Homepage / Asia / Philippine central bank tries to calm market, says peso not in free fall
How the Supreme Court may have made Web shopping pricier for just about everyone but Amazon How to choose between an Amazon Echo, a Google Home and an Apple HomePod This floating robotic factory will build satellites and spaceships in orbit Meet the man whose job it is to reassure people that Google search isn’t evil Euro is here to stay: German finance minister China's ZTE expected to take last step to lift ban Cramer Remix: The best way to play the stress test results Red Hat CEO on earnings-led stock drop: 'I would encourage investors to look long term' Apple launches free repair program for MacBook and MacBook Pro keyboards Tesla is suing an ex-employee for hacking into its 'MOS' software — here's what that system does Morgan Stanley sees 'a pattern forming' of the space industry developing like self-driving cars Buy Intel shares because its CEO change will not hurt the chipmaker: Credit Suisse Xiaomi reportedly awards founder $1.5 billion in stock ahead of IPO Tesla reports another fire at Fremont factory Tesla shares drop after analyst raises concern over a rise in its services costs Increased threat of a trade war is ramping up fears of a 'full-blown recession' CarMax shares surge to record high, on pace for their best day in 4 years If energy can clear one hard-to-break level, it’s off to the races, chart watcher says Warren Buffett: 'Any time the market takes a sharp dive,' read this book Supreme Court rules warrants required for cellphone location data Trump urges OPEC to 'keep prices down' as oil cartel's meeting wraps up Cramer: Strength in tech and retail has 'masked' weakness in the broader market Buy EA shares because it is ‘building a Netflix for video games’: Needham What’s at stake in Turkey’s elections, and why Erdogan could actually lose Facebook’s ‘lack of accountability’ in its data scandal spurs European sustainability fund to dump shares Goldman Sachs: GE should suspend dividend for the next 18 months OPEC ministers strike deal on oil production levels Stocks making the biggest moves premarket: BB, MDT, URI, JPM, BAC & more Pro tips on taking great video of your vacation — right from your phone All 35 times the market did this, stocks ended the year higher Bitcoin tumbles after Japan watchdog orders exchanges to beef up practices against money laundering Husband cheating? Ashley Madison says member signups spiked in these cities last year James Comey: Public anger about migrant children is ‘why Trump ran’ from the policy Chinese stocks are flirting with bear market territory as trade worries fester BlackBerry posts quarterly loss Friday will likely be the year's biggest stock market volume day with big action in Apple, JP Morgan Rival Koreas agree to reunions of war-separated families US companies like Micron are accusing China of intimidation and outright theft to dominate tech Disney said it's willing to divest more Fox assets for to get a deal cleared by regulators Tesla is preparing to close a dozen solar facilities in 9 states Uber driver was streaming Hulu show 'The Voice' just before self-driving car crash: Police report OPEC heads into showdown over oil output, with Saudi Arabia and Iran on different sides Chinese media says US has 'delusions' as impact of trade war spreads YouTube introduces paid subscriptions and merchandise selling in bid to help creators monetize the platform Airbus says no-deal Brexit would force it to reconsider UK presence European stocks seen slightly higher ahead of OPEC meeting Euro zone hits 'historic moment' as it closes eight years of financial support to Greece Trade tensions are the biggest risk for the euro zone, the IMF says With freedom to drive, Saudi Arabia's women could change the economy Taiwan's Foxconn says biggest challenge is US-China trade war Euro zone agrees on debt relief package for Greece Asian shares set to decline, taking cues from Wall Street's losses; OPEC meeting ahead Chevrolet is bringing back the Blazer as a crossover Cramer Remix: It was the hottest group in the market until Red Hat reported SpaceX’s Falcon Heavy rocket wins Air Force certification and a $130 million contract Cramer goes out on a limb in support of chipmaker Micron Okta CEO explains why his cybersecurity company has a leg up on big-name tech giants like Microsoft Cramer: CEO change aside, Intel's stock is too cheap at these levels The head of Amazon's marketplace has lost most of his authority amid internal shake-up Alphabet reportedly may spin out molten-salt project with Bill Gates' $1 billion energy fund Red Hat slides on low guidance Tax automation company soars after Supreme Court decision Why Amazon is the winner of the Supreme Court sales tax ruling Why some women are adopting Tom Brady's anti-inflammatory diet Retail companies trying to catch up to the times are scrambling to buy tech start-ups Buy Square shares because its sales will soar from its new services to restaurants: Instinet Former retail CEOs hail online sales tax ruling: Old law rewarded a ‘form of tax evasion’ Mark Zuckerberg is the richest he's ever been — and he's about to beat Warren Buffett Tech pioneer Jaron Lanier says companies should pay for data: 'Let's get out of the manipulation business' Tesla enhancing security at Gigafactory, says they got call that ex-employee threatened violence Kroger shares on track for their best day in 9 years on strong earnings Goldman Sachs: Weak stock market returns are ahead even with booming earnings Trader builds $5 billion position after realizing he wasn't using test program; brokerage says he can't keep his profit Abraaj, a private-equity firm, files for provisional liquidation A wave of new environmental laws is scaring shipowners Glencore dodges American sanctions rather than spurn its friends A maverick French telecoms firm attempts Italian conquest Most stockmarket returns come from a tiny fraction of shares China considers its response to Donald Trump’s proposed tariffs Dutch finance chief opposes latest Franco-German push to bolster euro area Cramer: I have faith others can take charge at Intel after Brian Krzanich's ouster Supreme Court rules that states can force online shoppers to pay sales tax Jim Rogers is the latest aging investing guru to launch an ETF programmed to trade like them Olive Garden owner's shares jump after earnings beat, dividend hike Red-hot chip stock Micron rises as Wall Street gushes over cloud computing memory demand A tech goof might have just leaked the date for Amazon Prime Day Intel's Brian Krzanich forced out as CEO after 'consensual relationship' with employee The Amazon Fire TV Cube is so good I want one for every TV in my house Martin Sorrell says his exit from WPP was like being 'hit by the bus' Micron's quarterly results, forecasts beat on higher chip demand Goldman Sachs upgrades stumbling Verizon and Charter shares: 'The pipes are not broken' The bull case for stocks in three charts Stocks making the biggest moves premarket: DRI, KR, T, VZ, KMB, NKE & more Netflix gets its second $500 price target this week as Wall Street love hits fever pitch Swiss National Bank’s Jordan: We stand ready to intervene in currency markets OPEC kingpin Saudi Arabia just 'threw down the gauntlet' in its push to ramp up production GE may now be a buy after getting kicked out of the Dow. Here's why Diabetes defeated by diet: New fresh-food prescriptions are beating pricey drugs AT&T to launch wireless plans bundled with video after its Time Warner win China warns Trump's 'capricious' trade actions will hurt US workers

Asia

Philippine central bank tries to calm market, says peso not in free fall

The Philippine central bank on Sunday sought to soothe frayed nerves in the foreign exchange market after the peso hit an 11-year low, saying it was not in a freefall and assuring it would be on guard against excessive volatility.

“Let’s calm down,” Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla said in a statement, downplaying the peso’s slump to 51.08 to the dollar on Friday, its weakest since August 2006.

Most emerging Asian currencies fell on Friday as investors dumped riskier assets amid a sharp escalation in tensions between the United States and North Korea.

“We don’t expect it to do a freefall because our economic fundamentals now, unlike before, are solid and very strong. This is reflected in our investment grade (credit) rating,” Espenilla said.

He said it was natural for the peso to show volatility as it adjusts to market conditions and all the “short-term uncertainties” such as heightened geopolitical tension.

The peso was “capable of correcting itself as the market calms down and digests the relevant information,” he said.

Espenilla said the BSP could use its huge pile of foreign exchange reserves to play a stabilizing role in the market.

“The BSP stands vigilant….We’re on the right track,” he said.

Espenilla also sought to downplay worries about the Philippines running a current-account deficit, which may widen to $1.6 billion in 2018, from an estimated $600 million shortfall this year, according to the central bank.

For the Philippines to sustain growth, he said it needs to catch up on high quality investments, especially infrastructure.

“It’s natural for it to run moderate current account deficits. In fact, it’s sub-optimal for it to be persistently running current account surpluses,” he said.

“That’s like the equivalent of deploying our own savings to the world instead of using those internally to finance our own investment needs.”

A construction boom in the Philippines, fueled by President Rodrigo Duterte’s $180 billion “Build, Build, Build” infrastructure campaign, has contributed to the peso weakening amid a recent surge in capital goods imports, including excavators, road rollers and dump trucks.

With this trend expected to continue, the central bank last week said the peso was likely to “show continued depreciation.”

Duterte has already approved the auction of 21 projects worth $16 billion, including the overhaul of Manila’s shabby airport and a railway line on Mindanao island in the south.

On Sunday, the Department of Finance said the government has approved six new big-ticket projects worth a combined 57.5 billion pesos, including construction of bridges intended to ease traffic congestion in the capital Manila.

Despite a weaker dollar, the peso has now fallen 2.5 percent so far this year while most other Asian emerging currencies have racked up solid gains.

A Reuters poll last show showed investors likely retained bearish bets on the peso, though they may have trimmed them slightly in the last two weeks. In contrast, investors were optimistic other Asian currencies would see further gains.

Source: cnbc china
Philippine central bank tries to calm market, says peso not in free fall

Comments are closed.