The Philippines stock market inched up Tuesday on muted trading as investors await thje US inflation report and the Morgan Stanley Capital International rebalancing.
Analysts said, however, the BSP was expected to keep its interest rates steady due to upside risks to the inflation.“The digestion of Q1 2024 corporate earnings helped in bringing the local market to positive close,” Plopenio said. Global investors shifted cautiously Tuesday ahead of the release of key US inflation data that could have a huge bearing on the fate of Federal Reserve interest rate cuts this year.
The readings come after forecast-beating figures for the first three months of the year that have seen investors whittle down their expectations for the number of rate cuts — from six in January to at most two now.