Pre-Trading Thoughts

Macro Backdrop for 2022| Growth will gradually recover to 5.5% in FY2021/22; inflation rate to record 6.9% in FY21/22; CBE might raise rates for a total of 100 bps-150 bps in 2022 and 2023; EGP broadly stable, with mild depreciation; CA deficit will shrink in FY2021/22 to USD12.5 billion; fiscal deficit declining to around 7% of GDP in FY2021/22 with 1.5% primary surplus; government debt to decline to 88.8% to GDP in FY2021/22; Main downside risks to the outlook include global developments&nb...