The latest Houthi attacks on Saudi Arabia are causing disruption as the Kingdom enters a key season for conferences as well as entertainment and cultural events, setting back the recent recovery in non-oil activity. The big risk, however, is that the Houthis strike key energy infrastructure and disrupt energy flows. That could push us towards a more adverse scenario for global energy markets. Elsewhere, balance of payments data for Egypt showed that the current account deficit widened in Q2 but foreign investment picked up and FX reserves continued to rise. The weaker pound should support a narrowing of the shortfall over the coming quarters.
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