{"id":570726,"date":"2020-04-13T04:33:08","date_gmt":"2020-04-13T04:33:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/what-were-tracking-on-13-april-2020\/"},"modified":"2020-04-13T04:33:08","modified_gmt":"2020-04-13T04:33:08","slug":"what-were-tracking-on-13-april-2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/what-were-tracking-on-13-april-2020\/","title":{"rendered":"What we\u2019re tracking on 13 April 2020"},"content":{"rendered":"

Good morning, friends. Only four more days until our four-day weekend<\/strong>.<\/strong> Banks and the stock exchange are closed on Sunday in observance of Coptic Easter, while Monday is a national holiday for Sham El Nessim.<\/p>\n

<\/a> STORY OF THE MORNING: Saudi Arabia, Russia, and the US have officially put an end to <\/strong>the oil price war <\/strong>after reaching an agreement that would see a multinational coalition cutting output to put a floor under falling prices. Agreement to end the Saudi-Russian price floor came after US President Donald Trump intervened to resolve a standoff between Saudi and Mexico over the extent of the cuts. Under the new agreement, 23 oil-producing countries will withhold a total of 9.7 mn bbl \/ day from global markets. Brent crude was up 4.2% on the news<\/strong> overnight at dispatch time.<\/p>\n

The story dominates the front page in the global press: <\/strong>WSJ<\/a> | FT<\/a> | NYT<\/a> | CNBC<\/a> | Reuters<\/a> | Bloomberg<\/a>.<\/p>\n

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<\/a> The oil pact wasn\u2019t enough to distract investors from worries that this coming earnings <\/strong>season will be one of the worst in a generation<\/strong>, the global business press suggests. Futures point to a lower open tomorrow for US shares (markets are closed today for Easter Monday), while stocks in Japan, China, and South Korea started the trading week this morning modestly in the red.<\/p>\n

Companies in Egypt have an extra month to disclose 1Q20 earnings<\/strong> after the Financial Regulatory Authority (FRA) said companies could have until 15 June<\/a>. What\u2019s more, companies won\u2019t have to conform with IFRS 9 and IFRS 15<\/strong> until the end of the year, according to an FRA decision yesterday carried by Hapi Journal<\/a>.<\/p>\n

Egyptian companies will soon be required to disclose what covid-19 means to their <\/strong>financials<\/strong>, the newspaper reports, as the regulator strikes a sensible middle ground: Give companies a bit more time, but prompt them to be as transparent with investors as possible under the circumstances.<\/p>\n

Across the pond: <\/strong>Banks and healthcare companies are first up in the US:<\/strong> JPMorgan, Wells Fargo and Johnson & Johnson will all report first quarter earnings tomorrow<\/a>, with Citi, Bank of America, Goldman and UnitedHealth following on Wednesday.<\/p>\n

Over in Europe<\/strong>, luxury-goods company LVMH, chipmaker ASML Holding and cosmetics giant L\u2019Oreal will release figures this week<\/a> before reporting moves up a gear next week.<\/p>\n

\u201cLooming,\u201d \u201cterrible\u201d and \u201cbrutal\u201d are all words being used by the global financial press <\/strong>to describe the coming earnings season:<\/p>\n