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INVESTMENT STRATEGY
THE BASICS
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Economic Updates
November 2023 Updates: Upward tilt of inflation still a possibilityÂ
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Economic Updates
3Q 2023 PH GDP Report: Upward bias for full-year GDP forecast
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The Radar
An opportunity to add duration
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Equities2 MIN READ
Becoming less bearish on equitiesÂ
As we near the end of 2023, we may need to adjust our portfolio and strategy.
By Ricky Maddatu Read More
Rates & Bonds2 MIN READ
Peso GS Weekly: Overwhelming demand for short-term securitiesÂ
We expect yields to continue to trend lower. A reduced borrowing program for December may result in better buying interest.
By Geraldine Wambangco Read More
Markets3 MIN READ
December cheer, China fear
Dec 1 - Asian markets round out the week on Friday in reasonably good spirits, with a deluge of purchasing managers index data from across the...
By Reuters Read More
Rates & Bonds3 MIN READ
US yields higher after data; 10-year poised for biggest monthly drop since 2011
NEW YORK, Nov 30 - US Treasury yields climbed on Thursday, even after economic data provided more evidence that the Federal Reserve could end ...
By Reuters Read More
BusinessWorld3 MIN READ
BTr eyes less December borrowing
The Philippine government plans to borrow less from the domestic market next month, the Bureau of the Treasury (BTr) said on Thursday, amid a ...
By BusinessWorld Read More
TODAY’S REPORT
December 1, 2023
The Gist
Your Morning Fix
- The US core personal consumption expenditures (PCE) price index, the Fed’s preferred measure of US inflation, eased to 3.5% year-on-year in October from 3.7% previously, in line with expectations, while recurring jobless claims rose to the highest in about two years.
- Â US stocks managed to close higher, capping a blistering November rally that added 8.9% to the S&P 500, while US Treasury yields jumped as Fed policymakers pushed back on investor bets for a quick pivot to rate cuts.
-  Crude prices fell as skeptic traders shrugged off reports that OPEC+ agreed to a supply cutback of about 1 million barrels a day, alongside the extension of Saudi Arabia’s voluntary 1-million-barrel voluntary output reduction, to support oil prices as global demand is forecast to slow.
-  The Philippines’ Bureau of the Treasury (BTr) has raised USD 1 billion from the sale of its maiden 5.5-year Sukuk bonds, priced at a 5.045% coupon, or about 80 basis points (bps) above the benchmark US yield.
- Â The BTr announced that it will reduce its peso borrowings in December amid a shrinking budget deficit that eases the pressure to finance its debt, lowering the offer volumes for T-Bonds, from PHP 30 billion to PHP 20 billion, as well as for T-Bills, from PHP 15 billion to PHP 10 billion.
The Gist
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Investment Tips
3 MIN READ
Charlie Munger: Distilled wisdom from the master of mental modelsÂ
He is a consummate collector of mental models that help people make decisions that make life easier. Here are some that may change your life and your fortune as well.
Equities
2 MIN READ
Becoming less bearish on equitiesÂ
As we near the end of 2023, we may need to adjust our portfolio and strategy.
Rates & Bonds
2 MIN READ
Peso GS Weekly: Overwhelming demand for short-term securitiesÂ
We expect yields to continue to trend lower. A reduced borrowing program for December may result in better buying interest.
Equities
4 MIN READ
Stock Market Weekly: PSEi nears overbought conditionsÂ
We can expect sideways trading with a slight downward bias on some profit-taking this week.
Economy
6 MIN READ
November 2023 Updates: Upward tilt of inflation still a possibility
Despite higher GDP growth in Q3, higher costs in transport, oil, and power rates can cause an upward tilt to near-term inflation.
Rates & Bonds
2 MIN READ
Peso GS Weekly: Buying interest in long-term bonds persistsÂ
Given the scarcity of supply in long-term bonds, we recommend loading up on duration in upcoming auctions.
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Money Sense
Investment Tips3 MIN READ
Technical Analysis: Gold looking shiny againÂ
All that glitters may not be gold, but scintillating opportunities can be unearthed amid emerging uncertainties.
Investment Tips3 MIN READ
Technical Analysis: Global economy needs a check-up with Dr. CopperÂ
Are copper prices telling us something about global economic growth in 2024? Some charts may offer clues.
Investment Tips5 MIN READ
Here's a prudent way to invest in corporate bonds in the US and AsiaÂ
What should you look for when choosing bonds to include in your portfolio? Our partner, CreditSights, has some recommendations.
Investment Tips2 MIN READ
"Bet on sanity," says Metrobank's Tansingco
Investors are recommended to stay calm and make decisions with a long-term view.
Investment Tips5 MIN READ
Navigating the Tech Sector: High valuations with higher potential?Â
Investing in the booming tech sector requires diligence and substantial expertise. Gaining insights from the perspective of global investment managers could help in understanding the landscape.
Explainer Articles
Explainer
4 MIN READ
What is short selling?
The Philippine Stock Exchange is launching its guidelines on short selling. This opens opportunities and, of course, risks for investors. Find out more about how it works.
Key Points
- What is short selling?
- What are the guidelines for short selling transactions?
- What are the risks of short selling?
- What are the benefits of short selling?
Videos
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Webinars
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Investor Series: An Introduction to Estate Planning
In this webinar organized by the CFA Society Philippines, Wanda Beltran, Metrobank Head of the Accounts Management Division under the Trust Banking Group, shares some hard-earned lessons about poor estate planning and some tools and tips that can help people build an equitable legacy for their loved ones. September 1, 2023
Estate Planning: Building a Legacy for the FutureÂ
Watch this webinar to get a head start on estate planning. November 8, 2022
Outlook 2022: Recover. Restart. Rebalance.
Watch this episode of the Market Movers entitled “Outlook 2022: Recover. Restart. Rebalance. March 31, 2022Webinars
Strategy Updates
Strategy Update July 2023
This contains the strategy update of Metrobank as of July 12, 2023.
