The week ahead

Let’s take a look forward at a clean, holiday-free week for the PSE and the US market.

PH:  Today (Monday) is the last day of OceanaGold PH’s offer period. The listing comes on the 13th. Tomorrow (Tuesday), we will get the April inflation figure from the Philippine Statistics Authority (PSA), which should feed into the BSP’s decision-making process for its May 16 rates meeting. On Thursday we have the Q1 GDP info from the PSA, and the settlement of the Premium Leisure Corp [PLC 0.73 ?4.3%; 1% avgVol] tender offer.

International:  It’s a week of speeches from US economic managers, plus the Reserve Bank of Australia will have a rates decision on Tuesday, and the Bank of England will have a rates decision on Friday.

MB BOTTOM-LINE: The calendar is starting to pick up. I don’t expect any rate-setting surprises from the BSP or any of the international central banks, but I will be reading the statements and the analysis pretty closely to see how they frame inflation’s stickiness and to note any changes in expectations. We should also hear soon from Citicore Renewable Energy about the offer period for its upcoming IPO if it still hopes to list on May 31, unless they’re planning to let the dates slip further into Q2 for a mid- or late-June listing. As for April’s inflation figure, lots of noise about it coming in above 4%, with yet more pain for families in the form of higher rice and meat prices. 

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