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.
Denne historien er fra November 11, 2024-utgaven av The Philippine Star.
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Denne historien er fra November 11, 2024-utgaven av The Philippine Star.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
ALL OF BLUE
Color is the primary language of painting, the essential spirit of the medium. Minimalist artists have long considered this gospel truth: strip a painting to its core, and what remains is color. Yet, color is far from a mere visual phenomenon; it is a conduit for emotion and psychology, evoking ideas, memories, and profound feelings. Among the spectrum of hues, blue holds a particularly captivating allure—a color steeped in history, rarity, and meaning.
A DYNAMIC GROUP OF JOURNALISTS
It was my seventh straight year to serve as chair of the board of judges for the 17th Brightleaf Agriculture Journalism Awards.
When practicality meets playfulness in fashion
On Nov. 11, event curator (and good friend) Anna Amigo invited me to the press launch of Yoya, a clothing line that opened a new branch at Shangri-La Plaza Mall.
ENRIQUE GIL READY TO SHOW UNSEEN SIDES OF HIMSELF IN 'STRANGE FREQUENCIES'
ENRIQUE GIL, THE ACTOR, IS entering into a narrative world, where he also takes on the role of an amateur ghosthunter in \"Strange Frequencies: Taiwan Killer Hospital.\"
Gary V, Regine, Vice lend support to BINI
The \"Nation's Girl Group\" BINI is set to hold a repeat of the \"Grand BINIverse\" concert, which is slated on Feb. 15, 2025 at the Philippine Arena in Bulacan.
Sweden's continuing support for Phl
Andreas Carlson, Sweden's minister for infrastructure and housing, and Swedish banker and head of the Wallenberg Sphere Marcus Wallenberg, quietly flew into town last week to reaffirm Sweden's continuing support for the Philippines and to strengthen Sweden's commitment to long-term collaborations, focusing on sustainable development and digitalization.
Foundever® bags Great Place to Work in Phl certification
Foundever®, a global leader in the customer experience (CX) industry, has been officially certified as Great Place to Work® in the Philippines by a global authority on workplace culture, employee experience and the leadership behaviors proven to deliver market-leading revenue, employee retention and increased innovation.
Auto sales seen speeding past 500k
Philippine vehicle sales may hit a record-high of 500,000 units next year, driven by election-related spending and low interest rates, according to an industry official.
Institutional failure
Never been a fan of congressional investigations, but the current House investigations are making public things that would otherwise only be whispered about.
Buskowitz Energy readies 30 MW solar projects
Solar power firm Buskowitz Energy Inc. (BEI) is further expanding its solar portfolio with more projects coming on stream, positioning itself for a potential public debut in the medium term.
