Philippine stocks extended their gains Wednesday on bargain hunting and strong performance of US equities.
Colet said that for the rest of the week, the bellwether might move past the 6,300 level as part of the market’s rebound from oversold conditions.Meanwhile, Asian investors on Wednesday tracked a rally on Wall Street after a softer-than-expected report on US job openings soothed fears the Federal Reserve will hike interest rates again.
A separate report revealed consumer confidence falling owing to concerns about jobs, higher rates and lingering inflation. The cooling of rate expectations helped bring US Treasury yields down and even allowed investors to bring forward bets on a rate cut to June from July, according to Bloomberg News.
Tokyo, Sydney, Seoul, Mumbai, Bangkok, Taipei, Manila and Jakarta were all up. Hong Kong and Shanghai were flat.The gains extended a rally across world markets this week that came after Fed chief Jerome Powell last week repeated a pledge that rate decision-making would be based on incoming data, which has been broadly going in the right direction in recent months.
Investors took heart from a Bloomberg article that said lenders were looking to slash rates on most of China’s $5.3 trillion of outstanding mortgages.
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