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Market Update: Philippines Equities Down to Near 2-Week Low
The PSE Index lost 40 points or 0.6% to a near two-week low of 6,810 in early deals on Monday, tracking Wall Street that plunged on Friday with the Dow plunging over 500 points to post its worst week since October as traders liquidated reflation trades in the wake of a hawkish Fed. The US central bank indicated that it may raise short-term interest rates twice by late 2023, earlier than expected, and opened talks about slowing its bond-buying program. On the bond market, Reuters reported Monday that benchmark 10-year US Treasury yields fell to the lowest since early March at 1.411%, while those on 30-year bonds slid to 1.999% for the first time in over four months. Risk appetite was also rattled by news that four Filipinos have tested positive for the COVID-19 Delta variant, bringing the total number of Filipinos infected with the variant to 17, the government said today. It also noted that there were 14 new cases of the Alpha variant and 21 new cases of the Beta variant. [/s2If]
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