Philippine stocks fell to an 11-month low Wednesday on heightened investor concerns over rising oil prices ahead of the release
The 30-company Philippine Stock Exchange index lost 81.02 points, or 1.3 percent, to close at 6,149.18, while the broader all-shares index dropped 28.62 points or 0.85 percent.
Meanwhile, Asian equities mostly fell Wednesday ahead of the crunch US inflation report, with investors increasingly nervous that a recent spike in oil will put fresh upward pressure on consumer prices and force the Federal Reserve to lift interest rates again. But a recent run of strong data, particularly on the jobs market and the services sector, has revived talk that more were on the way, with a surge in oil prices to 10-month highs adding to those concerns.
“While the current surge might not tip the scales to a September hike, oil prices at $90 per barrel do fit the Fed criteria that would justify another rate increase in either November or December.” But in Hong Kong, troubled developer Country Garden extended a recent advance on news that creditors had given the OK to extend repayments more than $1 billion worth of yuan-denominated bonds, giving it breathing room to find cash to get out of a deep debt hole.
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