{"id":593132,"date":"2019-11-19T04:12:29","date_gmt":"2019-11-19T04:12:29","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/19\/what-were-tracking-on-19-november-2019\/"},"modified":"2019-11-19T04:12:29","modified_gmt":"2019-11-19T04:12:29","slug":"what-were-tracking-on-19-november-2019","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/19\/what-were-tracking-on-19-november-2019\/","title":{"rendered":"What we\u2019re tracking on 19 November 2019"},"content":{"rendered":"

It\u2019s a reasonably quiet morning on the business \/ finance \/ econ news front in <\/strong>Egypt. <\/strong>The three big news drivers of the day:<\/p>\n

#1- Talk of a cabinet shuffle is still in the air<\/strong> \u2014 or on the airwaves, if you prefer, a day after state newspaper boss Yasser Rizk brought up the notion<\/a> on a certain talk show. Lamees El Hadidy picked up the topic last night on her show, adding impetus to the notion that something may be in the works. We have chapter and verse in this morning\u2019s roundup of Last Night\u2019s Talk Shows, below.<\/p>\n

<\/a> #2- The finance community is getting its head around Aramco having pulled <\/strong>the plug on foreign marketing of its IPO <\/strong>\u2014 an offering that had prompted many would-be issuers to hold back from late-in-the-year capital raising activities. Saudi Aramco has cancelled plans to take its IPO roadshow outside of the Gulf as foreign appetite falls far short of expectations, sources close to the matter told the Financial Times<\/a>. The Saudi oil giant is reportedly no longer holding meetings with European investors and has canceled planned roadshows in the US, Asia and, finally, London<\/a>. The book-building process \u2014 which is \u201call local now\u201d \u2014 is expected to continue until 4 December, with the stock to price the following day.<\/p>\n

Localizing the IPO means the government will have more influence over the <\/strong>company than if western investors were involved<\/strong>, Bloomberg says in a recap of the obvious.<\/p>\n

The Aramco IPO visualized:<\/strong> Bloomberg<\/a> is out with five charts that put the IPO into perspective.<\/p>\n

<\/a><\/p>\n

#3- <\/strong>President Abdel Fattah El Sisi kicked off his trip to Berlin yesterday with a flurry of<\/strong> meetings<\/strong> with political and business figures alike. The president is in the German capital for the G20 Compact with Africa conference<\/a>, which kicks off today,\u00a0<\/span>Ittihadiya said in a statement<\/span><\/a>. El Sisi will represent the African Union during the event, which will also see Egypt\u2019s Investment Ministry sign a EUR 154 mn loan to support renewable energy, water management, waste recycling, and technical education. Look for the visit to dominate the airwaves and the front pages of many newspapers today and tomorrow.<\/p>\n

*** We also have a wide selection of industry news worth a skim this morning<\/strong>, with everything from infrastructure tender updates to the latest on short selling.<\/p>\n

<\/a><\/p>\n

We should get a better idea tomorrow of whether to price in more rate cuts in the US of A<\/strong> this year:<\/strong> The US Fed\u2019s minutes from its October meeting are set to be released tomorrow, and the market will be on the lookout for confirmation on whether the central bank is pausing its easing cycle, the Financial Times says<\/a>. Fed Chairman Jay Powell indicated at the post-meeting presser last month that the so-called \u201cmid-cycle adjustment\u201d was now at an end, meaning that the bank was unlikely to make a fourth cut this year at its meeting, scheduled for next month.<\/p>\n

Fed policy will stay \u201cnon-political,\u201d Powell tells Trump<\/strong>:<\/strong> Fed Chairman Jay Powell told President Donald Trump that the Federal Reserve\u2019s monetary policy will remain \u201cnon-political\u201d despite the president\u2019s constant public criticism of the central bank. Trump adopted a marked change of tone after the meeting, describing the encounter as \u201cvery good and cordial.\u201d A Fed statement<\/a> said that Powell\u2019s comments \u201cwere consistent with his remarks at his congressional hearings last week,\u201d and that they didn\u2019t talk about his expectations for monetary policy going forward.<\/p>\n

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The trade of goods around the world has lagged over the past few months \u2014 and y-o-y<\/strong> growth is declining<\/strong>, according to the World Trade Organization\u2019s (WTO) Goods Trade Barometer (pdf)<\/a>, which gauges momentum in global trade. The barometer reading for September came in at 96.6, a slight improvement from the previous 95.7 reading, but still short of the 100 that would indicate growth is in line with medium-term trends.<\/p>\n

Which goods are particularly weak? <\/strong>Trade is lagging most in electronic components, raw materials, and air freight, data shows.<\/p>\n

It\u2019s not all bad news:<\/strong> The barometer for export orders, automotive products, and container shipping \u201chave firmed up\u201d to enter on-trend growth territory.<\/p>\n

Going forward:<\/strong> \u201cThe latest barometer reading suggests that goods trade will likely remain below trend in the third quarter and into the fourth quarter,\u201d the WTO says.<\/p>\n

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Among the international headlines <\/strong>you should know about this morning:<\/p>\n