{"id":595816,"date":"2019-08-07T04:00:26","date_gmt":"2019-08-07T04:00:26","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/07\/what-were-tracking-on-7-august-2019\/"},"modified":"2019-08-07T04:00:26","modified_gmt":"2019-08-07T04:00:26","slug":"what-were-tracking-on-7-august-2019","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/07\/what-were-tracking-on-7-august-2019\/","title":{"rendered":"What we\u2019re tracking on 7 August 2019"},"content":{"rendered":"

News dirth to reach a crescendo next week on expectations of widespread food coma epidemic:<\/b> The August news lull continues, with yesterday being one of the slowest news days we\u2019ve seen all year, and it\u2019s not even Eid yet. Expect next week to be an even duller week in Egypt-related news as Sunday, Monday and Tuesday are national holidays. Don\u2019t worry though: we will be in your inboxes on Wednesday and Thursday to add some color to the week\u2019s non-events.<\/p>\n

The CBE and Capmas are due to release July\u2019s inflation figures sometime this week.<\/b> Inflation unexpectedly plummeted<\/a> almost five percentage points to 9.4% in June \u2014 the first time Egypt has seen single digit inflation since March 2016. While some research houses have lowered their overall projections for the year, it is widely expected that we see inflation in July rise on the back of last month\u2019s cuts to fuel<\/a> and electricity subsidies.<\/p>\n

Don\u2019t put money on a rate cut this month: <\/b>Investment banks are expecting the Monetary Policy Committee to keep interest rates on hold when it meets on Thursday, 22 August.<\/p>\n

Meanwhile, net foreign reserves inched up to USD 44.91 bn at the end of July <\/b>from USD 44.35 bn in June, CBE data showed<\/a>. Expect the figure to jump more substantially next month, when the final USD 2 bn tranche<\/a> of the IMF loan is added to the pile.<\/p>\n

Members of the UN Security Council have condemned \u201cin the strongest terms\u201d Sunday\u2019s terrorist attack <\/b>and expressed condolences to the families of the victims in a joint statement<\/a>. General Secretary of the Arab League Ahmed Aboul Gheit also issued a statement<\/a> denouncing the attack.<\/p>\n

<\/p>\n

US Treasury Secretary Steven Mnuchin formally called out China for being a \u201ccurrency manipulator,\u201d <\/b>in a Treasury statement<\/a> late Monday. The statement came after the Chinese onshore and offshore exchange rates hit 11-year lows early Monday<\/a>, two days after Trump vowed to impose new 10% tariffs on the remaining USD 300 bn-worth of Chinese goods starting 1 September. \u201cAs a result of this determination, Secretary Mnuchin will engage with the IMF to eliminate the unfair competitive advantage created by China\u2019s latest actions,\u201d the Treasury statement said.<\/p>\n

The designation fulfilled a Donald Trump promise to officially label China a currency manipulator<\/b>, says Reuters<\/a>. US officials have long criticized Beijing of controlling its currency to help exporters, but this is the first official accusation since 1994.<\/p>\n

<\/p>\n

<\/a> Investors pulled almost USD 3 bn from EM equities and bonds this week<\/b> on US-China trade war fears, the Institute of International Finance\u2019s flow tracker estimates, according to Reuters<\/a>. Around USD 6.8 bn has exited emerging markets since last Thursday, including USD 2.33 bn on Friday alone<\/a>. A separate IIF alert dubbed the current flow reversal \u2018Trade Tantrum 2.0\u2019, a reference to the spike in outflows in May<\/a>. Asian markets sustained especially heavy losses last Friday: USD 1 bn exited Chinese equities, while India saw USD 400 mn of outflows and Taiwan lost USD 760 mn (over two days).<\/p>\n

The US-China trade war is weighing on the big bn\u2019naires<\/b>, Bloomberg reports<\/a>. The world\u2019s wealthiest 500 people lost 2.1% of their collective net worth on Monday as stocks plunged on the back of rising trade tensions<\/a> between China and the US. Amazon\u2019s Jeff Bezos was the biggest loser, after the online giant lost USD 3.4 bn in the turmoil. But don\u2019t reach for the violins just yet:<\/b> he\u2019s still the richest person on the planet with USD 110 bn.<\/p>\n

It\u2019s not enough to rely on rate cuts. Global headwinds call for better portfolios, says El Erian: <\/b>Investors need to start rethinking portfolio building strategies as economic and political headwinds are beginning to take on a bigger role in asset price movements, undermining the comfort investors sought in monetary easing, Mohamed El Erian writes for the Financial Times<\/a>. Growing US-China trade tensions, which have so far only seen \u201ca series of ceasefires\u201d and no truce, \u201cmeans that portfolio positioning just for the beneficial effects of more liquidity will be challenged more than in the past,\u201d he says.<\/p>\n

<\/p>\n

<\/a> AI is looking to displace research houses at investment banks...: <\/b>AI is playing a crucial role in generating information for cost-conscious investment banks looking to downsize by laying off human researchers, according to Bloomberg<\/a>. Ploughing through news articles, government statements and social media accounts all over the world that mere mortals couldn\u2019t possibly process, machines end up reducing one of banking\u2019s most significant outlays. There was a 30% drop in research budgets last year in the UK, data from the Financial Conduct Authority shows, while the 12 biggest banks have cut their front-office staff covering currencies, such as traders and researchers, by 7% since 2015, according to London-based research analytics consultancy Coalition Development Ltd.<\/p>\n

...and humanity in general:<\/b> Tech companies are racing to be the first to build a machine capable of human-level intelligence, the FT says<\/a>. Elon Musk\u2019s OpenAI and Alphabet\u2019s DeepMind have both built deep learning systems using artificial neural networks that model the human brain, but many experts remain sceptical about whether machines will ever approach human levels of cognition without an algorithmic breakthrough. This might be about to change though, after Microsoft last month made a decisive move in the pursuit of artificial general intelligence and invested USD 1 bn<\/a> in OpenAI.<\/p>\n

All eyes on Scale:<\/b> Silicon Valley\u2019s next big thing is a three-year-old startupScale<\/a>. Valued at over USD 1 bn aftersecuring USD 100 mn<\/a> in series C funding, the company teaches AI systems how to \u2018see\u2019 like humans. Using specially-built software to review images, most of which it can label automatically, it cuts down a time and labor-intensive process that usually costs companies bns in human labor. A network of contract workers then reviews the images, making any necessary adjustments. Clients raving about its efficiency and cost-effectiveness include Uber, Waymo and OpenAI, according to Bloomberg<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

News dirth to reach a crescendo next week on expectations of widespread food coma epidemic: The August news lull continues, with yesterday being one of the slowest news days we\u2019ve seen all year, and it\u2019s not even Eid yet. Expect next week to be an even duller week in Egypt-related news as Sunday, Monday and […]<\/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":[7094,82,330,271,116,984,115,72,164,182,3075,639,117,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-595816","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-ai","tag-bonds","tag-capmas","tag-central-bank-of-egypt","tag-china","tag-donald-trump","tag-emerging-markets","tag-enterpriseam","tag-equities","tag-inflation","tag-institute-of-international-finance","tag-technology","tag-us","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"4053fa9c-9794-4f64-a31c-02cb3a6d6e74","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[595814],"teaser":"","voice_url":""},"yoast_head":"\nWhat we\u2019re tracking on 7 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\/07\/what-were-tracking-on-7-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 7 August 2019\" \/>\n<meta property=\"og:description\" content=\"News dirth to reach a crescendo next week on expectations of widespread food coma epidemic: The August news lull continues, with yesterday being one of the slowest news days we\u2019ve seen all year, and it\u2019s not even Eid yet. 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Inflation fell unexpectedly to a four-year low\u2026","rel":"","context":"In "What We're Tracking Today"","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":552082,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/10\/this-evening-ksa-snaps-up-usd-1-3-bn-worth-of-stakes-in-four-state-owned-egx-listed-companies-its-all-about-inflation-today\/","url_meta":{"origin":595816,"position":1},"title":"THIS EVENING: KSA snaps up USD 1.3 bn-worth of stakes in four state-owned, EGX-listed companies + It\u2019s all about inflation today","author":"enterpriseam admin","date":"10 August 2022","format":false,"excerpt":"Good afternoon, wonderful people. 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 "WHAT WE\u2019RE TRACKING TONIGHT"","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":552499,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/08\/this-evening-inflation-accelerates-in-august-expedition-presents-a-new-offer-for-domty\/","url_meta":{"origin":595816,"position":2},"title":"THIS EVENING: Inflation accelerates in August + Expedition presents a new offer for Domty","author":"enterpriseam admin","date":"8 September 2022","format":false,"excerpt":"Good afternoon, ladies and gentlemen. We\u2019re just hours away from a very well-deserved weekend after a mad rush of a week \u2014 with today being no exception. ALSO- It\u2019s your last day to tell us how you\u2019re feeling about your business and the wider economy. We\u2019ll have the results for\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","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":552461,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/06\/this-evening-govt-throws-its-weight-behind-fx-flexibility-liz-truss-gets-to-work\/","url_meta":{"origin":595816,"position":3},"title":"THIS EVENING: Gov\u2019t throws its weight behind FX flexibility + Liz Truss gets to work","author":"enterpriseam admin","date":"6 September 2022","format":false,"excerpt":"Happy Tuesday, wonderful people. We have an interesting \u2014 albeit not-crazy-busy \u2014 hump day on the home front today.THE BIG STORY TODAY Gov\u2019t is on board for more FX flexibility, El Said says: \u201cWe as a government do agree that a flexible exchange rate is definitely good for the economy,\"\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","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":552811,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/this-evening-supply-ministry-announces-three-cooking-oil-complexes-open-for-investment-ukraine-fully-reclaims-lyman-in-major-battlefield-loss-for-russia\/","url_meta":{"origin":595816,"position":4},"title":"THIS EVENING: Supply Ministry announces three cooking oil complexes open for investment + Ukraine fully reclaims Lyman in major battlefield loss for Russia","author":"enterpriseam admin","date":"2 October 2022","format":false,"excerpt":"Good afternoon, friends. It\u2019s a slow start to the month and the final quarter of the year here in Omm El Donia.THE BIG STORY TODAY The Supply Ministry is tendering three projects to set up cooking oil complexes worth a combined USD 321 mn in Alexandria, Sohag and Al Sadat\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","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":581012,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/this-evening-madbouly-cabinet-to-announce-details-of-privatization-plans-next-week\/","url_meta":{"origin":595816,"position":5},"title":"THIS EVENING: Madbouly Cabinet to announce details of privatization plans next week","author":"enterpriseam admin","date":"1 February 2023","format":false,"excerpt":"Good afternoon, ladies and gentlemen. We\u2019re just about at the end of the work week, after making it through what felt like a very, very long January.** TAKE OUR JANUARY ENTERPRISE READER SURVEY and get a chance to break bread with us: Give us your thoughts on how 2022 panned\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","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\/2023\/2\/95.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/595816","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=595816"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/595816\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/595814"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=595816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=595816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=595816"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=595816"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=595816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}