{"id":561696,"date":"2021-04-18T04:00:20","date_gmt":"2021-04-18T04:00:20","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/18\/what-the-markets-are-doing-on-18-april-2021\/"},"modified":"2021-04-18T04:00:20","modified_gmt":"2021-04-18T04:00:20","slug":"what-the-markets-are-doing-on-18-april-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/18\/what-the-markets-are-doing-on-18-april-2021\/","title":{"rendered":"What the markets are doing on 18 April 2021"},"content":{"rendered":"

<\/a> US banks\u2019 earnings season is still going strong:<\/strong> Bank of America reported stronger-than-expected earnings in 1Q2021, with its net income doubling during the three-month period to reach USD 8.1 bn, according to the multinational investment bank's financials (pdf)<\/a>. Bank of America\u2019s performance comes as it released USD 2.7 bn in loan-loss reserves over the quarter, which was also marked by a boom in global trading \u2014 driven in part by a Reddit-fueled trading frenzy in meme stocks like GameStop \u2014 that also boosted investment banking gains.<\/p>\n

Morgan Stanley, meanwhile, rounded out an all-time great <\/strong>first quarter (pdf)<\/a><\/strong>, thanks to its<\/strong> institutional securities business growing 66% y-o-y.<\/strong> While its investment banking revenue more than doubled y-o-y to USD 2.6 bn in 1Q2021, Morgan Stanley lost a total of USD 911 mn in the collapse of Archegos Capital Management, marking the only major US bank to be nursing losses from the family office's debacle, the Financial Times<\/a> reports.<\/p>\n

A consortium led by EIG Global Energy Partners is getting a 49% stake in Aramco <\/strong>OIl Pipelines by issuing USD 10.5 bn in long-tenor bonds<\/strong> to replace \u201cstaple financing\u201d backing the stake acquisition, Reuters<\/a> reports. EIG plans to cover the full amount in two or three bond issuances, with the first slated for 1Q2022.<\/p>\n

Is Jack Ma being pushed out of Ant Group?<\/strong> Fintech giant Ant Group is considering ending its relationship with founder Jack Ma following meetings with Chinese regulators, Reuters<\/a> reports, citing three anonymous sources. Ma may be asked to cede control of the company and divest his stake seemingly at the behest of the Chinese central bank and the country\u2019s financial regulator, which have discussed his exit with the company and with Ma himself, the newswire says. The claims come as the Chinese government takes an increasingly hard line against the country\u2019s most powerful tech companies. Ant Financial\u2019s would-be record IPO was called off at the last minute by regulators last year, while Alibaba \u2014 Ma\u2019s ecommerce company \u2014 was handed a USD 2.8 bn fine<\/a> earlier this month for supposedly anticompetitive practices.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

10,143<\/p>\n<\/td>\n

\n

+0.3% (YTD: -6.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 15.62<\/p>\n<\/td>\n

\n

Sell 15.72<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 15.62<\/p>\n<\/td>\n

\n

Sell 15.72<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

9,987<\/p>\n<\/td>\n

\n

+1.4% (YTD: +14.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

6,131<\/p>\n<\/td>\n

\n

+1.5% (YTD: +21.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

2,633<\/p>\n<\/td>\n

\n

+2.5% (YTD: +5.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,185<\/p>\n<\/td>\n

\n

+0.4% (YTD: +11.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,019<\/p>\n<\/td>\n

\n

+0.5% (YTD: +8.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 66.77<\/p>\n<\/td>\n

\n

-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 2.68<\/p>\n<\/td>\n

\n

+0.8%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,780.20<\/p>\n<\/td>\n

\n

+0.8%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 61,117<\/p>\n<\/td>\n

\n

-1.6% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

The EGX30 rose 0.3% on Thursday<\/strong> on turnover of EGP 899 mn (33.9% below the 90-day average). Regional investors were net buyers. The index is down 6.5% YTD.<\/p>\n

In the green: <\/strong>Eastern Co. (+2.9%), CIB (+1.7%) and Export Development Bank (+1.4%).<\/p>\n

In the red: <\/strong>TMG Holding (-3.0%), AMOC (-2.8%) and MM Group (-2.7%).<\/p>\n","protected":false},"excerpt":{"rendered":"

US banks\u2019 earnings season is still going strong: Bank of America reported stronger-than-expected earnings in 1Q2021, with its net income doubling during the three-month period to reach USD 8.1 bn, according to the multinational investment bank's financials (pdf). Bank of America\u2019s performance comes as it released USD 2.7 bn in loan-loss reserves over the quarter, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[3921,3878,1788,509,204,102,116,3938,72,119,9999,2869,508,122,319,3937],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-561696","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-alibaba","tag-ant-group","tag-archegos","tag-bank-of-america","tag-banking","tag-capital-markets","tag-china","tag-credit-losses","tag-enterpriseam","tag-financial-markets","tag-fintec","tag-gamestop","tag-morgan-stanley","tag-planet-finance","tag-reddit","tag-us-banks","wpautop","entry"],"acf":{"mongo_id":"6860353b-fb01-4c5f-b5c6-586b00e2a0d1","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[561675],"teaser":"","voice_url":""},"yoast_head":"\nWhat the markets are doing on 18 April 2021 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/18\/what-the-markets-are-doing-on-18-april-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What the markets are doing on 18 April 2021\" \/>\n<meta property=\"og:description\" content=\"US banks\u2019 earnings season is still going strong: Bank of America reported stronger-than-expected earnings in 1Q2021, with its net income doubling during the three-month period to reach USD 8.1 bn, according to the multinational investment bank's financials (pdf). 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Officials at the European Central Bank (ECB) are mulling a slower pace of rate hikes than the 50-basis point increases for February and March that ECB President Christine Lagarde penciled in last month, Bloomberg reports, citing unnamed bank officials it says have knowledge of the\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/308.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545986,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/19\/wall-street-banks-ride-out-earnings-season-on-trading-revenue-amid-volatility\/","url_meta":{"origin":561696,"position":3},"title":"Wall Street banks ride out earnings season on trading revenue amid volatility","author":"enterpriseam admin","date":"19 April 2022","format":false,"excerpt":"Wall Street banks ride market volatility to post better-than-expected 1Q earnings: Bank of America was the latest US lender to exceed analysts\u2019 expectations in its 1Q financial results, as investment banks\u2019 trading revenue benefitted from market volatility spurred by war in Ukraine, Bloomberg reports. Though BoA\u2019s net income plunged 12%\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":559417,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/20\/what-the-markets-are-doing-on-20-january-2021\/","url_meta":{"origin":561696,"position":4},"title":"What the markets are doing on 20 January 2021","author":"enterpriseam admin","date":"20 January 2021","format":false,"excerpt":"Earnings season is kicking into high gear in the US: Goldman Sachs\u2019 bottomline more than doubled y-o-y to USD 4.5 bn in 4Q2020, buoyed by Wall Street\u2019s 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\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":608424,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/19\/goldman-sachs-and-morgan-stanley-take-a-beating-after-3q-earnings-release\/","url_meta":{"origin":561696,"position":5},"title":"Goldman Sachs and Morgan Stanley take a beating after 3Q earnings release","author":"enterpriseam admin","date":"19 October 2023","format":false,"excerpt":"Morgan Stanley shares fell as much as 7.9% after releasing its 3Q earnings","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/972.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561696","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=561696"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561696\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/561675"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=561696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=561696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=561696"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=561696"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=561696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}