{"id":621266,"date":"2018-11-05T04:00:48","date_gmt":"2018-11-05T04:00:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/05\/what-were-tracking-on-5-november\/"},"modified":"2018-11-05T04:00:48","modified_gmt":"2018-11-05T04:00:48","slug":"what-were-tracking-on-5-november","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/05\/what-were-tracking-on-5-november\/","title":{"rendered":"What we\u2019re tracking on 5 November"},"content":{"rendered":"

It\u2019s PMI day:<\/strong> The Emirates NBD purchasing managers\u2019 index for October is coming out today. You can download the press release here<\/a> where it arrives at about 6:15am CLT. September\u2019s PMI gauge<\/a> had dipped after a three-month period of improvement in Egypt\u2019s non-oil private sector.<\/p>\n

Tourism Minister Rania Al Mashat is in London to attend the <\/strong>World Travel Market<\/strong><\/a>, <\/strong>heading an Egyptian delegation of tourism companies and hotels, which runs tomorrow through Wednesday, Youm7 reports<\/a>.<\/p>\n

US sanctions against Iran\u2019s oil and finance sectors go into effect today<\/strong>. Europeans are among the many scrambling to find a way<\/a> around the new regime. There\u2019s still no word on whether Egypt is among the eight countries to whom the US will grant waivers allowing them to continue buying Iranian crude, but US Secretary of State Mike Pompeo defended the move<\/a> yesterday. An oil ministry source told Al Masry Al Youm<\/a> yesterday that Egypt does not import crude from Iran despite an earlier report<\/a> in the international press that we import from Iran for the Sumed pipeline.<\/p>\n

Contrarian view? Or simple boredom? <\/strong>Is the narrative on emerging markets shifting, or is the Financial Times simply bored of the EM Zombie Apocalypse and trying out a different take? It begins with the FT\u2019s suggestion<\/a> that outflows from emerging markets debt haven\u2019t been as sharp as you might have expected<\/strong> from all the hoopla in the headlines. This comes as EMs have also become more resilient to shocks by adopting sound economic policies<\/strong> that help insulate against external risks, the salmon-colored paper<\/a> adds. \u201cOver the years, they have ditched currency pegs in favour of floating exchange rates, inflation has been brought under better control, fiscal policy is generally more disciplined, financial regulation has improved and much more debt is issued in local currencies.\u201d EMs are also generally better equipped to repay foreign debt, even if \u2014 like Turkey and Argentina \u2014 their currencies tumble against the USD.<\/p>\n

Oh, and EM currencies? They\u2019re looking rather attractively priced right now<\/strong>, the paper notes, suggesting \u201cEM FX may be at its cheapest since the 1980s<\/a> in inflation-adjusted terms.\u201d<\/p>\n

Saudi\u2019s allies look for a \u2018tamer\u2019 MbS as Khashoggi case recedes from headlines: <\/strong>The kingdom\u2019s allies in the Gulf and the wider MENA region are hoping that the fallout following the death of journalist Jamal Khashoggi will rein in Saudi Crown Prince Mohammed bin Salman\u2019s \u201caggressive policies,\u201d diplomats and senior officials told the FT\u2019s Heba Saleh<\/a>. That\u2019s just one of several pieces on KSA making the rounds at the moment as the international business press looks to keep alive interest in KSA. Also worth checking out:<\/p>\n