Good afternoon, friends, and happy hump day. As the weather continues to heat up, it seems the news cycle is starting to cool down.

THE BIG STORY TODAY-

📍 President Abdel Fattah El Sisi has touched down in Brussels, Belgium, ahead of the first-ever Egyptian-EU Summit taking place tomorrow. The president will be joined by European Council President António Costa and European Commission President Ursula von der Leyen to discuss strengthening political and economic ties under the EU-Egypt Strategic and Comprehensive Partnership.

The inaugural summit follows a strategic partnership track launched in Cairo in March 2024. “The president’s visit aims to solidify the frameworks for cooperation and political coordination with the European side […] regarding regional and international issues of mutual concern,” according to an Ittihadeya statement. El Sisi is also set to hold a series of meetings on the sidelines of the visit with several senior EU officials and European leaders, including King Philippe of Belgium. An economic forum centered around investment avenues in Egypt will also be held on the summit’s sidelines.

ICYMI- Last year, the EU pledged a EUR 7.4 bn package of loans, grants, and investments through to 2027. The package included a EUR 1.8 bn investment protection mechanism, EUR 5 bn in concessional loans to provide macro-financial assistance, and EUR 600 mn in grants.

THE BIG STORY ABROAD-

🌐 It’s a busy afternoon in the global press, with several world leaders — new and old — under the spotlight.

Getting top billing today is Sanae Takaichi’s victory lap, having just become Japan’s first-ever female prime minister after securing a historic parliamentary vote. Takaichi — known as Japan’s Iron Lady — is the country’s fourth leader in five years. The hardline conservative politician is expected to be sworn in as Japan’s 104th prime minister later today.

Stocks hit a record high early today following Takaichi’s victory, with the Nikkei index surging 1.5% to ~50k points, up 26% y-o-y. The index has since lost its gains, with the JPY weakening 0.3% against the USD, signalling investor concerns over the new prime minister’s monetary policies. The Nikkei index rose just 0.2% at today’s close at 49.3k points. Takaichi, a stalwart conservative, is former Japanese Prime Minister Shinzo Abe’s protégé, sharing his political views on higher government spending and interest rate cuts in what has come to be known as Abenomics. (BBC | CNN | CNBC | Reuters | Bloomberg | Financial Times)

MEANWHILE- Former French President Nicolas Sarkozy has begun his five-year prison sentence at Paris’ La Santé Prison, becoming the first French president to go to jail. Sarkozy was sentenced for conspiring to fund his election campaign using money from ex-Libyan leader Muammar Gaddafi. The ex-president has appealed his sentence. “It is not a former president of the republic being incarcerated this morning, it is an innocent man,” the former president said onX this morning. “The truth will triumph, but the price will have been crushing,” he added.

CLOSER TO HOME- US Vice President JD Vance has landed in Israel to “ensure the ceasefire holds and to discuss the further implementation of the US brokered plan,” The Guardian reports. Vance’s visit is set to last until Thursday, 30 October, and follows Israeli airstrikes on Sunday, which killed 26 Palestinians, and the subsequent reinstatement of the ceasefire. (New York Times | Guardian | France 24)

☀️ TOMORROW’S WEATHER- Cairo’s sunny streak continues tomorrow, with the mercury set to peak at 32°C before cooling down to 19°C, according to our favorite weather app.

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