Good afternoon, friends, and happy almost-weekend. It’s a slow news day at home, whereas on the international front it’s a good day for global markets following cooling US inflation data.
THE BIG STORY TODAY-
Chinese tiremaker Sailun Group will invest USD 1 bn to build an automotive tire plant in the China-Egypt Teda industrial zone, according to a Suez Canal Economic Zone statement. The 350k sqm facility will be developed in three phases over three years.
The first phase will begin production in 2026, with a capacity of 3 mn passenger car tires and 600k truck and bus tires annually. Once fully operational, the factory’s total output will exceed 10 mn tires a year, serving both local and export markets.
THE BIG STORY ABROAD-
Global stocks extended their rally today after cooling US inflation data reinforced expectations that the Federal Reserve will start easing interest rates as soon as next month. Wall Street’s S&P 500 and Nasdaq both hit record highs, while Asia’s Nikkei 225, Taiwan’s Taiex, and the MSCI All Country World Index followed suit. Traders are now pricing in a 25 bps cut in September, shrugging off concerns that Trump’s sweeping tariff plan could drive up prices.
The ongoing AI boom and Chinese stimulus hopes helped turbocharge gains in chip stocks and tech shares. Taiwan Semiconductor and SK Hynix rose alongside Japan’s Topix, while Hong Kong’s Hang Seng gained on signs of Beijing support. “The wave of money that’s coming into the market just dwarfs all negative sentiment, especially for the AI boom,” BNY's strategist Wee Khoon Chong said. Meanwhile, Morgan Stanley's Ellen Zentner pointed out that “Inflation is on the rise, but it didn’t increase as much as some people feared.” (Reuters | Bloomberg | Financial Times)
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☀️ TOMORROW’S WEATHER- It looks like the weekend will be off to a particularly hot start, with temperatures in Cairo set to peak at 41°C, before cooling down to 25°C. Up north, we’re in for a high of 31°C and a low of 27°C, according to our favorite weather app.




