{"id":595717,"date":"2019-08-05T04:00:36","date_gmt":"2019-08-05T04:00:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/05\/what-were-tracking-on-05-august-2019\/"},"modified":"2019-08-05T04:00:36","modified_gmt":"2019-08-05T04:00:36","slug":"what-were-tracking-on-05-august-2019","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/05\/what-were-tracking-on-05-august-2019\/","title":{"rendered":"What we\u2019re tracking on 05 August 2019"},"content":{"rendered":"<p><b>It\u2019s PMI day:<\/b> The Emirates NBD purchasing managers\u2019 indexes for Egypt, the UAE, and Saudi Arabia are due out this morning at 6:15 am CLT. Non-oil business activity had <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/07\/non-oil-business-activity-continues-to-contract-in-june-4\/\">remained in contraction territory in June<\/a>, but the slowdown rate was softer than the month prior. You can <a href=\"https:\/\/www.markiteconomics.com\/Public\/Release\/PressReleases?language=en\">find the PMI here<\/a> when it\u2019s released.<\/p>\n<p>Also coming up this week:<\/p>\n<ul>\n<li><b>Foreign reserves:<\/b> The CBE is due to release Egypt\u2019s net foreign reserve figures for July.<\/li>\n<li><b>Inflation:<\/b> Monthly inflation figures are due out from the CBE and Capmas. 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><b>The subscription period for the retail component of e-payments platform Fawry\u2019s IPO closes today.<\/b> The company has set aside 35.4 mn shares for its Egyptian retail offering, which is so far around 7x oversubscribed, <a href=\"https:\/\/alborsaanews.com\/2019\/08\/04\/1231832\">according to the local press<\/a>. Fawry\u2019s private placement, which closed last week, was nearly 16x oversubscribed. The company\u2019s shares will debut on the EGX at EGP 6.46 per share on Thursday.<\/p>\n<p><b>It\u2019s official: <\/b>Prime Minister Moustafa Madbouly will today oversee the official signing ceremony with Canada\u2019s Bombardier to build the much anticipated monorails, <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=04082019&id=7686767b-6843-4928-833a-973a2c4a0484\">Al Shorouk reported<\/a>. The Transport Ministry yesterday signed an agreement with the Bombardier-led consortium to construct the monorails linking 6 October City to Giza and Nasr City to the new administrative capital. We have more on this in this morning\u2019s Speed Round, below.<\/p>\n<p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/8\/Stock-trader-1600px.jpg?ssl=1\"><\/p>\n<p><b>Is the US heading for a summer stock market correction?<\/b> Escalating trade tensions, the heightened risk of a no-deal Brexit, and a hesitant US Federal Reserve could create a perfect storm resulting in a stock market correction in the coming weeks, <a href=\"https:\/\/www.cnbc.com\/2019\/08\/02\/perfect-storm-building-for-market-correction.html\">analysts tell CNBC<\/a>. US equities have turned a blind eye to rising global headwinds, soaring to record highs in recent weeks on hopes that the Fed was about to embark on an extended easing cycle. But Fed chair Jerome Powell\u2019s unexpectedly hawkish comments last week and Trump\u2019s trade war escalation have <a href=\"https:\/\/enterprise.press\/stories\/2019\/08\/04\/what-were-tracking-on-4-august-2019\/\">sent shockwaves through the markets<\/a>. \u201cThe risks are significant,\u201d Barry Knapp, managing partner at Ironsides Macroeconomics, said. \u201c I think we\u2019ll get a correction\u2026 We could trade back to May lows.\u201d Julian Emanuel, BTIG\u2019s head of equity and derivative strategy, warns that there is unlikely to be any clarity on the main issues plaguing the market for weeks. \u201cThe real issue as to why there\u2019s going to be a correction in our view is there\u2019s a massive, massive vacuum\u2026 The issues are China, the issues are the Fed and the issues are Brexit. In the first two, you\u2019re almost not going to hear anything.\u201d<\/p>\n<p><b>Morgan Stanley has changed its tune on EM debt:<\/b> It was only <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/09\/what-were-tracking-on-9-july-2019\/\">last month<\/a> that Morgan Stanley was telling us to get into EM bonds in the event of a market downturn. But after the Fed dashed <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/31\/what-were-tracking-on-31-july-2019\/\">its expectations<\/a> for a more dovish turn, the bank has turned decidedly bearish on EM debt and is advising clients to reduce their exposure, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-08-04\/morgan-stanley-turns-gloomier-on-em-as-fed-trade-woes-bite?srnd=premium-middle-east\">Bloomberg reports<\/a>. \u201cThe backdrop for EM has worsened in several ways in a short space of time,\u201d bank analysts said in a note on Friday. \u201cAll this justifies a more cautious stance and will likely worsen an already weak global-growth backdrop.\u201d<\/p>\n<hr class=\"grey-line\">\n<p><b>Affirma Capital has become an independent EM private equity firm<\/b> after completing a USD 1 bn management buyout (MBO) from Standard Chartered Bank, it said <a href=\"https:\/\/ent.news\/2019\/8\/2787.pdf\">in a statement (pdf)<\/a>. Intermediate Capital Group (ICG) purchased the majority of the bank\u2019s PE assets through its ICG Strategic Equity, which will provide Affirma with <a href=\"https:\/\/www.icgam.com\/newsroom\/2018\/17-12-2018\">USD 400 mn<\/a>for new and follow-on investments. Affirma will manage Standard Chartered Private Equity\u2019s USD 3.6 bn portfolio, which includes over 50 investments across China, India, South East Asia, South Korea, Sub-Saharan African and the Middle East. Affirma <a href=\"http:\/\/enterprise.press\/wp-content\/uploads\/2019\/08\/Affirma_Tirupati_1-Aug_2019.pdf\">immediately announced<\/a> a USD 50 bn investment in Indian nutraceutical company Tirupati Group following the completion of the MBO.<\/p>\n<hr class=\"grey-line\">\n<p><b>Ever wondered why the terms \u2018bull market\u2019 and \u2018bear market\u2019 are so widely used but often so difficult to define?<\/b> This <a href=\"https:\/\/www.wsj.com\/articles\/where-did-this-bull-market-come-from-anyway-11564766200\">mini-crash course<\/a> in financial history and language from the WSJ tells you where the terms came from and traces their use as widespread terminology. You might be surprised to know that they have actually been around since the 1850s, with financial optimists and pessimists first referred to as \u2018bulls\u2019 and \u2018bears\u2019 respectively in Britain in the early 18th century. But modern use of the terms (in which a bull market is commonly defined by a 20% rise from a market index\u2019s most recent lowest point and a bear market by a 20% decline from its latest high) only became the accepted definitions in the 1980s and 90s.<\/p>\n<p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/8\/710.jpg?ssl=1\"><\/p>\n<p><b>Sudan generals, opposition sign constitutional agreement:<\/b> Sudan\u2019s military and civilian leaders yesterday put pen to paper and signed the <a href=\"https:\/\/enterprise.press\/stories\/2019\/08\/04\/what-were-tracking-on-4-august-2019\/\">constitutional declaration agreed on Saturday<\/a>, <a href=\"https:\/\/www.bbc.com\/news\/world-africa-49226130\">the BBC reports<\/a>. Protest leader Ahmed Rabie and Gen. Mohamed Hamdan \u201cHemeti\u201d Daglo signed the agreement, which will set up a transitional governing council consisting of six civilians and five generals that will rule the country until elections are held in late-2022. A general will lead the council for the first 21 months before handing power to a civilian, who will rule for a further 18 months. The council will establish up a 300-member legislative body and a cabinet headed by a civilian prime minister.<\/p>\n<p><b>Foreign Ministry welcomes declaration:<\/b> The Foreign Ministry has welcomed the declaration, calling it an \u201cimportant step on the right path towards achieving security and stability in the country\u201d <a href=\"https:\/\/www.facebook.com\/MFAEgyptEnglish\/posts\/2426766174317624?__tn__=-R\">in a statement<\/a>.<\/p>\n<p><b>Another day, another tanker seized in the Gulf: <\/b>Iranian state media announced yesterday that the Revolutionary Guards seized an Iraqi oil tanker said to have been smuggling fuel, <a href=\"https:\/\/www.reuters.com\/article\/us-mideast-iran-tanker\/iran-seizes-foreign-oil-tanker-smuggling-fuel-in-gulf-state-media-idUSKCN1UU08Y\">Reuters reports<\/a>. <a href=\"https:\/\/www.reuters.com\/article\/us-mideast-iran-tanker\/iran-seizes-foreign-oil-tanker-smuggling-fuel-in-gulf-state-media-idUSKCN1UU08Y\">Seven crew members were detained<\/a> when the vessel was detained near Iran\u2019s Farsi island in the Arabian Gulf. This is the latest in a <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/21\/what-were-tracking-on-21-july-2019\/\">series of tense standoffs<\/a> between Iran and its Gulf neighbours.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s PMI day: The Emirates NBD purchasing managers\u2019 indexes for Egypt, the UAE, and Saudi Arabia are due out this morning at 6:15 am CLT. Non-oil business activity had remained in contraction territory in June, but the slowdown rate was softer than the month prior. You can find the PMI here when it\u2019s released. Also [&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":[3673,168,72,519,7202,78,716,875,185,127,126,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-595717","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-bombardier","tag-diplomacy","tag-enterpriseam","tag-fawry","tag-foreign-policy","tag-ipo-watch","tag-iran","tag-new-administrative-capital","tag-pmi","tag-politics","tag-sudan","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"ff38b629-61b1-4943-a735-624a16bc5fa3","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[595715],"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 05 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\/05\/what-were-tracking-on-05-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 05 August 2019\" \/>\n<meta property=\"og:description\" content=\"It\u2019s PMI day: The Emirates NBD purchasing managers\u2019 indexes for Egypt, the UAE, and Saudi Arabia are due out this morning at 6:15 am CLT. Non-oil business activity had remained in contraction territory in June, but the slowdown rate was softer than the month prior. You can find the PMI here when it\u2019s released. 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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":596620,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/03\/what-were-tracking-on-3-july-2019\/","url_meta":{"origin":595717,"position":1},"title":"What we\u2019re tracking on 3 July 2019","author":"enterpriseam admin","date":"3 July 2019","format":false,"excerpt":"It\u2019s official: The new electricity tariffs are now in force. Electricity companies have begun to apply the new rates for the FY2019-20, which means higher utility bills for all of us starting next month. You can check the full breakdown of the new rates here. We\u2019re still waiting to see\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":594682,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/04\/what-were-tracking-on-4-september-2019\/","url_meta":{"origin":595717,"position":2},"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":552852,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/04\/this-evening-pmi-is-still-in-contraction-but-didnt-change-from-august-global-equity-rally-continues\/","url_meta":{"origin":595717,"position":3},"title":"THIS EVENING: PMI is still in contraction, but didn\u2019t change from August + Global equity rally continues","author":"enterpriseam admin","date":"4 October 2022","format":false,"excerpt":"Good afternoon, wonderful people. It\u2019s a short workweek, so we\u2019re glad it\u2019s almost-WEDNESDAY \u2014 meaning the long weekend is just around the corner. We have what we like to call a Goldilocks news day, where it\u2019s not a torrential downpour but we can\u2019t say it\u2019s all quiet, either. *** Before\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":594588,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/02\/what-were-tracking-on-2-september-2019\/","url_meta":{"origin":595717,"position":4},"title":"What we\u2019re tracking on 2 September 2019","author":"enterpriseam admin","date":"2 September 2019","format":false,"excerpt":"The Big 5 Construct begins today. 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