The first half of 2024 defied expectations in financial markets.
The Nasdaq Composite, S&P 500 and MSCI All-Country World Index all reached unprecedented heights despite concerns over tech stock concentration and its stretched valuations. In a parallel display of defying the odds, the Philippine national basketball team, Gilas Pilipinas, stunned the world last week with a surprising upset against world No. 6 Latvia on their own home turf.
Industrial metals had a robust performance, with copper and tin prices seeing substantial gains due to strong demand from China, supply disruptions, and expected expansion of power infrastructure to meet the requirements of AI datacenters. Precious metals like gold and silver also posted strong gains. Gold reached a new all-time high early this year due to central bank purchases and strong demand from retail investors.
The Bangko Sentral ng Pilipinas and its global partners have completed the blueprint for the third phase of its Nexus Project... The government ramped up its budgetary support to state-run firms by over 30 percent to P9.7 billion in May, largely to fund... Lopez-led First Gen Corp. is pushing back the procurement of its fifth shipment of liquefied natural gas while it awaits regulatory...
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