Happy THURSDAY, friends. It’s a relatively busy end to the week as we jump headfirst into the weekend.

THE BIG STORY TODAY

Inflation cooled for a fourth consecutive month in January, falling to the lowest level in 11 months, according to figures from state statistics agency Capmas. Annual urban inflation slowed 3.1 percentage points to 29.8% from 33.7% in December, marking the first time since January 2023 that annual inflation has come in at below 30%. The lower annual inflation rate is partially thanks to a favorable base effect, Bloomberg says.

THE BIG STORY ABROAD

Once again, there’s no single unifying story or theme in the international press this afternoon. A handful of stories to keep an eye on:

  • Maersk suspended its share buybacks in light of “high uncertainty” about future earnings, due to the ongoing conflict in the Red Sea and oversupply, resulting in a 17% drop in trade this morning. (CNBC)
  • A US drone strike killed the commander of the Iran-backed Hataib Hezbollah in Baghdad last night in response to their attack on an American base in Jordan last month. (Bloomberg)
  • China’s economy continues to struggle seeing its fastest consumer price index fall (-0.8%) in 15 years, further impacting investor confidence. (Financial Times)
  • Pakistan counts its general election votes amidst militia violence (with over 35 lives lost) and suspended mobile networks, raising heavy criticism, including from Amnesty International. (Reuters)

** CATCH UP QUICKon the top stories from today’s EnterpriseAM:

  • Devaluation, the IMF package, and Ras El Hekma:Cairo was on fire yesterday with talk of devaluation, where we stand on the IMF package, and a land sale and development agreement for the North Coast’s Ras El Hekma.
  • We’re ringing in March with a EGP 180 bn package of wage hikes, pension increases, tax breaks: President Abdel Fattah El Sisi announced yesterday a set of measures including public-sector wage hikes, income tax breaks, pension increases, and a 50% rise to the public-sector minimum wage to EGP 6k.
  • A fresh round of ceasefire negotiations kicks off: Cairo is hosting a new round of Egyptian and Qatari-sponsored negotiations starting today.

HELP GAZA-

Want to support relief efforts in Gaza, but don’t know how? We’ve got you. More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.

The folks at Talabat are processing donations for a range of Gaza relief appeals by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.

Or check out our list of charities to which you can make direct donations via bank deposit and / or Fawry.

☀️ TOMORROW’S WEATHER- Expect yet another partly cloudy day with a high of 22°C and a low of 11°C, according to our favorite weather app.

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