PHILIPPINE stocks opened June trading in the green ahead of the release of May inflation report.
The 30-company Philippine Stock Exchange index closed at 6,352.66, up 11.13 points, or 0.18 percent, from Friday, while the broader all-shares index ended at 3,743.41, higher by 19.79 points, or 0.53 percent.
“Philippine shares closed slightly positive to kickstart the month of June as the market gears up for new economic data that could influence price action movement this week,” Regina Capital Development Corp. head of sales Luis Limlingan said.
Aside from the May inflation rate, other key local data includes manufacturing PMI and unemployment data.
Limlingan said these reports will offer broad view of the country’s economic health.
Sectors ended mixed with property rising the most, climbing 1.46 percent. Services jumped 1.31 percent and mining and oil by 1.03 percent.
On the other hand, the industrial sector dropped by 0.39 percent and holding firms by 0.38 percent.
Value turnover reached P5.62 billion.
Shares of First Gen Corp. surged 16.48 percent to P19.22 per share after the company reported that it sold 60 percent of its gas business to Razon-led Prime Infrastructure Capital, Inc. for P50 billion.
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Shares of Monde Nissin Corp. declined by 5.26 percent to P7.20 apiece.Asian stocks mostly sank with the dollar on Monday after Donald Trump last week lobbed a fresh trade missile by doubling tariffs on steel and aluminum and accused China of violating last month’s agreement to slash tit-for-tat levies.
The US president’s comments were followed by claims by his commerce secretary that Beijing had been slow to implement the deal, which helped rally markets last month and fanned hopes for a lasting detente between the world’s top economies.
Still, Treasury Secretary Scott Bessent — who last week warned negotiations with China were “a bit stalled” — said the US leader could speak with his Chinese counterpart Xi Jinping “very soon” in talks that could help break the impasse.
The latest salvos from the White House came as it faces a legal battle after a trade court on Wednesday blocked Trump’s “Liberation Day” tariff blitz, saying he had overstepped his authority with the across-the-board taxes.
An appeals court gave the levies a stay of execution on Thursday but the wrangle could drag on, causing more uncertainty.
Trump said Friday he would jack up steel and aluminium to 50 percent, from 25 percent, which he said “will even further secure the steel industry”.
He also claimed Beijing had “totally violated” last month’s agreement with China to cut eye-watering tariffs for 90 days to hammer out a broader package.
Later, Commerce Secretary Howard Lutnick told “Fox News Sunday” that Beijing had been “slow-rolling the deal”.
Chinese officials accused Washington of making “bogus charges and unreasonably accused China of violating the consensus, which is seriously contrary to the facts”.
The developments have thrown the trade war back into the spotlight after tensions had eased following the China detente and indications that governments were working on deals with US officials.
“As we await whether the 90-day truce will result in a more permanent resolution, we are left wondering what may happen if progress stalls and the US and China are unable to make a deal,” said Kai Wang, Asia equity market strategist at Morningstar.
“Trump is already making headlines again on reimposing EU tariffs.
“Should this happen with the EU or China, markets will likely crater again and will see much greater volatility given the heightened uncertainty with regard to global growth.”
Asian markets sank Monday as investors brushed off data showing the Federal Reserve’s favoured inflation gauge cooled more than expected last month.
Hong Kong was hit by selling in property firms fueled by worries over the future of New World Development after it deferred interest payments on some bonds.
The firm is in the middle of a loan refinancing drive as it looks to raise more than US$11 billion from banks. Its struggles have revived fears about China’s property sector as companies struggle to sell stock to help pay off their bulging debts.
Tokyo, Sydney, Singapore, Taipei, Mumbai and Jakarta also fell along with London, Paris and Frankfurt.
Seoul and Manila were marginally higher, while Shanghai was closed for a holiday.
Oil prices surged after OPEC and other key producers hiked output for July but less than expected, while geopolitical fears were ramped up after Ukraine hit air bases deep inside Russia, raising concerns over an escalation of the three-year war.
The dollar retreated against its peers on concerns about the US economy as Trump continues to push a bill to extend tax cuts and slash welfare spending, which observers say will add trillions to the already gargantuan national debt.
That has sent shivers through the Treasuries market, with yields pushing higher as investors seek out better returns for lending the government money.
Worries about US debt led Moody’s to lower the United States last top-ranking credit rating, warning it expects US federal deficits to widen dramatically over the next decade.
Meanwhile, JPMorgan Chase chief executive Jamie Dimon voiced concern Sunday at the risk of a looming US debt market crisis sparked by Trump’s policies.
“It’s a big deal. It is a real problem,” Dimon told Maria Bartiromo on FOX Business Network’s “Mornings with Maria” show, according to an excerpt of the interview that will air in full Monday.
“The bond market is going to have a tough time. I don’t know if it’s six months or six years,” he said.
