Stocks seen rising to 7,100 level; peso at 56.28 a dollar

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The bellwether Philippine Stock Exchange index added 11.45 points, or 0.16 percent, to close at 6,973.41, while the broader all-shares index climbed 11.55 points, or 0.31 percent, to end at 3,761.28

“We have to monitor how US economy will perform. The question is will be a soft landing or hard landing. A lot of people are betting on soft. So that it what we have to monitor” Tan said. Fed boss Jerome Powell confirmed in a much-anticipated speech Friday that the time had come to begin lowering borrowing costs from their two-decade highs as inflation slows to the bank’s two percent target and the labour market softens.Powell was followed Monday by the head of the San Francisco Fed, Mary Daly, saying it was “hard to imagine” not cutting next month, while Richmond chief Thomas Barkin indicated he supported “dialing down”.

Among the key US indicators due this week are the personal consumption expenditure index — the Fed’s preferred gauge of inflation — gross domestic product, personal income, spending, and consumer sentiment.

 

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