The Philippine Stock Exchange index extended its losing streak Wednesday, dropping below the 6,500 level, as US markets fell overnight.
Limlingan said US services index also reported faster growth in December, fueling inflation concerns.The positive Philippine unemployment data did not help boost investor sentiment. The Philippine Statistics Authority said unemployment rate decreased to 3.2 percent in November 2024 from 3.6 percent in the same month last year.
Meanwhile, Asian equities wavered on Wednesday as sentiment was knocked by a sell-off on Wall Street sparked by data indicating the US economy and jobs market remained robust, further denting hopes for interest rate cuts. A separate report showed job openings also outstripped forecasts in November to touch a six-month high.
Yields on key 10-year US Treasuries rose and options suggest they could hit five percent for the first time since October 2023, according to Bloomberg News.
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