{"id":551979,"date":"2022-08-03T14:04:57","date_gmt":"2022-08-03T14:04:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/03\/this-evening-pmi-is-up-but-still-in-contraction-chimera-mto-for-beltone-closes-plus-opec-pushes-through-minuscule-supply-increase\/"},"modified":"2022-08-03T14:04:57","modified_gmt":"2022-08-03T14:04:57","slug":"this-evening-pmi-is-up-but-still-in-contraction-chimera-mto-for-beltone-closes-plus-opec-pushes-through-minuscule-supply-increase","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/03\/this-evening-pmi-is-up-but-still-in-contraction-chimera-mto-for-beltone-closes-plus-opec-pushes-through-minuscule-supply-increase\/","title":{"rendered":"THIS EVENING: PMI is up, but still in contraction + Chimera MTO for Beltone closes. Plus: OPEC+ pushes through \u201cminuscule\u201d supply increase"},"content":{"rendered":"

Good afternoon, ladies and gentlemen.<\/strong> We told you this morning to expect another busy news day, and so far it appears that our crystal balls were quite accurate.<\/p>\n

THE BIG STORIES TODAY<\/strong><\/p>\n

<\/a> PMI rises, but we\u2019re still in contraction territory:<\/strong> Activity in Egypt\u2019s non-oil private sector improved at the fastly monthly pace in July, but remained in contraction territory, according to S&P Global\u2019s purchasing managers\u2019 index (pdf)<\/a>. Our PMI reading rose to 46.4 last month, up from 45.2 in June \u2014 which had been the worst reading in two years<\/a> \u2014 as employment stabilized, inflation softened, and the rate of decline of output and new orders also decelerated.<\/p>\n

Chimera Investments is getting c.56% of Beltone Financial<\/strong>, after the Abu Dhabi-based investment firm\u2019s mandatory tender offer (MTO) for Beltone closed today. Orascom Financial Holding agreed last week<\/a> to sell its entire 56% stake in the financial services firm, which automatically cleared Chimera\u2019s takeover bid by surpassing the 51% threshold needed for the transaction to go through.<\/p>\n

THE BIG STORY ABROAD<\/strong><\/p>\n

The global business press is still all about US House Speaker Nancy Pelosi\u2019s trip to<\/strong> Taiwan this afternoon.<\/strong> Pelosi showered Taiwan with praise and vowed the US\u2019 commitment to defending democracy in Taiwan, which pundits are concerned will lead China \u2014 which claims sovereignty over the self-ruled island \u2014 to retaliate. The story is emblazoned on the front pages of the Financial Times<\/a>, Reuters<\/a>, CNBC<\/a>, and the Wall Street Journal<\/a>.<\/p>\n

<\/a> THIS JUST IN- OPEC+ is raising oil output \u2014 but just barely:<\/strong> OPEC+ decided to add a \u201cminuscule\u201d 100k barrels per day to its oil production in September, the group decided at its meeting today, Bloomberg<\/a> reports. The smaller-than-anticipated production hike comes after the West, including US President Joe Biden, has been pushing the Saudi Arabia-led group to ramp up its output to help cool down global oil prices, which have remained above USD 100 \/ bbl for months.<\/p>\n

HAPPENING NOW-<\/strong><\/p>\n

The board of trustees overseeing preparations for the National Dialogue is currently<\/strong> meeting<\/strong> to discuss the economic agenda. Need a refresher on the national dialogue? We\u2019ve got you covered<\/a>.<\/p>\n

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** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM<\/strong>:<\/p>\n