Philippine stocks dropped below the 6,400 level Tuesday as investors await the release of May inflation data.
Remolona also hinted possible 25 basis points rate cut in August and another 25-basis-point rate reduction late this year. Investors have shifted nervously in recent weeks on concerns that the Federal Reserve will not cut rates until 2025 as inflation remains stubbornly above target and decision-makers warned against moving too early, insisting on seeing more evidence prices are under control.
“We should see higher odds of a rate cut later this year priced into interest rate futures,” he added. Hong Kong, however, reversed an early loss to edge up, while Shanghai, Wellington and Jakarta also advanced.
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Stocks up, peso falls to 19-month lowThe stock market sustained Friday’s momentum opening on a high note yesterday as investors shopped for bargains. The peso meanwhile, retreated to a 19-month low against the greenback.
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Soaring US Treasury yields pummel Philippines stocks, pesoLocal stocks continued their slump, sinking the market to the 6,300 territory as the peso retreated to another 18-month low against the dollar.
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Stocks, peso fallThe stock market plunged deeper in the red, falling back to the 6,400 level due to economic concerns, while the peso weakened to near all-time low against the dollar.
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