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

PSEI flirting at the EQ OF FIBO 50; We believe the index will move up this week put we also expect the volatility of the market will remain

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

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