MNI BRIEF: China To Defend Interests Following U.S. Tariffs

MNI China Daily Summary: Tuesday, May 14

MNI BRIEF: Pan-EU Financial Product A First CMU Step - Belgium

MNI: PBOC Conducts CNY2 Bln Via OMO Tues; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1053 Tues; -4.08% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS TUES

MNI: US REDBOOK: MAY STORE SALES +6.3% V YR AGO MO

March Wholesales Down As Motor Factories Retool

MNI: US APR FINAL DEMAND PPI +0.5%, EX FOOD, ENERGY +0.5%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

PHILIP Curve Flatter, Budget Deficit Narrows

PHILIPPINES
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
  • The PHILIP curve is slightly flatter today, front-end yields have ticked a touch higher, with the 2Y yield up 1.5bps at 5.20%, 5Y yield is 1bps lower at 5.33%, 10Y yield is 1bps lower 5.44%, while 5yr CDS is down unchanged at 66.5bps.
  • The Philip to US Treasury spread difference has widen in the front-end overnight as the treasury curve bear-steepened, with the 2y is 26bps (+6bps), the 5yr is 68.5bps (-0.5bp), while the 10yr is 82.5bps (-1.5bp).
  • Cross-asset moves: The USD/PHP is down 0.16% at 57.42, the PHP trades just off mulit-year lows, PSEi Index is up 1.20%, while US Tsys yields are 1-2bps higher.
  • In March, the Philippines recorded a budget deficit of 195.9 billion pesos ($3.42 billion), slightly lower than the deficit of 210.3 billion pesos in the same period last year. Despite a year-on-year increase in revenue by 11.32%, reaching 287.9 billion pesos, spending also rose by 3.18% to 483.8 billion pesos. Overall, the budget deficit for January to March amounted to 272.6 billion pesos ($4.75 billion), with revenue up by 14.05% and spending up by 10.72% compared to the same period last year.
  • Looking Ahead, this is little on the calendar for the remainder of the month.
201 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • The PHILIP curve is slightly flatter today, front-end yields have ticked a touch higher, with the 2Y yield up 1.5bps at 5.20%, 5Y yield is 1bps lower at 5.33%, 10Y yield is 1bps lower 5.44%, while 5yr CDS is down unchanged at 66.5bps.
  • The Philip to US Treasury spread difference has widen in the front-end overnight as the treasury curve bear-steepened, with the 2y is 26bps (+6bps), the 5yr is 68.5bps (-0.5bp), while the 10yr is 82.5bps (-1.5bp).
  • Cross-asset moves: The USD/PHP is down 0.16% at 57.42, the PHP trades just off mulit-year lows, PSEi Index is up 1.20%, while US Tsys yields are 1-2bps higher.
  • In March, the Philippines recorded a budget deficit of 195.9 billion pesos ($3.42 billion), slightly lower than the deficit of 210.3 billion pesos in the same period last year. Despite a year-on-year increase in revenue by 11.32%, reaching 287.9 billion pesos, spending also rose by 3.18% to 483.8 billion pesos. Overall, the budget deficit for January to March amounted to 272.6 billion pesos ($4.75 billion), with revenue up by 14.05% and spending up by 10.72% compared to the same period last year.
  • Looking Ahead, this is little on the calendar for the remainder of the month.