{"id":552852,"date":"2022-10-04T13:15:12","date_gmt":"2022-10-04T13:15:12","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/04\/this-evening-pmi-is-still-in-contraction-but-didnt-change-from-august-global-equity-rally-continues\/"},"modified":"2022-10-04T13:15:12","modified_gmt":"2022-10-04T13:15:12","slug":"this-evening-pmi-is-still-in-contraction-but-didnt-change-from-august-global-equity-rally-continues","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/04\/this-evening-pmi-is-still-in-contraction-but-didnt-change-from-august-global-equity-rally-continues\/","title":{"rendered":"THIS EVENING: PMI is still in contraction, but didn\u2019t change from August + Global equity rally continues"},"content":{"rendered":"

Good afternoon, wonderful people.<\/strong> It\u2019s a short workweek, so we\u2019re glad it\u2019s almost-WEDNESDAY \u2014 meaning the long weekend is just around the corner. We have what we like to call a Goldilocks news day, where it\u2019s not a torrential downpour but we can\u2019t say it\u2019s all quiet, either.<\/p>\n

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\nBefore we get into it- <\/strong>Take our EV survey:<\/strong> Are you an ex-petrolhead shopping around for your first electric vehicle? EV-curious and wondering what all the fuss is about? Or are you not ready to say goodbye to that sweet smell of benzene as you wait at the gas station?<\/p>\n

We want to hear from you:<\/strong> We\u2019re taking the pulse on how the nation feels about Egypt\u2019s nascent EV transition. Take a few minutes to fill out our short survey<\/a>. We\u2019ll be back with the results in a couple of weeks.<\/p>\n

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

<\/a> PMI was flat m-o-m, remaining in contraction territory:<\/strong> Activity in Egypt\u2019s non-oil private sector remained in contraction territory in September, but remained unchanged from August, according to S&P Global\u2019s latest purchasing managers\u2019 index (pdf)<\/a>. Continued inflationary pressures and import restrictions, coupled with weaker consumer demand, weighed on last month\u2019s reading, which was flat at 47.6 last month. This is still below the 50.0 mark that separates expansion from contraction, marking the 22nd consecutive month that the gauge indicates a decline in Egypt\u2019s private sector activity.<\/p>\n

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

Global financial markets are once again dominating the conversation in the international<\/strong> business press this afternoon<\/strong>, picking up where we left off this morning. Global equity markets are building on yesterday\u2019s rally, with Europe\u2019s Stoxx 600 rising 2.39%, while futures for the US\u2019 Dow Jones, S&P 500, and Nasdaq Composite all rising ahead of the opening bell. The story is on the front pages of the Financial Times<\/a>, Wall Street Journal<\/a>, and CNBC.<\/a><\/p>\n

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