Philippine Markets Return, USD/PHP Moves Back Towards Mid-Point Of Recent Range

Philippines markets have returned from yesterday's holiday. USD/PHP sits lower at 56.84, around 0.20% stronger in PHP terms versus Friday closing levels from the end of last week. This keeps us within well worn ranges of recent months in the 56.50-57.00 region. Note we ended last Friday at 56.96.

• Locally, some focus will be on equities, which are tracking at fresh lows back to October last year in early trade today. The PCOMP is around 5934, off a further 0.50%, with very few positive sessions since mid October for the index. Offshore investors have sold -$163.5mn of local equities so far this month.
• We get Sep bank lending data at some stage today, with recent months showing a softening trend (7.9% y/y). This trend could be exacerbated by last week's out of cycle BSP rate hike.
• The PMI for Oct prints this Friday, while Oct CPI prints next Tuesday. This will be a key input into further BSP action.