{"id":595618,"date":"2019-08-01T04:35:19","date_gmt":"2019-08-01T04:35:19","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/01\/what-were-tracking-on-1-august-2019\/"},"modified":"2019-08-01T04:35:19","modified_gmt":"2019-08-01T04:35:19","slug":"what-were-tracking-on-1-august-2019","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/01\/what-were-tracking-on-1-august-2019\/","title":{"rendered":"What we\u2019re tracking on 1 August 2019"},"content":{"rendered":"<p><b>Don\u2019t ask us how, but we\u2019re two-thirds of the way through the summer.<\/b> June and July seem to have whizzed by, and at this rate, August promises to do the same. With a brand new month comes a handful of news triggers coming up over the next several days:<\/p>\n<ul>\n<li><b>Foreign reserves:<\/b> The CBE is due to release Egypt\u2019s net foreign reserve figures for July sometime next week.<\/li>\n<li><b>PMI:<\/b> The purchasing managers\u2019 index for Egypt, the UAE, and Saudi Arabia will be released on Monday, 5 August.<\/li>\n<li>Inflation: Monthly inflation figures are due out next week. Inflation fell to a three-year low in June, <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/11\/egypts-inflation-rate-in-single-digits-for-first-time-since-march-2016-cbe-still-expected-to-hold-rates\/\">coming in at 9.4%<\/a>.<\/li>\n<\/ul>\n<p class=\"web-image\"><a href=\"https:\/\/www.nytimes.com\/interactive\/2019\/07\/31\/business\/economy\/federal-reserve-interest-rates.html\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/8\/958.png?ssl=1\"><\/a><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <b>Fed cuts interest rates for the first time in a decade, but don\u2019t expect more cuts soon:<\/b> The US Federal Reserve cut interest rates by 25 basis points, marking the first rate cut since 2008, according to <a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/monetary20190731a1.htm\">a statement out yesterday<\/a> after the Open Market Committee\u2019s two-day meeting. Two policymakers voted against the rate cut. The Gray Lady was out with <a href=\"https:\/\/www.nytimes.com\/interactive\/2019\/07\/31\/business\/economy\/federal-reserve-interest-rates.html\">an explainer<\/a> for the preemptive move, which came \u201ceven as the economic expansion in the United States reaches record length, unemployment hovers a historic lows and consumers keep spending.\u201d<\/p>\n<p><b>When might we next see a cut?<\/b> Yesterday\u2019s rate cut, although widely expected, \u201cdisappointed investors by calling the move a \u2018mid-cycle adjustment to policy\u2019 rather than the start of a more aggressive cycle of monetary easing,\u201d <a href=\"https:\/\/www.ft.com\/content\/be296b8e-b3b6-11e9-bec9-fdcab53d6959\">the Financial Times says<\/a>. Chairman Jerome Powell suggested at a presser after the meeting that at least one more cut is likely, but that beginning a \u201clengthy cutting cycle\u201d is \u201cnot our perspective now, or outlook.\u201d Following Powell\u2019s statements, the yield curve on US bonds became inverted again, \u201creflecting pessimism that the Fed will further prop up the US economy.\u201d An inverted yield curve has preceded every US recession over the past five decades. <b>The reaction on Wall Street was negative:<\/b> The S&P 500 and Dow Jones both posted the biggest one-day drops in two months, <a href=\"https:\/\/www.reuters.com\/article\/us-usa-stocks\/wall-street-unimpressed-by-feds-expected-rate-cut-idUSKCN1UQ1GR\">according to Reuters<\/a>.<\/p>\n<p><b>Emerging markets also didn\u2019t react well to Powell\u2019s statements:<\/b> \u201cMoney managers and analysts said the Fed decision is slightly negative for developing-nation assets as traders may ease [wagers] on further rate reductions in the U.S.,\u201d <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-07-31\/emerging-market-rally-tempered-by-not-so-dovish-fed-rate-cut?srnd=premium-middle-east\">according to Bloomberg<\/a>. Emerging market currencies had expected to see a dovish Fed, but Powell\u2019s commentary yesterday presented a more hawkish stance than had been priced into the market, suggesting that a correction is on the horizon, analysts say.<\/p>\n<p class=\"web-image\"><a href=\"https:\/\/www.ft.com\/content\/22b009a8-b23d-11e9-bec9-fdcab53d6959\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/7\/2477.jpg?ssl=1\"><\/a><\/p>\n<p><b>Saudi equities are booming:<\/b> Mutual and exchange-traded funds have poured money into Saudi equities in 2019 after indexing groups MSCI, FTSE, Russell and S&P Dow Jones Indices included them in their emerging-market benchmarks, <a href=\"https:\/\/www.ft.com\/content\/22b009a8-b23d-11e9-bec9-fdcab53d6959\">the FT reports<\/a>. Holdings have surged to USD 4.8 bn from just USD 356 mn at the start of the year, demonstrating the influence that the index providers have in directing capital flows.<\/p>\n<p><b>Make more noise, get paid by Abraaj.<\/b> Abraaj used a color chart to decide which investor to pay based on how much \u201cnoise\u201d they made, <a href=\"http:\/\/dfsa.ae\/getattachment\/6e06e73d-9f5d-4396-b294-df077e8e8e66\/attachment\">according to a report<\/a> by Dubai\u2019s financial regulator. The defunct private equity firm prioritized \u201cpayments in order of importance, noise makers and those that will come back\u201d when one of its funds fell short in 2016. Dubai <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/31\/dubai-financial-regulator-fines-abraaj-usd-314-6-mn-for-serious-wrongdoing\/\">fined Abraaj USD 314.6 mn this week<\/a> for misusing funds, misleading clients and financial manipulation.<\/p>\n<p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/7\/1347.jpg?ssl=1\"><\/p>\n<p><b>Trump\u2019s Middle East peace plan will be revealed in the next six weeks:<\/b> US President Donald Trump\u2019s long-awaited Middle East peace plan will apparently be revealed before the 17 September Israeli elections (in a bid, we presume, to boost Netanyahu\u2019s chances for reelection). <a href=\"https:\/\/www.ynet.co.il\/articles\/0,7340,L-5560946,00.html\">Israeli media<\/a> are reporting that White House advisor Jared Kushner will invite Arab leaders to a Camp David summit in the US to discuss the Trump administration\u2019s plans. Kushner will travel to Egypt, Jordan, Saudi Arabia, Qatar, and the UAE next week to drum up support for the plan.<\/p>\n<p><b>New Greek gov\u2019t pulls no punches on Turkey\u2019s east Med gas adventures:<\/b> The newly-elected conservative Greek government has ramped up its rhetoric against Turkey, accusing it of threatening regional security for <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/15\/turkey-to-continue-drilling-for-gas-off-cyprus-until-greek-cypriots-accept-turkish-cypriot-cooperation-proposal\/\">exploring for oil and gas<\/a> off the Cypriot coast, <a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFL8N24V6RE\">Reuters reports<\/a>. \u201cThe illegal actions of Turkey, which defy international law, are placing the security of the region at risk. As such, they are absolutely condemnable,\u201d Greek Foreign Minister Nikos Dendias said on Tuesday after <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/31\/egypts-shoukry-holds-talks-with-greek-prime-foreign-ministers\/\">meeting with Egyptian FM Sameh Shoukry<\/a>.<\/p>\n<p><b>Iran to redenominate currency to combat inflation:<\/b> The Iranian government will knock four zeroes off the rial in a bid to stem inflation, according to <a href=\"https:\/\/en.irna.ir\/news\/83419212\/Iran-gov-t-approves-slashing-four-zeros-from-national-currency\">Iran\u2019s news agency<\/a>. The currency has been under severe pressure since the US reintroduced economic sanctions last year, having fallen to IRR 120k \/USD from IRR 32k \/USD in 2015. The currency will also be renamed the toman, restoring a currency unit that was removed from circulation in 1925.<\/p>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <b>The historical tradition of appointing a European to head the IMF is an \u201coutmoded and counterproductive\u201d system<\/b> in an increasingly multipolar global economy, Mohamed El Erian <a href=\"https:\/\/www.bloomberg.com\/opinion\/articles\/2019-07-30\/europe-should-no-longer-pick-imf-director?srnd=opinion\">writes for Bloomberg<\/a>. There is an unofficial tradition for the World Bank to be headed by a US national, while the top position at the fund is given to a European. El Erian, who was sidelined from the shortlist of nominees to replace Christine Lagarde as the IMF\u2019s managing director, says that the tradition has seen European governments bypass experienced nominees with technical expertise for politicians.<\/p>\n<p><b>While the selection process currently underway is too far along for Europe to change its ways<\/b>, governments must enact changes to the next selection process, El Erian says. \u201cIt should do so not only for its own sake, but to ensure a more credible and effective multilateral response if, as seems possible, unusually loose global financial conditions and weakening growth end up proving to be the calm before an economic and market storm.\u201d<\/p>\n<hr class=\"grey-line\">\n<p><b>Apple may have seen a 12% decline in iPhone sales in 2Q2019 but it has countered this with revenue growth in every other area of its business<\/b>, including iPad and Mac, <a href=\"https:\/\/www.wsj.com\/articles\/apples-profit-slips-13-as-iphone-sales-continue-to-slump-11564520326\">the Wall Street Journal reports<\/a>. The company expects revenue for 3Q2019 of between USD 61 bn and 64 bn, even though reduced iPhone business continues to impact results. This has been driven by fewer iPhone sales and a slowdown in the Chinese economy, with revenue in China plummeting by over 20% in 4Q2018 and 1Q2019.<\/p>\n<hr class=\"grey-line\">\n<p><b>PSA-<\/b> The Financial Regulatory Authority <a href=\"http:\/\/www.fra.gov.eg\/jtags\/efsa_ar\/pdf\/Final272019.pdf\">published yesterday a guide (pdf)<\/a> on the rules and regulations of issuing sukuk that were <a href=\"https:\/\/enterprise.press\/stories\/2019\/04\/15\/financial-regulatory-authority-issues-regulations-for-sukuks-in-egypt\/\">issued in April<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Don\u2019t ask us how, but we\u2019re two-thirds of the way through the summer. June and July seem to have whizzed by, and at this rate, August promises to do the same. With a brand new month comes a handful of news triggers coming up over the next several days: Foreign reserves: The CBE is due [&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":[72,349,388,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-595618","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-interest-rates","tag-us-federal-reserve","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"c4d1ba3c-568b-4bfe-9c98-f90ad2291f34","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[595616],"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 1 August 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\/08\/01\/what-were-tracking-on-1-august-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 1 August 2019\" \/>\n<meta property=\"og:description\" content=\"Don\u2019t ask us how, but we\u2019re two-thirds of the way through the summer. 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It\u2019s a mostly good news kind of Wednesday, with the entry of Saudi sovereign wealth fund PIF getting the ball rolling on its pledged USD 10 bn of investments in Egypt, while inflation figures didn\u2019t extend their brief cool-off last month.THE BIG STORIES TODAY KSA makes\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":596671,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/04\/what-were-tracking-on-4-july-2019\/","url_meta":{"origin":595618,"position":1},"title":"What we\u2019re tracking on 4 July 2019","author":"enterpriseam admin","date":"4 July 2019","format":false,"excerpt":"Good morning, friends, and welcome to the last day of the week. May we start off by saying we are very happy that we are just hours away from enjoying the calm that will take over Cairo thanks to the weekly exodus to Sahel?Our elected representatives may not be as\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":595667,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/04\/what-were-tracking-on-4-august-2019\/","url_meta":{"origin":595618,"position":2},"title":"What we\u2019re tracking on 4 August 2019","author":"enterpriseam admin","date":"4 August 2019","format":false,"excerpt":"It\u2019s official, folks: Eid Al Adha falls this Sunday. Dar Al Iftaa announced on Thursday that the first day of Eid Al Adha will be Sunday, 11 August. This sets us working people up for a five-day break (Friday-Tuesday). We have yet to hear anything official from cabinet for the\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":596523,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/01\/what-were-tracking-on-1-july-2019\/","url_meta":{"origin":595618,"position":3},"title":"What we\u2019re tracking on 1 July 2019","author":"enterpriseam admin","date":"1 July 2019","format":false,"excerpt":"Welcome back, ladies and gentlemen \u2014 and welcome to the new fiscal year. We hope you all enjoyed the much-needed extended weekend as much as we did. We know that it\u2019s only been a little over three weeks since Eid, but that seems like a long time ago now \u2014\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\/2016\/12\/35.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594682,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/04\/what-were-tracking-on-4-september-2019\/","url_meta":{"origin":595618,"position":4},"title":"What we\u2019re tracking on 4 September 2019","author":"enterpriseam admin","date":"4 September 2019","format":false,"excerpt":"Good morning, ladies and gentlemen. Can we start by saying how grateful we are that public schools are not yet back in session, meaning Cairo traffic is not at its worst these days? We expect that to change in a little over two weeks, though: Schools are expected to open\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":552061,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/09\/this-evening-mopco-gets-interest-from-pif-inflation-figures-are-set-to-drop-tomorrow\/","url_meta":{"origin":595618,"position":5},"title":"THIS EVENING: Mopco gets interest from PIF + Inflation figures are set to drop tomorrow","author":"enterpriseam admin","date":"9 August 2022","format":false,"excerpt":"Happy hump day, friends. It\u2019s still another rather quiet news day here on the home front, but our drought is being punctuated by a pickup in M&A activity.THE BIG STORY TODAY Another GCC sovereign fund wants a piece of Mopco: Saudi Arabia\u2019s sovereign wealth fund is about to acquire a\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/595618","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=595618"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/595618\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/595616"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=595618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=595618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=595618"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=595618"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=595618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}