Mike Gallagher

Director of Research , Macroeconomics and Strategy Overall risk in Egypt remains at a high rating. Egypt's overall risk level remains high.

Afternoon trading saw the USD gain further ground, as reports that the Houthis would block Saudi exports through the Red Sea caused further tensions and helped oil and the USD.

· Lagarde disclosed that some ECB board members considered a hike at today's meeting and she noted that the consensus was to wait for incoming

· Brazil needs better fiscal consolidation from 2028 onwards, which a new president will have to decide on after the October 2028 election. Th

• The BOE will likely maintain a hawkish bias on July 30, but are unlikely to signal a September hike. The June CPI did not really change this pi

• The July provisional CPI provided no major surprise with the headline 2.9% Yr/Yr figure boosted by energy prices, but core at 2.5% and CPI ex e

• The July provisional CPI provided no major surprise with the headline 2.9% Yr/Yr figure boosted by energy prices, but core at 2.5% and CPI ex e

• Overall, we feel that recent movements have been a correction/consolidation in the AI equity story. AI specific revenue growth still remains h

A White House report argues that competition and freedom can bring about a new ‘golden age.’

· Our view remains that major EM currencies outlooks are being driven by relative domestic fundamentals versus the U.S. No major tensions are