Good afternoon, folks, and welcome to the start of a brand new workweek. The news cycle is hitting the ground running this time around, so let’s dive in.

THE BIG STORY TODAY-

?Unemployment bounced back to 6.4% in 3Q 2025, up by 0.3 percentage points from 2Q, reversing a downward streak that lasted for three consecutive quarters, according to data from state statistics agency Capmas. Meanwhile, the figure comes 0.3 percentage points lower than the 6.7% recorded in 3Q 2024.

The labor force continued to grow, expanding 3.3% q-o-q in 3Q to 34.7 mn people, as the number of employed individuals rose by 939k and the number of those unemployed rose by 175k.

The gender gap persists: Male unemployment rose to 4% during the period, compared to 3.5% in 2Q 2025, but it was down 0.2 percentage points y-o-y. Female unemployment eased to 15% from 15.8% in the prior quarter and 18.2% in 2Q 2024.

Urban unemployment increased to 10.1% from 9.7% in 2Q 2025 — unchanged from the same period last year. On the other hand, rural unemployment rose 0.3 percentage points to 3.6% in 3Q, but it was down by 0.4 percentage points y-o-y.

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THE BIG STORY ABROAD-

? It’s a busy afternoon in the global press, with no one headline dominating the front pages. Over in DC, it seems the Epstein files aren’t the only documents haunting US President Donald Trump. From late August to early October, it was revealed that Trump bought at least USD 82 mn worth of corporate and municipal bonds, including ones from sectors directly benefiting from his administration’s policies, such as financial dysregulation, Reuters reports, citing financial disclosures that were made public on Saturday.

While the disclosures do not list exact amounts, the total potential maximum value of the bonds could be above USD 337 mn. Of the 175 purchases, most were issued by entities with ties to public agencies. The news comes as the Trump administration finds itself under immense public scrutiny after a slew of emails pertaining to Trump’s ties to convicted [redacted] offender Jeffery Epstein were made public.

MEANWHILE- Saudi Arabia’s Sovereign Wealth Fund exited nine US stocks — including Pinterest, Air Products and Chemicals Inc., and industrial gas supplier Linde Plc — marking the biggest decrease in value in the Public Investment Fund’s US holdings in a year, Bloomberg reports. The PIF’s current US portfolio currently stands at USD 19.4 bn, down almost a fifth, according to the Financial Times. The PIF’s exit strategy comes as the Kingdom hones in on domestic investments, and days before Saudi Crown Prince Mohammed Bin Salman is set to pay Trump a visit at the White House.

enterprise

*** It’s Inside Industry day — your weekly Sunday briefing of all things industrial in Egypt. Inside Industry explores what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning through to product distribution, land allocation, industrial processes, supply chain management, labor, automation and technology, inputs and exports, and regulation and policy.

In today’s issue: We’re taking a deep dive into Egypt’s pharma industry, the changes currently underway, and the challenges that remain.

☀️ TOMORROW’S WEATHER- We’re in for another day of mild weather in the capital tomorrow, with temperatures peaking at 26°C before cooling down to 17°C, according to our favorite weather app.

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