PH stocks decline, track Wall Street on interest rate concerns

Reserve weighed on the market.

Veteran stockbroker Jonathan Ravelas said a sustained fall below the 7,300 level could accelerate the market’s decline back towards the 6,800 to 7,000 level. A global rally that has seen several markets hit multiple records — particularly in New York — appears to have run out of gas as traders assess the US central bank’s plans in the wake of forecast-topping economic data and ahead of a tight presidential election.

A number of key members of the bank’s policy board have said that while they are in favor of further reductions, they did not want to go too quickly. The Dow and S&P 500 both fell for a second straight day on Wall Street, having ended at fresh peaks Friday, though the Nasdaq ticked higher.Tokyo ended down despite a weaker yen caused by a softening of expectations on US rate cuts. The Japanese unit is sitting at more than 152 per dollar, levels not seen since July.

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