{"id":593508,"date":"2019-10-01T04:00:52","date_gmt":"2019-10-01T04:00:52","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/01\/what-were-tracking-on-01-october-2019\/"},"modified":"2019-10-01T04:00:52","modified_gmt":"2019-10-01T04:00:52","slug":"what-were-tracking-on-01-october-2019","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/01\/what-were-tracking-on-01-october-2019\/","title":{"rendered":"What we\u2019re tracking on 01 October 2019"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <b>Today\u2019s the day, ladies and gents:<\/b> The House of Representatives reconvenes at 10am CLT today for its fifth and final legislative session before we\u2019ll elect not just MPs to the House, <a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/1\/64\/342443\/Egypt\/Politics-\/Egypt-parliamentary-elections-to-be-held-at-the-en.aspx\">but also a new Senate<\/a>, which was reconstituted under the new constitution. <b>What\u2019s on the House\u2019s agenda as MPs get back to business? <\/b><a href=\"https:\/\/www.cbc.ca\/news\/politics\/trudeau-liberal-platform-release-election-1.5302042\">We had a preview yesterday<\/a> of what you might expect.<\/p>\n<p>(<b>Incidentally, we\u2019re not the only ones who want to tax global internet giants:<\/b> Canada\u2019s governing Liberals <a href=\"https:\/\/www.cbc.ca\/news\/politics\/trudeau-liberal-platform-release-election-1.5302042\">announced yesterday<\/a> as part of their re-election platform that they plan to impose a 3% tax on revenue that \u201cdigital companies that make at least USD 1 bn in annual global revenues and at least USD 40 mn in Canadian revenues \u2026 generate through the sale of online advertising and user data.\u201d)<\/p>\n<p><b>Gov\u2019t to announce fuel prices today: <\/b>The government will likely leave fuel prices unchanged for 3Q2019 under its newly implemented automatic fuel pricing mechanism, <a href=\"https:\/\/www.masrawy.com\/news\/news_economy\/details\/2019\/9\/30\/1643771\/%D8%BA%D8%AF%D8%A7-%D8%A8%D8%AF%D8%A1-%D8%AA%D8%B7%D8%A8%D9%8A%D9%82-%D8%A2%D9%84%D9%8A%D8%A9-%D8%A7%D9%84%D8%AA%D8%B3%D8%B9%D9%8A%D8%B1-%D8%A7%D9%84%D8%AA%D9%84%D9%82%D8%A7%D8%A6%D9%8A-%D9%84%D9%84%D9%88%D9%82%D9%88%D8%AF-%D9%88%D8%AA%D9%88%D9%82%D8%B9%D8%A7%D8%AA-%D8%A8%D8%AA%D8%AB%D8%A8%D9%8A%D8%AA-%D8%A7%D9%84%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1#sectionListing\">analysts expected<\/a>, citing a strong EGP and expectation of relatively stable global oil prices. <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/07\/is-egypts-fuel-pricing-mechanism-coming-into-effect-this-month\/\">The mechanism<\/a> was mandated by the IMF as a condition for the disbursement of the fifth tranche of its USD 12 bn facility to Egypt. An unnamed government source also <a href=\"https:\/\/cms.shorouknews.com\/news\/view.aspx?cdate=30092019&id=df3889e9-3477-4706-963d-1d2071fb32ad\">told Al Shorouk<\/a> the prices would be kept on hold.<\/p>\n<p><b>Moody\u2019s is the latest with something to say on last week\u2019s 100 bps interest rate cut, <\/b>saying that lower interest rates and slowing inflation will provide an extra shot in the arm for the economy. The ratings agency expects <b>capex and consumer spending to pick up in the coming months<\/b> and government finances to continue stabilizing as its interest bill falls (we have more on this last point in this morning\u2019s Speed Round, below). Moody\u2019s also expects lower rates to stimulate credit growth by more than 15% next year.<\/p>\n<p><b>Indicators we\u2019re keeping our eye on as we step into October:<\/b><\/p>\n<ul>\n<li><b>PMI:<\/b> The purchasing managers\u2019 index for Egypt, the UAE, and Saudi Arabia will be released on <a href=\"https:\/\/www.markiteconomics.com\/Public\/Release\/ReleaseDates?language=en\">Thursday, 3 October at 6:15 CLT<\/a>. <\/li>\n<li><b>Foreign reserves:<\/b> The Central Bank of Egypt is due to release net foreign reserves figures for August this week or next.<\/li>\n<li><b>Monthly inflation figures for September<\/b> are due at the end of next week. Inflation cooled for the second consecutive month in <a href=\"https:\/\/enterprise.press\/stories\/2019\/09\/11\/egypts-headline-inflation-falls-to-six-and-a-half-year-lows-in-august\/\">August to 7.5%<\/a>, marking the lowest reading in six-and-a-half years. <\/li>\n<\/ul>\n<p><b>Among the conferences taking place in the coming days:<\/b><\/p>\n<ul>\n<li><b>Beltone<\/b> is running an <a href=\"http:\/\/enterprise.press\/wp-content\/uploads\/2019\/09\/Beltone-Access-Conference_-Press-Release.pdf\">investor conference<\/a> in Dubai this week.<\/li>\n<li>The annual <a href=\"https:\/\/ifta2019cairo.com\/\"><b>International Federation of Technical Analysts (IFTA) conference<\/b><\/a> takes in Cairo place this Saturday and Sunday.<\/li>\n<\/ul>\n<p class=\"web-image\"><a href=\"https:\/\/www.ft.com\/content\/68aa3d40-e2ce-11e9-b112-9624ec9edc59\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/9\/1500.png?ssl=1\"><\/a><\/p>\n<p><b>Global M&A in 9M2019 dropped 11% to USD 2.8 tn \u201cas fears of an economic slowdown sap corporate confidence\u201d<\/b> and a USD 200 bn merger between Altria and Philip Morris International failed to materialize, according to Refinitiv data picked up by <a href=\"https:\/\/www.ft.com\/content\/68aa3d40-e2ce-11e9-b112-9624ec9edc59\">the Financial Times<\/a>. M&A activity during 3Q2019 \u2014 around USD 740 bn-worth of transactions \u2014 was the slowest in two years. \u201c<b>M&A markets thrive when CEOs and directors have confidence in the future<\/b>, and it\u2019s hard to have confidence in the future when the world around you is in turmoil both economically and politically,\u201d said Scott Barshay, partner at Paul Weiss law firm.<\/p>\n<p><b>Fund managers the world over are cutting their exposure to equities and are recommending bonds as a better alternative amid volatility in financial markets<\/b>, <a href=\"https:\/\/www.reuters.com\/article\/us-funds-global-poll\/stocks-out-of-favor-again-as-global-funds-prefer-bonds-in-september-reuters-poll-idUSKBN1WF1C5\">according to a Reuters poll<\/a>. \u201cOverall equity exposure in the global balanced model portfolio has fallen to the lowest since November 2016,\u201d declining more than four percentage points since the beginning of 2019 to reach 44.3% in September. On the flipside, recommended bond holdings have reached a six-year peak, rising 3 percentage points this year to 42.1%. The poll didn\u2019t take into account the shift in sentiment after the Trump administration said it\u2019s mulling barring Chinese companies from listing on US exchanges, \u201cwhich broke the wave of optimism\u201d that a detente in the US-China trade war was imminent.<\/p>\n<p class=\"web-image\"><a href=\"https:\/\/www.cbsnews.com\/news\/mohammad-bin-salman-denies-ordering-khashoggi-murder-but-says-he-takes-responsibility-for-it-60-minutes-2019-09-29\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2018\/11\/1843.jpg?ssl=1\"><\/a><\/p>\n<p><b>Further escalation in Saudi-Iranian tensions could bring down the global economy<\/b>, Saudi Crown Prince Mohammed bin Salman said in an interview with CBS\u2019 60 Minutes (<a href=\"https:\/\/www.cbsnews.com\/news\/mohammad-bin-salman-denies-ordering-khashoggi-murder-but-says-he-takes-responsibility-for-it-60-minutes-2019-09-29\/\">watch, runtime: 12:55<\/a>). MbS called the attacks on Saudi Aramco\u2019s oil facilities earlier this month \u2014 which Saudi and its western allies all pinned on Iran \u2014 \u201can act of war,\u201d and cautioned that a military response would impact the rest of the world. The crown prince also denied his involvement in the murder of Washington Post journalist Jamal Khashoggi during the interview. Both <a href=\"https:\/\/www.ft.com\/content\/d7b2ca9a-e31e-11e9-9743-db5a370481bc\">the Financial Times<\/a> and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-09-29\/saudi-crown-prince-says-iran-war-would-bring-down-global-economy?srnd=premium-middle-east\">Bloomberg<\/a> have more.<\/p>\n<p><b>Citing geopolitical tensions and the kingdom\u2019s vulnerable economy, Fitch downgraded Saudi yesterday<\/b>, bringing its long-term foreign-currency issuer default rating to \u2018A\u2019 \u2019from \u2018A+\u2019, <a href=\"https:\/\/www.fitchratings.com\/site\/pr\/10091114\">according to a press release<\/a>. Pointing to the Aramco attacks, the ratings agency said it believes \u201cthat there is a risk of further attacks on Saudi Arabia, which could result in economic damage.\u201d<\/p>\n<hr class=\"grey-line\">\n<p><b>Nobody\u2019s quite sure why, but diverse companies perform better than their more homogeneous counterparts.<\/b> Diversity in gender and overall board composition together create a statistical likelihood for a company\u2019s financial success, Morgan Stanley\u2019s global head of sustainability research Jessica Alford writes for <a href=\"https:\/\/www.ft.com\/content\/7c3dbf1e-e047-11e9-b112-9624ec9edc59\">the Financial Times<\/a>. The investment bank analysed company data over the past eight years and found that gender-diverse companies outperform less diverse companies. \u201cGlobally, the most gender-diverse companies outperformed their regional benchmarks by 1.7 percentage points on average each year, while the least gender-diverse firms underperformed by 1.4 percentage points,\u201d Alford writes. The trend still held up even when controlling for company size, dividend yield, profitability, and risk.<\/p>\n<p><b>We\u2019re not in Hawkins anymore:<\/b> Stranger Things dropped a <a href=\"https:\/\/www.instagram.com\/p\/B3Co8mCFGuB\/?igshid=1w04scscsv9se\">teaser trailer<\/a> for the upcoming fourth season on its Instagram page yesterday. The widely expected fourth season had previously not been announced by the streamer. Now, if they\u2019d just say when that season might actually start, the resident 12-year-old would be happy.<\/p>\n<p><b>PSA- <\/b>Mercury levels in the capital this afternoon are expected to peak at a balmy 32\u00b0C, before cooling off to 22\u00b0C, <a href=\"http:\/\/ema.gov.eg\/pdf\/4df.png\">according to Meteorological Authority forecasts (pdf)<\/a>. Those in Alexandria will be seeing slightly cooler weather with highs of 29\u00b0C and a chance of rainfall.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today\u2019s the day, ladies and gents: The House of Representatives reconvenes at 10am CLT today for its fifth and final legislative session before we\u2019ll elect not just MPs to the House, but also a new Senate, which was reconstituted under the new constitution. What\u2019s on the House\u2019s agenda as MPs get back to business? We [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7204],"tags":[394,82,72,164,119,274,716,180,7128,1324,127,219,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-593508","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-aramco","tag-bonds","tag-enterpriseam","tag-equities","tag-financial-markets","tag-house-of-representatives","tag-iran","tag-legislation","tag-ma-watch","tag-moodys","tag-politics","tag-saudi-arabia","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"b73cc569-66f1-414c-8af8-7ced2f4a6db9","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[593506],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What we\u2019re tracking on 01 October 2019 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/10\/01\/what-were-tracking-on-01-october-2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What we\u2019re tracking on 01 October 2019\" \/>\n<meta property=\"og:description\" content=\"Today\u2019s the day, ladies and gents: The House of Representatives reconvenes at 10am CLT today for its fifth and final legislative session before we\u2019ll elect not just MPs to the House, but also a new Senate, which was reconstituted under the new constitution. What\u2019s on the House\u2019s agenda as MPs get back to business? 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It\u2019s hump day, we know, but it\u2019s shaping up to be the best week in forever. Consider: The Suez Canal is open again now that the Ever Whatever is floated and chilling in the Great Bitter Lake.CI Capital has priced Taaleem\u2019s IPO on the Egyptian Exchange\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572189,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/15\/our-elected-representatives-want-there-to-be-more-mps\/","url_meta":{"origin":593508,"position":1},"title":"Our elected representatives want there to be \u2026 more MPs","author":"enterpriseam admin","date":"15 June 2020","format":false,"excerpt":"LEGISLATION WATCH- Rejoice, we\u2019re about to have even more MPs: The House of Representatives\u2019 general assembly signed off yesterday on amendments to the legislation regulating parliamentary elections that would increase the total number of parliamentary seats up for grabs to 568, from 540, according to Al Shorouk. 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The decision is meant to\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546897,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/mps-think-the-tax-revenue-targets-in-the-budget-are-a-bit-optimistic\/","url_meta":{"origin":593508,"position":3},"title":"MPs think the tax revenue targets in the budget are a bit optimistic","author":"enterpriseam admin","date":"1 June 2022","format":false,"excerpt":"After flagging FY 2022-2023 budget allocations for subsidy + social safety net spending, MPs are zeroing in on tax receipts: MPs at the House Planning and Budgeting Committee are skeptical that the government\u2019s forecasted tax revenues for the upcoming fiscal year are attainable, suggesting in a committee meeting yesterday that\u2026","rel":"","context":"In &quot;BUDGET WATCH&quot;","block_context":{"text":"BUDGET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/budget-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547653,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/03\/this-morning-light-rail-opens-today-mps-could-break-for-recess-this-week\/","url_meta":{"origin":593508,"position":4},"title":"THIS MORNING: Light rail opens today + MPs could break for recess this week","author":"enterpriseam admin","date":"3 July 2022","format":false,"excerpt":"Welcome to FY2022-2023, ladies and gentlemen. 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