Pre-Trading Thoughts

CAPMAS is expected to release inflation figures for November on Sunday, 10 December. We expect annual urban inflation to cool further to c.34% YoY benefiting from the accommodative base effect. Egypt's PMI rose to 48.4 in November from 47.9 in October indicating a modest decline in the health of the non-oil private sector. Besides, business confidence fell to lowest level in series history. The Suez Canal Authority achieved revenues of USD9.492 billion during 11M2023, an increase of 31% YoY c...