That has helped offset fading expectations the Federal Reserve will cut interest rates several times this year starting in March.
Adding to the positive sentiment was news of China's fresh measures to boost bank lending. The People's Bank of China (PBOC) said it would lower next month the amount of cash banks must keep in reserve as it looks to ramp up lending to help kick-start the stuttering economy.
The 0.5 percentage point cut in the reserve requirement ratio would pump an extra $140 billion into financial markets, the PBOC said.
This story is from the January 25, 2024 edition of The Philippine Star.
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This story is from the January 25, 2024 edition of The Philippine Star.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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