Good afternoon, ladies and gentlemen, and happy Monday. The news slowdown is dragging on as we approach the final weeks of the summer.

THE BIG STORY TODAY-

Foreign investments in local debt rise in May: Foreign investments in Egypt’s t-bills sat at USD 37.5 bn (EGP 1.8 tn) by the end of May, up from USD 35.2 bn (EGP 1.7 tn) in April, according to the central bank’s monthly statistical bulletin (pdf).

Remember: Investors have been loving Egypt’s short-term debt instruments post-float, with their confidence affirmed after the likes of JPMorgan and Citigroup recommended buying one-year EGP t-bills.

We’re not sure if the trend will persist: Earlier this month, foreign investors sold some USD600 mn worth of local debt instruments — 7-8% of total foreign investment in the market, according to Prime Minister Moustafa Madbouly — amid a global sell-off that wiped USD 6.4 tn from global stock markets.

THE BIG STORY ABROAD

It’s also shaping up to be a slow Monday in the international press, with no one story dominating the headlines. The one story worth noting follows the latest rounds to secure a ceasefire in Gaza — US Secretary of State Antony Blinken stated that the latest ceasefire proposal was likely to be the best and final chance Israel and Hamas have to secure a ceasefire agreement. His remarks came following meetings with Israeli President Isaac Herzog and Prime Minister Benjamin Netanyahu that took place in Tel Aviv earlier today.

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

  • Waste-to-energy projects could soon play an important role in our energy mix: The government is set to sign contracts with eight local-foreign consortiums to produce a total of 1.7 bn Kw/h of electricity from municipal solid waste across a number of governorates.
  • Nissan Egypt has big investment plans: Nissan Egypt is planning to invest USD 55.9 mn in the Egyptian market until 2026.
  • It’s earnings season: Beltone, Egypt Kuwait Holding, and Alexandria Container and Cargo Handling became the latest big name companies to release their earnings in an already busy month for releases.

☀️ TOMORROW’S WEATHER- The mercury is peaking in Cairo at a high of 38°C before simmering to a moderate low of 26°C by nightfall, according to our favorite weather app. Sahel and Alexandria are seeing cooler weather, with highs of 32-34°C and lows of 25-26°C.

Tags: