Dull open amid weak US close

August 19, 2022 0 Comments

Philippine market index was trading flat at open of 6,248.13.,US stocks declined anew on Thursday (Dow Jones Ind’l Average: -0.46%; S&P: -0.30%) as big bank earnings kicked off with disappointing results, leading traders to assess the possibility of even tighter monetary policy.,Analysts say there was also a knee-jerk reaction after the eye-popping inflation numbers. Federal Reserve Board of Governors member Christopher Waller in comments Thursday maintained his support for a 75bps rate hike at policymakers’ next meeting later this month but said he would be open to backing an increase of one full percentage point if upcoming economic releases point to strong consumer spending.