Investors picked up heavily-beaten stocks ahead of the latest consumer price index (CPI) print and with the rising US-China tension at the backseat.
On the economic data, investors are looking forward to weekly jobless claims, Regina Capital Development Corp. managing director Luis Limlingan said.
The Philippine Stock Exchange index closed at 6,483.11, up by 53.03 points on turnover of P5.13 billion.
Yesterday’s moves were also positively influenced by the St. Louis Federal Reserve president James Bullard’s remarks that he doesn’t think the US is in a recession, citing job gains and low unemployment.
Federal Reserve Bank of Cleveland president Loretta Mester speaks at the Economic Club of Pittsburgh on 4 August as well.
Oil prices slid, with losses accelerating after US data showed crude and gasoline stockpiles unexpectedly surged last week and as OPEC+ said it would raise its oil output target by 100,000 barrels per day (bpd).
Brent crude futures settled down $3.76, or down 3.7 percent, at $96.78 a barrel.
US West Texas Intermediate crude futures fell $3.76, or 4 percent, to $90.66. Both contracts had seesawed earlier in the session.
Mild Pelosi jolt
Asian markets tracked a Wall Street rally fueled by healthy economic and earnings data, while there was some relief that Nancy Pelosi’s Taiwan trip did not elicit a harsher response from China despite grave warnings from Beijing.
Oil managed to clock up some gains following another sell-off that came on the back of fresh signs of weakening demand in the United States, which came as major producers announced an increase in output, albeit a small one.
New York’s three main indexes surged after a report on the crucial US services sector showed surprise improvement, soothing worries about a possible recession in the world’s top economy.
That came as several companies — including Electronic Arts, Starbucks and Moderna — posted strong earnings, extending a broadly positive reporting season in the face of surging inflation and rising interest rates.
All eyes are now on the release of US jobs data Friday, which will provide the latest snap shot of the economy and could help guide the Federal Reserve in its debate on monetary policy.