Stocks may decline on ongoing war, Fed review - BusinessWorld Online

📆 14-03-22 05:00:00
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The benchmark PSEi slid by 12.61 points or 0.17% to close at 7,112.19 on Friday, while the broader all shares fell by 18.46 points or 0.48% to close at 3,765.36. Week on week, the PSEi retreated by 319.82 points from its finish of 7,342.01 on March 4.

Stocks dropped on Friday after failed peace talks between Russia and Ukraine and as US inflation hit a 40-year high.

“Fears over an aggressive monetary tightening by the Federal Reserve have also resurfaced as the US’ inflation hit a 40-year high of 7.9% last February,” Mr. Tantiangco added. The consumer price index increased 0.8% last month after gaining 0.6% in January. A 6.6% rebound in gasoline prices accounted for almost a third of the increase in the CPI.

With inflation nearly four times the US central bank’s 2% target, economists are expecting as many as seven rate hikes this year, Reuters reported.

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