AMRO slashes GDP growth forecast for PHL
THE ASEAN+3 Macroeconomic Research Office (AMRO) on Friday slashed its 2020 gross domestic product (GDP) growth forecast for the Philippines to 0.2%, warning that containing the virus should be the country’s top priority as second wave of infections could lead to bigger toll on the economy.
In a note released to journalists, AMRO forecasts showed the Philippines will grow by 0.2% this year, drastically lower than the 4.5% projection given on April 7 during its ASEAN+3 Regional Economic Outlook (AREO 2020) launch, and the 6.2% penciled in March. READ MORE
TECHNICAL CHART PSEi
OTHER RISK AHEAD – The Shale Suffering Has Only Just Begun
A few weeks before the summer driving season begins, U.S. gasoline consumption has plummeted to levels last seen in the late 1960s, due to the lockdowns to contain the spreading of the coronavirus.
With demand for motor fuel plunging, refiners are cutting crude processing, and crude oil storage capacity in America is filling fast. The glut is set to worsen in the coming weeks, and storage capacity at Cushing, Oklahoma, could be full by the middle of May, analysts say.
The fast demand destruction in the pandemic threatens to fill up storage across America soon, forcing oil prices lower and forcing oil producers to idle more rigs and curtail more production than initially thought. READ MORE
TECHNICAL CHART OIL
CONVID-19 – Worldwide coronavirus death toll passes 200,000
- The numbers: Covid-19 has infected more than 2.8 million people and killed at least 200,000 worldwide, according to Johns Hopkins University.
- US toll: More than 53,780 people have died in the United States, representing more than a quarter of all deaths worldwide.
- Holy month: Indonesia has temporarily banned domestic travel, as the nation with the world’s biggest Muslim population marks the start of the holy month of Ramadan. READ MORE
- Trade with your eyes and ears open
- Try not speculate but stick to only good companies with good brach record
- Focus future earning and dividends
- Buy in stages and protect your capital at all times
OUR STOCK PICK THIS WEEK
KEY TAKEAWAYS FOR STOCK PICK
- Both this companies have value and we believe we can enjoy both the dividends & stock appreciation in teh next 3-5 years
- Good corporate governance & Management
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