Good afternoon, lovely people. We have a calm Monday on our hands as the August slowdown continues to hold here on the home front. It is, however, raining earnings as companies report their 2Q and 1H results.

THE BIG STORY TODAY

Unemployment rate holds steady q-o-q: Egypt’s unemployment rate remained unchanged at 7.2% in 2Q 2022 from the preceding quarter, data by official statistics agency CAPMAS showed (pdf). The rate is down by 0.1 percentage points in comparison to the same quarter last year.

THE BIG STORY ABROAD

The international business press is mostly leading with disappointing economic data out of China leading to a surprise interest rate cut. Industrial production, retail sales, and real estate investment figures all rose in July, China’s National Bureau of Statistics said, but these figures fell below analyst expectations. The People’s Bank of China responded by slashing interest rates by 10 bps in a bid to boost the country’s growth. The story is on the front pages of the Financial Times, the Wall Street Journal, and CNBC.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• At least 41 people were killed yesterday when a fire broke out during mass at the Abu Sefein church in Imbaba.
• The EGX just got an “undo” button on suspicious bourse trades: The Financial Regulatory Authority (FRA) has approved a proposal from the EGX allowing it to prompt securities brokers to reverse transactions that appear to have violated trading rules.
• The retail component of Ghazl El Mahalla’s IPO has been extended for another two weeks until 28 August due to weak investor demand.

FOR TOMORROW-

MNHD shareholders have the final word on SODIC takeover bid: Madinet Nasr Housing and Development will hold a general assembly meeting tomorrow to decide whether to allow SODIC to conduct due diligence ahead of a potential takeover.

The Madbouly government will hold another two rounds of consultations on its privatizations strategy tomorrow and Thursday: Timber merchants are up tomorrow while Thursday will see the return of the experts and think tanks. Every Sunday, Tuesday, and Thursday see workshops on how privatization plans will affect specific industries. You can find more details on the schedule of the meetings here.

???? CIRCLE YOUR CALENDAR-

Expect more details on how gov’t plans to cut back on electricity: The Electricity Ministry will hold a press conference in the next few days to announce details of measures to curb electricity use that cabinet approved last week, Electricity Minister Mohamed Shaker reportedly told Al Mal.

Interest rates: The Central Bank of Egypt will meet to discuss interest rates on Thursday, 18 August. Economists and analysts we surveyed in our customary poll expect the Monetary Policy Committee to raise rates, with most calling a 100 bps hike.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

☀️ TOMORROW’S WEATHER- Expect temperatures to rise to 39°C during the day tomorrow before falling to 24°C at night, our favorite weather app tells us.