A LIKELY Federal Reserve (Fed) rate cut in September helped lift the peso higher on Friday but fears of a US recession weighed on the stock market, which closed out the week on a down note.
A LIKELY Federal Reserve rate cut in September helped lift the peso higher on Friday but fears of a US recession weighed on the stock market, which closed out the week on a down note.The currency strengthened by 25 centavos to close at the day's low of P58.08 against the dollar while the benchmark Philippine Stock Exchange index shed 88.53 points, or 1.32 percent, to 6,605.30.The broader All Shares index also fell by 32.28 points, or 0.89 percent, to 3,596.90.The peso opened at P58.
News that the US factory sector had shrunk faster than forecast and that the private sector created far fewer jobs than expected in July, however, sparked fears of a US recession and led to a plunge on Wall Street.'Given some dismal economic data in the US, investors were worried that the Federal Reserve might now be late in easing monetary policy, potentially leading to recession,' Philstocks Financials Inc. research associate Claire Alviar said.Regina Capital Development Corp.
Recession Fears Hit Psei Peso Gains
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Reopening of power reserve market likely to be delayed—ERCDefining the News
Read more »
Peso further gains but profit-taking hits PSEiTHE peso gained for the third straight day against the dollar on Wednesday, but profit-taking saw the stock market fall back to the 6,400 level.
Read more »
Peso, PSEi down anew; investor worries taggedTHE peso and stock market fell anew on Tuesday with sentiment said to have fallen ahead of a US Federal Reserve policy meeting.
Read more »
Peso, PSEi down to start the weekThe peso and stock market both fell on Monday with investors said to be waiting for key data releases and a Fed policy meeting later in the week.
Read more »
Peso weakens, PSEi reboundsThe peso weakened anew on Tuesday but the stock market rebounded as investors took in policy pronouncements made by President Ferdinand Marcos Jr. during his State of the Nation Address (SONA) a day earlier.
Read more »
Peso, PSEi end lower as uncertainties risePHILIPPINE financial markets closed lower on Monday, tracking declines elsewhere amid renewed uncertainties following US President Joe Biden's decision to bow out of the presidential race.
Read more »