{"id":584730,"date":"2023-04-04T00:00:00","date_gmt":"2023-04-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/04\/this-evening-pmi-inches-down-again-in-march-as-egp-inflation-weigh-on-private-sector-activity\/"},"modified":"2023-04-04T00:00:00","modified_gmt":"2023-04-04T00:00:00","slug":"this-evening-pmi-inches-down-again-in-march-as-egp-inflation-weigh-on-private-sector-activity","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/04\/this-evening-pmi-inches-down-again-in-march-as-egp-inflation-weigh-on-private-sector-activity\/","title":{"rendered":"THIS EVENING: PMI inches down again in March as EGP + inflation weigh on private-sector activity"},"content":{"rendered":"

Good afternoon, ladies and gents, and happy hump day.<\/span> We\u2019re looking at a Goldilocks news<\/span> day so far \u2014 not quite a slow cycle, but nowhere near a torrential downpour \u2014 which gives us hope that the Ramadan news slowdown might be on its way. <\/span><\/p>\n

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

<\/span>Private sector activity <\/span>deteriorates<\/span> again in March:<\/span> The contraction in Egypt\u2019s<\/span> non-oil <\/span>private sector accelerated in March as the depreciation of the EGP, high inflation, and import restrictions continued to weigh on demand, according to <\/span>S&P Global\u2019s purchasing managers' index (pdf)<\/a><\/span>. The PMI reading inched down to 46.7 from <\/span>46.9 in February<\/a><\/span>, making March the 28th consecutive month that private-sector activity has been in contraction.<\/span><\/p>\n

THE BIG STORIES ABROAD<\/span><\/p>\n

Two stories are capturing the imagination of the international business press this fine afternoon:<\/span><\/p>\n

#1- The Donald is going to become the first-ever former or sitting US president to appear<\/span> in court<\/span> today, where he will be formally charged in a case relating to hush money payments to an adult film star to keep quiet about an alleged affair. Trump will be pleading not guilty to the charges \u2014 which include 34 felony counts \u2014 and maintains the case is politically motivated. The former president is currently the frontrunner Republican nominee for next year\u2019s US presidential elections. The story is getting front-page play in the <\/span>Financial Times<\/a><\/span>, the <\/span>New York Times<\/a><\/span>, the <\/span>Wall Street Journal<\/a><\/span>, and <\/span>Bloomberg<\/a><\/span>. <\/span><\/p>\n

#2- Credit Suisse Chairman Axel Lehmann apologized for the bank\u2019s collapse at its last<\/span> independent annual general meeting<\/span> before its rival UBS <\/span>takes<\/span> over the Swiss bank in a USD 3.25 bn agreement. Credit Suisse execs had been bracing for protests from Swiss citizens at the AGM. Over three-quarters of Swiss voters want the two banks split up by new legislation, according to an <\/span>opinion poll<\/a><\/span> by the country\u2019s biggest pollster, GfsBern. Many shareholders and advisors said they intend to vote against reelecting several board members, including Lehmann, before the AGM. At the same time, several board members decided to step down before the vote, leaving only seven members up for reelection. The story is also getting plenty of attention from <\/span>Bloomberg<\/a><\/span>,<\/span>Reuters<\/a><\/span>, and the<\/span>Financial Times<\/a><\/span>. <\/span><\/p>\n

<\/p>\n

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