Today is the 251st day of 2025. The PSEi was essentially flat over the 5-day trading week, but it’s down 6.5% year-to-date and down 11.5% over the past 12 months. We are on a 9-day foreign selling streak, which has seen P6.2 billion in net selling.
> PH: We don’t have any headline scheduled events, just a collection of REIT ex-dates and payment dates.
> International: We’ll get inflation and a jobs report from the US on Friday.
MB BOTTOM-LINE: The situation in the US is starting to attract attention, as the most recent jobs report showed that the US economy lost jobs for the first time since the 2020 COVID crisis. Lots of commenters saying that this ugly jobs report makes a 25-basis point cut a virtual certainty coming out of the Fed’s meeting on September 18, with a 50-basis point cut now “on the table”. That’s wild, since it’s not like inflation has gone away, and the Fed’s current analysis is that the inflationary consequences of the Trump tariff scheme might not hit the monthly data until September. I don’t know what to make of any of this, except that it feels like the kind of environment where you just have to hold on to assets and hope for the best.
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