Philippine stocks extended their losses for a second straight trading day on worries about the depreciation of the peso against the US dollar.
While the peso exchange slightly recovered on Wednesday after falling for three straight days, it remained at the 58-a-dollar range. It closed at 58.06 against the greenback. Record closes for the S&P 500 and Nasdaq provided a little inspiration, even with few catalysts to drive buying, with minutes from the Federal Reserve’s May policy decision possibly giving an insight into officials’ thinking with regard to interest rates.
The chip-making giant’s stock price has rocketed in recent years — its shares are up around 90 percent in 2024 — with the high-end processors prized by firms looking to get ahead in the booming artificial intelligence sector. While the April reading on prices showed a slowdown, a number of central bank officials are reluctant to begin cutting too early.