{"id":88430,"date":"2024-08-05T00:00:00","date_gmt":"2024-08-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/05\/its-pmi-day\/"},"modified":"2024-08-05T00:00:00","modified_gmt":"2024-08-05T00:00:00","slug":"its-pmi-day","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/05\/its-pmi-day\/","title":{"rendered":"It\u2019s PMI day"},"content":{"rendered":"

Good morning, ladies and gentlemen.<\/strong> It\u2019s a reasonably-paced Monday morning, although earnings season continues to lead the news cycle. We have updates on last year\u2019s tourism figures \u2014 including tourist arrivals and spending habits \u2014 along with a potential new glass production facility in Jubail. <\/p>\n

BUT FIRST- There\u2019s still no word on whether Crown Prince and Prime Minister<\/strong> Mohammed bin <\/strong>Salman and Palestinian President Mahmoud Abbas met <\/strong>yesterday<\/a><\/strong>, after the Times of Israel reported on Friday that Abbas was due in town yesterday. <\/p>\n

HAPPENING TODAY-<\/p>\n

<\/a> #1- It\u2019s PMI day:<\/strong> S&P Global\u2019s purchasing managers\u2019 index for Saudi Arabia, the UAE, Egypt, and Kuwait is set to be released shortly after we hit \u201csend\u201d on this morning\u2019s issue. We\u2019ll have the full rundown in tomorrow\u2019 morning\u2019s edition of EnterpriseAM Saudi. <\/p>\n

#2- The International Falcon Production Farms Auction 2024 kicks off today and runs<\/strong> through Saturday, 24 August<\/strong>, at the Saudi Falcons Club, according to a statement<\/a>. The event is expected to feature over 35 farms from 16 countries, showcasing elite falcon breeds. In the past three years, the auction has booked over SAR 18 mn in sales. <\/p>\n

<\/a> \u26a0\ufe0fWEATHER WARNING- Brace for varying degrees of torrential rains all over the<\/strong> Kingdom starting today and through to Friday<\/strong>, with expectations these conditions could persist until the end of next week, according to a warning issued by the National Center for Meteorology (pdf)<\/a>. Jizan already had its fair share<\/a> of rain and flooding over the weekend.<\/p>\n

\n

HAPPENING TOMORROW-<\/p>\n

Aramco is set to release its 1H 2024 results tomorrow, according to its <\/strong>website<\/a><\/strong>.<\/strong> You can tune into the audio webcast of its earnings call here<\/a>. The oil giant\u2019s net income dipped a bit more than 14% in 1Q 2024<\/a> to SAR 102.3 bn.<\/p>\n

\n

PSAs- <\/p>\n

<\/a> #1- The Saudi Embassy in Beirut is urging Saudi citizens to leave the country<\/strong> immediately <\/strong>as tensions rise and the outbreak of further violence on the Lebanon-Israel borders is imminent, according to a statement on X<\/a>. <\/p>\n

FOR EMERGENCIES: <\/strong>In case of emergency, you can reach Saudi\u2019s embassy in Beirut on 009611762711 or 009611762712.<\/p>\n

<\/a> #2- Businesses have five more months to submit their tax returns<\/strong> if they want to take advantage of a fine waiver scheme put in place by the Zakat, Tax and Customs Authority, the authority said in a statement<\/a>. It set a new deadline of 31 December, 2024 after a previous deadline<\/a> expired on 30 June. For inquiries call 19993.<\/p>\n

#3- Subscribers to the Real Estate Development Fund\u2019s programs have until Saturday, 2<\/strong> November to request a deadline extension to complete construction on their home<\/strong>, state news agency SPA<\/a> reports. Beneficiaries of the fund\u2019s self-build program and land-and-loan program can now extend their home building deadline for a period between 4 and 16 months through the fund\u2019s electronic service. For inquiries call 199088.<\/p>\n

OIL WATCH-<\/p>\n

The Kingdom has increased the price of its flagship crude oil, Arab Light, for Asian <\/strong>markets for the first time in three months<\/strong>, Bloomberg<\/a> reports, citing a price list it had seen. The September official selling price was raised by USD 0.2 to USD 2 \/ bbl above the regional Oman-Dubai benchmark. The story also got ink in Reuters<\/a>. <\/p>\n

What gives? <\/strong>This increase, although less than the USD 0.5 rise anticipated by a Bloomberg survey of traders and refiners, indicates Riyadh\u2019s confidence in the demand from Asia, the world's largest importer of crude.<\/p>\n

Selling at a markdown to others: <\/strong>The price for Arab Light crude in Europe was reduced by USD 2.75, marking the biggest cut since the pandemic. Similarly, the price for the US decreased by the most significant amount since February.<\/p>\n

REMEMBER-<\/strong> OPEC said on Friday it would leave oil production unchanged<\/a> as it continues to \u201cmonitor the impact of its [current output cuts] on global markets.\u201d <\/p>\n

\n
\n
\n
\n

Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

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

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

***
<\/strong>DID YOU KNOW that we also cover <\/strong>Egypt<\/a><\/strong> and the <\/strong>UAE<\/a><\/strong>?<\/strong><\/p>\n

Were you forwarded this email? <\/strong>Tap or click here<\/a> to get your own copy of EnterpriseAM Saudi delivered every weekday before 7am Riyadh time \u2014 without charge, thanks to our friends at Cenomi.
***<\/strong><\/p>\n

\n

THE BIG STORY ABROAD- <\/p>\n

It\u2019s somewhat of a mixed bag in the international business press this morning<\/strong>, with front-page coverage split between one of two stories \u2014 an equity selloff on the back of US recession fears, and global concerns of escalation between Iran and Israel following Hamas leader Ismail Haniyeh\u2019s assassination in Tehran. <\/p>\n

Recession fears in the US after \u201calarming\u201d US economy data \u2014 including a jump in <\/strong>unemployment rates to 4.3% \u2014 have thrown equity markets into a tailspin<\/strong>, with the S&P 500 and Nasdaq Composite both tumbling from their record highs. Markets are now pricing in a \u201cnear 70% chance\u201d that the US Federal Reserve will move to cut interest rates come September, with some suggesting that it could move to cut rates by 50 bps next month. Analysts say the Fed will need to bring down rates \u201csharply, and quickly, to support growth.\u201d <\/p>\n

The sell-off isn\u2019t remaining contained in the US, with Asia-Pacific markets approaching <\/strong>bear market territory<\/strong> after entering a third day of a sell-off triggered by a surging JPY, coupled with Middle East tensions and the Bank of Japan raising interest rates last week. (Bloomberg<\/a> | CNBC<\/a> | Reuters<\/a> | Financial Times<\/a>)<\/p>\n

The market stability also isn\u2019t being helped by rising tensions in our backyard<\/strong>, with leaders bracing for retaliatory attacks against Israel from Iran and Hezbollah \u201cas early as Monday\u201d following Israeli assassinations of senior leaders of both Hamas and Hezbollah last week. Hezbollah and Israel \u201cexchanged limited fire\u201d yesterday, with the Lebanon-based group saying it fired rockets into northern Israel, but it appears to be far from a full-fledged retaliatory attack. US and Arab leaders have called on Iran to \u201cshow restraint\u201d and are pushing for a de-escalation. (Bloomberg<\/a> | Wall Street Journal<\/a> | New York Times<\/a>)<\/p>\n

MEANWHILE- Kamala Harris shot down Donald Trump\u2019s pitch for a 4 September debate <\/strong>on Fox News<\/strong>, with Harris\u2019 campaign claiming Trump is trying to avoid the originally scheduled debate on ABC. The ABC debate was penciled in with President Joe Biden before his withdrawal from the presidential race. Trump argued the debate on Fox would follow similar rules to his prior debate with Biden, featuring a full arena audience in Pennsylvania, and claimed Biden\u2019s withdrawal effectively \u201cterminated\u201d the ABC debate \u2014 a point ABC has not confirmed. (Reuters<\/a>) <\/p>\n

\n

OLYMPICS-<\/p>\n

It was another busy day in Paris<\/strong> \u2014 here\u2019s everything you need to know about day 9 of the 2024 Olympics. <\/p>\n

Meet the world\u2019s fastest man: <\/strong>Noah Lyles did not disappoint the Americans who have high hopes for him to restore the United States\u2019 glory in short-distance track and field events. Lyles managed to nab the gold medal in the 100-meter dash, which was dramatically decided by a photo finish<\/a> after both Lyles and Jamaican Kishane Thompson clocked a time of 9.79 seconds. The US also secured the bronze medal in the race through sprinter Fred Kerley.<\/p>\n

A first for Africa: <\/strong>Algeria\u2019s 17-year-old gymnast Kaylia Nemour won gold in the women\u2019s individual event on the uneven bars \u2014 Nemour becomes the first Arab and African gymnast to secure an Olympic gold. <\/p>\n

Djokovic secures his long-awaited Olympic gold: <\/strong>Serbian tennis legend Novak Djokovic completed the missing piece in his career by securing the gold medal in the men's singles after defeating Spain\u2019s golden boy Carlos Alcaraz in a marathon match with two sets, both ending 7-6. With this game, Djokovic has become the oldest Olympic gold medalist in men\u2019s singles at age 37. He is also the fifth player to complete a Golden Slam having earned all four Grand Slam titles and an Olympic gold, alongside Steffi Graf, Andre Agassi, Rafael Nadal, and Serena Williams.<\/p>\n

China ended America\u2019s 40-year monopoly of the men's swimming 4x100 medley relay <\/strong>with a perfect finish by the world record holder in the 100-meter freestyle, Pan Zhanle. Until yesterday, the US had never lost this race in the Olympics since it was introduced 64 years ago in the Rome Games, snagging the gold in every run of the games except in 1980, when it boycotted the Moscow Games. <\/p>\n

Meanwhile, South Korea sweeps archery gold:<\/strong> The Koreans have secured all five available gold medals in archery after claiming the men's individual gold yesterday. <\/p>\n

Egypt is heading to the quarterfinals of the men\u2019s handball tournament<\/strong>, where it will face Spain on Wednesday at 10:30am. Egypt secured its spot in the quarterfinal after placing second in their group after defeating Argentina 34-27 yesterday. <\/p>\n

The medal standings now at the Paris Olympics:<\/strong><\/p>\n