Philippine stocks rebounded Wednesday from a five-day losing streak following overnight gains on Wall Street on the back of strong third-quarter corporate earnings.
Regina Capital and Development Corp. head of sales Luis Limlingan said the US stocks went up after the latest corporate earnings of S&P 500 companies exceeded market expectations. Traders tracked a rally on Wall Street that was helped by a strong set of earnings from big-name firms including Coca-Cola, Verizon and 3M that fueled optimism for the reporting season.
Leaders rarely alter the budget mid-year, but it did happen in 2008 after the Sichuan earthquake and during the Asian financial crisis in the late 1990s. It also comes after officials came under pressure for a bigger, wider-ranging spending pledge similar to that seen during the global financial crisis.