{"id":596296,"date":"2019-08-25T04:00:07","date_gmt":"2019-08-25T04:00:07","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/25\/what-were-tracking-on-25-august-2019\/"},"modified":"2019-08-25T04:00:07","modified_gmt":"2019-08-25T04:00:07","slug":"what-were-tracking-on-25-august-2019","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/25\/what-were-tracking-on-25-august-2019\/","title":{"rendered":"What we\u2019re tracking on 25 August 2019"},"content":{"rendered":"

Happy Sunday, ladies and gents:<\/b> With the Eid break well and truly behind us, we\u2019re anticipating the news cycle to finally start picking back up. The CBE\u2019s aggressive 150 bps rate cut on Thursday was understandably the talk of Egypt\u2019s econo-sphere over the weekend (more on this in this morning\u2019s Speed Round), but we\u2019re expecting attention to quickly shift to President Abdel Fattah El Sisi\u2019s attendance at the G7 summit, which gets underway today. Oh, and we could be in for a three-day holiday this weekend as the Islamic New Year looks to fall on Saturday.<\/p>\n

<\/a> President Abdel Fattah El Sisi arrived yesterday in Biarritz, France to attend the G7 summit<\/b>, which kicks off today, according to an Ittihadiya statement<\/a>. El Sisi held talks with Italian PM Giuseppe Conte after he arrived to discuss the ongoing investigation into the death of Giulio Regeni, illegal immigration and efforts to fight terrorism, according to a separate statement<\/a>. A group of rights organizations issued a statement on Thursday urging French President Emmanuel Macron to bring up Egypt\u2019s rights record when he meets with El Sisi, AFP reports<\/a>.<\/p>\n

Back to school soon:<\/b> Prepare for slightly worse traffic starting 21 September as the new school year kicks off, the Education Ministry said in a statement yesterday<\/a>.<\/p>\n

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

<\/a> US President Donald Trump triggered a nosedive in US stocks, government bonds, and yields on Friday<\/b> after a series of tweets (here<\/a>, here<\/a>, here<\/a>, and here<\/a>), \u201cordering\u201d American companies to exit China and look for alternatives. The tweetstorm also caused the volatility index to soar, the Wall Street Journal reports<\/a>.<\/p>\n

How does he plan on doing that?<\/b> Enter the International Emergency Economic Powers Act, a little-known piece of legislation passed in 1977 for use against rogue states, drug traffickers, and terrorists. The AP has more<\/a>.<\/p>\n

Trump reacted to the market tumble with\u2026 yet another series of tweets:<\/b> After markets closed on Friday, the president said<\/a> he would raise tariffs on USD 250 bn-worth of Chinese goods to 30% from a current 25%, effective 1 October.<\/p>\n

It takes two to tango, says Beijing:<\/b> China responded to Trump\u2019s decision with a retaliatory tariff hike of its own, announcing that it will slap an additional 5-10% tariff on USD 75 bn of US imports as of next month, according to the Financial Times<\/a>.<\/p>\n

<\/p>\n

<\/a> Powell hints that further rate cuts could be on the way:<\/b> All this came after US Federal Reserve Chairman Jerome Powell signaled in a highly anticipated speech on Friday<\/a> that the central bank may be prepared to make further rate cuts. \u201cOur challenge now is to do what monetary policy can do to sustain the expansion,\u201d he said at the weekend gathering of central bankers at Jackson Hole, Wyoming.<\/p>\n

But admits that the bank can\u2019t do much to contain the fallout from Trump\u2019s trade war: <\/b>Powell pointed to \u201ctrade policy uncertainty \u2026 playing a role in the global slowdown and in weak manufacturing and capital spending in the United States,\u201d but stressed that \u201cwhile monetary policy is a powerful tool that works to support consumer spending, business investment and public confidence, it cannot provide a settled rule book for international trade.\u201d<\/p>\n

That clearly wasn\u2019t dovish enough for Trump,<\/b> who once again took to social media to unload on the Fed chair. \u201cMy only question is, who is our bigger enemy, Jay Powell or Chairman Xi?\u201d he asked his Twitter followers<\/a> following the speech.<\/p>\n

EM central bankers are losing trust in the Fed:<\/b> EM central bankers could begin taking monetary policy cues from the market over the Fed, as mixed messages and political interference undermine the bank\u2019s credibility, Shuli Ren argues in Bloomberg<\/a>, citing Indonesia\u2019s decision to cut rates against expectations.<\/p>\n

But EM hedge funds aren\u2019t doing too badly:<\/b> EM hedge fund capital reached record highs of USD 239.3 bn at the end of 2Q despite escalating trade tensions, the falling RMB and global easing, according to Hedge Fund Research<\/a>. Returns made by hedge funds focusing on EMs beat out the global average, with the EM index rising 8.6% YTD in the first seven months of 2019, compared to the global hedge fund index, which gained 7.8%.<\/p>\n

<\/p>\n

Carney calls for overhaul of global monetary system:<\/b> Bank of England governor Mark Carney has called for a digital currency to replace the USD as the world\u2019s reserve currency, the FT reports<\/a>. Speaking at Jackson Hole this weekend, Carney said that the \u201cdomineering influence\u201d of the USD in global trade and finance is holding back growth due to currency hoarding by countries scared of capital flight. Rather than elevate the RMB as a new reserve currency, he called for the creation of a multipolar financial system via a new virtual reserve currency backed by the world\u2019s central banks. This would help to insulate the global system from movements in a single economy and reduce dependency on a single currency for trade and investment, he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Happy Sunday, ladies and gents: With the Eid break well and truly behind us, we\u2019re anticipating the news cycle to finally start picking back up. The CBE\u2019s aggressive 150 bps rate cut on Thursday was understandably the talk of Egypt\u2019s econo-sphere over the weekend (more on this in this morning\u2019s Speed Round), but we\u2019re expecting […]<\/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":[96,2494,102,116,898,72,119,1253,2403,336,4760,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-596296","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-abdel-fattah-el-sisi","tag-bank-of-england","tag-capital-markets","tag-china","tag-emmanuel-macron","tag-enterpriseam","tag-financial-markets","tag-g7","tag-global-economy","tag-italy","tag-vix","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"93bd3610-d6a8-43ac-927d-6f07f4c09a7b","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[596294],"teaser":"","voice_url":""},"yoast_head":"\nWhat we\u2019re tracking on 25 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\/25\/what-were-tracking-on-25-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 25 August 2019\" \/>\n<meta property=\"og:description\" content=\"Happy Sunday, ladies and gents: With the Eid break well and truly behind us, we\u2019re anticipating the news cycle to finally start picking back up. 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El Sisi, who is\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/8\/102.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596396,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/27\/el-sisi-meets-trump-johnson-and-macron-at-g7-summit\/","url_meta":{"origin":596296,"position":1},"title":"El Sisi meets Trump, Johnson and Macron at G7 summit","author":"enterpriseam admin","date":"27 August 2019","format":false,"excerpt":"Warm words between El Sisi and Trump at G7 summit: US President Donald Trump said that Egypt has made \u201ctremendous progress\u201d during talks with President Abdel Fattah El Sisi yesterday, according to a White House statement. The two leaders met for the first time since April on the sidelines of\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/8\/2461.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547327,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/16\/russian-embassy-denies-accusation-from-g7-ambassadors-that-moscow-caused-the-food-crisis\/","url_meta":{"origin":596296,"position":2},"title":"Russian embassy denies accusation from G7 ambassadors that Moscow caused the food crisis","author":"enterpriseam admin","date":"16 June 2022","format":false,"excerpt":"A war of words between G7 + Russian ambassadors in Egypt: Russia\u2019s representative in Egypt has dismissed allegations made by G7 ambassadors on Tuesday that Moscow is bombing wheat fields in Ukraine and single-handedly causing the food crisis.ALSO FROM THE DIPLO SPHERE- Shoukry talks peace process with UN envoy: Foreign\u2026","rel":"","context":"In "Diplomacy"","block_context":{"text":"Diplomacy","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/diplomacy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":551545,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/this-evening-govt-wants-to-extract-more-flour-from-wheat-g7-bans-russian-gold-imports-and-wants-price-caps-on-russian-oil\/","url_meta":{"origin":596296,"position":3},"title":"THIS EVENING: Gov\u2019t wants to extract more flour from wheat + G7 bans Russian gold imports and wants price caps on Russian oil","author":"enterpriseam admin","date":"26 June 2022","format":false,"excerpt":"Happy Sunday, ladies and gentlemen. We have another relatively busy afternoon for you today, with some commodities news leading the pack so far.THE BIG STORY TODAY Ramping up flour extraction from wheat to trim imports: The Madbouly government plans to trim wheat imports by 500k tons in FY 2022-2023 by\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":601824,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/11\/macron-issues-g7-invitation-to-sisi\/","url_meta":{"origin":596296,"position":4},"title":"Macron issues G7 invitation to Sisi","author":"enterpriseam admin","date":"11 March 2019","format":false,"excerpt":"French President Emmanuel Macron has invited President Abdel Fattah El-Sisi to attend this year\u2019s G7 summit, which will be held in Biarritz, France, on 25-27 August, according to an Ittihadiya statement. The two presidents reportedly held a phone call where they discussed bilateral cooperation between France and Egypt, including maintaining\u2026","rel":"","context":"In "Diplomacy + Foreign Trade"","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547552,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/27\/this-morning-back-to-the-grain-state-privatization-plans-tick-on\/","url_meta":{"origin":596296,"position":5},"title":"THIS MORNING: Back to the grain + State privatization plans tick on","author":"enterpriseam admin","date":"27 June 2022","format":false,"excerpt":"We have three working days left to the long weekend, ladies and gentlemen. And yes, we\u2019re counting every day. On that note\u2026Bank holiday confirmed: The Central Bank of Egypt (CBE) has confirmed that it will be off this coming Thursday in observance of the 30 June Revolution. Prime Minister Moustafa\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596296","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=596296"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596296\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/596294"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=596296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=596296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=596296"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=596296"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=596296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}