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September Multi-Asset Market Update: 2Q GDP, inflation, soft US jobs data
This month’s report focuses on the latest economic data from the Philippines, the US, and other major markets
By Multi-Asset Investments Department Team
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The Philippine economy grew by a healthy 5.5% in the second quarter of 2025, mainly due to strong exports and domestic demand. Inflation for August was 1.5%, which brings the year-to-date figure to 1.7%. This compelled the Bangko Sentral ng Pilipinas (BSP) to cut rates by 25 basis points.
In the US, job growth slowed in July and August. Investors expect the US Federal Reserve to be more “dovish”. In Europe, the end of the easing cycle appears to be near as the European Central Bank retained its deposit facility rate at 2% in its August meeting.
In Japan, the possibility of a rate hike is likely amid strong domestic demand and persistently above-target inflation. In China, AI is booming while factory output, retail sales, and property sector decline.
Considering this chain of economic event
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