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Reuters
2 hours ago
- Reuters
Saudi non-oil private sector adds jobs despite easing output growth
Aug 5 (Reuters) - Saudi Arabia's non-oil private sector expanded robustly in July, albeit at a slower pace than the previous month, as job creation surged in response to strong domestic demand, the Riyad Bank Purchasing Managers Index report showed on Tuesday. The headline PMI reading fell to 56.3 in July from 57.2 in June, remaining well above the 50.0 threshold that indicates growth in activity. 'Saudi Arabia's non-oil economy remained on a solid growth track in July, supported by higher output, new business, and continued job creation," said Naif Al-Ghaith, Chief Economist at Riyad Bank. Firms recruited staff to manage higher workloads and new orders. The survey noted another historically steep rise in employment, following June's record growth in job numbers over the past 14 years. Output growth eased to its lowest rate since January 2022, as firms reported challenges such as higher competition and lower customer footfall. Additionally, new export orders fell for the first time in nine months, highlighting difficulties in gaining foreign clients. Cost pressures softened slightly, with input price inflation slowing from the second-quarter average. However, labour costs continued to rise steeply as companies offered bonuses to retain workers. Despite the slowdown, businesses remain optimistic about future activity, supported by resilient market conditions and strong client demand. However, overall optimism was the lowest recorded since July 2024.
Reuters
2 hours ago
- Reuters
Egypt's non-oil sector shows signs of stability as PMI nears growth threshold
Aug 5 (Reuters) - Egypt's non-oil private sector showed signs of stabilisation in July, with employment rising for the first time in nine months and a softer decline in output and new orders, according to the latest S&P Global Egypt PMI report. The headline PMI rose to 49.5 in July from 48.8 in June, remaining below the 50.0 threshold that separates growth from contraction. However, the index reached its joint-highest level in five months, suggesting only a marginal decline in business conditions. "Businesses ... had the confidence to hire new staff, leading to an increase in employment for the first time in nine months, if only a fractional one," said David Owen, Senior Economist at S&P Global Market Intelligence. Employment rose as firms responded to signs of stabilising demand and rising backlogs of work. Output and new orders continued to fall, albeit at a softer rate than in June, with some firms noting increased activity amid tentative signs of recovering sales. The wholesale and retail sector remained the largest drag on demand and activity. Input prices rose at a quicker pace, driven by higher costs for items such as cement and fuel, yet remained below the long-run trend. Selling charges increased for the third consecutive month, although the rate of inflation was modest. Despite ongoing challenges, optimism about future activity improved slightly from June's record low, with firms expressing hopes for slower inflation and reduced regional conflict. However, overall confidence remained historically subdued.
Reuters
7 hours ago
- Reuters
Vertex's trial failure, scrapped study cloud pain drug push; shares slump
Aug 4 (Reuters) - Vertex Pharmaceuticals will stop developing its experimental non-opioid painkiller as a solo treatment after a mid-stage trial failure and will not start a study for expanded use of its approved pain drug, sending its shares down 14.4% after the bell. The company (VRTX.O), opens new tab has been diversifying into gene therapies and non-opioid painkillers as it looks to reduce its reliance on cystic fibrosis drugs, a market it dominates. Unlike opioids, which trigger the brain's reward centers, making them an addiction risk, Vertex's drugs block pain signals at the origin, providing a lucrative opportunity for the company. The next-generation non-opioid painkiller, called VX-993, reduced pain by 74.5 points over 48 hours, compared with 50.2 points in the placebo group, but the difference was not statistically significant, Vertex said. The company tested acute pain reduction in patients who had bunionectomy, a surgery to correct deformed bones of the big toe and foot. The drug was found to be generally safe, with most side effects being mild to moderate and no serious problems linked to the painkiller, the company said. Wall Street analysts and investors have been keenly watching the results of the trial, as Vertex seeks to expand beyond Journavx, its non-opioid approved by the U.S. Food and Drug Administration in January for acute pain. Separately, Vertex also said it would not start a study for Journavx to treat a type of nerve pain in the lower back and legs following discussion with the FDA. Leerink Partners analyst David Risinger said Vertex's pain portfolio updates were "disappointing," despite reporting second-quarter results that were above expectations. Vertex plans to prioritize testing of, and later seeking approval for, Journavx to treat a type of nerve pain in diabetic patients. It will also seek to secure approval for other types of nerve pain, the company said in its earnings press release.
