MANILA—Local stocks rose Tuesday, tracking the gains on Wall Street and other Asian markets.
Analysts said the market was hoping that China would provide additional fiscal stimulus to boost the world’s second largest economy. After a painful August on trading floors, investors have enjoyed a positive start to this week, with Federal Reserve boss Jerome Powell’s insistence that monetary policy would be based on a range of indicators fueling hope the tightening cycle has drawn to a close.
While inflation is easing, Fed officials have warned it remains too high at 3.2 percent — well above their two percent target — and that borrowing costs might have to rise or at least remain elevated until they are satisfied prices have been tamed.Anthony Saglimbene, at Ameriprise, said: “Investors want to see economic releases this week that suggest activity is slowing enough to keep further rate hikes at bay, but not too slow to indicate the economy is headed for a recession.
On Monday, Finance Minister Liu Kun and National Development and Reform Commission chairman Zheng Shanjie said they would provide more policy support and speed up government spending, according to the official Xinhua news agency.
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