Stocks Rise on Last Day of Month; U.S. Yields Flat: Markets Wrap

Stocks in Asia nudged higher on the final trading day of November with a lack of fresh drivers due to the U.S. holiday. Shares opened higher in Australia, South Korea and Tokyo. U.S. equity and bond markets were shut Thursday for Thanksgiving, while European shares slipped. Oil retained its advance in the wake of OPEC+ signaling it will stick with existing output cuts at next week’s meeting. The dollar was little changed. Traders in Seoul will be watching out for commentary from the Bank of Korea, which is expected to keep its policy rate unchanged. READ MORE

Fitch Ratings tempers growth forecast

GLOBAL DEBT WATCHER Fitch Ratings, Inc. has cut its economic growth projection for the Philippines this year, making it one of the last outfits to do so in the wake of disappointing gross domestic product (GDP) performance in the past quarters. “We expect private consumption and government spending to remain key drivers of growth and for 2019, we expect growth of six percent,” Sagarika Chandra, associate director for Asia Pacific sovereigns at Fitch Ratings, said in an e-mail late last Tuesday. Read More

TECHNICAL CHART PESO & PSEI

KEY TAKEAWAYS

  • Market should consolidate and pullback
  • Downside still remains with Bearish Head & Shoulder
  • Peso strength will continue with solid growth ahead
  • Fitch downgrade rating will have little effect on the market

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Article by: Ashok MBA – Strategic Financial Coach

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