Global trade takes biggest hit since the pandemic: Global trade contracted at its quickest rate since 2020 in July, according to figures picked by the Financial Times. The World Trade Monitor, published by the Netherlands Bureau for Economic Policy Analysis, shows that volumes declined 3.2% y-o-y during the month, accelerating from June when trade fell 2.4%. This is the most severe fall since mid-2020 when global supply chains were suffering through the wave of covid-19 lockdowns across the world.

Driving the trend: Sharply higher interest rates across the world, higher inflation, and increased domestic spending on services post-lockdown.

A gloomier forecast: The figures are likely to add to the concerns that a slowdown in global growth could accelerate in the coming months. Industry experts anticipate trade volumes to continue to weaken: S&P Global’s PMIs for the US, the eurozone and the UK have all signaled a sharp contraction in August and September.

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THE CLOSING BELL-

The EGX30 rose 0.2% at yesterday’s close on turnover of EGP 3.0 bn (39.8% above the 90-day average). Local investors were net sellers. The index is up 39.4% YTD.

In the green: Mopco (+6.4%), Abu Dhabi Islamic Bank (+3.4%), and Orascom Construction (+3.1%).

In the red: Palm Hills Development (-3.2%), Heliopolis Housing (-2.9%) and Qalaa Holdings, (-2.7%).

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