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Good afternoon, wonderful people. The much-needed weekend is finally here. We hope you all have plans to unwind and relax before we return to a short workweek. As you may know, we’re getting next Thursday off in observance of the Islamic New Year.
THE BIG STORY TODAY
Egyptian non-oil business saw order volumes rise for the first time in three years supported by an easing of price pressures and stabilizing economic conditions, according to S&P Global’s Egypt PMI (pdf).
The closest we’ve ever been to expansion in three years:The nation’s headline purchasing managers’ index edged up to 49.9 in June, from 49.6 in May, settling marginally below the 50.0 mark and matching its highest level since June 2021.
New orders increased in June, with more firms reporting a growth in demand for the first time since late 2021. Manufacturing and service sectors recorded an increase in new orders, while construction and wholesale & retail sectors reported declines. The upturn in sales and a jump in new export orders are attributed to an advancement in international and domestic conditions. Input purchases also grew in June, supported by the rising demand.
Output rates dropped at their softest level in almost three years, with price pressures “remaining much cooler,” said S&P Senior Economist David Owen. Suggesting that if we continue to see increased sales and purchases in the second half of the year, “firms should have the motivation and need to expand their output.”
THE BIG STORY ABROAD
The Labour Party is set to clinch the UK elections, ending a 14-year Conservative control of parliament… But voter concerns haven’t changed. Despite dodging a Conservative administration according to the current poll standings, British citizens don’t seem any more optimistic that the Labour Party will be able to mitigate the growing issues facing the country. Analysts share the same view, saying that the new parliament simply will not inherit any tools capable of fixing the economy and the deteriorated National Health Service. Labour leader Keir Starmer making good on his to-do list of change will make or break his ministership as people look for radical change of circumstance following the post-pandemic cost of living crisis. Results are expected to be announced Friday morning. (NYT | Reuters | Bloomberg | CNBC)
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** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- New cabinet sworn in: The new Madbouly cabinet was sworn in before President Abdel Fattah El Sisi at the Ittihadiya Palace yesterday.
- Act Financial has a busy few months ahead: With an IPO slated to wrap by end of this month, Managing Partner Mostafa Abdel Aziz let Enterprise in on the company’s post-IPO plans.
- Egyptian expats should be able to send back remittances via InstaPay by September: The Central Bank of Egypt is reportedly gearing up to allow Egyptian expats to transfer their remittances using payment platform InstaPay.
☀️ TOMORROW’S WEATHER- Mercury is peaking with highs of 38°C but will be dropping to a low of 25°C at night in the capital city, according to our favorite weather app. And it’s much cooler in Alexandria and the North Coast, with a high of 30°C and a low of 22°C.
