May 30, 2023

The Gist

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Your Morning Fix

  • US equity futures edged higher, while Treasury futures rallied amid cautious optimism that a suitable debt ceiling deal can be reached.
  • The White House and Republican congressional leaders geared up lobbying campaigns to pass the debt ceiling bill and got early endorsements from prominent moderate lawmakers before the whole Congress votes on it this week.
  • Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla sees year-on-year inflation for May to be significantly lower due to high base effects. This could ease to below 2% in January 2024 as the base effects wane.
  • The National Government’s (NG) budget surplus rose to PHP 66.8 billion in April from PHP 4.9 billion a year ago, driven by the seasonal increase in tax collections.
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Currencies 5 MIN READ

April forex recap: Mixed reactions on USD amid crises

The US dollar’s value remains to be in a roller coaster state after being battered by the collapse of several US banks, plus a debt ceiling crisis. Still, there are silver linings that highlight the demand for US dollar-denominated instruments, particularly US treasury bonds, as safe havens.

By EA Aguirre May 29, 2023
Investment Tips 2 MIN READ

Don’t miss out on these tactical GS trades 

If you followed our recommendation to take profit from long-term peso government securities (GS) last month, good for you. Now we believe it’s time to reinstate your positions with the upcoming auctions in June.

By Patty Membrebe May 29, 2023
Equities 5 MIN READ

Stock Market Weekly: Relief rally seen amid possible deal on US debt ceiling

A deal about the US debt ceiling is on the horizon, which is good news for the local stock market this week. The MSCI rebalancing will also spur trading.

By First Metro Securities Research May 29, 2023
Investment Tips 4 MIN READ

Unraveling the debt ceiling drama: What to do with your bond portfolio? 

The continuing impasse in debt ceiling talks puts pressure on high-yield bonds, potentially leading investors to demand higher yields for higher-risk bonds. However, a barbell strategy for investment-grade bonds, especially those with higher ratings, looks promising.

By Anna Isabelle “Bea” Lejano May 25, 2023
Investment Tips 4 MIN READ

Are REITs becoming appealing again? 

With the recent rate hike pause of the central bank, investors may want to revisit real estate investment trusts (REITs).

By EA Aguirre May 24, 2023
Rates & Bonds 2 MIN READ

Peso GS Weekly: Continue to be nimble 

It is better to load up in the upcoming auctions. For those not in a rush for long-tenored peso bonds, there’s still value in short-dated ones.

By Geraldine Wambangco May 24, 2023

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Explainer Articles

What drives the price of gold?

Many investors still think gold is a safe haven amid today’s economic risks. Indeed, gold has an intrinsic and tangible value that goes far beyond time and can shape global economies.

Key Points
  • Why is gold considered a safe haven?
  • Why do interest rates matter?
  • Why do central banks buy gold?
Strategy Updates

Strategy Update October 2022

This contains the strategy update of Metrobank as of October 6, 2022.

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