Stocks, peso sustain gains on positive cues from Wall Street

The Philippine stock market sustained its upward momentum Tuesday on positive cues from Wall Street, bringing the benchmark index closer to the 6,600 level.

Remolona, in a forum Monday, hinted of a possible rate cut by the third and fourth quarter of the year. “The rate cut narrative seems to boost investors’ confidence as many are anticipating it since the start of the year,” Alviar said. The Fed chair last week fanned hopes of a cut, saying the battle against inflation had made “progress” and the job market was cooling.

“Powell is expected to hint at possible rate cuts starting in September if inflation continues to decline. A softer core CPI print would likely support this outlook, keeping the US dollar on a weaker trajectory,” said Luca Santos, market analyst at ACY Securities.

South Africa South Africa Latest News, South Africa South Africa Headlines

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

Philippine stocks mirror Wall Street gainsThe stock market climbed its way back above the 6,500 level as it mirrored gains in the US market.
Source: PhilstarNews - 🏆 1. / 94 Read more »

Wall Street gains fuel peso, stocks reboundTHE peso and the stock market posted a rebound on Wednesday following a two-day decline as sentiment rose on hopes that the US Federal Reserve (Fed) could cut interest rates more than once this year.
Source: TheManilaTimes - 🏆 2. / 92 Read more »

Stock market today (June 19, 2024): Global stocks are mixed after Wall Street edges to more records | Zimo ZhongWorld stocks were mixed on Wednesday after U.S. benchmarks ticked to more records following the latest signs that the U.S. economy may be slowing without falling into recession. The future for the Dow Jones Industrial Average was down 0.1% while that for the S&P 500 rose 0.1%. U.S.
Source: BusinessMirror - 🏆 19. / 59 Read more »