A surge in evictions could turn into financial crisis, economist warns

  • A surge in rental property evictions could have a domino effect on the broader housing market and economy, Tendayi Kapfidze, chief economist at LendingTree, told CNBC.
  • “This really could be catastrophic, and it extends beyond just the rental industry” and could “affect the single-family housing market and the economy as a whole,” he said on “The Exchange.”
  • Kapfidze called for the federal government to take action to halt evictions during the coronavirus pandemic and extend special unemployment benefits to prevent a further breakdown in the economy. READ MORE

Shocked Diokno says all-time high jobless rate doesn’t reflect reality: Aug report will be starkly different

The Philippines’ 17.7 percent record-high unemployment rate last April does not reflect the true picture of the economy and the jobs market due to the impact of the global pandemic, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said.

The Philippines’ 17.7 percent record-high unemployment rate last April does not reflect the true picture of the economy and the jobs market due to the impact of the global pandemic, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said. (we expect more good news in August)

Diokno cuts interest rate to lowest level ever amid COVID crisis

The Bangko Sentral ng Pilipinas cut its benchmark interest rate to a record low 2.25% as the country braces tougher economic conditions ahead.

In a surprise move, BSP Governor Benjamin Diokno announced yet another 50 basis point reduction in interest rates effective June 26.

Markets were only expecting a 25 basis point cut given the aggressive actions taken by the BSP.

However, Diokno wanted to be a step ahead as he cited the possibility of a “deeper and more disruptive pandemic on domestic and global demand conditions.”

This means the central bank already slashed 175 basis points from the key rate, with no signs of slowing down as Diokno’s team insists there’s still enough policy room available. (We are being assured by BSP it will assist the Economy)

TECHNICAL ANALYSIS – GOLD, OIL, SP500 & DOW – WHAT ARE THEY SAYING?

KEY TAKEAWAYS

  • We remain cautious as the 2nd wave of pandemic starts
  • Global Market is still fragile besides technology companies are all escalating due to demand
  • Gold will continue to shine as the risk-on in place

WHAT ABOUT PSEI?

KEY TAKEAWAYS

  • PSEI should recover grounds this week as BSP gives assurance that the economy will do well on 3rd & 4th quarter
  • We believe that the Philippines economy is in good hands and with the right vibes
  • All projects will go as usual and two IPO’s – AREIT & CONVERGENCE will boost the market
  • We remain optimistic about PSEI

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