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Market Update: Philippines Equities Flat in Early Deals
The PSE Index traded near a flatline in early trade on Wednesday after closing at a near 4-1/2 month-high in the prior session, as market participants digested reports that the IMF had cut its 2021 growth forecast for the Philippines to 5.4% from 6.9%, but added that a sharp rebound could come in 2022 if COVID-19 quarantine curbs are eased sooner than expected. Meantime, looming data on Chinese retail sales and industrial production offered another reason for caution, with some modest slowdown in annual growth expected. Turning to the bond market, the yield on the benchmark US 10-year Treasury rose to 1.50% on Tuesday, moving away from 3-month lows hit earlier in the week. On the corporate front, a number of foreign firms reportedly have interests to invest in the Philippines offshore mining sector, following the recent issuance of Executive Order that lifted the moratorium on the approval of new mining permits. [/s2If]
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