Oil prices drop to pre-war levels + global tech sell-off eases

Good afternoon, friends. We’re almost there — one more day stands between you and the weekend. Today, we’re looking at Cairo’s Reformer Pilates boom: 12+ studios in 12 months, a very specific aesthetic, and a fitness market that’s quietly corporatizing. We also break down a book that unpacks why some ideas take off while others don’t — useful for the business-minded and the chronically online alike. And tonight’s World Cup slate is a big one: six fixtures across three groups, starting at 10pm.

But before we dive in, the news…

THE BIG STORY ABROAD-

🌐 It’s a hodge-podge of stories on the digital front pages this afternoon, with plenty getting ink, including the latest developments in the long-running US-Iran negotiations. US President Donald Trump says that Iran has agreed to nuclear inspections, while Tehran maintains no such concession was agreed to during talks. The two countries remain at odds over financial incentives for Iran, management of navigation through the Strait of Hormuz, and Israel’s war on Lebanon.

Still, Trump says they’re “getting along quite well.” On the bright side, concerns over oil supply disruptions are easing as oil prices fall back to pre-war levels, with Brent dropping to USD 75.6 / bbl and WTI to USD 71.8 / bbl at the time of publication.

^^Read more on: CNBC, Associated Press, CBS, and Reuters.

IN OTHER NEWS- The global tech sell-off is showing signs of easing. The S&P 500 and Nasdaq are pointing higher today after several straight sessions of losses. Memory chipmakers also bounced back in premarket trading following a steep decline as investors await Micron's earnings report today.

^^Read more on: Reuters.

MEANWHILE- Europe is sweltering under record temperatures as a heatwave takes over much of the continent. The UK has issued rare Red Extreme Heat Warnings as temperatures in parts of the country are forecast to reach 39°C today and tomorrow. In France, over 90% of the population is exposed to extreme heat, with over 68k households left without electricity due to heat-related outages.

^^Read more on: BBC, The Guardian, and CNN.

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

• The government is preparing to replace Egypt’s decades-old in-kind food subsidy system with cash support beginning next fiscal year. The shift would end access to subsidized sugar and cooking oil, instead giving households funds to purchase these goods at market price;
• Newly-proposed amendments to the Companies Law could give EGX-listed companies new flexibility over their own shares. If the amendments are passed, boards would lose a favorite tool for stonewalling shareholders, and in-kind asset valuations would move out of Gafi’s hands to licensed appraisers registered with the FRA;
• Private family vehicle Hena Holdings launched a mandatory offer to buy out the shareholders of Integrated Diagnostics Holdings (IDH) — the Cairo-born, London-listed diagnostics group — at a price that values the company at USD 290.7 mn. The USD 0.50-per-share offer is a roughly 11.2% discount to IDH’s last close of 56.3 cents.

☀️ TOMORROW’S WEATHER- Cairo is turning up the heat tomorrow, with temperatures expected to reach a sunny high of 37°C and a low of 24°C, while a steady evening breeze brings some relief. Across the North Coast, temperatures remain relatively mild, with a hazy high of 31°C and a cooler low of 22°C, according to our favorite weather app.