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THE GIST
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Global Philippines Fine Living
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INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
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2024 Mid-Year Economi Briefing, economic growth in the Philippines
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June 21, 2024
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May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
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DOWNLOADS
economy-ss-8
Inflation Update: Weak demand softens shocks
July 4, 2025 DOWNLOAD
948 x 535 px AdobeStock_433552847
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June 30, 2025 DOWNLOAD
equities-3may23-2
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Archives: Reuters Articles

PRECIOUS-Gold faces fourth weekly loss as burgeoning dollar saps appeal

PRECIOUS-Gold faces fourth weekly loss as burgeoning dollar saps appeal

Silver prices set for worst week since late January

Platinum, palladium also set for weekly losses

Adds comments and details, updates prices

By Bharat Gautam

May 13 (Reuters) – Gold prices held ground near a three-month low on Friday as the strongest dollar in two decades continued to sap demand for greenback-priced bullion, setting up what could be the metal’s fourth consecutive weekly fall.

In choppy price action, spot gold XAU= was flat at $1,823.25 per ounce, as of 0244 GMT, hovering near its lowest level since Feb. 7 hit earlier in the session.

U.S. gold futures GCv1 edged down 0.1% to $1,823.00.

“The fall through support by gold at $1,835.00, and the sell-off in other precious metals overnight, leave gold vulnerable to deeper losses and a potential test of support at $1,780.00 an ounce,” OANDA senior analyst Jeffrey Halley said.

The dollar =USD steadied near a fresh 20-year high scaled on Thursday as concerns persisted that the U.S. Federal Reserve’s actions to tame inflationary pressures would crimp global economic growth, boosting the currency’s safe-haven appeal.USD/

Bullion has lost 3.1% so far this week, its most in two months.

Last week, the U.S. central bank hiked its benchmark overnight interest rate by an aggressive half-a-percentage point. nL2N2X433H nL2N2X419C

Bullion is sensitive to rising U.S. short-term interest rates and bond yields, which raise the opportunity cost of holding it. US/

“Nominal yields will also climb, creating double-yield trouble for gold investors as the Fed will remain hawkish until inflation indicators fall,” said Stephen Innes, managing partner at SPI Asset Management.

Gold’s recent slide almost wipes out gains from a rally driven by safe-haven demand after Russia’s invasion of Ukraine in February. The conflict powered gold prices all the way to near-record levels in mid-March. nL3N2X34FS

Spot silver XAG= was up 0.6% at $20.79 per ounce, platinum XPT= gained 0.9% to $952.02, and palladium XPD= rose 1.9% to $1,944.77. However, all were poised for weekly losses.

(Reporting by Bharat Govind Gautam in Bengaluru; Editing by Sherry Jacob-Phillips)

((BharatGovind.Gautam@thomsonreuters.com; +91-80-6182-3021/ 3590 (If within U.S. call 651-848-5832 );))

Australia, NZ dollars hit two-year trough as China casts a long shadow

Australia, NZ dollars hit two-year trough as China casts a long shadow

By Wayne Cole

SYDNEY, May 13 (Reuters) – The Australian and New Zealand dollars looked set to notch another week of heavy losses on Friday, as growth forecasts for China were downgraded and the yuan extended its decline.

The Aussie was lying at $0.6870 AUD=D3, after a 1.2% drop overnight brought losses for the week to an eye-watering 2.8%. It dived as deep as $0.6829, lows not seen since June 2020, and risks a further decline to at least $0.6777.

The kiwi lurched to $0.6240 NZD=D3, having shed 2.4% for the week to as low as $0.6219. There is little in the way of chart support until the psychological $0.6000 bulwark.

It was notable that the Aussie also slid against the yen, indicating the flight to safety was spreading wider. The Aussie was at 88.26 yen AUDJPY=, having shed 2.4% overnight to a two-month low of 87.26.

Adding to the pain was China’s decision to limit unnecessary travel outside the country by its citizens, part of a drastic COVID-19 response that has hammered prices for industrial commodities.

JPMorgan this week slashed its China growth forecasts and now sees GDP contracting by an annualised 1.5% in the current quarter. It warned data on retail sales and industrial production due on Monday would show hefty falls.

The grim outlook has caused a month-long decline in the yuan and encouraged investors to sell the Aussie as a liquid proxy.

The Aussie has now lost 10% on the U.S. dollar in six weeks, a boon for local commodity exporters but a headache for the Reserve Bank of Australia (RBA) given it will only add to imported inflation.

The market 0#YIB: is fully priced for another RBA hike of 25 basis points in June to 0.6%, but it could be larger depending on what data on wages and jobs show next week.

Annual wage growth is seen picking up to a seven-year high around 2.5%, while unemployment could fall under 4.0% for the first time since the early 1970s.

“This will underscore how tight the labour market is, supporting our expectation that the acceleration in wages growth is really only just underway,” said David Plank, head of Australian economics at ANZ.

“And once higher wages growth is established, it typically takes a lot of rate hikes to bring it back down,” he added. “This sets the backdrop for our continued expectation that a cash rate of 3%+ will ultimately be required.”

The general flight to safety has been a relief for bonds with three-year bond futures YTTc1 up 25 ticks for the week to 97.080 and off a decade-low of 96.675.

(Editing by Jacqueline Wong)

((Wayne.Cole@thomsonreuters.com; 612 9171 7144; Reuters Messaging: wayne.cole.thomsonreuters.com@reuters.net))

GLOBAL MARKETS-Asian shares trim losses, while dollar firms on Powell’s rate pain warning

By Andrew Galbraith

SHANGHAI, May 13 (Reuters) – Asian shares found some footing after a volatile session for U.S. equities, but the dollar remained at 20-year highs and global stocks near 18-month lows on worries about persistently high inflation and tightening central banks.

Those worries ultimately overcame hopes on Wall Street that high inflation might be peaking, pushing the S&P 500 close to confirming a bear market on Thursday, at nearly 20% off its January all-time high. .N

In an interview later in the day, U.S. Federal Reserve Chair Jerome Powell said that the battle to control inflation would “include some pain”. And he repeated his expectation of half-percentage-point interest rate rises at each of the Fed’s next two policy meetings, while pledging that “we’re prepared to do more”. nL2N2X433H

But after fears of the impact of central bank tightening led to sharp losses a day earlier, Asian shares bounced early in the trading day.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 1.15%, trimming its losses for the week to around 3.5%.

Australian shares .AXJO were up 1.56%, while Japan’s Nikkei stock index .N225 jumped 2.62%.

In China, the blue-chip CSI300 index .CSI300 was up 0.92% and Hong Kong’s Hang Seng .HSI rose 1.8%.

“We had some pretty big moves yesterday, and when you see those big moves it’s only natural to get some retracement, especially since it’s Friday heading into the weekend. There’s not really a new narrative that’s come through, ” said Matt Simpson, senior market analyst at City Index.

“I think there comes that point where you run out of sellers. I’m not really certain that this is going to be a buying rally at the moment, possibly a short-covering rally ahead of the weekend.”

The moves higher in equities were mirrored in slipping U.S. Treasuries, with the benchmark U.S. 10-year yield US10YT=RR edging up to 2.8931% from a close of 2.817% on Thursday.

The policy-sensitive 2-year yield US2YT=RR was at 2.6023%, up from a close of 2.522%.

“Within the shape of the U.S. Treasury curve we are not seeing any particularly fresh recession/slowdown signal, just the same consistent marked slowing earmarked for H2 2023,” Alan Ruskin, macro strategist at Deutsche Bank, said in a note.

The U.S. dollar nevertheless remained firm near 20-year highs, with the dollar index =USD, which tracks it against a basket of currencies of other major trading partners, at 104.8.

The yen JPY= was at 129.02 per dollar, softening from a two-week peak of 127.5 hit overnight. The European single currency EUR= edged down a hair to $1.0376.

In commodities markets, oil prices were higher but still set for their first weekly loss in three weeks, hit by concerns over inflation and China’s COVID lockdowns slowing global growth.

U.S. crude CLc1 ticked up 1.34% to $107.55 a barrel, and global benchrmark Brent crude LCOc1 was up 1.51% at $109.07 per barrel.

Spot gold XAU=, which has been hit by the soaring dollar, was up 0.15% at $1,824.49 per ounce, not far from a three-month low. GOL/

Global assetshttp://tmsnrt.rs/2jvdmXl

Global currencies vs. dollar http://tmsnrt.rs/2egbfVh

Emerging marketshttp://tmsnrt.rs/2ihRugV

MSCI All Country World Index Market Caphttp://tmsnrt.rs/2EmTD6j

(Reporting by Andrew Galbraith; Editing by Simon Cameron-Moore)

((Andrew.Galbraith@tr.com; +86 21 2083 0079; Reuters Messaging: andrew.galbraith.thomsonreuters.com@reuters.net ; Twitter: https://twitter.com/apgalbraith))

EMERGING MARKETS-Asian currencies broadly flat, China’s yuan falls

EMERGING MARKETS-Asian currencies broadly flat, China’s yuan falls

May 13 (Reuters) – The following table shows rates for Asian currencies against the dollar at 0203 GMT.

CURRENCIES VS U.S. DOLLAR

Currency

Latest bid

Previous day

Pct Move

Japan yen

129.050

128.32

-0.57

Sing dlr

1.396

1.3967

+0.03

Taiwan dlr

29.811

29.823

+0.04

Korean won

1,289.000

1,288.6

-0.03

Baht

34.705

34.725

+0.06

Peso

52.440

52.38

-0.11

Rupiah

14,605.000

14,595

-0.07

Rupee

0.00

77.415

0.00

Ringgit

4.396

4.392

-0.09

Yuan

6.806

6.7872

-0.28

Change so far in 2022

Currency

Latest bid

End 2021

Pct Move

Japan yen

129.050

115.08

-10.83

Sing dlr

1.396

1.3490

-3.39

Taiwan dlr

29.811

27.676

-7.16

Korean won

1,289.000

1,188.60

-7.79

Baht

34.705

33.39

-3.79

Peso

52.440

50.99

-2.77

Rupiah

14,605.000

14,250

-2.43

Rupee

77.415

74.33

-3.99

Ringgit

4.396

4.1640

-5.28

Yuan

6.806

6.3550

-6.63

(Compiled by Harshita Swaminathan)

Japanese shares rise on bargain hunting; SoftBank shines

Japanese shares rise on bargain hunting; SoftBank shines

TOKYO, May 13 (Reuters) – Japanese shares rose on Friday, as investors scooped up cheap stocks, with SoftBank Group leading gains even after the technology investor’s Vision Fund posted a record loss.

By 0140 GMT, the Nikkei share average .N225 had risen 2.2% to 26,326.61, rebounding from a two-month low hit in the previous session. The index has lost 2.38% so far this week.

The broader Topix .TOPX rose 1.65% to 1,859.50, but was down 2.92% for the week.

SoftBank Group 9984.T provided the biggest boost to the Nikkei, surging 9.82%, even after posting a record loss at its Vision Fund investment arm, and an annual net loss of 1.7 trillion yen ($13.16 billion) for the group.nL2N2X40DK

“SoftBank’s big loss had been already priced in its shares so investors were not surprised by the outcome,” said Shuji Hosoi, senior strategist at Daiwa Securities.

Yutaka Miura, senior technical analyst at Mizuho Securities, said investors bought SoftBank on expectations the Nasdaq would rise later in the day.

Heavyweight Tokyo Electron 8035.T advanced 4.46% after the chip-making equipment maker flagged a robust annual forecast for this fiscal year. nXB1T1AWQY

Nissan Motor 7201.T slipped 2.48% after the automaker warned of flat operating profit this fiscal year, far below analysts’ expectations. nL2N2X40IE

There were 168 advancers on the Nikkei index against 54 decliners.

The volume of shares traded on the Tokyo Stock Exchange’s main board .TOPX was 0.66 billion, compared to the average of 1.23 billion in the past 30 days.

($1 = 129.1400 yen)

(Reporting by Junko Fujita;
Editing by Vinay Dwivedi)

((813-4563-2711, junko.fujita@thomsonreuters.com, Reuters Messaging:junko.fujita.reuters.com@reuters.net;))

BRIEF-Vitarich Corp Posts QTRLY Gross Revenue 2.62 Billion Pesos

May 13 (Reuters) – Vitarich Corp VITA.PS:

  • QTRLY GROSS REVENUE 2.62 BILLION PESOS VERSUS 2.21 BILLION PESOS

  • QTRLY NET INCOME ATTRIBUTABLE 40.8 MILLION PESOS VERSUS 186.5 MILLION PESOS

Source text for Eikon: ID:nPSX5DDsM7

Further company coverage: VITA.PS

((Reuters.Briefs@thomsonreuters.com;))

Australian shares rebound but set for fourth weekly drop

Australian shares rebound but set for fourth weekly drop

May 13 (Reuters) – Australian shares climbed more than 1% on Friday but were set for their fourth straight weekly drop as high inflation, rising interest rates and energy supply fears in Europe kept investors worried about a global economic slowdown.

The S&P/ASX 200 index .AXJO jumped 1.1% to 7,018.50 by 0032 GMT, with all sectors except gold trading in positive territory. The benchmark had lost 3.7% this week, as of Thursday’s close.

The flagship MSCI global index .MIWD00000PUS is down about 20% in the worst start to a year in recent memory, as rising inflation, the war in Ukraine and China’s COVID-19 woes have kept investors on edge. MKTS/GLOB

Japan’s Nikkei .N225 was up 1.74% on Friday and S&P 500 E-minis futures EScv1 were up 0.59%.

In Australia, energy stocks .AXEJ gained 1.9% but were on track for a fourth straight weekly loss.

Sector heavyweights Woodside Petroleum WPL.AX and Santos STO.AX rose 2.5% and 1.9%, respectively, on Friday.

Oil prices firmed in early trade but were headed for their first weekly drop in three as worries about inflation and China’s COVID lockdowns outweighed concerns about dwindling fuel supply from Russia. O/R

Miners .AXMM rose 1% but were set for their fourth consecutive weekly drop after losing 6.1% in the last four sessions.

Sector heavyweights BHP Group BHP.AX and Rio Tinto RIO.AX advanced 1.3% and 1.9%, respectively.

Technology stocks .AXIJ tracked the tech-heavy Nasdaq higher and were up 4%. The sub-index was the top percentage gainer on the benchmark but looked set to mark its worst weekly performance in a year. .N

Financials .AXFJ rose 0.6% after a six-session losing streak, while gold stocks .AXGD fell 0.7% on weak bullion prices. GOL/

New Zealand’s benchmark S&P/NZX 50 index .NZ50 fell 0.5% to 11,116.03.

(Reporting by Himanshi Akhand in Bengaluru; Editing by Subhranshu Sahu)

((Himanshi.Akhand@thomsonreuters.com))

For more information on DIARIES & DATA: U.S. earnings diary  RESF/US   Wall Street Week Ahead   .N/O Global Economy Week Ahead DATA/ ................................................................ For latest top breaking news across all markets          NEWS1 

BRIEF-AC Energy Says Approved Additional Term Loans Of 6 Bln Pesos To Support Co’s Growth Plans

May 13 (Reuters) – AC Energy Corp ACEN.PS:

  • APPROVED ADDITIONAL TERM LOAN FACILITIES OF UP TO 6 BILLION PESOS TO SUPPORT COMPANY’S GROWTH PLANS

  • BOD APPROVED APPOINTMENT OF JUAN MARTIN L. SYQUIA AS DEPUTY CFO EFFECTIVE MAY 16

  • APPROVED ISSUANCE OF CORPORATE GUARANTEES FOR CO’S AUSTRALIA PROJECTS WORTH UP TO A$360 MILLION

Source text for Eikon: ID:nPSXb57nqy

Further company coverage: ACEN.PS

((Reuters.Briefs@thomsonreuters.com;))

PRECIOUS-Gold faces fourth weekly drop as burgeoning dollar drains appeal

PRECIOUS-Gold faces fourth weekly drop as burgeoning dollar drains appeal

May 13 (Reuters) – Gold prices on Friday were held near a three-month low as the strongest dollar in two decades continued to sap demand for greenback-priced bullion, setting up what could be the metal’s fourth consecutive weekly fall.

FUNDAMENTALS

* Spot gold XAU= was down 0.1% at $1,820.54 per ounce, as of 0054 GMT, having dropped to its lowest since Feb. 7 earlier in the session. U.S. gold futures GCv1 fell 0.2% to $1,821.20.

* Bullion is on course for a 3.2% weekly drop, its biggest in two months.

* The dollar =USD steadied near a fresh 20-year high scaled on Thursday as concerns persisted that U.S. central bank’s actions to drive down high inflation would crimp global economic growth, boosting the currency’s safe-haven appeal.USD/

* The elevated dollar drove rival safe-haven gold and other precious metals lower in the previous session, with palladium shedding more than 8%.

* Benchmark U.S. 10-year Treasury yields edged higher on Friday, arresting a four-session slide, and piling on pressure on zero-yield gold. US/

* Calling stable prices the “bedrock” of the economy, Federal Reserve Chair Jerome Powell said on Thursday the U.S. central bank’s battle to control inflation would “include some pain” as the impact of higher interest rates is felt, but that the worse outcome would be for prices to continue speeding ahead. nL2N2X433H nL2N2X419C

* Although seen as an inflation hedge, bullion is sensitive to rising U.S. short-term interest rates and bond yields, which raise the opportunity cost of holding it.

* Spot silver XAG= was up 0.5% at $20.76 per ounce, but set for a fourth consecutive weekly fall, having lost about 6.9% so far this week.

* Platinum XPT= gained 0.8% to $951.50, and palladium XPD= rose 1.4% to $1,934.36, but were set for weekly losses of about 1.2% and 5.2%, respectively.

(Reporting by Bharat Govind Gautam in Bengaluru; Editing by Sherry Jacob-Phillips)

((BharatGovind.Gautam@thomsonreuters.com; +91-80-6182-3021/ 3590 (If within U.S. call 651-848-5832 );))

Oil climbs even as weaker demand concerns cap gains

Oil climbs even as weaker demand concerns cap gains

By Sonali Paul

MELBOURNE, May 13 (Reuters) – Oil prices firmed in early trade on Friday but were headed for their first weekly losses in three weeks as worries about inflation and China’s COVID lockdowns slowing global growth outweighed concerns about dwindling fuel supply from Russia.

Brent crude LCOc1 futures were up 97 cents, or 0.9%, at $108.42 a barrel at 0008 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 futures climbed $1.00, or 0.9%, to $107.13 a barrel.

Both benchmark contracts were, however, on track to post declines for the week, with Brent set to drop more than 3% and WTI more than 2%.

The market is continuing to be pushed and pulled by the prospect of a European Union ban on Russian oil sapping supply and concerns about demand being dented by weaker global growth, inflation and China’s COVID curbs.

“The demand concern factors have grown quite a bit,” said Commonwealth Bank commodities analyst Vivek Dhar.

Inflation and aggressive rate rises have driven the U.S. dollar to 20-year highs, which has capped oil price gains because the strong dollar makes oil more expensive for buyers holding other currencies.

Analysts, however, continue to focus on the prospect of a European Union ban on Russian oil, after Moscow imposed sanctions this week on European units of state-owned Gazprom and after Ukraine stopped a gas transit route.

“Oil is finding support from supply concerns as Russia takes another step forward to weaponize energy,” said SPI Asset Management managing partner Stephen Innes.

An International Energy Agency report on Thursday highlighted the duelling factors in the market, saying rising oil production in the Middle East and the United States and a slowdown in demand growth are “expected to fend off an acute supply deficit amid a worsening Russian supply disruption”. nL5N2X431I

The agency said it saw output from Russia falling by nearly 3 million barrels per day (bpd) from July, or about three times more than is currently displaced, if sanctions for its war on Ukraine are expanded or if they deter further buying.

(Reporting by Sonali Paul; Editing by Bradley Perrett)

((Sonali.Paul@thomsonreuters.com; +61 407 119 523))

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