Good afternoon, friends, and welcome to the almost-weekend. Like us, both the news cycle and the weather seem to be winding down in anticipation.

THE BIG STORY TODAY-

Adnoc Distribution is planning to produce marine motor oil in Egypt in partnership with TotalEnergies by 4Q this year, lubricants, base oils, and specialty products VP Saber Al Ammari told Asharq Business. The company’s production capacity is expected to hit 90k tons annually, with a sales target of 1.5-2 mn liters in Egypt by year-end, Al Ammari added.

REMEMBER- After making an entrance into Egypt as recently as 2023 through the acquisition of a 50% stake in fuel retailer TotalEnergies Egypt, the company has been quickly expanding both its number of service stations — currently standing at 240 — and its local manufacturing of oils. After kicking off the local manufacture of motor oil at the end of 2024, the company is now also pursuing manufacturing aviation fuel and entering the EV charging market.

THE BIG STORY ABROAD-

With news from Trumpland quieting down, it’s all eyes on Nvidia: US stock futures retreated slightly as investors await the release of giant US chipmaker Nvidia’s earnings, a major indicator of the strength of the AI boom and the impact of US-China trade tensions. S&P 500 futures inched down 0.1% this morning, while the S&P 500 rose 2%, treasuries dipped, and the USD held steady. Nvidia’s results, one of Wall Street’s most-watched events, are due today after market close.

A look into the crystal ball: The company’s 1Q revenues are projected to rise 66.2% y-o-y to USD 43.3 bn. While this exceeds growth at other megacap companies, it represents a significant slowdown from last year’s growth of over 250%. US export restrictions on Nvidia's H20 chips to China will cost the company a USD 5.5 bn write-down on inventory during the quarter, the chipmaker said last month. “This inventory write-off implies a USD 15 bn H20 revenue hit on a rolling 12-month basis,” BNP Paribas analyst David O’Connor wrote in a report picked up by CNBC.

☀️ TOMORROW’S WEATHER- Slightly warmer temperatures are expected in the capital tomorrow, with the mercury set to rise to 32°C throughout the day and cool to 20°C at night, according to our favorite weather app.

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