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Soaring US Treasury yields pummel Philippines stocks, peso

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Local stocks continued their slump, sinking the market to the 6,300 territory as the peso retreated to another 18-month low against the dollar.

The benchmark Philippine Stock Exchange index suffered its fifth consecutive loss yesterday, dropping by 0.62 percent or 39.66 points to settle at 6,371.75.MANILA, Philippines —

Philstocks Financial research and engagement officer Mikhail Plopenio said the local market joined its neighboring peers which also traded lower for Thursday’s session following the rise in the US’ long term Treasury yields. This was the peso’s worst close in more than 18 months or since its 58.80 to $1 close on Nov. 3, 2022. The local currency is now down by 3.265 from its end-2023 close of 55.37.

This developed as most Fed officials have signaled a higher-for-longer narrative, leading to broad dollar strength against major global currencies.Global Dominion commits to further introducing Sangla OR/CR in PhilippinesThe International Monetary Fund on Wednesday raised its 2024 growth forecast for China to 5%, citing recent policy moves by...

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