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Market Update: Philippines Shares Fall to Near 1-Week Low
The PSE Index tumbled 92 points or 1.3% to a near one-week low of 6,881 in early trade On Thursday after US stocks retreated overnight after the Fed sharply raised its inflation forecast for this year and signaled they expect two rate increases by the end of 2023. On the bond market, meantime, long-term US treasury yield jumped to 1,586% on Wednesday, the most since early March. Locally, a visiting mission of the IMF said that the Philippines may need to invest more in efforts to beat the coronavirus pandemic to ensure the countrys return to sustainable economic growth this year and next. Meantime, Manila reportedly is seeking a fresh $500 million loan from the World Bank, from which the government can immediately draw money in the aftermath of natural disasters and health emergencies. [/s2If]
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