Stocks decline as investors await Fed action

  • 📰 MlaStandard
  • ⏱ Reading Time:
  • 48 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 55%

United States News News

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

Philippine stocks fell for a fourth day, but the benchmark index managed to stay above the 6,000 level, as investors

The Philippine Stock Exchange index slipped 6.93 points, or 0.12 percent, to close at 6,041.04, while the broader all-shares index lost 2.64 points, or 0.08 percent, to settle at 3,271.66.

Rizal Commercial Banking Corp. chief economic Michael Ricafort said the Asian Development Bank’s downward revision of its Philippine gross domestic product growth estimate for 2023 to 5.7 percent from 6 percent also contributed to the market’s negative sentiment. The optimism that the Fed will be able to cut borrowing costs next year has evaporated over the summer as the US economy shows few signs of weakness and the labor market remains robust.

Policymakers are aiming to keep the United States on what Chicago Fed chief Austan Goolsbee called the “golden path”, attempting to temper inflation while averting a surge in unemployment and a major economic slowdown. Hong Kong, Tokyo, Shanghai, Sydney, Mumbai, Singapore, Wellington, Manila, Taipei and Bangkok all dropped.

Still, oil has retreated more than one percent over the past two days as the stronger dollar makes it expensive for buyers using other currencies.

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:

 /  🏆 20. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

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

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

The Philippine real estate market in 2Q 2023: Imminent business boom in LuzonThe second quarter of 2023 saw an economic slowdown due to high commodity prices and the lagged impact of interest
Source: MlaStandard - 🏆 20. / 55 Read more »

Metro Pacific to exit Philippine stock market in October 2023Infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) said Wednesday it expects to be delisted from the Philippine Stock Exchange in
Source: MlaStandard - 🏆 20. / 55 Read more »