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Overseas news
US stocks fell sharply Monday, with the S&P 500 and Nasdaq slipping below a key technical level as investors awaited major earnings and a delayed jobs report.
The release of key economic data was delayed due to the US government shutdown, which went on for 43 days and only ended last week.
Meanwhile, US sanctions on oil giants Rosneft and Lukoil are already cutting Russia’s oil revenues and are expected to curb long-term sales. This was according to the US Treasury Department.
The sanctions were announced in October as part of efforts to end the Russia-Ukraine war, which has affected international oil prices and the global economy for years.
Local developments
Cash remittances from overseas Filipino workers (OFWs) rose 3.7% year-on-year to reach $3.12 billion in September, marking their fastest growth since April, according to the Bangko Sentral ng Pilipinas (BSP).
OFW remittances provide a crucial cash flow to the Philippines by helping increase the amount of money that is spent and saved locally.
Meanwhile, President Ferdinand Marcos Jr. appointed Ralph Recto as executive secretary and Frederick Go as head of the Department of Finance (DoF).
This signals the biggest Cabinet reshuffle since alleged anomalies involving flood control projects were initially brought to light. The issue has affected government spending and investor sentiment.
Additionally, vehicle sales slightly rose by 0.03% in October versus the same period last year, reaching 40,014 units. This happened as higher EV demand barely offset the drop in passenger car sales.
Today’s news shows little hint of big changes happening right away, though local developments may have a bigger impact over time. For now, you may want to continue following your strategy if it still works for you.
