Stocks briefly breach 7,000 but finish lower

Philippine stocks fell Tuesday after briefly trading above the 7,000 level as interest rate cuts optimism faded.

Meanwhile, Hong Kong stocks rallied Tuesday as traders returned from an extended weekend break to forecast-beating Chinese factory data that lifted hopes for the world’s number-two economy, though other Asian markets were mixed.A stronger-than-expected reading on US manufacturing and prices paid kept sentiment in check and sparked questions about the Federal Reserve’s timeline for cutting interest rates.

Chinese consumer tech giant Xiaomi led gains in Hong Kong, soaring as much as 15 percent at one point on news that orders for its first electric vehicle — launched in Beijing on Thursday — had topped estimates. It ended nine percent higher. Jose Torres at Interactive Brokers said: “Investors are indeed front-running the possibility of yet another hawkish pivot from the Fed.

Source: News Formal (newsformal.com)

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