Philippine stocks opened the shortened trading week in the green amid positive third-quarter earnings of major companies.
All counters ended in the green, led by mining and oil, which rose 0.90 percent, while financials climbed 0.88 percent and industrial rose 0.40 percent. Israel carried out air strikes on military sites in Iran on Saturday in response to Tehran’s October 1 missile barrage, itself retaliation for the killing of Iran-backed militant leaders and a Revolutionary Guards commander.
“If tensions cool further or peace talks unexpectedly gain traction, we could see oil slide down to $60 per barrel as traders shift focus back to the looming 2025 supply glut — especially if China’s economic stimulus underwhelms,” Innes added. On currency markets the yen hit a three-month low, sliding more than one percent against the dollar as Japan’s ruling coalition looked set to lose its majority after Sunday’s general election.
Investors are betting the political uncertainty makes it less likely the LDP will be able to follow through on tax hikes that Ishiba had hinted at and could slow the pace of further rate hikes by the Bank of Japan.
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