Pre-Trading Thoughts

PMI improved slightly in April to 46.9 up from March's 46.5, but still remained below the 50.0 threshold that separates growth from contraction, as non-oil private sector activity contracted as the Ukraine war added to cost pressures. Net International Reserves inched up to USD 37.12 billion at the end of April, from USD 37.08 billion a month earlier. The details of the FY2022/23 budget include total revenues projected at EGP1.5 trillion, +16.7% YoY; total expenditures expected at EGP2.07 tri...