Pre-Trading Thoughts

Inflation for May| We expect annual urban inflation to come in at 12.8% in May, as increases in the food items slowed down significantly during the month. Egypt's PMI hit 47.0 in May, up slightly from 46.9 in April, but still below the neutral point of 50. The International Islamic Trade Finance Corporation (ITFC) has raised the ceiling for its financing agreement with Egypt to USD6 billion from USD3 billion to help us meet our food and energy needs. Under a food security program pendin...