A quick look at the week ahead
Administratively, this is a fairly busy week.
Today is the Q3 earnings report deadline, so we’ll probably have a wave of last-minute submissions, and then we’ll start the process of talking about all the companies that have sought deadline extensions and those that might be in danger of sanctions or suspension for late filings.
Then, on Thursday, the BSP will meet and implement the 75bp interest rate hike that it said it would make to match the US Federal Reserve’s 75bp hike earlier in the month.
MB BOTTOM-LINE
I’m not going to spend too much time speculating about what companies might or might not do at the deadline.
Personally, I don’t really mess with management teams that struggle to submit basic reports ahead of well-established deadlines, so I cover that side of the reporting season mostly as an advocate for the minority investors that might have skin in that game.
The BSP thing is way more interesting.
The US Dollar plunge (versus all currencies) gives the BSP an opportunity to be less aggressive in its rate raising activities, as does the “hot” GDP growth data we saw for our economy in October.
Will the BSP stick to its word and raise the full 75bp on Thursday, or will it lose its nerve and become more conservative now that the exchange rate pressure is (temporarily) relieved?
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Merkado Barkada's opinions are provided for informational purposes only, and should not be considered a recommendation to buy or sell any particular stock. These daily articles are not updated with new information, so each investor must do his or her own due diligence before trading, as the facts and figures in each particular article may have changed.
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