Monday, March 27, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business

Stocks bounce back as concerns on US financial contagion ease

Manila StandardbyManila Standard
March 15, 2023, 6:45 pm
in Business, Stocks
Reading Time: 4 mins read
A A
Share on FacebookShare on TwitterShare on Email

Stocks bounced Wednesday to end a four-day slump as concerns about contagion from the collapse of two US regional lenders eased while investors turned their attention back to next week’s Federal Reserve interest rate decision.

The PSE index, the 30-company benchmark, gained 72 points, or 1.14 percent, to close at 6,466.10, as three of the six major subsectors advanced.

The broader all-share index also went up 24 points, or 0.70 percent, to settle at 3,478.52, on a value turnover of P11 billion. Gainers led losers, 103 to 80, while 48 issues were unchanged.

Five of the 10 most active stocks ended in the green, led by BDO Unibank Inc. which climbed 4.10 percent to P124.30 and SM Investments Corp. which rose 1.63 percent to P874.00.

The peso also appreciated Wednesday to close at 54.95 against the US dollar from 55.08 Tuesday.

ADVERTISEMENT

Asian markets also rallied. Banks rose in early exchanges after taking a battering the previous two days in reaction to the demise of Silicon Valley Bank and Signature Bank at the weekend, which were the biggest casualties since the global financial crisis.

But investor worries were soothed by the swift response from US authorities to pledge all depositors would get their cash and that other lenders would be given support.

The run on deposits at SVB and Signature—as well as crypto bank Silvergate Capital, which went under earlier in March—led ratings agency Moody’s to cut its outlook for the US banking system to negative from stable.

Still, the mood on trading floors was less fraught than at the start of the week, with banks enjoying a much-needed lift.

Japan’s Sumitomo Mitsui Financial gained more than three percent and Mitsubishi UFJ Financial put on almost five percent, while South Korea’s Hana Financial Group was up more than two percent. HSBC gained more than three percent.

On broader markets, Asia tracked a surge on Wall Street that was led by banks, though they pared morning rallies.

Hong Kong, Singapore, Seoul and Taipei all put on more than one percent, while Bangkok was more than two percent higher.

Shanghai, Sydney, Mumbai and Wellington were also up, while Tokyo and Jakarta were flat.

However, European markets were unable to build on Tuesday’s big gains, with London, Paris and Frankfurt falling at the open.

Traders offered little reaction to data showing Chinese retail sales rebounded in January-February thanks to the lifting of zero-Covid restrictions and as the country celebrated Lunar New Year. 

With the temperature over US banking lowered, traders were able to turn their attention back to inflation and the Federal Reserve’s plans for interest rates.

With the sharp rise in borrowing costs said to have helped cause the SVB crisis, the Fed has come under pressure not to pile any more misery on other lenders with another round of big hikes.

Forecasts last week were for a 50-basis-point increase on March 22, but traders have now lowered their bets to 25 points. Japan’s Nomura even suggested it could announce a cut.

Data Tuesday showing US consumer prices rose six percent last month — in line with forecasts and a further slowdown but still way above the Fed target — did little to dissuade those expectations.

However, there is a feeling the bank will not go as high as thought last week.

“Policymakers may still feel forced to press pause on rates, despite evidence the hot inflation is still a risk, unwilling to be blamed for making a bad situation worse,” said Hargreaves Lansdown’s Susannah Streeter.

“While smaller banks remain under pressure, there are concerns that bigger banks could become more risk averse in lending, which could dip the economy into a sharper downturn.”

And OANDA’s Edward Moya added: “Obviously, given the market turbulence over the past week, it is no surprise that expectations for the (Fed) meeting on March 22 are all over the place, but Nomura’s call might be a bit of an overreaction to the news that came out over the weekend.

“Many banks have abandoned their rate hike calls and are expecting the Fed to pause.”

The more upbeat mood on trading floors was also providing support to oil prices, which have been battered by concerns of a possible recession in light of the SVB upheaval.

Both main contracts dived more than four percent Tuesday, but they enjoyed gains of more than one percent Wednesday.

“Oil markets are looking straight into that recession tunnel as energy traders draw a straight line to prior bank sector-driven recessions,” said SPI Asset Management’s Stephen Innes.

“Especially the 2008 financial crisis, which has similar overtones to the current financial tumult and when oil tanked.” With AFP

Tags: global stock marketsPhilippine Stock ExchangePSE IndexStock MarketUS Federal Reserve
ADVERTISEMENT
Manila Standard

Manila Standard

Related Posts

PLDT eyes investors in data center unit

byDarwin G. Amojelar
March 26, 2023, 6:45 pm
0
8
Luck of draw could send PH to Tokyo Olympics

PLDT Inc. said over the weekend it held exploratory talks with financial advisers to bring in potential investors in its...

Read more

Ayala Land plans to sell P22b worth of fixed-rate bonds

byJenniffer B. Austria
March 26, 2023, 6:41 pm
0
8
Ayala Land’s profit rose 38% to P2.55b in the third quarter

Property developer Ayala Land Inc. plans to raise up to P22 billion from the issuance of fixed-rate bonds. ALI said...

Read more

Visa processing bottleneck restrains tourism growth

byOthel V. Campos
March 26, 2023, 6:35 pm
0
8
CONCEPCION INDUSTRIAL CORPORATION: Notice of the Annual Stockholders’ Meeting

The Department of Tourism warned over the weekend about losing P2.51 billion in industry revenues if the government fails to...

Read more

Holcim PH reported 63% drop in profit last year on weak demand, higher costs

byJenniffer B. Austria
March 26, 2023, 6:30 pm
0
8
Holcim investing P210m in factories

Cement manufacturer Holcim Philippines Inc. said over the weekend net income reached P942 million in 2022, down 63 percent from...

Read more

ERC asked to submit action plan to resolve more than 20 unapproved power supply deals

byAlena Mae S. Flores
March 26, 2023, 6:25 pm
0
8
Gatchalian eyes ‘tandem vote’ bill for President, VP

Senator Sherwin Gatchalian asked the Energy Regulatory Commission to submit an action plan to resolve the more than 20 cases...

Read more

Stocks face volatility amid dovish US Fed

byJenniffer B. Austria
March 26, 2023, 6:20 pm
0
8
Stock market surges; PLDT, Globe advance

Local stocks are expected to continue facing volatility amid the dovish US Federal Reserve’s stance and the uncertainty on the...

Read more

Print Edition

View More

Recent Posts

  • Explosives found at Teves mill
  • First Lady posts snap of Imelda to put rumors of demise to rest
  • Standard debuts ‘Environment & Sustainability’
  • San Miguel cop chief shot dead in robbery try
  • Oil spill compensation seen eclipsing P1.1-b 2006 record
  • Brace for water interruptions, El Niño—Maynilad
  • SC sides with LTO on card project
  • Gov’t letting US dictate terms of EDCA—group

Advertisement

Latest News

Brace for water interruptions, El Niño—Maynilad

byRio N. Araja
March 27, 2023, 1:45 am
0
8
Marinduque lauds desalination project, sees end to potable water supply woes

Water concessionaire Maynilad has advised the public to be ready for possible water interruptions in the coming dry season and...

Read more

SC sides with LTO on card project

byRey E. Requejo
March 27, 2023, 1:35 am
0
8
SC sides with LTO on card project

The Supreme Court has ruled that the Land Transportation Office (LTO)’s use of the P341.7 million left in its 2016...

Read more

Gov’t letting US dictate terms of EDCA—group

byManila Standard
March 27, 2023, 1:30 am
0
8
Southwoods nails Seniors’ Fil golf crown

The Marcos administration has been misleading Filipinos on the Enhanced Defense Cooperation Agreement (EDCA) by letting the United States dictate...

Read more

The capable Lady Legislators of Western and Central Visayas

byPatricia Bianca S. Taculao
March 27, 2023, 1:25 am
0
8
The capable Lady Legislators of Western and Central Visayas

Due to its booming economy, rich history and culture, and captivating landscapes, the island group of Visayas continuously impresses local...

Read more

San Miguel companies post key water savings milestone

byManila Standard
March 27, 2023, 1:20 am
0
8
MPIF Enlarges Blue Footprint for PH Biodiversity Protection & Conservation

San Miguel Corp. recorded a milestone on World Water Day (March 23, 2023) after its businesses collectively saved some 33,865,901,000...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App