Good afternoon, ladies and gentlemen, and happy almost-Thursday. We have some updates on our PMI figures that arrived earlier during the business day.

THE BIG STORY TODAY

Egypt’s non-oil sector activity declined at a slower pace in March: Egypt’s purchasing manager index (PMI) figure — which tracks the country’s non-oil business sector — rose slightly to 47.6 in March,up from 47.1 in February, according to S&P Global’s Egypt PMI (pdf). This indicates a “softer but still-solid deterioration,” due to persistent currency challenges and pressure stemming from disruption in the Red Sea.

Monetary policy shifts could sound relief: Recent measures to combat Egypt’s currency crisis — including the raising of interest rates, and the floating of the EGP — may bring some relief to price pressures and could begin to “reverse the damage,” commented David Owen, Senior Economist at S&P Global Market Intelligence.

We’re seeing signs of hope already: Input cost and output price inflation rates slowed to three-month lows thanks to improved currency exchange market conditions.

Want a deeper dive? We’ll have the full run-down of how Egypt’s non-oil business sector performed in March, in tomorrow’s AM edition.

THE BIG STORY ABROAD-

Taiwan hit by its biggest earthquake in a quarter century: A 7.4 magnitude earthquake struck Taiwan this morning, killing at least nine people and injuring 934. The earthquake, which was the strongest Taiwan has seen in at least 25 years, tore down dozens of buildings and caused landslides, with aftershocks felt in parts of the Chinese mainland. (Reuters | Washington Post | Bloomberg | Associated Press | NY Times)

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

  • El Sisi begins his third term with big promises: President Abdel Fattah El Sisi announced the key features and objectives for Egypt’s national strategy on several domestic and external issues during a seven-point speech yesterday, after being sworn in for his third term at the House of Representatives in the new administrative capital. We gave a breakdown of his objectives and background in this morning’s edition.
  • Elsewedy inches closer to building its industrial park in New October: Elsewedy Industrial Development is expected to break ground on its industrial zone in New 6 October City upon receiving a 2.5 mn-sqm plot from the New Urban Communities Authority within two to three weeks.
  • Tourist arrivals were up 4%y-o-y in 1Q 2024 to 3.7 mn, but arrivals to Sharm ElSheikh were down 20% y-o-y in the same period.

☀️ TOMORROW’S WEATHER- A sunny day with a high of 33°C and a low of 16°C, according to our favorite weather app.

Tags: