Pre-Trading Thoughts

Standard and Poor’s (S&P) has affirmed Egypt’s long and short-term foreign and local currency sovereign credit ratings at B/B, supported by significant external support. Fitch affirmed Egypt rating at 'B+'; Outlook Stable, backed by the "recent record of fiscal and economic reforms, the large economy with robust growth, and strong support from bilateral and multilateral partners". The IMF sees Egypt’s budget deficit to record 6.8% by the end of the current fiscal year, and 6...