The local stock market ended its four-day advance as investors tempered expectations on the US Federal Reserve’s next moves.
Philstocks Financial Inc. research and engagement officer Mikhail Plopenio said the local bourse also mirrored the drop in Asian markets caused by the rise in US Treasury yields and concerns over China. The reading put further upward pressure on the dollar, with the yen particularly in focus as it sat at its weakest point for 10 months — when Japanese officials intervened in money markets last year to prop it up.
While the economy and the jobs market have shown continued strength, there is a growing worry on trading floors that more than a year of increases—and any more should they come—could tip the United States into recession. “What’s good news for the economy is bad news for markets,” said SPI Asset Management’s Stephen Innes.
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