Good afternoon, folks, and happy Thursday. We hope you all get some much-needed rest this weekend.

THE BIG STORY TODAY

Inflation falls for the fifth consecutive month: Annual headline inflation in Egyptian cities eased by 1.8 percentage points to 25.7% in July, down from 27.5% in June, according to figures from state statistics agency Capmas. July’s inflation figure, which came on the back of a favorable base effect, is the lowest recorded since December 2022.

Monthly inflation also cooled to 0.4% in urban areas in July compared to 1.6% in the month before.

THE BIG STORY ABROAD

JPMorgan is ringing the alarm. Some 75% of the global carry trade has disappeared, and returns across the Group-of-10 board have fallen 10% in the last two months, Bloomberg reports citing a Bank’s note to clients. These blows have completely erased year-to-date returns and slashed gains since Q4 2022. Selloffs have doubled in speed, but experts suggest — and hope — that there will be a window for rebounds this month as the market cools off.

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

  • Hydropower projects incoming? The government has reportedly wrapped up studies for two pumped storage hydropower projects in Luxor and Qena with a combined capacity of 2 GW.
  • Egypt is among the top destinations for African investments, coming in third behind the island nations of Seychelles and Mauritius in a new report by South Africa’s Rand Merchant Bank.
  • Remittances from Egyptians abroad rose 65.9% y-o-y in June, recording USD 2.6 bn. On a monthly basis, remittances were down 3.7%.

☀️ TOMORROW’S WEATHER- Mercury is peaking at a high of 38°C before simmering to a moderate low of 26°C by nightfall, according to our favorite app. Sahel and Alexandria are seeing cooler weather, with a high of 33°C and a low of 25-26°C

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