Bitcoin surged to record highs, US bond yields climbed and the US dollar strengthened, triggering a broad sell-off in emerging markets.
Philippine stocks and the peso joined the rout, testing key support levels as investors weighed the risks of US protectionism and a larger fiscal deficit.
Philippine stocks and peso under pressure Philippine stocks tumbled last week following Trump's presidential victory, joining a broader retreat across emerging markets. The Philippine Stock Exchange Index (PSEi) dropped by 2.11 percent on Thursday to close at 7,014.44, extending Wednesday's 1.27 percent decline. The benchmark index fell further on Friday, slipping another 0.53 percent to end at 6,977 and breaking below the 7,000-support level. The peso tested its June low against the dollar at 58.90. Foreign funds scrambled to safety on fears that smaller emerging markets like the Philippines will be caught in the crossfire.
US stocks soar to post-election records US markets experienced their biggest post-election rally since 1896, contrasting sharply with the sell-off in Philippine assets.
The Nasdaq Composite and S&P 500 jumped by 5.74 percent and 4.68 percent for the week, respectively, both hitting record highs. The S&P 500 reached an all-time intraday high of 6,012.45, surpassing the 6,000 level for the first time, before closing at 5,995.53 last Friday. Markets cheered Trump's victory and Republican control of Congress as a green light for tax cuts and deregulation.
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Esta historia es de la edición November 11, 2024 de The Philippine Star.
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