{"id":598686,"date":"2019-06-02T04:00:39","date_gmt":"2019-06-02T04:00:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/02\/what-were-tracking-on-02-june-2019\/"},"modified":"2019-06-02T04:00:39","modified_gmt":"2019-06-02T04:00:39","slug":"what-were-tracking-on-02-june-2019","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/02\/what-were-tracking-on-02-june-2019\/","title":{"rendered":"What we\u2019re tracking on 02 June 2019"},"content":{"rendered":"<p><a id=\"tldr-story-08\" class=\"content-anchor\"><\/a> <b>It\u2019s shaping up to be a five-day holiday weekend<\/b> after <a href=\"http:\/\/www.cabinet.gov.eg\/Arabic\/MediaCenter\/CabinetNews\/Pages\/%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%84%D9%88%D8%B2%D8%B1%D8%A7%D8%A1-%D9%8A%D8%B5%D8%AF%D8%B1-%D9%82%D8%B1%D8%A7%D8%B1%D8%A7%D9%8B-%D8%A8%D8%AA%D8%AD%D8%AF%D9%8A%D8%AF-%D8%A5%D8%AC%D8%A7%D8%B2%D8%A9-%D8%B9%D9%8A%D8%AF-%D8%A7%D9%84%D9%81%D8%B7%D8%B1-%D8%A8%D8%AF%D8%A7%D9%8A%D8%A9-%D9%85%D9%86-%D8%A7%D9%84%D8%AB%D9%84%D8%A7%D8%AB%D8%A7%D8%A1-%D8%A7%D9%84%D9%85%D9%82%D8%A8%D9%84%E2%80%8E.aspx\">cabinet announced over the weekend<\/a> that Tuesday through Thursday will be off for the civil service in observance of Eid El Fitr. There have been no announcements yet from the Central Bank of Egypt or the EGX, but government holiday = CBE holiday = banks closed and, as a result, capital markets are on holiday.<\/p>\n<p><b>Enterprise will be off Tuesday through Thursday. <\/b>We wish all of you a blessed and relaxing Eid with family, friends and \u2026 coffee. Lots and lots of coffee.<\/p>\n<hr class=\"grey-line\" \/>\n<p><b>The EGP gained 0.3% on the greenback last week<\/b>, closing on Thursday at a sell price of 16.83, according to the CBE, against 16.88 at the end of the previous week.<\/p>\n<p><b>Data points due out this week and next:<\/b><\/p>\n<ul>\n<li><b>Foreign reserves:<\/b> The CBE should announce this week Egypt\u2019s net foreign reserves as at the end of May.<\/li>\n<li><b>Inflation:<\/b> Monthly inflation figures are due out next week. Annual headline inflation <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/12\/egypts-annual-inflation-falls-to-13\/\">cooled unexpectedly in April<\/a> to 13% from 14.2% in March.<\/li>\n<li><b>PMI:<\/b> The purchasing managers\u2019 index for Egypt, Saudi Arabia, and the UAE is due out on Monday, 10 June at 6:15am CLT.<\/li>\n<\/ul>\n<p class=\"web-image\"><a href=\"https:\/\/www.ft.com\/content\/59fac40c-836c-11e9-b592-5fe435b57a3b\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/6\/2005.jpg?ssl=1\" \/><\/a><\/p>\n<p><b>Tariff Man\u2019s latest:<\/b> Fresh from upping the stakes in his trade war with China, US President Donald Trump <a href=\"https:\/\/twitter.com\/realDonaldTrump\/status\/1134240653926232064\">threatened on Friday<\/a> to slap a 5% tariff on all Mexican goods on 10 June unless the Mexican government put a stop to illegal migration.<\/p>\n<p><b>Global markets aren\u2019t taking it very well\u2026 <\/b>US markets closed last week in the red (with the S&P down 6% for May), as did European and Asian shares. <b>Oil plunged<\/b>, too, with Brent down nearly 4% on Friday. Investors continued piling into the relative safety of bonds, and <b>the inverted yield curve is widening:<\/b> The spread between 3-month and 10-year US bonds \u2014 traditionally an early predictor of a recession \u2014 widened to 21 basis points for the first time since 2007. See wall-to-wall coverage in the global business press: <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-05-31\/-unreliable-trump-throws-markets-into-tizzy-as-traders-scramble?srnd=premium-middle-east\">Bloomberg<\/a> | <a href=\"https:\/\/www.ft.com\/content\/59fac40c-836c-11e9-b592-5fe435b57a3b\">FT<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/u-s-government-bond-yields-fall-to-new-2019-lows-11559317999\">WSJ<\/a> <a href=\"https:\/\/www.reuters.com\/article\/us-global-oil\/oil-falls-over-3-on-fresh-trade-worries-posts-biggest-monthly-drop-in-six-months-idUSKCN1T1056?il=0\">Reuters<\/a>.<\/p>\n<p><b>\u2026And economists think the Mexico sanctions are a horrible idea: <\/b>\u201cThe massive supply chain disruptions, significantly tighter financial conditions and depressed private sector confidence would amplify the direct tariff shock and increase the odds of a US downturn,\u201d Gregory Daco, chief US economist at Oxford Economics, <a href=\"https:\/\/www.ft.com\/content\/855d23e2-83b7-11e9-b592-5fe435b57a3b\">told the FT<\/a>.<\/p>\n<p><b>All of this could prompt the US Federal Reserve to cut interest rates<\/b> if, as some expect, the trade wars cause the US economy to sputter \u2014 JPMorgan\u2019s chief US economist is now calling rate cuts in September and December, though the <a href=\"https:\/\/www.ft.com\/content\/d074019c-8390-11e9-9935-ad75bb96c849\">FT<\/a>\u2019s Michael Mackenzie counters that the Fed is unlikely to cut \u201cunless inflation falls below its 2% target rate or consumption and investment take a serious hit.\u201d<\/p>\n<p><b>Canary in the coal mine? <\/b>Watch what happens with FedEx. China announced on Friday that it will draw up a list of \u201cunreliable\u201d foreign companies that could be banned from the country for harming domestic businesses and consumers. FedEx looks to be first on the chopping block, with Chinese officials announcing an investigation into the company\u2019s \u201cwrongful delivery of packages,\u201d <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-06-01\/china-launches-investigation-into-fedex-xinhua?srnd=premium-middle-east\">Bloomberg<\/a> reports.<\/p>\n<hr class=\"grey-line\" \/>\n<p><b>Is Turkey beginning to emerge from its recession?<\/b> Yes, but it isn\u2019t enough to undo last year\u2019s damage and the recovery may not be permanent, <a href=\"https:\/\/www.ft.com\/content\/c6f08856-8373-11e9-b592-5fe435b57a3b\">according to the Financial Times<\/a>. Propelled by government spending, Turkey\u2019s GDP grew 1.3% during 1Q2019, but the economy remains 2.6% smaller than it was a year ago due to the effects of the recession. \u201cAlthough the economy has grown at a high rate, we think that this was largely driven by the increase in fiscal spending and a loosening in credit conditions,\u201d Goldman Sachs analysts said in a note to clients. <b>The analysts expect another downturn<\/b> and see the Turkish economy contracting again in 2Q and 3Q2019.<\/p>\n<hr class=\"grey-line\" \/>\n<p><b>What We\u2019re Tracking Today, the Ramadan edition:<\/b><\/p>\n<p><b>The Boston Celtics\u2019 Jaylen Brown joined a pickup game Cairo American College<\/b> and the US sports press went a little bit bananas, saying the 2016 NBA draft\u2019s third pick used the game as a \u201cconvenient excuse to show off his moves\u201d as he \u201cflashed an absolutely filthy crossover\u201d on the CAC kid tapped to guard him before draining a jumper. <a href=\"https:\/\/sports.yahoo.com\/video-jaylen-brown-breaking-poor-182251669.html\">Yahoo Sports<\/a> and <a href=\"https:\/\/boston.cbslocal.com\/2019\/05\/31\/jaylen-brown-vicious-crossover-pickup-game-egypt-celtics-nba\/\">Boston CBS affiliate WBZ<\/a> have the story. Watch what appears to be the original video <a href=\"https:\/\/twitter.com\/SimeonV2\/status\/1134118884120965128?s=20\">here (runtime: 0:24)<\/a>.<\/p>\n<p><b>Goodbye, iTunes?<\/b> Kinda. Apple is expected to launch three new apps that individually provide what iTunes currently provides on one platform: Music, TV, and podcasts, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-05-31\/apple-s-future-ios-13-macos-10-15-watchos-6-tvos-13-mac-pro\">according to Bloomberg<\/a> in a t-up piece for WWDC \u2014 effectively the start of Apple\u2019s product year. The shift away from iTunes comes in tandem with the company\u2019s move to make its products more independent \u2014 it will introduce new iPad software that will help sell the product as a feasible alternative to laptops, as well as Apple Watch software that reduces its dependence on the iPhone.<\/p>\n<p><b>True iSheep will want to <\/b><a href=\"https:\/\/www.apple.com\/apple-events\/\"><b>tune in here tomorrow<\/b><\/a> at around 7pm CLT to livestream WWDC. <a href=\"https:\/\/9to5mac.com\/2019\/05\/31\/wwdc-2019-roundup\/\">9to5 Mac has more<\/a>, as does the Financial Times with its <a href=\"https:\/\/www.ft.com\/content\/eba955da-83bc-11e9-b592-5fe435b57a3b\"><b>Five things to watch at WWDC<\/b><\/a><b>.<\/b><\/p>\n<p><b>True nerds can follow <\/b><a href=\"https:\/\/wwdcbysundell.com\/\"><b>WWDC by Sundell<\/b><\/a><b> for daily coverage<\/b> of the gathering including \u201carticles, videos, podcasts, and interviews, covering all things WWDC \u2014 from recommendations on what session videos to watch, to in-depth looks at new APIs, to interviews with people from all over the Apple developer community.\u201d <b>Hometown bonus: <\/b>The site is co-sponsored by <a href=\"https:\/\/try.instabug.com\/ios\">Egypt\u2019s very own Instabug<\/a>.<\/p>\n<hr class=\"grey-line\" \/>\n<p><b>A pre-iftar reading list to kill time<\/b> between your post-workout shower and the breaking of the fast:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.theverge.com\/2019\/5\/29\/18643825\/laptops-dual-screen-foldable-windows-computex-2019\"><b>Laptops are getting weird and wonderful again<\/b><\/a> \u2014 it\u2019s all about dual-screens and foldable devices, the Verge writes.<\/li>\n<li><b>ESG hypocrisy:<\/b> How is it okay for a fund that claims to be driven by ESG principles to invest in a company that provides systems to dentention camps and enables \u201cmass surveillance of a Muslim ethnic minority group\u201d in China? (<a href=\"https:\/\/www.ft.com\/content\/3ea09c51-0354-33a3-9a2f-4292b2d30c59\">Financial Times<\/a>)<\/li>\n<li><b>It can be hard to follow a legendary act. Here are thoughts on how you can pull it off. <\/b>Tim Cook managed it \u2014 we don\u2019t need to name his company for you to identify him, do we? But John Flannery? That\u2019s another story. Check out Strategy + Business and read <b><a href=\"https:\/\/www.strategy-business.com\/article\/Succeeding-the-long-serving-legend-in-the-corner-office\">Succeeding the long-serving legend in the corner office<\/a><\/b> and <b><a href=\"https:\/\/www.strategy-business.com\/article\/How-new-leaders-can-step-out-of-the-shadow-of-a-legendary-CEO\">How new leaders can step out of the shadow of a legendary CEO<\/a><\/b>.<\/li>\n<\/ul>\n<p><b>BBM shut down on Friday. <\/b>That is all.<\/p>\n<p class=\"web-image\"><a href=\"https:\/\/www.ikea.com\/ae\/en\/rooms\/reallifeseries-pub0ffd1c71\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/6\/1321.jpg?ssl=1\" \/><\/a><\/p>\n<p><b>Consumerism we love, part 1: <\/b>Ikea UAE\u2019s ad campaign titled <a href=\"https:\/\/www.ikea.com\/ae\/en\/rooms\/reallifeseries-pub0ffd1c71\">Real life series<\/a>, wherein Publicis Spain recreates iconic rooms from Stranger Things, Friends and The Simpsons using Ikea furniture. <a href=\"https:\/\/petapixel.com\/2019\/05\/31\/ikea-recreates-rooms-in-simpsons-friends-stranger-things-with-its-furniture\/\">PetaPixel<\/a> has the summary, while <a href=\"https:\/\/adage.com\/creativity\/work\/ikea-remade-living-rooms-simpsons-friends-and-stranger-things-its-own-furniture\/2174401\">AdAge<\/a> drills deep for the ad geeks out there.<\/p>\n<p><b>Consumerism we love, part 2: <\/b>Nike and Stranger Things seem set to launch a <a href=\"https:\/\/www.highsnobiety.com\/p\/stranger-things-nike-rumors\/\">sneaker and clothing collaboration<\/a>.<\/p>\n<p><b>RAMADAN PSA-<\/b> Bank hours are at 9am-2pm for employees; doors are open from 9:30am until 1:30pm for customers. The trading day at the EGX runs 10:00am until 1:30pm.<\/p>\n<p><b>So, when do we eat?<\/b> Maghrib is at 6:52pm CLT today in Cairo. You\u2019ll have until 3:10am tomorrow morning to caffeinate \/ finish your sohour.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s shaping up to be a five-day holiday weekend after cabinet announced over the weekend that Tuesday through Thursday will be off for the civil service in observance of Eid El Fitr. There have been no announcements yet from the Central Bank of Egypt or the EGX, but government holiday = CBE holiday = banks [&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":[184,82,116,380,72,164,2403,3466,182,1728,185,639,132,218,117,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-598686","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-apple","tag-bonds","tag-china","tag-currencies","tag-enterpriseam","tag-equities","tag-global-economy","tag-global-markets","tag-inflation","tag-mexico","tag-pmi","tag-technology","tag-trade","tag-turkey","tag-us","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"4d2a6f8d-dad2-4aef-8ea8-324ffe16aaa1","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[598684],"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 02 June 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\/06\/02\/what-were-tracking-on-02-june-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 02 June 2019\" \/>\n<meta property=\"og:description\" content=\"It\u2019s shaping up to be a five-day holiday weekend after cabinet announced over the weekend that Tuesday through Thursday will be off for the civil service in observance of Eid El Fitr. 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Analysts\u2019 expectations that interest rates will remain unchanged comes despite inflation cooling in July 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":598736,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/03\/what-were-tracking-on-03-june-2019\/","url_meta":{"origin":598686,"position":1},"title":"What we\u2019re tracking on 03 June 2019","author":"enterpriseam admin","date":"3 June 2019","format":false,"excerpt":"It\u2019s official: We\u2019re on Eid break as of tomorrow morning \u2014 but you may still be fasting. Both the central bank and the EGX have confirmed that our five-day Eid El Fitr weekend begins tomorrow. Banks, capital markets (and, by extension, much of the private sector) are on holiday Tuesday\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":632718,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/18\/632718\/","url_meta":{"origin":598686,"position":2},"title":"19 February (Monday): Pride Capital\u2019s\u2026","author":"enterpriseam admin","date":"18 February 2018","format":false,"excerpt":"19 February (Monday): Pride Capital\u2019s talk on Insurtech, Greek Campus, Tahrir Square, Cairo. 19-20 February 2018 (Monday-Tuesday): The Banking Tech North Africa, The Nile Ritz-Carlton, Cairo 17-21 February 2018 (Saturday-Wednesday): Women For Success - Women SME's \"World of Possibilities\" Conference, Cairo\/Luxor. 20 February (Tuesday): The Third Annual Capital Markets Summit,\u2026","rel":"","context":"In &quot;CALENDAR&quot;","block_context":{"text":"CALENDAR","link":"https:\/\/enterpriseam.com\/egypt\/category\/calendar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":632779,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/19\/632779\/","url_meta":{"origin":598686,"position":3},"title":"19-20 February 2018 (Monday-Tuesday): The\u2026","author":"enterpriseam admin","date":"19 February 2018","format":false,"excerpt":"19-20 February 2018 (Monday-Tuesday): The Banking Tech North Africa, The Nile Ritz-Carlton, Cairo 17-21 February 2018 (Saturday-Wednesday): Women For Success - 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