Stocks drop on US recession fears

The main index fell 70.30 points or 1.07 percent to close at 6,496.50 as the Mining and Oil sector led the retreat with only the Industrial counter managing to hold its ground. Volume was stable at 558 million shares worth P7.31 billion as losers outnumbered gainers 99 to 65 with 40 unchanged.

He noted that , “The disappointing retail sales report suggested inflation is hitting consumers more than expected, fueling investors concerns that consumer spending is slowing, a sign that the economy is weakening.“ Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse dropped due to growing recession fears in the US following the disappointing US retail sales in November. “

“Moreover, investors also took some gains on the last trading day of the week to avoid any uncertainties over the weekend,” she added.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Asian stocks sag with dollar as hawkish Fed spurs recession fearsTOKYO - Asian stocks sagged on Thursday, tracking declines on Wall Street, after the U.S. Federal Reserve projected higher interest rates for a longer period. U.S. Treasury yields remained
Source: inquirerdotnet - 🏆 3. / 86 Read more »

Stocks up on lower US inflation rateThe local stock market moved up after news that US inflation slowed down in November, boosting hopes of less aggressive interest rate hikes.
Source: manilabulletin - 🏆 25. / 51 Read more »

Stocks drop on concern US will keep rates highThe local stock market dropped on concern that the US Federal Reserve will keep rates high as inflation remains elevated.
Source: manilabulletin - 🏆 25. / 51 Read more »