PHL seen to benefit from slump in oil prices
UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said a slump in oil prices is still “net positive,” as ultra-low pump prices will help the Philippines jumpstart its economy once the lockdown is lifted.
However, he noted for Southeast Asian markets, including the Philippines, the benchmark Mean of Platts Singapore (MoPS) “has not suffered the recent fate of the WTI (West Texas Intermediate).” READ MORE (We believe this is the best time for the government to start infrastructure build, build & build to continue with proper check and balance of workers – traffic and congestion is all absent while building continues)
TECHNICAL CHART OF OIL TODAY
US stocks end sharply lower for second straight day
NEW YORK: Wall Street stocks tumbled for a second straight session on Tuesday (Apr 21) as worries about chaos in the oil market overshadowed progress in Washington on additional relief for small businesses.
The Dow Jones Industrial Average finished down more than 631.56 points (2.67 per cent) at 23,018.88.
The broad-based S&P 500 dropped 86.60 points (3.07 per cent) to 2,736.56, while the tech-rich Nasdaq Composite Index sank 297.50 points (3.48 per cent) to 8,263.23. READ MORE
TECHNICAL CHART OF PSEI
Bigger Concern: S&P raises PHL 2020 unemployment estimate to 6.8%
UNEMPLOYMENT is expected to surge in service sector-reliant Asia because of the pandemic, with the Philippine jobless rate projected at 6.8% this year from the 5.3% pre-outbreak forecast, according to S&P Global Ratings.
“Measures designed to limit viral spread are striking at the heart of the engine of job creation across Asia-Pacific — the service sector,” S&P said in a report, “Jobs and the Climb Back from COVID-19.” READ MORE
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