Stocks rebound, peso declines to 58.78 a dollar on faster inflation

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Philippine stocks rebounded, while the peso fell as inflation rate quickened to 3.9 percent in May from 3.8 percent in April.

Regina Capital Development Corp. head of sales Luis Limlingan said investors ignored the uptick in headline inflation rate after the US markets ended up higher in its last trading session. Job vacancies fell far more than expected in April, to below 8.1 million, which Briefing.com said was the lowest level since 2021.

“There is nothing to imply that the real economy is on the precipice of a recession… rather that a no-landing for the labor market appears less likely than it did during the first quarter.Still, bets on a Fed rate cut before the end of the year picked up, with some eyeing September as the lift-off point.

Sydney, Seoul, Taipei, Manila and Wellington all enjoyed buying interest, though Hong Kong, Tokyo, Singapore, Shanghai, Bangkok and Jakarta were in the red.

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