Philippine stocks fell again Thursday after the government lowered its economic growth targets for 2024.
The government lowered its 2024 gross domestic product growth target to a range of 6.0 percent to 7.0 percent from the earlier estimate of 6.5 percent to 7.5 percent. Warnings from decision-makers that they were worried about bringing down borrowing costs too soon have also played on investors’ minds, causing them to pare back expectations for how many rate cuts — if any — were coming before January.
But if the economy continues to evolve as expected, most Fed participants still anticipate it will be “appropriate to begin lowering the policy rate at some point this year”.“We read this as confirming that the spasm of concern in markets that the economy might be too strong for the Fed to cut in June was overdone — and the base case remains June and three cuts this year.”
A big miss on the downside could boost hopes for a June rate cut, though a forecast-beating read would likely spark a sell-off in markets.Tokyo, Sydney, Seoul, Singapore and Jakarta were all in the green, though there were losses in Mumbai, Bangkok, Manila and Wellington.Hong Kong and Shanghai were closed for holidays.
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