Dear Colleagues, Partners and Clients:
We are pleased to release the September issue of The Market Call, as published by the FMIC & UA&P Capital Markets Research. This is a result of an in-depth analysis on the emerging and leading trends in the global and local markets that have shaped the direction of the Philippine capital markets in the last four weeks.
Here are the highlights of the September issue:
The Philippine economy showed its resilience as it rebounded in Q2 with a Gross Domestic Product (GDP) growth of 6.4% (year-on-year) versus 5.6% (as revised) a quarter ago. The industrial sector, powered by the manufacturing sector, led the upswing. Financial markets, however, reacted tepidly to the data release which handily exceeded consensus of 6% as players focused on the rising inflation and likely further monetary policy tightening. Inflation clocked at 4.9% in July, a significant acceleration from 4.4% in June. Exports surged by 21% in June, as electronics exports recovered.