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TODAY’S REPORT
November 29, 2022

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  • The S&P 500 pared its monthly gain as Fed Bank of St. Louis President James Bullard said markets may be underestimating the chances of higher rates, while his New York counterpart John Williams noted policymakers have more work to do to curb inflation. Fed Vice Chair Lael Brainard said the string of supply shocks is keeping inflation risks elevated.
  • West Texas Intermediate (WTI) rose by 1.3% to settle above USD 77 per barrel as OPEC+ delegates said deeper production cuts could be an option when they meet this weekend. Earlier in the session, oil prices slumped below USD 74, the lowest since December, as protests over harsh anti-COVID measures erupted across China, triggering a broad selloff in commodities and equity markets.
  • S&P Global Ratings revised its Philippine economic growth forecast upward to 7.1% this year from the 6.3% estimate it gave last September, but sees slower growth in 2023 at 5.2% due to the impact of higher interest rates and elevated inflation.
  • Data from the Philippine Statistics Authority (PSA) showed the general wholesale price index (GWPI) jumped 8.2% year-on-year, brought about by the higher annual uptick in the index for chemicals, including animal and vegetable oils and fats.
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Equities 4 MIN READ

Stock Market Weekly: Market pullback likely

With the market now trading at overbought levels, coupled with the rising COVID cases in China, investors are expecting a pullback this week.

By First Metro Securities Research November 28, 2022
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With the central bank saying that it will adjust foreign exchange policies to restrain the peso’s volatility, we may see a rally this week.

By First Metro Securities Research November 21, 2022
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Globe Telecom: Dominating the local telecommunications industry

Globe Telecom Inc. is the market leader in the Philippine telco industry with decades of expertise and leading capital investments.

By Metrobank November 17, 2022
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Banks are in: Three reasons to be optimistic with the financial sector

Despite elevated inflation rates, the perils of escalating conflict arising from the Russia-Ukraine war, and fears of economic recession globally, the country’s banks are doing well.

By Anthony O. Alcantara November 17, 2022
Rates & Bonds 2 MIN READ

Post-Halloween opportunities in peso government bonds

As some investors sell off because of defensiveness of the market, new opportunities have sprung up for clients who want to tactically position in peso government securities.

By Metrobank Government Securities Trading Desk November 16, 2022
Economy 3 MIN READ

Costly fertilizer: There’s more to our inflation woes

Fertilizer prices have been on the rise, prompting farmers to use less of it to grow their crops. This causes yields to go down, threatening the country’s food supply and elevating food prices even more.

By Ina Calabio November 16, 2022
Explainer Articles
Explainer 3 MIN READ

Why does the interest rate differential matter?

There’s a reason why the central bank keeps an eye on the interest rate differential or IRD. It affects not only the exchange rate but also inflation.

Key Points
  • What is an interest rate differential, or IRD?
  • What does the IRD tell us?
  • Why does the IRD matter?
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Strategy Update October 2022

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

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