Philippine stocks dropped below the 6,400 level Tuesday as investors await the release of May inflation data.
Remolona also hinted possible 25 basis points rate cut in August and another 25-basis-point rate reduction late this year. Investors have shifted nervously in recent weeks on concerns that the Federal Reserve will not cut rates until 2025 as inflation remains stubbornly above target and decision-makers warned against moving too early, insisting on seeing more evidence prices are under control.
“We should see higher odds of a rate cut later this year priced into interest rate futures,” he added. Hong Kong, however, reversed an early loss to edge up, while Shanghai, Wellington and Jakarta also advanced.
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