THIS EVENING: Inflation accelerates again in September + IMF revises upwards Egypt’s growth forecast

Good afternoon, wonderful people. It’s looking like a good news / bad news kind of day, with mixed sentiments coming in.

THE BIG STORIES TODAY

#1- Annual urban inflation accelerated to 38.0% in September, reaching yet another all-time high, according to Capmas data released today. September is the fourth consecutive month that has brought a new record-high inflation rate, and comes above analyst expectations that inflation would come in at 37.6%.

#2- One lender remains bullish on our economy: The IMF revised upwards its growth forecast for Egypt to 4.2% in 2023 from 3.7% in its projection made in July. The multilateral lender now expects the economy to expand at a 3.6% clip in 2024, down from its 4.1% forecast in July, according to its World Economic Outlook (pdf).

THE BIG STORY ABROAD

Israel pounding Gaza continues to be the leading story in the international press this afternoon. Continuing with its siege, Israel has unleashed a fierce air strike that has flattened several areas within Gaza. Meanwhile, the Israeli ruling parties are moving to create an emergency government to manage the unprecedented crisis that has left a death toll of 900 on the Israeli side and claimed 770 Palestinian lives with more than 3k of the latter injured. (Reuters | Bloomberg | Associated Press | Financial Times | CNBC)

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

• Chevron halts Tamar production, hitting Egypt’s gas imports: Egypt’s imports of Israeli gas fell almost 20% yesterday after Israel suspended production at the Tamar field.
• Maersk is one step closer to acquiring half of the 545-MW Zafarana wind farm after signing a framework agreement with the government.
• Dice founders bid to reacquire nearly half of the company: The founders of EGX-listed clothing company Dice Sports and Casual Wear have submitted a mandatory tender offer to purchase more than 838 mn of its shares. The transaction would give them control of c. 80% of the company’s stock.

?️ TOMORROW’S WEATHER- The mercury will rise to a high of 30°C and drop to a cooler 23°C in the evening, our favorite weather app tells us.