Pre-Trading Thoughts

S&P Global Ratings affirmed its B/B long and short-term foreign and local currency credit ratings for Egypt, but they revised their outlook on the country from stable to negative. The action reflects risks that the policy measures implemented by the Egyptian authorities may be insufficient to stabilize the exchange rate and attract foreign currency inflows. The government is set to increase spending on subsidies and social safety programs by almost 50% in FY23/24 as it looks to offset the...