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The benchmark Philippine Stock Exchange index slipped 69.15 points, or 1.09 percent, to close at 6,700.49, while the broader all-shares index lost 17.34 points, or 0.49 percent, to settle at 3,525.94.“The bourse struggled to have a clear direction early in the day before heavy selling occurred near the closing bell,” said Mikhail Plopenio, a research analyst at Philstocks Financial Inc.
Meanwhile, Asian markets mostly rose Tuesday following advances on Wall Street, while the yen held gains after the previous day’s sharp swings and focus turned to the Federal Reserve’s upcoming policy decision. Traders have been lowering their expectations since the start of 2024 for how many reductions the bank will make as inflation continues to hold above target and various indicators show the economy and labor market remain in rude health.
Closely watched jobs data is due to be released at the end of the week, while Apple, Coca-Cola and Pfizer are penciled in to announce quarterly earnings. News that China’s April factory activity grew more than expected — even if at a slower pace than last month — also provided some support. Prime Minister Fumio Kishida and top currency official Masato Kanda declined to comment Tuesday on whether the government had acted.
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