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INVESTMENT STRATEGY
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Inflation Report
Inflation Updates (December 5, 2023)Â
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Economic Updates
November 2023 Updates: Upward tilt of inflation still a possibilityÂ
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Economic Updates
3Q 2023 PH GDP Report: Upward bias for full-year GDP forecast
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Rates & Bonds2 MIN READ
Peso GS Weekly: Rally in peso yields may have more legsÂ
With lower-than-expected inflation in November and the cancellation of the auctions of the Bureau of the Treasury, we may see more demand for peso bonds at current levels.
By Patty Membrebe Read More
Economy5 MIN READ
Inflation Update: November inflation slows, but elevated inflation still seen in 2024Â
Geopolitical conflicts, lingering supply constraints, and the compounding effects of El Nino may keep inflation elevated. For now, we shave off a few percentage points from our inflation forecast for 2023 and 2024.
By Metrobank Read More
Markets2 MIN READ
Gold firms as spotlight shifts to US jobs print
Dec 6 - Gold firmed on Wednesday as Treasury yields eased, stabilizing after a rapid retreat from a record high hit earlier this week, while i...
By Reuters Read More
Currencies4 MIN READ
Dollar at 2-week high, euro softer as market bets on rate cuts
WASHINGTON, Dec 6 - The US dollar was at a two-week high on Wednesday, while the euro was weak across the board as markets ramped up bets that...
By Reuters Read More
BusinessWorld3 MIN READ
Shares go down on profit taking, lack of drivers
Philippine shares closed lower on Wednesday as investors pocketed their profits after the market’s three-day rally amid a lack of fresh lead...
By BusinessWorld Read More
TODAY’S REPORT
December 7, 2023
The Gist
Your Morning Fix
- US equities fell after the Automatic Data Processing (ADP) national employment report showed that 103,000 new jobs were added in November, below the expected 130,000, indicating that the US economy may be slowing into the yearend.
- Oil prices continued to fall as traders remained skeptical of voluntary production cuts by Saudi Arabia and Russia against a worsening demand outlook in China. US Treasury yields tracked the move lower, with the 10-year yield down 6 basis points to 4.104%.
- The National Economic and Development Authority (NEDA) has endorsed an executive order (EO) to extend the temporary reduction of tariffs on rice, pork, corn, and coal until December 31, 2024, to help bring down inflation. Food is the largest contributor to local inflation, at a weight of around 38%.
- The World Bank reported that Philippine debt levels are expected to remain sustainable in the medium term, given that most of the government’s debts are long-term and denominated in pesos. However, the debt-to-gross domestic product (GDP) ratio is still above the multilateral lender’s 60% threshold for developing economies, which the Philippine government commits to reducing by 2025.
- The Asian Development Bank (ADB) has approved a USD 450 million loan to fund the Philippines’ Universal Health Care (UHC) program. The loan proceeds will be used to improve access to medicine and health services as well as design facilities that are disaster-resilient and environmentally sustainable.
The Gist
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Rates & Bonds
2 MIN READ
Peso GS Weekly: Rally in peso yields may have more legsÂ
With lower-than-expected inflation in November and the cancellation of the auctions of the Bureau of the Treasury, we may see more demand for peso bonds at current levels.
Economy
5 MIN READ
Inflation Update: November inflation slows, but elevated inflation still seen in 2024Â
Geopolitical conflicts, lingering supply constraints, and the compounding effects of El Nino may keep inflation elevated. For now, we shave off a few percentage points from our inflation forecast for 2023 and 2024.
Investment Tips
3 MIN READ
Charlie Munger: Distilled wisdom from the master of mental modelsÂ
He is a consummate collector of mental models that help people make decisions that make life easier. Here are some that may change your life and your fortune as well.
Equities
2 MIN READ
Becoming less bearish on equitiesÂ
As we near the end of 2023, we may need to adjust our portfolio and strategy.
Rates & Bonds
2 MIN READ
Peso GS Weekly: Overwhelming demand for short-term securitiesÂ
We expect yields to continue to trend lower. A reduced borrowing program for December may result in better buying interest.
Equities
4 MIN READ
Stock Market Weekly: PSEi nears overbought conditionsÂ
We can expect sideways trading with a slight downward bias on some profit-taking this week.
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Money Sense
Investment Tips3 MIN READ
Technical Analysis: Gold looking shiny againÂ
All that glitters may not be gold, but scintillating opportunities can be unearthed amid emerging uncertainties.
Investment Tips3 MIN READ
Technical Analysis: Global economy needs a check-up with Dr. CopperÂ
Are copper prices telling us something about global economic growth in 2024? Some charts may offer clues.
Investment Tips5 MIN READ
Here's a prudent way to invest in corporate bonds in the US and AsiaÂ
What should you look for when choosing bonds to include in your portfolio? Our partner, CreditSights, has some recommendations.
Investment Tips2 MIN READ
"Bet on sanity," says Metrobank's Tansingco
Investors are recommended to stay calm and make decisions with a long-term view.
Investment Tips5 MIN READ
Navigating the Tech Sector: High valuations with higher potential?Â
Investing in the booming tech sector requires diligence and substantial expertise. Gaining insights from the perspective of global investment managers could help in understanding the landscape.
Explainer Articles
Explainer
3 MIN READ
Explainer: SEC bans Binance in the Philippines. What now? Â
The declaration that Binance is operating illegally in the Philippines can be a sign of the government’s efforts to reign in the booming cryptocurrency market.
Key Points
- What is Binance?
- Is Binance operating in the Philippines?
- Is cryptocurrency legally traded in the Philippines?
- How big is the cryptocurrency market in the Philippines?
- What is next for investors?
Videos
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Webinars
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Investor Series: An Introduction to Estate Planning
In this webinar organized by the CFA Society Philippines, Wanda Beltran, Metrobank Head of the Accounts Management Division under the Trust Banking Group, shares some hard-earned lessons about poor estate planning and some tools and tips that can help people build an equitable legacy for their loved ones. September 1, 2023
Estate Planning: Building a Legacy for the FutureÂ
Watch this webinar to get a head start on estate planning. November 8, 2022
Outlook 2022: Recover. Restart. Rebalance.
Watch this episode of the Market Movers entitled “Outlook 2022: Recover. Restart. Rebalance. March 31, 2022Webinars
Strategy Updates
Strategy Update July 2023
This contains the strategy update of Metrobank as of July 12, 2023.
