Stocks, peso sustain gains on positive cues from Wall Street

The Philippine stock market sustained its upward momentum Tuesday on positive cues from Wall Street, bringing the benchmark index closer to the 6,600 level.

Remolona, in a forum Monday, hinted of a possible rate cut by the third and fourth quarter of the year. “The rate cut narrative seems to boost investors’ confidence as many are anticipating it since the start of the year,” Alviar said. The Fed chair last week fanned hopes of a cut, saying the battle against inflation had made “progress” and the job market was cooling.

“Powell is expected to hint at possible rate cuts starting in September if inflation continues to decline. A softer core CPI print would likely support this outlook, keeping the US dollar on a weaker trajectory,” said Luca Santos, market analyst at ACY Securities.

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