Philippines
Great Power Rivalry is taking another leg up as Russia and China further align their geopolitical interests. Investors should stay long USD-CNY, favor defensives over cyclicals, and markets like North America and DM Europe that have less exposure to geopolitical risk.
Executive Summary Lingering Weakness In The Economy Is Reflected In Low Core Inflation
Lingereing Weakness In The Economy Is Reflected In Low Core Inflation…
Executive Summary Favor ASEAN And The Philippines
Favor ASEAN And The Philippines…
Philippine Sovereign Credit Will Outperform…
Highlights So far, both the demand and supply side of the Philippine economy have been rather weak; yet there are signs that growth is set to revive. Fiscal expenditures have bottomed. Bank lending is also reviving. Acceleration in broad money supply is usually a good omen for stronger…
Highlights Stronger global growth in the wake of continued and expected fiscal and monetary stimulus, and progress against COVID-19 are boosting oil demand assumptions by the major data suppliers for this year. We lifted our 2021 global demand estimate by 640k b/d to 98.25mm b/d, and…
Highlights All Filipino assets are linked by a common thread: the country’s fiscal balance. The prevalence of interest rate sensitive sectors in its stock market and the dependence on foreign debt inflows has given the country’s bond yields a primacy. Stocks, bonds, currency - they all rise…
Chart II-1Philippine Equities: Relative & Absolute Performance
Philippine Equities: Relative & Absolute Performance…
Highlights US market risks stem from both the lack of fiscal stimulus before the new president assumes office in late January. Risk-off moves in US financial markets will weigh on EM. China’s stimulus has peaked and the country has begun a destocking phase in commodities inventories. These…
Feature In this report, we determine which South and Southeast Asian countries are better equipped to endure the COVID-19 pandemic. Answers to this question combined with our macro fundamental analysis lead us to recommend which countries to favor or avoid. We assess several factors in regard to…