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August Multi-Asset Market Update: SONA, trade talks, CPI
New objectives from the president, tariff talks with the US, and decelerating inflation come into focus
By Multi-Asset Investments Department Team
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Our update for August evaluates recent events such as state of the nation address of President Ferdinand “Bongbong” Marcos Jr. and the policy directions that he has set.
The renegotiated tariffs with the US also comes into play. How do we compare with our ASEAN neighbors?
As expected, inflation continued to decelerate. Thanks to the decline in rice prices, this downward trend will likely continue. Now this gives the Bangko Sentral ng Pilipinas (BSP) reason to cut rates soon.
Local market: Still overweight on fixed income
FI Allocation Strategy: Overweight stance as the lower rate path continues to be reinforced, further supported by additional liquidity from upcoming bond maturities.
EQ Allocation Strategy: Maintain neutral stance given desk’s low conviction that current market catalysts c
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