Philippine stocks opened the week in the green on hopes of a possible rate cut following the easing of the June inflation data.
Investors await the US June inflation data which could provide a big clue on the US Federal Reserve’s next policy direction. Meanwhile, European stock markets edged up Monday after early losses as investors digested snap French elections in which a hung parliament appeared the likeliest outcome. “The best that can be said is that neither the NFP nor National Rally will be able to implement their respective electoral manifestos in full, which would most worry investors fretful about France’s fiscal situation,” Alvin Tan of RBC capital markets said.
Taipei was a rare bright spot, posting solid gains on the back of a surge in shares of chipmaking giant TSMC, which added nearly three percent over the course of the day.Thousands of workers in South Korea walked off the job at tech giant Samsung on Monday morning as they kicked off a three-day general strike, according to a union rep, who warned key memory chip production would be affected.