Egypt post-election policy shift? Saudi gigaproject delays

Inflation in Egypt slowed further in November but, with President al-Sisi all but certain to be confirmed as the winner of the recent election, policy moves over the coming weeks and months will dictate how inflation develops from here. Investors will be keeping a close eye on next week’s central bank meeting for any signs that the shift to orthodoxy is getting back on track. Elsewhere, Saudi officials admitted that some gigaprojects will miss their Vision 2030 deadlines – a signal that, if oil prices slide further, a return to fiscal austerity will focus initially on cuts to capital expenditure.