Pre-Trading Thoughts

Moody’s downgraded Egypt’s credit rating yesterday for the first time since 2013 due to reduced external buffers and shock absorption capacity. In its first rating action since last May, the agency said it was lowering its rating to B3 from B2 and changed its outlook to stable from negative. Trade balance deficit declined by 38.5% YoY to reach USD2.15 billion in November 2022. This came due to a 26.8% YoY decline in imports. Exports also declined by 17.8% YoY. Non-oil exports rose 51% YoY i...