Local share prices ended the week in the green, bucking the Wall Street’s decline, with the main composite index returning to the 6,600 level.
Philstocks Financial Inc. research analyst Claire Alviar said some investors were positioning ahead of the release of first-quarter corporate results. However, the mood was clouded by fresh worries about the economic outlook after worse-than-expected US data combined with a forecast-topping print on core inflation that fanned speculation the country could top into stagflation.
The rally has been helped by blockbuster reports from heavyweights Microsoft and Alphabet, which topped estimates, while the latter also announced its first dividend. Social media company Snap also provided a bullish revenue projection.The results helped temper concerns sparked by news that Facebook-parent Meta expected to spend more this year than had been anticipated owing to investment in artificial intelligence.
At the same time, an index of core prices came in much hotter than forecast — sparking fears the United States could be heading for a period of stagnant growth and spiking inflation.