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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
948 x 535 px AdobeStock_433552847
Economic Updates
Monthly Economic Update: Fed cuts incoming   
June 30, 2025 DOWNLOAD
equities-3may23-2
Consensus Pricing
Consensus Pricing – June 2025
June 25, 2025 DOWNLOAD
Two people discussing a chart on a tablet
Economic Updates
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Archives: Reuters Articles

Oil prices rise after falling 3% in previous session

Oil prices rise after falling 3% in previous session

July 1 (Reuters) – Oil prices edged up in early trade on Friday, after sinking in the previous session as OPEC+ said it would stick to its planned oil output hikes in August and investors worried about the strength of the global economy.

Brent crude futures rose 83 cents, or 0.8%, to USD 109.86 a barrel by 0012 GMT. WTI crude futures for August delivery rose 70 cents, or 0.7%, to USD 106.46 a barrel.

Prices fell around 3% on Thursday.

US traders squared positions ahead of the long Fourth of July weekend.

On Thursday, the OPEC+ group of producers, including Russia, agreed to stick to its output strategy after two days of meetings. However, the producer club avoided discussing policy from September onwards.

Previously, OPEC+ decided to increase output each month by 648,000 barrels per day (bpd) in July and August, up from a previous plan to add 432,000 bpd per month.

US President Joe Biden said on Thursday he would not directly press Saudi Arabia to increase oil output to curb soaring crude prices when he sees the Saudi king and crown prince during a visit next month.

Elsewhere, 74 Norwegian offshore oil workers at Equinor’s (EQNR) Gudrun, Oseberg South and Oseberg East platforms will go on strike from July 5, the Lederne trade union said on Thursday, likely shutting about 4% of Norway’s oil production.

(Reporting by Stephanie Kelly; editing by Richard Pullin)

MSCI global stock index has biggest first-half drop on record

MSCI global stock index has biggest first-half drop on record

NEW YORK, June 30 (Reuters) – The MSCI global stock index notched its biggest first-half of a year percentage drop on record on Thursday, while the US benchmark S&P 500 had its steepest percentage drop for the first six months since 1970.

Behind the slides have been concerns over the Ukraine-Russia war, soaring inflation, higher interest rates and, more recently, a possible US recession.

Yields on the benchmark Treasury note are up about 150 basis points year-to-date, the largest first-half increase since the first six months of 1994.

Adding to jitters Thursday, a Commerce Department report showed US consumer spending rose less than expected in May. While the report suggested inflation had probably peaked, price pressures were still strong enough to leave the US Federal Reserve on its aggressive policy-tightening path.

“Inflation is not something that we don’t have to worry about anymore. It is expected to be with us for quite some time,” said Sam Stovall, chief investment strategist at CFRA in New York.

Central bank chiefs from the Fed, the European Central Bank and the Bank of England met in Portugal this week and voiced their renewed commitment to control inflation no matter what pain it caused.

The Dow Jones Industrial Average fell 253.88 points, or 0.82%, to 30,775.43, the S&P 500 lost 33.45 points, or 0.88%, to 3,785.38 and the Nasdaq Composite dropped 149.16 points, or 1.33%, to 11,028.74.

Since the start of the year, the S&P 500 has lost 20.6%.

The pan-European STOXX 600 index lost 1.5% and MSCI’s gauge of stocks across the globe shed 1.12%.

The MSCI global stock index was down 20.9% for the first half of 2022.

The Fed’s hawkishness and an investor desire for liquidity in difficult times have helped support the US dollar.

The US dollar index gained 6.5% for the quarter in its biggest quarterly jump since the last quarter of 2016. The index is up 9.4% for the year to date.

On Thursday, the dollar index fell 0.343%, with the euro down 0.01% to USD 1.0481.

Bitcoin last fell 5.92% to USD 18,904.06.

Treasury yields slid for a third straight day on Thursday as investors continued to worry about a possible US recession. The yield on 10-year Treasury notes fell 10.4 basis points to 2.989% as safe-haven buying at the long end pushed prices up and yields lower.

Oil prices fell about 3% on the day. OPEC+ confirmed it would only increase output in August as much as previously announced, but left investors wondering about future output.

Brent crude futures for September delivery fell USD 3.42, or 3%, to settle at USD 109.03 per barrel. The August contract, which expires on Thursday, fell USD 1.45, or 1.3%, to settle at USD 114.81 a barrel. US crude futures fell USD 4.02, or 3.7%, to settle at USD 105.76.

Spot gold dropped 0.5% to USD 1,807.21 an ounce.

(Reporting by Caroline Valetkevitch in New York; Additional reporting by Thomas Wilkes in London and Wayne Cole in Sydney and Amruta Khandekar; Editing by Gareth Jones, Matthew Lewis and Deepa Babington)

Gold bound for worst quarter in over a year on hawkish Fed

Gold bound for worst quarter in over a year on hawkish Fed

June 30 (Reuters) – Gold slipped on Thursday, heading for its worst quarter in five as a hawkish tone from global central banks dimmed appeal for the non-yielding asset.

Spot gold fell 0.6% to USD 1,806.55 per ounce by 2:36 p.m. ET (1836 GMT), on track to fall more than 6% for the quarter. US gold futures settled down 0.6% at USD 1,807.3.

“Gold is ending lower this quarter due to the tighter Federal Reserve policy suggestions. Also, there’s a good chance that recession worries will bring down demand across commodities,” said Jim Wyckoff, senior analyst at Kitco Metals.

Bringing down high inflation will be painful and could even crash growth, but it must be done quickly to prevent rapid price growth from becoming entrenched, the world’s top central bank chiefs said at the European Central Bank’s annual conference in Portugal.

The dollar index hovered near its recent two-decade peak and was headed for a 6% rise this quarter, making gold more expensive for overseas buyers.

Gold briefly bounced after US data showed the personal consumption expenditures price index rose 6.3% in May after advancing by the same margin in April. However, gold prices quickly moved back into the tight range it has been in for the past few sessions.

“The data initially gave traders the idea that since inflation wasn’t any worse than last month, maybe the Fed won’t be so aggressive, helping gold. However, the market is still firmly bearish and speculative sellers jumped in to push prices down,” added Wyckoff.

Gold usually benefits from high inflation, but rising rates translate into higher opportunity cost of holding the non-interest bearing asset.

Spot silver XAG= fell 1.8% to USD 20.33 per ounce, platinum dipped 2.1% to USD 897.90 and palladium was down 1.3% at USD 1,936.07.

“If you’re talking recession, it means less automotive production and industrial activity; this is hurting palladium,” said Bart Melek, head of commodity strategies at TD Securities.

(Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Krishna Chandra Eluri and Lisa Shumaker)

TIMELINE-The rise, fall and return of the Philippines’ Marcos dynasty

June 30 (Reuters) – Ferdinand Marcos Jr took the oath of office on Thursday as Philippines president, 36 years after a people’s revolt drove his father from office after two decades in power. nL1N2YH03Q

Below is a timeline of key events for the Marcos family, the country’s most famous and politically influential dynasty.

1965 – After 15 years as a lawmaker, Ferdinand Marcos wins a presidential election, following a campaign portraying him as a decorated World War Two hero, claims that historians have disputed. Marcos is popular in his first term after borrowing from abroad to modernise infrastructure.

1969 – Marcos wins a second term, but an earlier debt-fuelled spending spree triggers an economic crisis and soaring inflation. Public discontent and social unrest simmers and opposition against Marcos grows on several fronts.

1972 – Marcos declares martial law to restore order and dissolves Congress, which allows him to stay in power beyond the constitution’s two-term limit. Thousands of opponents are arrested, beaten, tortured or killed or disappear during nine years of martial law.

1981 – Martial law is lifted. A presidential election is held and Marcos wins by a huge margin, with much of the opposition boycotting.

His son and namesake, Ferdinand Marcos Jr, returns to the Philippines after studying in Britain and the United States and becomes Ilocos Norte governor.

1983 – The president’s biggest political rival, Benigno Aquino, is assassinated upon his return from exile, triggering anger against the Marcos administration.

1985 – As domestic discontent grows, Marcos calls a snap election. Aquino’s widow, Corazon, decides to run and opposition starts to unite against Marcos.

1986 – Marcos wins an election that observers and the United States say is fraudulent. Opponents call for protests and civil disobedience and are threatened with arrest for sedition. The president’s defence chiefs quit and side with a growing “people power” movement.

The Marcos family and an entourage of dozens flee into exile in Hawaii, with a customs inventory that includes 22 crates of cash and millions of dollars worth of jewellery, including diamond-studded tiaras, a gold crown and dozens of pearl necklaces.

A special panel is created to retrieve an estimated $10 billion of wealth that disappeared during the Marcos era. It will eventually recover about half of that.

1989 – Marcos Sr dies in Hawaii age 72.

1991 – The Marcos family return home to face graft and tax evasion charges, but are cleared. Over the next two decades, Marcos Jr, sister Imee, and mother Imelda, rebuild the family’s political network, between them serving concurrently as governor of Ilocos Norte and its representatives in Congress and several stints in the Senate.

1992 – Imelda Marcos contests the presidency, finishing fifth out of six candidates in the first of two failed presidential runs.

1993 – The body of Marcos Sr is returned to the Philippines but is denied a burial in a heroes’ cemetery for former presidents, a decision the family challenges for years.

2016 – After six years as senator, Marcos Jr contests the vice presidential election but narrowly loses.

President Rodrigo Duterte agrees to the Marcos family’s request to bury Marcos Sr with military honours at the heroes’ cemetery.

2018 – Imelda, now aged 89, is found guilty in absentia of seven counts of corruption involving use of Swiss bank accounts, collectively worth up to 77 years in prison. She is bailed pending appeal.

2022 – Marcos Jr wins a presidential election by the biggest margin since his father’s rule and takes the oath of office pledging to work for a bright future, while praising his late father’s achievements.

(Reporting by Martin Petty and Enrico dela Cruz
Editing by Gareth Jones)

((martin.petty@tr.com; +66896070413))

Japan minister: agreed with new Philippine leader Ukraine invasion is outrage

TOKYO, June 30 (Reuters) – Japanese Foreign Minister Yoshimasa Hayashi said on Thursday he agreed with new Philippine President Ferdinand Marcos that Russia’s invasion of Ukraine is an “outrage” that should not be tolerated anywhere in the world.

“We shared a view that Russian invasion of Ukraine is an outrage that shakes the core of the international order, and that unilaterally changing the status quo by force should not be tolerated in any region,” Hayashi said.

Hayashi made the comment to reporters after making a courtesy call on Marcos.

(Reporting by Kiyoshi Takenaka; Editing by Jon Boyle)

((kiyoshi.takenaka@thomsonreuters.com; +81 3 4563 2788;))

Euro zone bond yields fall as investors focus on growth risks

Euro zone bond yields fall as investors focus on growth risks

June 30 (Reuters) – Euro zone bond yields fell as financial markets continued to focus on growth risks on Thursday.

The fastest rate-hiking cycle in decades to combat soaring inflation has hit consumer demand, elevating investor fears of a growth slowdown or outright recession.

Data from France showed annual June inflation came in slightly higher than expected at a record 6.5% ahead of a euro zone-wide print on Friday, the last the ECB will scrutinize ahead of its July 21 policy meeting, where it is expected to hike rates by 0.25%. Monthly figures were in line with a Reuters poll’s expectations.

Thursday’s moves follow volatile trading on Wednesday, when bond yields tumbled after German inflation unexpectedly fell in June, though economists warned this was driven by one-off effects and was unlikely to be a sign that inflation has peaked.

They ended the session sharply lower, even after Spanish data showed inflation rising much higher than expected to more than 10%, but ended the session sharply lower.

On Thursday, 0739 GMT, Germany’s 10-year yield, the benchmark for the bloc, was down nearly 7 basis points (bps) to 1.44%, adding to a 13 bps fall on Wednesday.

Italy’s 10-year yield was down 6 bps to 3.45%, with the closely-watched spread to German peers at 199 bps.

“It’s probably a combination of things. A little bit of a relief rally that French inflation wasn’t higher, but also risk assets are really starting to deteriorate now. It’s a pessimistic drop on risk assets that’s probably leading to some short covering or a bit of buying in rates,” said Peter McCallum, rates strategist at Mizuho.

Stock markets also dropped sharply on Thursday.

“Markets are feeling more confident that central banks are going to be on top of inflation, so you’ve had breakevens falling fairly sharply, but to get to that inflation falling situation, central banks will probably have to stay the course with their tightening,” McCallum added.

For example, the US 5-year breakeven rate, a market gauge of inflation expectations, fell to its lowest since October 2021 on Wednesday, at 2.66%.

In another sign of those growth fears, the iTraxx Europe crossover index, which measures the cost of insuring exposure to sub-investment grade European corporate high yield bonds, rose above 600 basis points for the first time since April 2020, the height of the COVID-19 pandemic.

Later in the session investors will also eye the US Federal Reserve’s favoured inflation gauge, the core personal consumption expenditures index, which a Reuters poll expects to rise slightly on a monthly basis, but drop slightly year-on-year.

In the primary market, Italy will raise up to 7 billion euros from a new 5-year bond, and re-openings of a 10-year and seven-year floating-rate bond.

(Reporting by Yoruk Bahceli; Editing by Alex Richardson)

 

Philippines begins new era of Marcos rule, decades after overthrow

MANILA, June 30 (Reuters) – The son and namesake of late dictator Ferdinand Marcos was sworn in as president of the Philippines on Thursday, completing a stunning comeback for one of Asia’s most famous political dynasties, 36 years after it was ousted in a popular uprising.

Marcos Jr. scored a rare landslide victory in last month’s election, helped by what his critics see as a decades-long effort to alter public perceptions of a family that lived lavishly at the helm of one of the world’s most notorious kleptocracies.

In a speech that echoed his campaign slogans of unity, Marcos Jr, better known as “Bongbong”, vowed to take the country far on his watch with policies benefiting everyone, and thanked the public for delivering what he called “the biggest electoral mandate in the history of Philippine democracy”.

“You will not be disappointed, so do not be afraid,” he said at his inauguration ceremony, surrounded by his immediate family and with his sister Imee, a senator, and 92-year-old mother Imelda, a former four-time congresswoman, seated close by.

Marcos Jr, 64, also praised his late father’s rule, but said his presidency was not about the past, but a better future.

“I once knew a man who saw what little had been achieved since independence ….but he got it done sometimes with the needed support, sometimes without,” he said.

“So will it be with his son. You will get no excuses from me.” He added: “No looking back in anger or nostalgia.”

The elder Ferdinand Marcos ruled the Philippines from 1965 for two decades, almost half of it under martial law, helping him to extend his grip on power until his overthrow and his family’s retreat into exile during a 1986 “people power” revolution.

Thousands of Marcos opponents were jailed, killed or disappeared during his rule, and the family name became synonymous with cronyism, extravagance and the disappearance of billions of dollars from state coffers. The Marcos family has rejected accusations of embezzlement.

Hundreds of activists were expected to protest against the inauguration of Marcos Jr, angered by a campaign buoyed by a powerful network of supporters and social media influencers determined to debunk historical narratives of the Marcos era.

The former senator and congressman campaigned on the slogan “together, we shall rise again”, invoking nostalgia for his father’s rule, which his family and supporters have portrayed as a golden age for the Philippines, a former US colony.

Voters are counting on him to deliver on pledges to create jobs and bring down consumer prices in a country of 110 million people, nearly a quarter of whom live on less than $2 per day.

In a stirring 30-minute speech, Marcos Jr pledged education reforms, to improve food sufficiency, infrastructure, waste management and energy supply and to give full support for millions of overseas Filipino workers.

“I fully understand the gravity of the responsibility you put on my shoulders. I do not take it lightly but I am ready for the task,” he said.

“I will get it done.”

(Editing by Martin Petty and Michael Perry)

 

UPDATE 2-Philippines starts new era of Marcos rule, decades after overthrow

“I will get it done,” Marcos says

Promises economic reforms, to heal divisions

Protesters say must guard against false narratives

Recasts, adds more Marcos quotes, protests, reaction

By Karen Lema and Neil Jerome Morales

MANILA, June 30 (Reuters) – Ferdinand Marcos, the son of the Philippine ruler overthrown in a popular uprising 36 years ago, was sworn in as the country’s president on Thursday, promising to strive for unity and a better future while praising his late father’s legacy.

Marcos, 64, won last month’s election in a landslide, capping off his wealthy family’s decades-long quest to regain the presidency and transform its image after it was driven out in 1986. nL2N2X00JH nL3N2X13YT

“We are here to repair a house divided, to make it whole and to stand strong again,” he said in an inauguration speech that echoed his campaign slogans of unity.

In a rousing, 30-minute address with sister Imee, a senator, and mother Imelda, a former congresswoman, seated nearby, Marcos Jr thanked voters for giving him “the biggest electoral mandate in the history of Philippine democracy”, and said the country would go far on his watch.

The elder Ferdinand Marcos ruled for two decades from 1965, almost half of it under martial law, helping him to extend his power until his overthrow and his family’s retreat into exile during a “people power” revolution.

Thousands of his opponents were jailed, killed or disappeared during his rule, and the family name became synonymous with cronyism, extravagance and billions of dollars of missing state wealth. The Marcos family denies embezzlement.

“I am here not to talk about the past. I am here to tell you about our future,” Marcos Jr said before thousands of cheering supporters, waving flags, and wearing red, a colour associated with his father.

“No looking back in anger or nostalgia.”

Marcos Jr, who closely resembles his late father, defended his father’s legacy and said he would emulate his achievements.

“I once knew a man who saw what little had been achieved since independence … but he got it done. Sometimes with the needed support, sometimes without, so, will it be with his son. You will get no excuses from me,” he said.

Marcos took his oath at the heavily guarded National Museum, once a legislative building that witnessed frequent demonstrations against his father’s presidency.

‘REJECT, MARCOS’

Close by, hundreds protested against Marcos, angered by a campaign his critics say relied heavily on social media to win votes by debunking narratives of Marcos-era abuses and decadence and offering alternative versions of history.

Carrying banners saying “Reject, Marcos” they gathered at the Plaza Miranda, where some of his father’s opponents were killed and injured in a bombing blamed on communists.

Marcos campaigned on the slogan “together, we shall rise again”, invoking nostalgia for his father’s rule, which his family and supporters have portrayed as a golden age for the Philippines.

At a heroes’ monument, victims of persecution under martial law gathered for their own oath-taking, promising to guard against what they called tyranny and lies.

“The survivors are a vanishing breed, if not an endangered species and the time to correct falsehoods and lay bare the truth is now,” said Cristina Bawagan, who said she suffered abuse under the elder Marcos’ rule.

His son has pledged to deliver jobs and bring down consumer prices in a country of 110 million people, nearly a quarter of whom live on less than $2 per day.

He said he would not disappoint the public and would improve food sufficiency, education, infrastructure and energy supply, tackle plastics pollution and better support millions of overseas Filipino workers.

“I am ready for the task,” he said. “I will get it done.”

FACTBOX-Key figures in Philippine President Marcos’ new administrationnL4N2YG1DF

EXPLAINER-Hurdles ahead as Philippines’ Marcos begins six-year presidencynL4N2YE1C5

Marcos, son of strongman, triumphs in Philippines presidential electionnL2N2X00JH

Philippines election win returns Marcos to power, and polarisationnL3N2X13YT

GRAPHIC-Philippines returns to Marcos rule https://tmsnrt.rs/3y6r6M9

Fall and rise: Marcos family back in power in the PhilippinesnL3N2X12D7

SPECIAL REPORT-Marcos could control hunt for family’s wealth as Philippines presidentnL3N2WV114

EXPLAINER-What will a Marcos presidency in the Philippines look like?nL3N2X2290

FEATURE-‘Our blood is boiling’: Victims angry as son of dictator closes in on Philippine presidencynL2N2WX12V

Seeking return of disputed ‘golden age’, Philippine voters back son of dictator MarcosnL3N2WX0ZF

(Additional reporting by Peter Blaza; Editing by Martin Petty, Michael Perry and Alison Williams)

((karen.lema@thomsonreuters.com; +632 841-8938))

Philippines President Marcos says food sufficiency urgent issue

MANILA, June 30 (Reuters) – Philippines President Ferdinand Marcos said on Thursday ensuring food sufficiency for a country battling soaring inflation will be among his top priorities as he began his six-year term.

“The role of agriculture cries for the urgent attention that its neglect and misdirection now demands,” Marcos, who has appointed himself as agriculture minister, said after taking the oath as president on Thursday.

(Reporting by Neil Jerome Morales and Karen Lema; Editing by Martin Petty)

((martin.petty@tr.com; +66896070413;))

Gold heads for worst quarter in five as dollar dominates

Gold heads for worst quarter in five as dollar dominates

June 30 (Reuters) – Gold was mostly quiet on Thursday, but faced its worst quarter since early 2021 as a remarkable showing from the dollar kept investors away, with bullion’s outlook clouded by top central banks adopting aggressive tactics to fight stubborn inflation.

Spot gold was down 0.1% at USD 1,814.96 per ounce, as of 0754 GMT. US gold futures dipped 0.1% to USD 1,815.50.

Gold prices, set to drop for a third straight month, have fallen about 6.4% this quarter.

A combination of rising yields and US dollar have played their part in gold’s underperformance, City Index senior market analyst Matt Simpson said, but noted that gold priced in other currencies had not performed too badly.

The US dollar hovered near its recent two-decade peaks, and could record its best quarter in over five years, making greenback-priced gold more expensive for buyers holding other currencies.

Bringing down high inflation around the world will be painful and could even crash growth, but must be done quickly to prevent rapid price growth from becoming entrenched, the world’s top central bank chiefs said on Wednesday.

Higher bond yields and interest rate hikes by central banks to fight inflation raise the opportunity cost of holding bullion, which yields no interest.

Bullion’s performance in the second quarter erased gains made earlier in the year, as a spiraling Ukraine-Russia conflict lifted demand for the safe haven, with prices back around levels they started 2022 at just above USD 1,800.

Looking forward, the bias will become increasingly bearish as rate hikes continue to come through and bring down inflation expectations, Ilya Spivak, a currency strategist at DailyFX said, adding that USD 1,780-USD 1,790 is a critical support level.

Spot silver rose 0.4% to USD 20.78 per ounce, while platinum fell 0.3% to USD 913.93 and palladium XPD= eased 0.2% to USD 1,957.93. However, they were all still headed for monthly and quarterly losses.

(Reporting by Bharat Govind Gautam in Bengaluru; Editing by Rashmi Aich, Sherry Jacob-Phillips and Amy Caren Daniel)

 

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