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Market Update: Philippines Shares Retreat
The PSE Index shed 29 points or 0.4% to 6,636 in early deals on Friday after closing at a near 2-1/2-month high a day earlier, as traders were cautious ahead of the US PCE report later in the day. The Fed’s preferred inflation measure is seen jumping to 2.9% in April, the highest since 1993; while any reading much above consensus could force the US central bank to rethink the timing to exit its extremely loose monetary policy. On the pandemic side, President Rodrigo Duterte warned Philippines officials to enforce COVID-19 lockdown restrictions as swimming parties and picnics held earlier this month in three resorts lead to a surge in new virus cases. The country Thursday confirmed 6,483 more virus cases, taking the total tally to over 1.2 million. Traders shrugged off a statement by Finance Secretary that the Philippines’ economy could start growing again in Q2, thanks to the mass vaccination program. [/s2If]
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