Good afternoon, friends, and welcome to the start of another workweek. Things are relatively calm on the homefront, and it seems that the news cycle is still enjoying the long weekend.
THE BIG STORY TODAY-
Non-oil private sector activity continued to decline in June, with falls in new orders and output accelerating throughout the month, resulting in the sharpest reduction in purchasing activity in 11 months, according to S&P Global’s latest Purchasing Managers Index (PMI) report (pdf) for Egypt. The country’s headline figure for June dropped 0.7 percentage points from May to 48.8, marking the fourth consecutive month below the all-important 50.0 mark threshold separating contraction from growth.
Business optimism hit a historic low, which reflects a “subdued hopes for order books, as well as concerns that geopolitical risks could cause greater economic disruption,” said S&P Global Senior Economist David Owen. But despite the drop in business activity and rising pessimism, rates of contraction “remained softer than their respective historic trends,” Owen added.
THE BIG STORY ABROAD-
At least 51 people — including 15 children — were confirmed dead following a flash flood in Texas, which saw water levels of the Guadalupe River rise eight metres in less than an hour. Ongoing search and rescue efforts are looking for 27 girls that were camping along the river. (New York Times | WashingtonPost | Associated Press | Reuters | CNN)
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*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.
In today’s issue: We dive into Egypt’s growing glass industry.
☀️ TOMORROW’S WEATHER- Brace yourself for a particularly warm day in the capital tomorrow, as temperatures are expected to rise to 38°C, before cooling down to 21°C at night. Up north, we’re glad to report cooler temperatures, with the mercury set to peak at just 28°C before slightly dropping to 24°C at night, according to our favorite weather app.




