (YTD: -7.4%)

FTSE 100

7,618

-0.7% (YTD: +3.2%)

Euro Stoxx 50

3,840

-0.5% (YTD: -10.7%)

Brent crude

USD 98.48

-4.2%

Natural gas (Nymex)

USD 6.64

+1.1%

Gold

USD 1,957

+0.5%

BTC

USD 39,335

-7.8% (as of midnight)

THE CLOSING BELL-

The EGX30 fell 1.6% at yesterday’s close on turnover of EGP
837 mn (13.3% below the 90-day average). Foreign investors were net sellers.
The index is down 10.2% YTD.

In the green: Mopco (+2.1%), Cleopatra Hospital (+1.8%) and
EFG Hermes (+1.1%).

In the red: Heliopolis Housing (-5.3%), CIRA (-4.8%) and
Orascom Development Egypt (-4.7%).

Traders are feeling a bit jittery about what China’s covid lockdowns mean for global trade
and it shows: Major Asian benchmarks are all in the red this morning (albeit a
little less so than at this time yesterday) while futures again suggest that
Paris’ CAC 40 will be the only major western benchmark to open in positive
territory at the start of the trading day today in Europe and North America.

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