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Market Update: Philippines Shares Soar 2.5% to Near 3-Week High
The PSE Index jumped 153 points or 2.5% to a near three-week high of 6,350 in early trade on Wednesday, rising for the second straight session, boosted by optimism that monetary stimulus from the US Federal Reserve will remain in place during a health crisis. James Bullard, president of the St. Louis Fed said Monday that while still in the pandemic, it was not the time to talk more about changing the parameters of monetary policy. Turning to the bond market, the benchmark US 10-year yield hit a near three-week low of 1.557% on Tuesday, helping to ease inflation worries. Market participants paid little interest to Moodys Analytics’s report saying the Philippines’ economy has become the regional laggard as the country continues to struggle to contain the pandemic. Meantime, domestic media reports said that Manila Tuesday expressing interest in cooperating with Russia to localize the production of coronavirus vaccines and for other diseases in the future. [/s2If]
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