The Philippine Stock Exchange Index climbed 53.03 points, or 0.8 percent, to 6,483.11 on a value turnover of P5.8 billion. Gainer beat losers, 98 to 78, with 49 issues unchanged.
Meanwhile, oil managed to clock some gains following another selloff that came on the back of fresh signs of weakening demand in the United States. That followed major producers announcing a small increase in output.New York’s three main indexes surged after a report on the crucial US services sector showed surprise improvement, soothing worries about a possible recession in the world’s top economy.
However, Taipei fell again on worries that the Chinese maneuvers oeuvres would hit shipping lanes and flights into Taiwan.All eyes are now on the release of US jobs data on Friday, which will provide the latest snapshot of the economy and could help guide the Federal Reserve in its debate on monetary policy.
“Following last week’s Fed meeting that opened up the possibility of a slower hiking pace, markets are still running ‘risk-on’ despite the recent push back from Fed officials,” said SPI Asset Management’s Stephen Innes.
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