PSEI may continue its downward momentum this week due to lingering selling pressure but may tread sideways into 7500-7400 range, opening in Wednesday should not go below 7,400 to hold initial support.
In addition, here are the top things to consider next week:
- US 3Q GDP of 2.9%
This was the biggest GDP gain in two years since 2014 and may prompt the FED to strengthen its stance in raising the rate the 2nd time. FED is unlikely to raise rates this November because of the upcoming US presidential election. We're still waiting for the core inflation and FED's announcement in Thursday.
- GLOBAL Stocks down, rise in GLOBAL Bonds
As the certainty of a FED hike this December is looming, Treasury yield bonds rose to their highest level which in turn boosted USD.
- Oil prices edged lower
Oil prices edged lower on Friday and were set for the biggest weekly losses in six weeks over doubts about whether oil producers will be able to agree on an output cut big enough to curb a global glut that has weighed on markets for two years. ©reuters
- PH Companies 3Q Earnings report
A lot of companies are already submitting their 3Q FS and we may expect more this week.
- Result of Duterte's trip to Japan
The trip yielded a $1.8 Billion deal which can gain a positive feedback on investors sentiment. This can ease the worry on most investors about the Philippines cutting ties on US and losing a lot of trade deals. Moreover, Japanese integrated trading and investment business conglomerate Marubeni Corporation also intends to provide US $17.2 billion dollars for several projects. ©gma
Happy Halloween, and stay safe this Holiday. GLHF.
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