TODAY’S REPORT
February 3, 2023

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Your Morning Fix

  • The Nasdaq jumped 3%, getting an additional boost from a 23.28% surge in Facebook parent Meta Platforms Inc., its biggest daily percentage jump since July 2013. Meta reported fourth-quarter revenue that topped estimates and announced a USD 40-billion stock buyback.
  • Overnight, the dollar bounced as the euro and sterling weakened after the Bank of England (BoE) and the European Central Bank (ECB) raised rates by 50 basis points (bps) but hinted that their tightening cycles may soon be drawing to a close.
  • The number of Americans filing new claims for unemployment benefits dropped to a nine-month low last week as the labor market remained resilient despite higher borrowing costs, fueling cautious optimism that the US economy could evade a recession.
  • The Philippines’ total outstanding debt reached PHP 13.42 trillion in 2022, while its debt-to-GDP ratio improved to 60.9% from 63.7% in the third quarter of 2022 due to faster-than-anticipated economic growth.
  • The USD/PHP exchange rate closed at 53.845 yesterday, the strongest finish for the peso in more than seven months, as the market interpreted the recent Fed rhetoric as less hawkish due to easing US inflation despite hints of further policy rate hikes.
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Rates & Bonds 4 MIN READ

Buying levels to consider for your bond portfolio in 2023

We have previously outlined a few reasons why peso bond yields have room to trade lower. Here we have identified buying levels for bonds when restructuring your portfolio.

By Patty Membrebe February 3, 2023
Currencies 2 MIN READ

Forecast updates: Dollar-peso exchange rate likely to be lower

The US Fed hiked rates by 25 basis points, inflation is on a downward trajectory, the markets have priced in less aggressive moves by the Fed. Where will we see the peso going now?

By Metrobank Research February 2, 2023
Rates & Bonds 2 MIN READ

Peso GS Weekly: Expect the auction to garner strong interest

There is still healthy appetite for the 13-year tenor bucket. We foresee selling interest to be met by bottom fishing as other investors bet on price recovery. See our top picks for this week.

By Government Securities Trading Department January 31, 2023
Economy 3 MIN READ

2022 GDP: Where did growth come from?

Private consumption, driven by the unleashing of pent-up demand, have accelerated growth last year, among others. Challenges, however, remain.

By Metrobank Research January 30, 2023
Equities 4 MIN READ

Stock Market Weekly: Heightened trading activity due to PSEi rebalancing

Aside from the effects of the PSEi rebalancing, investors will be keeping an eye on oil price hikes, the interest rate decision of the US Fed, and US economic data releases this week.

By First Metro Securities Research January 30, 2023
Rates & Bonds 3 MIN READ

Peso GS Weekly: Sell-offs may remain subdued

Local bond yields were lower last week. These seven bonds may help you structure your portfolio as we welcome February in a few days.

By Government Securities Trading Department January 25, 2023
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Explainer 3 MIN READ

How important are Gross International Reserves?

In a world order predicated on economic interdependence, the gross international reserves of a country determine how well it can keep its economy humming.

Key Points
  • What are Gross International Reserves (GIR)?
  • What are the uses and purposes of GIR?
  • Is there an ideal GIR level that the BSP must maintain?
  • What is the currency composition of the country’s GIR?
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Strategy Update October 2022

This contains the strategy update of Metrobank as of October 6, 2022.

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