Government debt rises in March

The national government’s outstanding debt reached P8.177 trillion as of end-March due to higher issuances of domestic securities, the Bureau of the Treasury (BTr) said.

In a report released Thursday evening, the BTr reported the national government’s debt stock increased by P11.82 billion or 0.1% to P8.177 trillion as of end-March from P8.165 trillion as of end-February. The March figure was also 4.8% higher than P7.8 trillion in March 2019.

Of which, 67% or P5.512 trillion were sourced domestically, while 33% or P2.664 trillion were from external creditors. Read More

TECHNICAL CHART PSEI

PSEi – is fragile and traders are cautious – FINWAZE believes foreign funds will move out of Philippines sooner that we thought if the CONVID-19 shutdown continues

US unemployment hasn’t looked this bad since the 1930s

Since the middle of March, Americans have filed more than 30 million claims for their first week of unemployment benefits, sparking a crisis of joblessness that materialized almost overnight.Facing shutdowns across the country, businesses have been forced to lay off or furlough employees on a massive scale. Now, economists and investors are scrambling to determine the scope of the problem. US unemployment is expected to stay high for some time, weighing on any economic recovery once restrictions start to lift.”We’re going up the elevator and down the escalator,” Torsten Slok, chief economist at Deutsche Bank Securities, told me.Slok believes unemployment will have peaked in April. Economists surveyed by Refinitiv expect to the unemployment rate to have hit 16.1% last month, which would be its highest level since 1939. The US government releases its latest jobs report on Friday. READ MORE

SP500 will move to the south as the earning weeks starts – more bad news ahead for SP500
DOW likewise the same – more downside awaits as the DEBT & reserve gets emptied

KEY TAKEAWAYS

  • Buy only if you are certain of the company
  • Power, food & service industry are good but buy them cautiously
  • Buy only at the strong support levels – but in stages
  • The recent rally is not real and Finwaze believes there are more downside the next – 2-4weeks

FINWAZE TEAM

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