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Stocks rise on hopes Fed may end interest hike cycle

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MANILA—Local stocks rose Monday in line with most Asian markets on hopes the US Federal Reserve may pause monetary tightening

The 30-company Philippine Stock Exchange index climbed 33.62 points, or 0.54 percent, to close at 6,214.68, while the broader all-shares index picked up 14.47 points to settle at 3,356.44.

Meanwhile, stocks rose Monday on hopes the Federal Reserve has come to the end of its interest rate hiking cycle following a positive US jobs report. While the 187,000 new jobs in August was more than forecast, the figures for the previous two months were revised significantly lower, while wage growth cooled.

“The Goldilocks metaphor is much used and abused in economic and financial circles, but in relation to the various ‘soft landing’ signals emanating from the report, on this occasion it does seem entirely appropriate.” Shanghai, Tokyo, Sydney, Seoul, Singapore, Mumbai, Taipei, Manila and Jakarta were also in the green.

 

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Stocks traded higher Monday on latest US jobs dataMANILA—Local stocks rose Monday in line with most Asian markets on hopes the US Federal Reserve may pause monetary tightening
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