Combine first 3 ingredients in a small saucepan; bring to a boil over medium-high heat. Cook 1 minute or until golden. Drain nut mixture through a fine sieve into a bowl, reserving oil. Toss nuts with 1/8 teaspoon salt and red pepper in a bowl.
Combine milk, granulated sugar, and yeast in a large bowl; let stand 5 minutes or until bubbly. Weigh or lightly spoon flour into dry measuring cups; level with a knife. Add reserved oil, 7 ounces flour (about 1 1/4 cups), 1 teaspoon salt, and egg yolk to yeast mixture; beat with a mixer at low speed until combined. Gradually add remaining 9 ounces flour (about 2 cups) to oil mixture; beat at low speed until a soft, elastic dough forms (about 3 minutes). Press dough into a jelly-roll pan coated with 1 1/2 tablespoons oil. Cover with plastic wrap; let rise in a warm place (85°) for 40 minutes or until almost doubled in size.
Preheat oven to 350°.
Press dough gently with fingertips. Combine remaining 1 1/2 teaspoons oil, powdered sugar, honey, and egg white; stir with a whisk until smooth. Gently brush dough with half of egg white mixture. Bake at 350° for 20 minutes. Remove pan from oven. Brush top of bread with remaining egg white mixture; sprinkle with almonds. Bake an additional 10 minutes or until golden brown. Remove from pan; cool 10 minutes on a wire rack.
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