Stocks climb after overnight Wall Street gains

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Philippine stocks rose Friday to mark the start of November trading in positive territory following overnight gains on Wall Street.

Colet said, however, the local market’s failure to close above the critical resistance level of 6,000 indicates that investors remain cautious ahead of the release of US and Philippine inflation rates next week.Meanwhile, Asian equities extended a global rally Friday as investors were caught up in a wave of optimism that the Federal Reserve has finished its cycle of interest rate hikes, with eyes now on the release of US jobs data.

The news provided fresh hope that the Fed will be able to guide the world’s number one economy to a so-called soft landing and avoid a recession.“Asian stocks are coat-tailing the bullish momentum in US stocks and long-dated Treasuries as investors read in the tea leaves the strong possibility that the Federal Reserve has completed its cycle of rate hikes,” said Stephen Innes, at SPI Asset Management.

And Capital Group’s Andy Budden added that “the really big message for investors is that this moment of central banks peaking is likely to be the opening of a window where it’s going to be a really good time to get invested”. Still, traders are upbeat for now, with the dollar weakening as they get the confidence to find higher-risk currencies.

 

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