The Market Call | August 2021

Reading Time: < 1 minute Macroeconomy Q2 double-digit economic expansion brought back optimism, after the economy succumbed to the red for the past five consecutive quarters. The rest of the economic data painted a brighter outlook for the rest of 2021. Manufacturing gains skyrocketed to 453% in June and the economy added 360-K jobs. Moreover, government disbursements continued to gain... Read More

The Market Call | July 2021

Reading Time: < 1 minute Macroeconomy Most economic indicators pointed to a more healthy recovery with outsized gains in manufacturing output in May (+265% YoY), and employment on the mend, largely to induce higher consumption spending, and NG spending still on the rise. PH added 1.4-M jobs in May, making up for the previous month’s loss. Full-time employment, likewise, improved.... Read More

The Market Call | June 2021

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Reading Time: < 1 minute Macroeconomy Key economic indicators — the more than 100% surge in exports, adequate fiscal room for higher infrastructure spending, and steady price movements which may eventually soften should supply-side constraints ease — will help counter the headwinds in the job market. The latter weakened in April due partly to the renewed mobility restriction starting mid-March.... Read More

The Market Call | May 2021

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Reading Time: < 1 minute Macroeconomy Despite another decline in GDP in Q1, a spate of positive economic news—such as, the outsized job creation, surge in infrastructure spending, surprising jump in exports, softer increase in inflation– may help the economy recover faster. Release of GDP caught everyone’s attention as the economy unexpectedly slowed down in Q1-2021 by -4.2%. However, the... Read More

Weekly Fixed Income Summary : July 02 – 06, 2018

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Reading Time: 3 minutes Defensive Bond Market Outlook. Investors and traders alike are defensive amid brewing local economic and geopolitical changes: (1) the shift to federalism gains traction as President Duterte endorses the consultative committee’s draft of the constitution; (2) faster-than-expected inflation last June of 5.2%, which analysts expect to peak in the third quarter; and (3) higher government borrowing.... Read More

Weekly Equities Summary and Outlook : July 02 – 06, 2018

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Reading Time: 3 minutes Equities Summary and Outlook Outlook. We expect the PSEi to continue trading around 7,200 as investors remain on the sidelines amidst the lack of catalysts and ahead of the first half earnings which starts by end of the month. Key economic data to monitor are Overseas Filipino Workers remittances and Balance of Payments to be released... Read More

The Market Call | June 2018

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Reading Time: < 1 minute Macroeconomy Very strong numbers in the real sector—infrastructure spending, manufacturing and new jobs—should combine with positive consumer sentiment in Q2 & Q3 to push Q2 GDP growth above 7%. Inflation will likely peak in H1 as rice imports have arrived, and US Department of Energy forecasts sliding crude oil prices starting June. With the latest... Read More

Weekly Equities Summary and Outlook : June 18 – 22, 2018

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Reading Time: < 1 minute Equities Summary and Outlook Outlook. WWe expect the PSEi to remain volatile around 7,000 as investors sell on strength every time the market goes beyond this level. There’s more downward bias as trade war concerns escalate. China and European Union officials agreed to oppose US protectionism and unilateralism which could later cause a global recession.... Read More