Japanese economy shrinks 0.5% in third quarter
TOKYO, Japan — Japan's economy contracted by a worse-than-expected 0.5% in the third quarter, government data showed Wednesday, in a further blow to struggling Prime Minister Fumio Kishida.
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TOKYO, Japan — Japan's economy contracted by a worse-than-expected 0.5% in the third quarter, government data showed Wednesday, in a further blow to struggling Prime Minister Fumio Kishida.
Senator Christopher "Bong" Go, in an interview on Saturday, November 11, after his visit to government military troops stationed in the Island Garden City of Samal, Davao del Norte, underscored the importance of efficient government spending, especially in light of the ongoing Senate plenary budget deliberations. He also emphasized that prioritizing the needs of the less fortunate and ensuring their welfare must remain a top consideration.
MANILA, Philippines — Demand for the government’s short-term securities hit a two-month high following favorable inflation and economic data and amid an expected pause of the central bank.
MANILA, Philippines — Credit growth slowed for the sixth straight month to hit the slowest pace in almost two years in September as higher-for-longer interest rates continued to bite, according to the Bangko Sentral ng Pilipinas (BSP).
HONG KONG, China — Asian markets were mixed Monday ahead of key US inflation data later in the week, with traders still concerned the Federal Reserve could lift interest rates again.
Metro Manila (CNN Philippines, November 13) — An agricultural group and rice trader fear the retail cost of ordinary rice could reach ₱60 per kilo by next month due to the low supply of the staple grain.
The first half of the week is going to be dominated by analyst and press briefings from some of the PSE’s bluest of blue-chip companies. Someone from the MB team will be able to cover some of these events, but if any MB readers attend and have any comments, please let me know your thoughts and I’ll include your comments in a post. The first of the true calendar events happens on Wednesday, and that’s the MSCI rebalancing announcement. On the same day, the PSE will start its STAR Investor Day event, with Day 1 kicking off at 10AM. The event will continue on Thursday for a second and final day, which is when the BSP’s Monetary Board will meet and decide on whether to raise rates, and also when the 365-day lockup for the majority of the outstanding shares for Alternergy [ALTER 0.92 ?1.1%; 163% avgVol] will expire.MB BOTTOM-LINE: I’m a huge proponent of the PSE’s STAR Investor Day program and its aim to increase the engagement of non-professional investors in the workings of the exchange, and to likewise encourage the listed companies to engage directly with the public and with shareholders. Check out this link to register for the free event. I know the rebalance crew is going to be getting excited to hear what MSCI will do, but for me, my attention is all on the Monetary Board and what it will do on Thursday. I think it will be a little anti-climactic now, though, when you combine the BSP’s off-cycle hike with a surprisingly low October inflation print, the surprisingly high Q3 GDP print, and the US Fed’s decision to not raise rates. The PHP/USD exchange rate is even chilling out in the high ?55s, nowhere near BSP Governor Eli Remolona’s redline of ?57/$1. I don’t expect the BSP to do anything. I think the focus now is probably to set the table for the government to try and save the full-year GDP growth rate with a strong Q4 showing, and another rate hike (on top of a rate hike that might have been extraneous) would not help that agenda at all.
MANILA, Philippines — The Philippine stock market’s immediate support this week is seen at 6,000 with resistance at 6,300, according to 2TradeAsia.