Stocks end three-day rise; Converge leads advancers

in the Fed’s rate hike campaign was offset by fresh geopolitical concerns over Ukraine and profit-taking.

Four of the 10 most active stocks ended in the green, led by Converge ICT Inc. which jumped 8.2 percent to P15.08 and International Container Terminal Services Inc. which rose 2 percent to P187.50. Ayala Land Inc. was up 1.8 percent to P27.809. The optimism had been further enhanced by China’s pledge to provide much-needed support to the country’s beleaguered property sector as well as ease some of the strict Covid-19 restrictions that have played a major role in dragging the economy down.

The news sparked fears that if it was proved to be an attack on Poland, a NATO member, the nine-month war in Ukraine could escalate.

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Global stocks slip, dollar steady as retail sales tip Fed outlookGlobal stocks slid from two-month highs and the safe-haven dollar steadied on Wednesday after stronger-than-expected U.S. retail sales clouded the inflation outlook and hopes that the Federal Reserve could ease its aggressive interest rate hikes. |Reuters
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