PH stocks rally above 6,600 on rate cut optimism

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Philippine stocks rallied Thursday to close above 6,600 level on expectations the US June inflation rate slowed down, which boosted hopes of a possible rate cut.

All indices ended in the green, with holding firms increasing 2.35 percent, followed by industrial and property . The advances also saw Hong Kong and Shanghai push higher after struggling in recent weeks over worries about the Chinese economy, with investors awaiting a key Communist Party meeting next week.

Traders ramped up bets on the Fed reducing borrowing costs in two months’ time, with analysts saying Powell was telegraphing to markets that the decision had been made. Eyes are also turning to the start of China’s Third Plenum gathering on Monday, where top officials including President Xi Jinping are expected to discuss ways to kickstart the world’s number two economy in the face of an ongoing property crisis and geopolitical issues.

 

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