A bull market means that stock prices sustained an increase of more than 20 percent from the recent lows. The PSEi, the 30-company benchmark, climbed 22 percent to 6,951.54 as of Jan. 13 from 5,699.30 on Oct. 3, 2022.
Maderaje said the lower US Consumer Price Index in December also raised hopes that central banks could once again slow interest rate hikes on their policy meetings through the year. Global stocks mostly rose Friday, extending a positive start to 2023, as Wall Street shrugged off early loses following mixed bank earnings and Europe cheered better-than-expected German economic data.
The market is “reasonably confident we’re not going to see the worst-case scenario of a hard landing,” O’Hare added. “Through decisive actions in the past year, we made the crisis manageable,” German Economy Minister Robert Habeck said in response to the growth data. The gains followed a buoyant session Thursday after a report showed that US consumer inflation fell in December to the lowest level in over a year — rising 6.5 percent from a year ago, the smallest increase since October 2021.