Pre-Trading Thoughts

Egypt’s PMI rose from 47.3 in April to 47.8 in May, the highest level since February 2022. Egypt targets increasing oil production by 11% to 650k bbl/day during 2023, with investments of foreign oil companies at USD 7.75 billion, +35% YoY. The government is in talks with strategic investors to sell a 49% stake in the Egyptian Drilling Company (EDC), aiming to complete the sale before the end of 3Q23. Egyptian Linear Alkyl Benzene (Elab) will be listed on the EGX this month (40%).&...