Netflix saw nearly a quarter of its value wiped out after losing
subscribers for the first time in a decade: The streaming service lost 200k
subscribers in 1Q and expects to lose another 2 mn this quarter, it said in
its
shareholders letter
(pdf), disappointing investor expectations of continued growth. Income was nearly
12% down for the quarter at USD 1.5 bn. The company blamed saturation in its
major markets and acknowledged its rising competition (think the likes of
Disney+). Shares in the streaming giant were down nearly 25% in after-hours
trading,
CNN
reports.

SPEAKING OF DISNEY+, the streamer is due to land in Egypt and 15 other
regional markets on 8 June.
Look for a subscription to cost you EGP 498.99 for the year or EGP 49.99 per
month,
as we previously noted.

ALSO IN PLANET FINANCE–

  • EFG Hermes, HSBC, Citigroup, Emirates NBD and other firms will share up
    to AED     357 mn (USD 97 mn) in fees for their work on Dubai main
    utilities firm
    DEWA’s blockbuster IPO. (Bloomberg)
  • China’s central bank has unveiled a raft of measures to support the economy amid damaging covid disruptions. The measures
    include promises to provide more financial support, boost lending, and
    expand the cross-border use of Chinese currency. (Bloomberg)

EGX30

10,627

-0.9% (YTD: -11.1%)

USD (CBE)

Buy 18.41

Sell 18.50

USD at CIB

Buy 18.43

Sell 18.50

Interest rates CBE

9.25% deposit

10.25% lending

Tadawul

13,506

-1.7% (YTD: +19.7%)

ADX

9,904

-0.4% (YTD: +16.7%)

DFM

3,646

+1.6% (YTD: +14.1%)

S&P 500

4,462

+1.6% (YTD: -6.4%)

FTSE 100

7,601

-0.2% (YTD: +2.9%)

Euro Stoxx 50

3,831

-0.5% (YTD: -10.9%)

Brent crude

USD 107.25

-5.2%

Natural gas (Nymex)

USD 7.21

+0.4%

Gold

USD 1,948.24

-0.1%

BTC

USD 41,317.69

+1.3% (as of midnight)

THE CLOSING BELL-

The EGX30 fell 0.9% at yesterday’s close on turnover of EGP
729 mn (21.3% below the 90-day average). Local investors were net buyers. The
index is down 11.1% YTD.

In the green: MM Group (+9.1%), Madinet Nasr Holding (+5.6%)
and Ezz Steel (+5.1%).

In the red: Oriental Weavers (-12.7%), Credit Agricole Egypt
(-8.9%) and Egypt Kuwait Holding-EGP (-7.8%).

Asian markets are mixed this morning, with shares in
Shanghai, Hong Kong and Seoul under selling pressure. The Nikkei and ASX are
both bucking the trend. Europe looks set to open in the green later this
morning (only the CAC 40 will open in the red, futures suggest) while Wall
Street will face selling pressure at the opening bell as “investors digested
disappointing Netflix earnings and looked ahead to a new batch of companies
set to report Wednesday,”
CNBC
notes.

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