Philippine stocks sank by more than 100 points Thursday after the Philippine Statistics Authority reported that inflation rate picked up to a four-month high in September.
Inflation climbed to 6.1 percent in September from 5.3 percent in August on faster increases in the prices of food and non-alcoholic beverages. The figure is also higher than the median analyst estimate of 5.4 percent and the high end of Bangko Sentral ng Pilipinas’ guidance of 5.3 percent to 6.1 percent.
US markets finished Wednesday higher, snapping a three-day losing streak, with the tech-rich Nasdaq closing up 1.4 percent. Singapore, Jakarta and Kuala Lumpur were also up. Markets in mainland China were closed for a week-long holiday. “This rebound in US markets has translated into a rebound in Asia markets and looks set to translate into a positive start for European markets this morning as we look ahead to the latest German trade import and export data for August, as well as French industrial and manufacturing production data, all of which are forecast to show weak economic performance for both,” he said.
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