Thndr Claps - Egypt focused on renewable energy

A weekly wrap-up of the most prominent news in the U.S. & Egyptian markets.

U.S. Claps

Another indicator for cooling inflation ??

The producer price index (PPI) increased 8% YoY, coming in lower than analysts’ expectations and less than the 8.4% increase in September.

The less-than-expected increase signals that inflation has begun slowing down, following the?CPI report?last week.

The Fed’s?interest rate hikes?are finally beginning to have an impact on inflation, after four consecutive 0.75% interest rate hikes.

Inflation slowdown fires ARKK ETF up ??

Following a?smaller-than-expected inflation increase, the ARK Innovation ETF (ARKK) saw large gains.

The fund’s recovery portrays how quickly growth stocks can recover losses if inflation continues to slow down.?

Cathie Wood had previously?expressed her concern?that the aggressive interest rate hikes could drive the economy toward deflation and a recession.

Twitter Blue costs companies billions??

The introduction of a new paid verification feature allowed users to impersonate some multinational companies, costing them billions of dollars.

While the new paid verification feature was an attempt from Musk to minimize the number of bot and spam accounts, the feature resulted in a flurry of fake accounts.

Eli Lilly (NYSE: LLY), Lockheed Martin (NYSE: LMT), Pepsi (NASDAQ: PEP), and many more were impacted following fake tweets.

Egypt Claps

SFE to invest in ACWA Power’s wind farm??

The Sovereign Fund of Egypt (SFE) is set to acquire a 10% stake in Saudi’s ACWA Power wind farm in the Gulf of Suez.

The wind farm is set to cost $1.5 billion, with up to 75% of the project being financed through bank loans.

At the completion of the project, it’s expected to reduce carbon emissions by 2.4 million tons annually, as well as provide a million households with electricity.

Elsewedy Electric enters the world of green hydrogen??

Elsewedy Electric (SWDY) has entered into a partnership with?NASDAQ-listed renewable energy company “ReNew Energy” to work on a?green hydrogen project.

The facility would be completed over three stages, & is expected to produce 220,000 tons of green hydrogen by the third stage.

The final decision on the project will come within the next 12-16 months, with the project’s first stage expected to be completed by 2026.

Juhayna’s 2022 9-month profits dip??

Juhayna’s (JUFO) profits in the first nine months of 2022 dipped by 3% on a yearly basis.

While profits took a slight dip, sales increased by 25% driven by the milk & juice segments, as well as an increase in product prices by 20% on average.

The company attributed the decline in profits to increasing raw material costs as well as supply chain disruptions.