23/06/2021
: The $PSEi closes at 6,918.41 with a 0.7% incline. The green candlestick reached a high of 6,918.96 and a low of 6,871.83.
According to the report of the Bureau of the Treasury, the national government’s deficit narrowed in May as the double-digit surge in revenues outpaced spending on base effects. Preliminary data for the BTr showed the fiscal gap fell by 1% from a year ago. However, this was nearly five times larger than the 44-billion deficit in April. The government runs on a budget deficit as it spends more than the revenues it generates to boost growth. It borrows from local and foreign lenders to plug this fiscal gap.
Abroad, NASDAQ ($NDX) continues to increase by 0.94% as Standard and Poor’s ($SPX) grows by 0.51% and Dow Jones Industrial Average ($DJI) rises by 0.20%. Federal Reserve Chair Jerome Powell reaffirmed the US central bank’s intent to encourage a “broad and inclusive” recovery of the job market, and not to raise interest rates too quickly based only on the fear of coming inflation. In setting upcoming monetary policy, the Fed chief pledged that the central bank would keep its eyes focused on a broad set of labor market statistics.
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References:
https://www.bworldonline.com/may-budget-deficit-narrows-to-p200b/
https://www.reuters.com/article/us-usa-fed/fed-will-not-raise-rates-on-inflation-fears-alone-powell-says-idUSKCN2DY0YB
