Stocks weaken as Fed signals more rate hikes

  • 📰 manilabulletin
  • ⏱ Reading Time:
  • 27 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 51%

United States News News

United States United States Latest News,United States United States Headlines

The local stock market dropped over concern that the Federal Reserve will still raise interest rates. ManilaBulletin READ:

The main index lost 38.13 points or 0.59 percent to close at 6,474.26 as the Property sector led the retreat with only Banks holding steady. Volume was still low at 746 million shares worth P3.99 billion as losers beat gainers 100 to 73 with 51 unchanged.

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “The local market dropped as investors took the negative cues from Wall Street overnight after the Federal Reserve’s latest minutes of the meeting wherein majority of the members agreed to hike rates further.” China Bank Capital Managing Director Juan Paolo Colet said “The index fell as investors turned negative after a review of the minutes of the Federal Reserve’s June meeting reaffirmed the hawkish trajectory of US monetary policy.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 25. in US

United States United States Latest News, United States United States Headlines