{"id":568505,"date":"2020-11-01T04:00:39","date_gmt":"2020-11-01T04:00:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/01\/what-were-tracking-on-1-november-2020\/"},"modified":"2020-11-01T04:00:39","modified_gmt":"2020-11-01T04:00:39","slug":"what-were-tracking-on-1-november-2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/01\/what-were-tracking-on-1-november-2020\/","title":{"rendered":"What we\u2019re tracking on 1 November 2020"},"content":{"rendered":"

<\/a> Good morning ladies and gents, and welcome to November<\/strong> \u2014 we hope you\u2019re buckled up for what is shaping up to be one of the biggest weeks of an already too-eventful year. It\u2019s something of a perfect storm for investors as the most uncertain US presidential race in a generation runs headlong into new lockdowns in Europe and surging covid cases in the United States, setting up what could be a volatile week in markets.<\/p>\n

Here\u2019s what you need to know:<\/strong><\/p>\n

#1- Lockdowns are back in full force as covid runs amok in Europe, the US and Canada.<\/strong> The US yesterday set a new world record for the most fresh covid-19 cases reported in a single day after a Reuters tally<\/a> found that there had been 100k new infections on Saturday alone. Daily figures in Europe are well above anything seen during the first wave and continue to rise. In response, France<\/a>, Germany<\/a>, Belgium<\/a> and Austria<\/a> have all since Thursday announced new lockdowns, joining Spain and Italy which earlier last week significantly tightened restrictions. The UK is the latest to follow suit, with PM Boris Johnson announcing overnight that restaurants and bars will close<\/a> for four weeks, as well gyms and \u201cnon-essential\u201d shops. The UK will also require people to stay home except for work<\/strong>, school and exercise.<\/p>\n

#2- All of this is happening as economic support falters in the US and UK:<\/strong> The failure of bipartisan talks to agree a new stimulus package before the election now means that new fiscal support will not be forthcoming until at least the end of January when the next president is sworn into office. Over in the UK, the new national lockdown is taking place just as the government\u2019s mortgage payment holiday and furlough scheme come to an end<\/a>.<\/p>\n

#3- The small matter of the US election. US citizens will go to the polls on Tuesday<\/strong> \u2014 or<\/a>at least those who haven\u2019t already voted<\/a> \u2014 to cast their ballots in what is expected to be the most turbulent election in years. If you\u2019d have asked us a month ago, we\u2019d have probably told you that Biden was a shoo-in for the presidency. Not anymore. Trump has trimmed Biden\u2019s huge lead in the national polls, and in the battleground states of Florida and Pennsylvania \u2014 states so significant they could determine who wins the presidency \u2014 the race is too close to call.<\/p>\n

Be ready to wake up Wednesday morning and not know who won the election: <\/strong>The risk of a more drawn-out and altogether more toxic re-run of the 2000 election is significant, pundits say.<\/p>\n

The party already got started at the tailend of last week<\/strong> as investors freaked out over the resurgence of covid, delivering US and European stocks one of their worst weeks since the panic in March. We have all the details below.<\/p>\n

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We\u2019ll know later today the results of round one of elections to the House of Representatives<\/strong>, the National Elections Authority said on Thursday. The next round of elections for Egyptians abroad runs from Wednesday to Friday, while voting here at home kicks off next Saturday, 7 November and wraps on Sunday, according to the NEA\u2019s breakdown of the election timeline (pdf)<\/a>. Voters in Cairo, Qalyubia, Menofia, Gharbia, Kafr El Sheikh, Sharqia, Damietta, Port Said, Ismailia, Suez, North Sinai and South Sinai will all be voting in the second phase of the election.<\/p>\n

Egypt, Ethiopia and Sudan are back at the negotiating table today to discuss the filling and operation <\/strong>of the Grand Ethiopian Renaissance Dam<\/strong>, Sudan\u2019s Irrigation Ministry said in a statement<\/a> on Saturday. The meeting was agreed upon during the last joint meeting of the countries\u2019 foreign and water ministers on 27 October, the first meeting of African Union-brokered negotiations following a seven-week hiatus. Cairo and Khartoum are standing firm<\/a> that the talks must produce a legally binding agreement.<\/p>\n

On the agenda in the House today:<\/strong> MPs will discuss draft amendments to the<\/a>Unified Tax Act<\/a> that would impose harsher penalties for tax evasion (more on this in this morning\u2019s Speed Round, below) and the renewal of the three-month state of emergency<\/a> in its plenary session today.<\/p>\n

The bylaws governing the Senate will be published within the next two weeks<\/strong>, Speaker Bahaa Eldeen Abou Shoka has said, Al Shorouk<\/a> reports.<\/p>\n

News triggers <\/strong>coming<\/strong> up in the next two weeks as we begin a new month:<\/strong><\/p>\n