{"id":611298,"date":"2023-12-05T00:00:00","date_gmt":"2023-12-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/05\/its-pmi-day-2\/"},"modified":"2023-12-05T00:00:00","modified_gmt":"2023-12-05T00:00:00","slug":"its-pmi-day-2","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/05\/its-pmi-day-2\/","title":{"rendered":"It\u2019s PMI day"},"content":{"rendered":"

Good morning, folks:<\/strong> We have a nice brisk issue for you this morning on one of the final hump days of 2023.<\/p>\n

\n

\n

EGX WATCH- The EGX30 rebounds after four sessions in the red: <\/strong>The benchmark EGX30 rose 2.8% in trading yesterday to close at around 25.3k, snapping a four-day streak of declines that started last Tuesday<\/a>.<\/p>\n

CIB shares led the index down: <\/strong>EGX30 heavyweight CIB saw its shares fall over 9%, from EGP 83.50 last Monday to EGP 75.60 on Sunday, before rebounding during yesterday\u2019s trading to EGP 77.10.<\/p>\n

You can thank the gap between the official and parallel market exchange rates for the <\/strong>recovery. <\/strong>Expect the EGX30 to post further gains as domestic investors look to hedge against currency risk, Mubasher Capital Vice Chairman Ehab Rashad told Enterprise. The more the gap narrows, he added, the more attractive we\u2019ll become to foreign portfolio investors. Rashad also pointed to recent positive signals<\/a> from the IMF regarding our USD 3 bn loan program as boosting sentiment among traders.<\/p>\n

** DID THIS MORNING\u2019S EMAIL WIND UP IN YOUR TABS? Please drag us to your<\/strong> inbox <\/strong>\u2014 it goes a long way toward making sure Enterprise makes it into everyone\u2019s email inbox.<\/p>\n

HAPPENING TODAY-<\/strong><\/p>\n

<\/a> #1- It\u2019s PMI day.<\/strong> S&P Global will publish Egypt\u2019s PMI figures for November at around 7:15am CLT this morning. Saudi and Qatar gauges are also due out today.<\/p>\n

<\/a> #2- Cypriot president in Egypt:<\/strong> Cypriot President Nikos Christodoulides is visiting Egypt and Jordan today to discuss an initiative to open a maritime corridor to dispatch humanitarian aid to Gaza, according to a presidential statement<\/a>.<\/p>\n

Remember:<\/strong> Christodoulides has been pushing the humanitarian corridor proposal<\/a> for some time, but putting it into action is pending a ceasefire between Israel and Hamas. Reuters<\/a> has the story.<\/p>\n

#3- <\/strong>It\u2019s d<\/strong>ay six of COP28<\/strong> and we\u2019ll be on the lookout for discussions on energy and industry + the J<\/strong>ust Transition.<\/strong> Discussions will focus on how to achieve rapid decarbonization and a just energy transition across the wider spectrum of energy and industrial value chains. Key topics will include boosting the deployment of renewable energy, unlocking greater energy efficiency, innovation and action for hard-to-abate sectors including steel and aluminum, and the decarbonization of oil and gas supplies including methane abatement and carbon management tech.<\/p>\n

<\/a> #4- It\u2019s the second day of the <\/strong>Egypt Defence Expo (EDEX)<\/a><\/strong>, where some 35k defense and security professionals are attending the event at the Egypt International Exhibition Center in Cairo. The event runs through Thursday.<\/p>\n

#5- Until next time WYF:<\/strong> The 2023 World Youth Forum<\/a> wraps today.<\/p>\n

HAPPENING THIS WEEK-<\/strong><\/p>\n

FX reserves: <\/strong>The central bank should be out with November\u2019s foreign reserves figures this week.<\/p>\n

HAPPENING NEXT WEEK-<\/strong><\/p>\n

#1- Election 2023: <\/strong>Voters will head to the polls on 10-12 December to cast their ballots in the presidential election. Voting for expats wrapped yesterday. First-round results are due on 18 December and a runoff, if necessary, will take place in early January.<\/p>\n

#2- Inflation<\/strong> figures for November are due out on Sunday, 10 December.<\/p>\n

WATCH THIS SPACE-<\/strong><\/p>\n

#1- MORE OF THIS, PLEASE: Beltone wants to set up an SME lender: <\/strong>Beltone Financial Holding has applied to the Financial Regulatory Authority for initial approval to set up an SME-focused lender, it said in an EGX disclosure (pdf)<\/a> yesterday. The firm would be set up with a EGP 250 mn in capital. SMEs remain locked out of the formal financial system. <\/strong>Few traditional lenders are truly interested in onboarding small businesses for payroll accounts, let alone in lending to them. <\/p>\n

<\/a> #2- <\/strong>AfDB is backing green financing in Egypt:<\/strong>The African Development Bank (AfDB) will bring its African Green Bank Initiative to Egypt this month, \u201cempowering local banks with the technical capacity needed to attract climate finance from international and domestic investors,\u201d it said in a press release<\/a>. The bank will help set up green investment facilities in local financial institutions. <\/p>\n

Part of a wider plan: <\/strong>The bank is expanding its initiative to Egypt, Benin, Ivory Coast, and Morocco after its success in Rwanda. It was launched last year during COP27 in an attempt to tackle the lack of climate finance on the continent. <\/p>\n

#3- <\/strong>M<\/strong>ore green ammonia agreements incomin<\/strong>g? <\/strong>The Sovereign Fund of Egypt will announce new partnerships on the green ammonia front during COP28, \u201cbe it through already existing green plants or greening existing ammonia plants,\u201d CEO Ayman Soliman told CNBC Arabia<\/a>. The fund will also ink framework agreements focused on green energy with over five consortiums in the coming period, he added, without providing details. <\/p>\n

<\/a>#4- <\/strong>Gov\u2019t floods market with sugar to tame prices: <\/strong>The Supply Ministry has poured some 50k tons of sugar into the local market to be sold at EGP 27 per kilo in an effort to stabilize the market, where prices have soared to EGP 44 per kilo<\/a> on the back of increasing demand, Youm7<\/a> wrote. The ministry has purchased<\/a> around 150k tons of sugar from private-sector players at USD 750-780 per ton in an effort to help fill the supply gap that has pushed<\/a> prices to EGP 50 per kilo last week and had the Supply Ministry consider introducing sugar price control<\/a> .<\/strong><\/p>\n

THE BIG STORIES ABROAD-<\/strong><\/p>\n

For the first time in almost two months, the war in Gaza isn\u2019t dominating the world\u2019s <\/strong>attention:<\/strong> It\u2019s a mixed picture on the global front pages, with Saudi oil policy<\/a>, the war in Ukraine<\/a>, mass shootings in America<\/a>, and Wednesday\u2019s Republican presidential debate<\/a> all getting coverage.<\/p>\n

The big business story:<\/strong> Spotify is laying off 17% of its workforce. (Reuters<\/a> | Financial Times<\/a> | Wall Street Journal<\/a>)<\/p>\n

\n
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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n

HELP GAZA-<\/strong><\/p>\n

Want to support relief efforts in Gaza, but don\u2019t know how?<\/strong> We\u2019ve got you. More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.<\/p>\n

The folks at Talabat are processing donations for a range of Gaza relief appeals <\/strong>by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.<\/p>\n

Or check out <\/strong>our list of charities<\/a><\/strong> to which you can make direct donations<\/strong> via bank deposit and \/ or Fawry.<\/p>\n

<\/p>\n

*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p>\n

In today\u2019s issue: <\/strong>We took a look at how our planned network of green food centers is hoping to get food from farm to table with as minimal waste as possible.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, folks: We have a nice brisk issue for you this morning on one of the final hump days of 2023. EGX WATCH- The EGX30 rebounds after four sessions in the red: The benchmark EGX30 rose 2.8% in trading yesterday to close at around 25.3k, snapping a four-day streak of declines that started last […]<\/p>\n","protected":false},"author":1,"featured_media":611299,"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":[104,72,185,6337,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-611298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-economy","tag-enterpriseam","tag-pmi","tag-sp-global","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"277ad7c4-df78-484d-b704-1c53e984a168","order":"0","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/12\/279.jpg","photo_position":"above","homepage_title":"","full_issue_title":"S&P Global to publish Egypt\u2019s PMI figures for November today","related_issue":[611296],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.6c6662f1-87ed-42ab-be6e-18237399ff6e.mp3"},"yoast_head":"\nIt\u2019s PMI day - 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\/2023\/12\/05\/its-pmi-day-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"It\u2019s PMI day\" \/>\n<meta property=\"og:description\" content=\"Good morning, folks: We have a nice brisk issue for you this morning on one of the final hump days of 2023. 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The Nasdaq index tracking Chinese firms, the Golden Dragon Index, saw a record one-day drop, closing down 14.4%, the FT writes. Foreign investors are worried\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":563277,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/24\/boom-time-in-europe\/","url_meta":{"origin":611298,"position":1},"title":"Boom time in Europe?","author":"enterpriseam admin","date":"24 June 2021","format":false,"excerpt":"Eurozone business activity grew at its fastest pace in 15 years in June thanks to reopening measures and pent-up demand that boosted activity in both services and manufacturing, according to the preliminary IHS Markit PMI survey. The flash composite index for the bloc jumped to 59.2 in June compared to\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":622861,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/15\/what-were-tracking-on-15-october-2018\/","url_meta":{"origin":611298,"position":2},"title":"What we\u2019re tracking on 15 October 2018","author":"enterpriseam admin","date":"15 October 2018","format":false,"excerpt":"** #5 Our friends at Sarwa Capital will ring the bell at the EGX this morning as their shares make their bourse debut, opening at EGP 7.36 each under the ticker SRWA. A stabilization fund is at work for the first month of trading. Beltone was sole global coordinator and\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":546277,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/aramco-is-close-to-eclipsing-apple-as-the-worlds-most-valuable-company\/","url_meta":{"origin":611298,"position":3},"title":"Aramco is close to eclipsing Apple as the world\u2019s most valuable company","author":"enterpriseam admin","date":"10 May 2022","format":false,"excerpt":"Saudi oil giant Aramco is close to taking Apple\u2019s crown as the world\u2019s most valuable company, Bloomberg reports. Aramco briefly hit a record high yesterday, bringing its market cap to USD 2.44 tn, close to Apple\u2019s USD 2.49 tn. The Saudi oil giant has been buoyed by soaring oil prices\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":580538,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/04\/this-evening-new-25-certificates-from-banque-misr-nbe-pmi-contraction-softened-in-december-pachin-gets-another-suitor\/","url_meta":{"origin":611298,"position":4},"title":"THIS EVENING: New 25% certificates from Banque Misr, NBE + PMI contraction softened in December + Pachin gets another suitor","author":"enterpriseam admin","date":"4 January 2023","format":false,"excerpt":"Good afternoon, friends, and welcome to what has shaped up to be a brisk news day, suggesting the new year lull is good and well behind us.PSA- Private sector + EGX will be off on Sunday: The private sector will be off next Sunday, 8 January in observance of Coptic\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\/1\/597.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557993,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/trading-on-ekh-shares-converted-to-egp-from-usd-to-begin-on-sunday\/","url_meta":{"origin":611298,"position":5},"title":"Trading on EKH shares converted to EGP from USD to begin on Sunday","author":"enterpriseam admin","date":"16 September 2021","format":false,"excerpt":"Trading on EKH shares converted to EGP from USD to begin on Sunday: EK Holding shareholders who converted the trading currency of their shares to EGP from USD (while still being allowed to collect their dividends in USD) can begin trading on these converted shares on the EGX starting on\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"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\/611298","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=611298"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/611298\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/611296"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/611299"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=611298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=611298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=611298"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=611298"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=611298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}