Philippine stocks finished lower Wednesday as investors took time to analyze the latest movement in US bond yields and corporate earnings.
Regina Capital and Development Corp. head of sales Luis Limlingan said investors were also monitoring the impact of US President Joe Biden’s visit to Israel on the Middle East conflict. Gaza’s health ministry blamed Israel for the hospital explosion, but Israel said it was caused by a rocket misfired by Hamas ally Islamic Jihad.
There was an increase in fighting between Israeli troops and Tehran-backed Hezbollah on the Lebanon border. The figures were helped by a healthy jump in retail sales, suggesting the country’s consumers are regaining a little confidence, though officials continue to face calls for more stimulus to kickstart the economy.
A report showing a better-than-expected rise in US retail sales revived talk of another interest rate hike by the Federal Reserve, even after a string of decision-makers lined up in recent weeks to suggest monetary policy was likely tight enough to bring inflation down.