Local stocks extend losses; Peso recovers Read more:
The PSE index, the 30-company benchmark shed 13 points, or 0.20 percent, to close at 6,685.90 Thursday, as four of the six subsectors declined. Industrial and services went up.
The peso gained 0.56 percent to close at 54.87 against the US dollar Thursday from 55.18 on Wednesday.A blockbuster jobs report and sticky inflation data this month have dealt a hammer blow to earlier expectations the US central bank could soon pause its monetary tightening campaign or even cut borrowing costs before year’s end.
“Participants observed that a restrictive policy stance would need to be maintained until the incoming data provided confidence that inflation was on a sustained downward path to two percent, which was likely to take some time,” the minutes said.
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