Pre-Trading Thoughts

We remind you that MSCI EM rebalancing for February will be executed today, during which inflows of USD 1-2 million are expected for ESRS and HELI since they were added to the MSCI Egypt small-cap index. The Ministry of Finance updated its targets for the budget deficit in FY22/23 to 6.8% of GDP, compared to the 6.1% budgeted originally. Key changes: Exchange rate, Brent at USD90-95/bbl, up from USD80/bbl, Wheat at USD424/ton, up from USD330/ton, and average interest rates on government...