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Ang Kasino Online Slot-PH market to be tested by economic data

author:SlotsGames Source:LotteryGames browse: 【Big Small】 post time:2022-09-25 19:11:16 number of comments:

THE local bourse will again be tested this week after coming off a leap by 104.37 points to close at 6,692.65 last Friday.

Among the data that will test investors' sentiment this trading week is the increase in the country's outstanding debt to P12.89 billion by the end of July.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., however, said that the monthly increase of P96 billion in the country's outstanding debt in July was much lower than the monthly average increase of P165 billion for the period of January to July 2022. This can be a plus factor for the Philippine economy moving forward.

"This largely reflects the narrowing of the budget deficit in terms of the faster growth in government tax revenue collections and the much slower growth in government expenditures amid recent measures to further reopen the economy toward greater normalcy since large-scale lockdowns in the past sharply reduced tax revenue collections and proven to be very costly for the government in terms of increased government spending on financial assistance and other Covid programs," Ricafort added.

He sees the next resistance level at 6,760, with the important resistance at the 6,980-7,000 levels, while immediate support will be at 6,500-6,600 levels, and the crucial, major support at the 6,370-6,400 levels.

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The Federal Reserve's (Fed) hawkish tone will also come into play next week as the US central bank made it clear that they will continue to keep raising interest rates until needed in order to combat inflation. The US Fed will likely continue to do that until 2023 or even beyond.

2TradeAsia noted that markets that are hoping to find reprieve from Fed rate hikes will focus on the US labor data, but is expected to disappoint considering a tight labor situation in July.

"This will be crucial to the central bank's tone moving forward in its next policy meetings. If jobs data continues to disappoint, a 75-basis-point hike on September 20 to 21 is back on the table and extends the Fed's aggressive stance until 2023," it said.

Moreover, 2TradeAsia continued to warn that more pressure will be on the retail-end of the value chain as shelf prices have not yet caught up with higher input costs, as this is reflected by a weak peso, strong weather disturbances and the recent lockdown in Chengdu, China.

The report also stated that higher inflation rates and new Fed rate hikes for the remainder of 2022 should drive market excitement back to the ground and advised investors to "range trade" for the meantime.

2TradeAsia sees immediate support at 6,500 while resistance is at 6,900.